SEC Filing Summary: Prudential Financial Inc. (13F-HR)
Business Context and Reporting Period
Reporting Manager: Prudential Financial, Inc.
Filing Type: Form 13F-HR (Holdings Report)
Reporting Period: Calendar Quarter Ended December 31, 2007
Filing Date: February 11, 2008
Scope: This report discloses equity securities over which Prudential Financial, Inc. and its included managers (Prudential Investment Management, Inc., Quantitative Management Associates, and Prudential Bache Securities, LLC) exercised sole or shared investment discretion.
Key Financial Metrics
Total Portfolio Value: $47,603,746,000
Total Number of Holdings: 2,192 securities
Number of Included Managers: 3
Note: As a Form 13F filing, this document reports holdings of equity securities and does not contain revenue, profit, cash flow, margin, debt, or liquidity metrics for Prudential Financial itself.
Material Changes and Portfolio Composition
The filing provides a snapshot of holdings as of December 31, 2007. While specific period-over-period changes are not explicitly calculated in the text, the portfolio demonstrates significant concentration in the following areas:
- Top Holdings by Value: The portfolio includes massive positions in large-cap equities, including General Electric ($31.0B), Microsoft ($28.7B), Pfizer ($27.3B), and Johnson & Johnson ($9.7B).
- Financial Sector Exposure: Significant holdings in major financial institutions such as Citigroup ($18.0B), Bank of America ($14.6B), JPMorgan Chase ($12.1B), and Wells Fargo ($11.1B).
- Technology Sector: Heavy allocation to Cisco Systems ($17.2B), Intel ($17.4B), and Hewlett-Packard ($10.4B).
- Energy Sector: Notable positions in Exxon Mobil ($19.2B), Chevron ($8.4B), and ConocoPhillips ($6.6B).
Guidance, Outlook, and Risks
Management Commentary: This filing is a statutory disclosure of holdings and contains no management commentary, forward-looking guidance, or strategic outlook.
Risks and Contingencies: The filing does not disclose specific risks or contingencies. However, the concentration in financial and energy sectors as of late 2007 implies exposure to the emerging credit market volatility and oil price fluctuations of that period.
Unusual Items: The report includes holdings of derivative instruments (puts) for specific issuers such as AbitibiBowater, Conns Inc., Cree Inc., and Netflix, indicating hedging strategies or short positions on specific names.
Key Facts for Investor Verification
- Portfolio Size: Verify the total managed assets of approximately $47.6 billion against Prudential's broader asset management disclosures.
- Concentration Risk: Assess the impact of the top 10 holdings (including GE, Microsoft, Pfizer, and major banks) which represent a substantial portion of the reported equity value.
- Derivative Activity: Investigate the specific put options held (e.g., Netflix, Cree, Conns) to understand the firm's hedging or bearish views on those specific companies at year-end 2007.
- Manager Attribution: Note that holdings are aggregated across three distinct managers; specific strategy attribution requires cross-referencing the "Manager" column in the detailed schedule.