SEC Filing Summary: Principal Financial Group Inc. (13F-HR)
Business Context and Reporting Period
Reporting Manager: Principal Financial Group, Inc.
Reporting Period: Quarter ended June 30, 2005
Filing Date: August 12, 2005
Form Type: 13F Combination Report (includes holdings for Principal Financial Group 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: $23,721,909,000 (Reported as $23,721,909 in thousands)
Total Number of Holdings: 2,916 entries
Asset Class: Primarily equity securities (Common Stock) across domestic and international markets.
Liquidity/Debt: Not applicable. Form 13F reports equity holdings only and does not disclose the manager's balance sheet, cash flow, or debt obligations.
Material Changes and Portfolio Composition
Top Holdings by Share Count (Selected):
- China Petroleum & Chemical Corp: 37,828,686 shares
- China Overseas Land & Investment: 39,308,956 shares
- Vodafone Group PLC: 17,716,478 shares
- General Electric Co: 7,354,680 shares
- Microsoft Corp: 7,206,151 shares
- Exxon Mobil Corp: 5,979,839 shares
- Johnson & Johnson: 2,152,319 shares
- Wal-Mart Stores Inc: 2,317,879 shares
Guidance, Outlook, and Risks
Management Commentary: Not provided. Form 13F is a statutory disclosure of holdings and does not contain forward-looking guidance, earnings outlook, or management discussion.
Risks and Contingencies: Not disclosed in this filing. The form lists holdings but does not detail specific risk factors, contingent liabilities, or unusual items affecting the portfolio.
Unusual Items: The filing includes a mix of standard equity positions and some holdings with "Shared" voting authority, indicating co-investment or fund-of-fund structures for certain assets.
Key Facts for Investor Verification
- Aggregated Reporting: Verify that the reported value ($23.7 billion) represents the aggregate holdings of Principal Financial Group and its four subsidiary managers, not just the parent company.
- International Exposure: Confirm the valuation and liquidity of significant non-US holdings, particularly the large positions in Chinese state-owned enterprises and European telecoms.
- Concentration Risk: Assess the impact of the top 10 holdings, which include major energy, technology, and consumer staples companies, on the overall portfolio volatility.
- Voting Authority: Note that while most holdings have "Sole" voting authority, a subset has "Shared" authority, which may affect corporate governance influence.