SEC Filing Summary: Principal Financial Group Inc (13F-HR)
Business Context and Reporting Period
Reporting Manager: Principal Financial Group, Inc.
Filing Type: Form 13F Combination Report (Holdings Report).
Reporting Period: Quarter ended June 30, 2009.
Submission Date: August 12, 2009.
Scope: This report covers the equity holdings of Principal Financial Group, Inc. and four other included managers: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Principal Life Insurance Co.; and Principal Financial Services, Inc.
Key Financial Metrics
Total Portfolio Value: $18,127,063,000 (approx. $18.13 billion).
Total Number of Holdings: 2,180 distinct entries.
Asset Class: The filing exclusively reports long positions in equity securities (common stock, preferred stock, and ADRs).
Derivatives: The filing lists no call or put options for the reported period.
Material Changes and Portfolio Composition
Top Holdings by Value (Selected):
- General Electric Co: 14,263,939 shares.
- Microsoft Corp: 8,433,356 shares.
- Intel Corp: 7,745,756 shares.
- Wells Fargo & Co: 6,178,153 shares.
- Exxon Mobil Corp: 5,871,327 shares.
- Verizon Communications Inc: 3,011,267 shares.
- Johnson & Johnson: 3,092,868 shares.
- Procter & Gamble Co: 3,060,337 shares.
- Oracle Corp: 3,059,665 shares.
- AT&T Inc: 6,757,390 shares.
Notable Sector Exposure: The portfolio demonstrates significant diversification across Technology, Financials, Healthcare, Energy, and Consumer Staples. There is a heavy concentration in large-cap U.S. equities.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, earnings guidance, or forward-looking outlooks.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the portfolio's heavy weighting in financial and energy sectors reflects exposure to the market conditions prevalent in mid-2009.
Unusual Items: The report includes holdings in various Real Estate Investment Trusts (REITs) and preferred securities, indicating a strategy that includes income-generating assets alongside growth equities.
Investor Verification Checklist
- Valuation Accuracy: Verify the $18.13 billion total value against the market prices of the top 20 holdings as of June 30, 2009.
- Manager Attribution: Confirm which specific subsidiary (e.g., Principal Life Insurance vs. Principal Global Investors) holds the largest portion of the top positions, as voting authority is split among managers 1, 2, 3, and 4.
- Concentration Risk: Assess the impact of the top 10 holdings (which include major financials and tech giants) on the overall portfolio volatility.
- Turnover Analysis: Compare this filing with the Q1 2009 13F filing to determine the turnover rate and significant entry/exit positions during the second quarter.