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, 2005
Filing Date: May 2, 2005
Location: Minneapolis, MN
This filing discloses the equity securities held by the institutional investment manager at the end of the first quarter of 2005. The report covers 1,638 individual holdings entries.
Key Financial Metrics
Note: Form 13F filings disclose portfolio holdings and do not report the manager's own operating revenue, profit, cash flow, or debt.
- Total Portfolio Value: $476,002,000 (Reported in thousands)
- Total Number of Holdings: 1,638 entries
- Discretionary Authority: Sole discretion for all reported positions.
- Top Holdings by Value (Selected):
- General Electric Co: $6,894,000
- Citigroup Inc: $6,793,000
- Microsoft Corp: $4,161,000
- JPMorgan & Chase & Co: $4,894,000
- Intel Corp: $4,598,000
- Starbucks Corp: $5,307,000
- Qualcomm Inc: $3,131,000
Material Changes and Portfolio Composition
The filing provides a snapshot of holdings as of March 31, 2005. As this is a quarterly snapshot without a comparative table in the text provided, specific quarter-over-quarter changes in position size cannot be calculated from this document alone. However, the portfolio composition indicates:
- Asset Class Mix: The portfolio is heavily weighted toward large-cap U.S. equities, with significant exposure to Technology (e.g., Microsoft, Intel, Cisco), Financials (e.g., Citigroup, JPMorgan, Bank of America), and Healthcare (e.g., Johnson & Johnson, Pfizer, Medtronic).
- Derivatives: The manager holds various call and put options (e.g., Pfizer, Genzyme, Skyworks Solutions) and convertible securities (e.g., Advanced Micro Devices, Alkermes, Cephalon).
- Fixed Income: Significant holdings in corporate debt securities are reported, including notes from companies like Andrew Corp, Cephalon, and Cypress Semiconductor.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, earnings guidance, or forward-looking outlooks.
Risks and Contingencies: No specific risks or contingencies are disclosed in this form. The filing represents a static list of securities held at the period end.
Investor Verification Checklist
- Portfolio Concentration: Verify if the top 10 holdings (e.g., GE, Citigroup, Microsoft) represent a disproportionate risk to the specific fund strategies managed by Piper Jaffray.
- Derivative Exposure: Review the specific terms of the call/put options and convertible notes held to understand potential leverage or hedging strategies not immediately apparent from the equity value.
- Valuation Timing: Confirm that the reported values reflect market prices as of March 31, 2005, and consider subsequent market movements for current valuation.
- Manager Scope: Note that this report covers "Piper Jaffray Companies" specifically; verify if other affiliated managers hold additional positions not included in this specific 13F-HR.