Business Context and Reporting Period
This filing is a Form 13F-HR submitted by Lloyds Banking Group Plc, an institutional investment manager based in Edinburgh, Scotland. The report covers the calendar quarter ended June 30, 2011, and was signed on July 27, 2011. The filing includes holdings for Lloyds Banking Group Plc and three other included managers: Scottish Widows Investment Partnership Limited, Lloyds TSB Offshore Private Clients Limited, and Lloyds TSB Offshore Limited.
Key Financial Metrics
As a Form 13F filing, this document reports equity holdings rather than the operating financial performance (revenue, profit, cash flow) of Lloyds Banking Group itself. The following metrics relate to the reported investment portfolio:
- Total Portfolio Value: $9,071,202,000 (reported in thousands as $9,071,202).
- Total Number of Holdings: 676 entries.
- Exchange Rate Used: 1.6056 (GBP to USD).
- Voting Authority: The manager reported "Sole" voting authority for the vast majority of holdings, with "Shared" authority noted for specific positions (e.g., Altria Group, Amgen, Apple, Cisco, Devon Energy, EMC, Hewlett-Packard, Illinois Tool Works, Intel, JPMorgan Chase, Kraft Foods, Macy's, Marathon Oil, Merck, PepsiCo, Pfizer, Philip Morris, Procter & Gamble, Qualcomm, Verizon, Viacom).
Material Changes and Portfolio Composition
The filing does not provide comparative data against the prior quarter (March 31, 2011) to determine material changes in holdings. However, the current portfolio composition reveals significant concentration in specific sectors and issuers:
- Top Holdings by Value:
- Pfizer Inc: 9,649,311 shares.
- Wells Fargo & Co: 5,458,280 shares.
- Bank of America Corp: 5,278,535 shares.
- General Electric Co: 5,669,863 shares.
- Oracle Corp: 5,842,217 shares.
- Applied Materials Inc: 4,946,013 shares.
- JDS Uniphase Corp: 4,331,277 shares.
- Sector Exposure: The portfolio shows heavy exposure to Financials (Bank of America, Wells Fargo, Citigroup, JPMorgan Chase), Technology (Microsoft, Intel, Oracle, Apple), Healthcare (Pfizer, Johnson & Johnson, Merck), and Energy (Exxon Mobil, Chevron, Halliburton).
Guidance, Outlook, and Risks
This filing is a regulatory disclosure of equity holdings and does not contain management commentary, forward-looking guidance, risk factors, or contingency plans regarding Lloyds Banking Group's own operations or the future performance of the reported securities.
Important Facts for Investor Verification
- Scope of Report: Verify that this document reflects investments held by Lloyds Banking Group, not the financial results of Lloyds Banking Group.
- Consolidated Reporting: The total value of ~$9.07 billion includes assets managed by three subsidiary or affiliated managers (Scottish Widows, Lloyds TSB Offshore entities).
- Valuation Date: All share counts and values are as of June 30, 2011; subsequent market movements are not reflected.
- Shared Authority: Note specific holdings where voting authority is shared (indicated by "10" or "11" in the voting discretion column), which may imply co-investment or custodial arrangements.
- Currency Conversion: The portfolio value is converted to USD using an exchange rate of 1.6056, which may differ from the rate used in Lloyds' primary GBP financial statements.