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 March 31, 2008. The report was signed by Greg Meyer, Controller, on April 29, 2008. It details the equity securities held by the manager for which they have sole, shared, or discretionary authority.
Key Financial Metrics
- Total Portfolio Value: $88,477,000 (reported in thousands).
- Total Number of Holdings: 207 entries.
- Asset Composition: The portfolio consists of common stocks and corporate debt securities (notes).
- Largest Equity Positions (by Value):
- NYSE Euronext: $3,421,000 (55,440 shares)
- Blockbuster Inc.: $426,000 (130,540 shares)
- Charlotte Russe Holdings Inc.: $434,000 (25,000 shares)
- On Semiconductor Corp (Common): $568,000 (100,000 shares)
- Waste Management Inc.: $338,000 (10,081 shares)
- Largest Debt Positions (by Value):
- Illumina Inc. Note: $9,133,000 (Principal $5,060,000)
- Juniper Networks Inc. Note: $7,568,000 (Principal $6,000,000)
- Core Laboratories LP Note: $6,148,000 (Principal $4,500,000)
- Amylin Pharmaceuticals Inc. Note: $5,428,000 (Principal $6,500,000)
Material Changes and Portfolio Characteristics
As a Form 13F filing, this document provides a snapshot of holdings at a specific date and does not contain comparative data against the prior quarter (December 31, 2007) within the text provided. Therefore, specific material changes in position size or new entries versus the prior period cannot be calculated from this source alone.
The portfolio demonstrates a significant allocation to fixed-income securities (notes) relative to the total equity count, with several large principal amounts in corporate debt (e.g., Illumina, Juniper Networks, Core Laboratories) contributing substantially to the total reported value.
Guidance, Outlook, and Risks
Management Commentary: This filing type does not include management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the portfolio includes exposure to sectors such as technology (e.g., Cisco, Microsoft, Juniper Networks), healthcare (e.g., Illumina, Biogen), and retail (e.g., Blockbuster, Charlotte Russe), which were subject to market volatility in early 2008.
Unusual Items: The report lists holdings with "PUT" options for Inforatica Corp (50,000 shares) and On Semiconductor Corp (100,000 shares), indicating the manager holds put options on these securities.
Investor Verification Checklist
- Verify the total portfolio value of $88.5 million against the firm's broader asset management capabilities.
- Confirm the concentration risk in the top 5 equity positions, which represent a significant portion of the equity value.
- Review the credit quality of the large debt holdings (e.g., Illumina, Juniper Networks) given the 2008 market environment.
- Investigate the rationale for holding put options on Inforatica and On Semiconductor.
- Compare these holdings with the firm's Q4 2007 13F filing to determine actual turnover and strategic shifts.