Business Context and Reporting Period
Company: Principal Financial Group, Inc.
Filing Type: Form 13F-HR (Institutional Investment Manager)
Reporting Period: Calendar Year Ended December 31, 2009
Report Type: 13F Combination Report (Includes holdings for Principal Financial Group and 5 other affiliated managers)
Signatory: Michael Roughton, Vice-President
Key Financial Metrics
Total Portfolio Value: $26,888,476,000 (Approx. $26.9 billion)
Total Number of Holdings: 3,913 entries
Number of Included Managers: 5 (Principal Global Investors, Principal Real Estate Investors, Principal Life Insurance Co., Principal Financial Services, Principal Management Corporation)
Note: As a Form 13F filing, this document reports equity holdings and does not contain revenue, profit, cash flow, or debt metrics for Principal Financial Group itself.
Material Changes and Portfolio Composition
The filing details a diversified portfolio of U.S. and foreign equity securities. While specific quarter-over-quarter changes are not explicitly calculated in the text, the sheer volume of entries (3,913) indicates a broad market exposure. Significant positions by share count include:
- Financials: Citigroup Inc. (15.9M shares), Bank of America Corp (12.8M shares), Wells Fargo & Co (7.4M shares), JPMorgan Chase & Co (5.2M shares).
- Technology: Microsoft Corp (8.9M shares), Intel Corp (7.5M shares), Cisco Systems Inc (7.5M shares), Apple Inc (902K shares).
- Energy: Exxon Mobil Corp (5.8M shares), Chevron Corp (2.9M shares), ConocoPhillips (2.2M shares).
- Consumer: Wal-Mart Stores Inc (2.8M shares), Procter & Gamble Co (3.7M shares), Coca-Cola Co (2.0M shares).
Voting Authority
The report indicates that the vast majority of holdings are held with "Sole" or "Shared" voting authority. A small number of Real Estate Investment Trust (REIT) and preferred stock holdings show "None" for voting authority, which is standard for certain share classes.
Guidance, Outlook, and Risks
Guidance and Outlook: Not applicable. Form 13F is a regulatory disclosure of past holdings and does not contain forward-looking guidance, earnings estimates, or management commentary on future strategy.
Risks and Contingencies: Not applicable. The filing does not disclose specific risk factors or contingencies related to the portfolio's performance.
Important Facts for Investor Verification
- Aggregated Reporting: The reported value of ~$26.9 billion represents the combined holdings of Principal Financial Group and five other affiliated managers. Investors should verify if they are analyzing the parent company's direct holdings or the aggregate group.
- Equity Focus: This filing covers only equity securities (stocks, ADRs, REITs). It does not disclose holdings in bonds, derivatives, or cash equivalents, which are significant for an insurance and financial services firm like Principal.
- Top Concentrations: The portfolio shows heavy concentration in large-cap U.S. equities, particularly in the Financial, Technology, and Energy sectors, reflecting a defensive or blue-chip strategy typical for the 2009 period.
- Reporting Lag: The data reflects positions as of December 31, 2009, and was filed on February 10, 2010. It does not reflect any trading activity in the first two months of 2010.