PFG

SEC Filing Summary: Principal Financial Group Inc. (13F-HR)

Business Context and Reporting Period

Reporting Manager: Principal Financial Group, Inc.
Filing Type: Form 13F-HR (Holdings Report)
Reporting Period: Quarter ended March 31, 2003
Submission Date: May 14, 2003
Scope: This report discloses equity securities held by Principal Financial Group and four other included managers (Principal Global Investors, Principal Real Estate Investors, Principal Life Insurance Co, and Principal Financial Services, Inc.).

Key Financial Metrics

Note: Form 13F filings disclose portfolio holdings and do not report the manager's own operating revenue, profit, or cash flow.

• Total Portfolio Value: $11,541,256,000 (Reported as $11,541,256 in thousands).
• Total Number of Holdings: 1,972 distinct entries.
• Number of Included Managers: 4 additional managers included in this consolidated report.
• Top 5 Holdings by Value:
  1. Microsoft Corp.: $8,082,033,000
  2. Exxon Mobil Corp.: $6,450,038,000
  3. General Electric Co.: $7,172,792,000
  4. Cisco Systems, Inc.: $7,547,301,000
  5. Walmart Stores, Inc.: $3,242,943,000

Material Changes and Portfolio Composition

The filing provides a snapshot of holdings as of March 31, 2003, and does not contain comparative data for the prior period to calculate material changes in position size or value. However, the portfolio composition indicates a heavy concentration in large-cap technology, energy, and consumer staples sectors.

• Technology Sector Dominance: Significant positions in Microsoft, Cisco, Intel, Hewlett-Packard, and Oracle.
• Energy Sector: Major holdings in Exxon Mobil, ChevronTexaco, and ConocoPhillips.
• Financials: Substantial exposure to Citigroup, Bank of America, JPMorgan Chase, and Wells Fargo.
• Healthcare: Notable positions in Pfizer, Johnson & Johnson, and Merck.

Guidance, Outlook, and Risks

Guidance and Outlook: The filing text does not provide management commentary, earnings guidance, or future outlook. Form 13F is a regulatory disclosure of past holdings, not a forward-looking statement.

Risks and Contingencies: No specific risks or contingencies are disclosed in this document. The filing represents a static list of securities held at the end of the quarter.

Important Facts for Investor Verification

• Valuation Basis: The total value of $11.5 billion represents the aggregate value of the reported equity securities, not the total assets under management (AUM) of Principal Financial Group, which likely includes fixed income, private equity, and other non-reportable assets.
• Consolidated Reporting: The figures include holdings from four subsidiary managers; investors should verify if specific holdings are attributed to the parent company or specific subsidiaries.
• Lag Time: The data reflects positions as of March 31, 2003, and was filed in May 2003. It does not reflect any trading activity that occurred after the quarter-end.
• Concentration Risk: The top 10 holdings represent a significant portion of the reported equity value, indicating high concentration in specific large-cap names.