SEC Filing Summary: Piper Jaffray Companies (13F-HR)
Business Context and Reporting Period
Reporting Manager: Piper Jaffray Companies (formerly Piper Sandler Companies)
Filing Type: Form 13F-HR (Holdings Report)
Reporting Period: Quarter ended March 31, 2004
Signatory: Tim Carter, Controller
This filing discloses the equity securities held by the institutional investment manager at the end of the first quarter of 2004. The report covers 1,476 distinct holdings entries.
Key Financial Metrics
Total Portfolio Value: $450,342,000 (Reported in thousands)
Total Number of Holdings: 1,476 entries
Asset Composition: The portfolio consists primarily of common stocks, corporate bonds (notes), and exchange-traded funds (ETFs). Significant allocations include:
- Technology: Microsoft Corp ($5,376k), Cisco Systems ($4,867k), Intel Corp ($3,418k), Oracle Corp ($954k).
- Healthcare: Pfizer Inc ($5,686k), Medtronic Inc ($6,445k), Boston Scientific Corp ($5,687k).
- Financials: Citigroup Inc ($6,762k), Bank of America Corp ($2,625k), J.P. Morgan Chase & Co ($2,474k).
- Consumer Staples: Coca-Cola Co ($5,005k), Procter & Gamble Co ($615k).
- Energy: Exxon Mobil Corp ($4,675k), ChevronTexaco Corp ($2,840k).
Derivatives and Debt: The portfolio includes significant positions in corporate debt (e.g., E*Trade Financial Corp notes totaling over $9.8M, Gap Inc. notes $5.0M) and derivative instruments such as call and put options (e.g., Barnes & Noble Inc. calls, Yahoo Inc. puts).
Material Changes and Portfolio Activity
Comparison to Prior Period: The filing text provided does not contain data for the prior comparable period (December 31, 2003); therefore, specific quantitative changes in holdings or portfolio value cannot be calculated from this document alone.
Notable Activity Indicators: The presence of "Call" and "Put" designations in the "Investment Discretion" column for various issuers (e.g., Barnes & Noble, Cypress Semiconductor, Yahoo) indicates active options trading strategies alongside long equity positions.
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, earnings guidance, or forward-looking statements.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this form. The portfolio's risk profile is inferred from its concentration in large-cap equities and significant exposure to the technology and healthcare sectors, which were volatile during the 2004 period.
Investor Verification Checklist
- Portfolio Concentration: Verify the top 10 holdings to assess concentration risk relative to the $450M total AUM.
- Derivative Exposure: Review the specific terms of the Call and Put options listed (e.g., Yahoo, Cypress) to understand potential leverage or hedging strategies.
- Debt Holdings: Confirm the credit quality of the significant corporate bond positions (e.g., E*Trade, Gap, J.C. Penney) held within the portfolio.
- ETF Allocation: Analyze the weight of the numerous iShares and SPDR ETF holdings to determine the passive versus active management split.
- Historical Context: Cross-reference this Q1 2004 snapshot with Q4 2003 filings to identify major sector rotations or position exits.