SEC Filing Summary: Piper Jaffray Companies (13F-HR)
Business Context and Reporting Period
This Form 13F-HR is a quarterly holdings report filed by Piper Jaffray Companies (Institutional Investment Manager) for the period ended September 30, 2006. The report was signed by Greg Meyer, Controller, on November 14, 2006. It details the manager's holdings of equity securities and certain derivatives, representing sole discretion over the reported assets.
Key Financial Metrics
- Total Portfolio Value: $59,354,000 (reported in thousands).
- Total Number of Holdings: 240 entries.
- Asset Composition: The portfolio consists primarily of common stock (equity), with significant positions in corporate debt notes (convertible or straight debt) and derivative instruments (Put and Call options).
- Top Equity Holdings by Value:
- Verizon Communications: $1,537,000
- Tempur-Pedic International: $859,000
- Amgen Inc: $644,000
- Red Hat Inc: $234,000
- Lamar Advertising Co: $230,000
- Top Debt/Note Holdings by Value:
- Powerwave Technologies Inc (1.875% Note): $6,733,000
- American Medical Systems Holdings Inc (3.250% Note): $5,992,000
- Alexion Pharmaceuticals Inc (1.375% Note): $4,955,000
- Biomarin Pharmaceutical Inc (2.500% Note): $4,820,000
- Fair Isaac Corp (1.500% Note): $3,782,000
Material Changes and Portfolio Activity
The filing is a standard quarterly report and does not provide comparative data against the prior period (June 30, 2006) to calculate specific changes in holdings or value. However, the presence of derivative positions indicates active risk management or hedging strategies:
- Put Options Held: Significant put positions were held in Amgen Inc ($2,146,000 value), Autodesk Inc ($696,000), Best Buy Inc ($1,607,000), Coherent Inc ($347,000), and XTO Energy Inc ($843,000).
- Call Options Held: Call positions were held in CNET Networks Inc ($191,000), Coherent Inc ($347,000), and Red Hat Inc ($422,000).
Guidance, Risks, and Unusual Items
Confidential Treatment: The filing explicitly states that information for which Piper Jaffray Companies is requesting confidential treatment has been omitted from this public report and filed separately with the Commission. Consequently, the total value of $59,354,000 represents only the publicly disclosed portion of the portfolio.
Management Commentary: As a Form 13F, this document contains no management commentary, forward-looking guidance, or risk factors regarding the company's own operations. It is strictly a disclosure of investment holdings.
Key Facts for Investor Verification
- Portfolio Size: Verify if the $59.4 million reported value represents the full portfolio or only a subset, given the confidential treatment request.
- Concentration Risk: Note the heavy weighting in specific debt instruments (e.g., Powerwave, American Medical Systems) which may carry higher credit risk than the equity portion.
- Derivative Exposure: Confirm the intent behind the large Put positions in major holdings like Amgen and Best Buy, as these may indicate hedging against downside risk or bearish sentiment.
- Missing Data: The filing does not provide cost basis, unrealized gains/losses, or cash flow data.