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 June 30, 2005
Submission Date: May 2, 2005 (Note: Filing date precedes period end, likely a data entry anomaly in source text or early filing; standard 13F is filed 45 days after quarter end)
Signatory: Tim Carter, Controller
This filing discloses the institutional investment manager's holdings in equity securities as of the end of the second quarter of 2005. The report covers 1,700 individual entries.
Key Financial Metrics
Total Reported Value: $486,026,000 (Approx. $486 million)
Total Number of Holdings: 1,700 entries
Discretionary Authority: Sole discretion for the vast majority of holdings; limited shared discretion noted in specific entries (e.g., Accredit Home Lenders, Adobe Systems).
Top Holdings by Value (Selected):
- General Electric Co: 197,730 shares
- Microsoft Corp: 184,390 shares
- Intel Corp: 185,255 shares
- Procter & Gamble Co: 62,134 shares
- Wells Fargo & Co: 35,386 shares
- Reliant Energy Inc: 225,037 shares
- Starbucks Corp: 102,129 shares
Note: Form 13F reports share counts and aggregate value but does not disclose revenue, profit, cash flow, margins, or debt levels of the reporting manager itself.
Material Changes and Portfolio Composition
Asset Class Focus: The portfolio is heavily weighted toward large-cap U.S. equities, with significant exposure to Technology, Financials, Healthcare, and Energy sectors.
Derivatives and Debt: The filing includes holdings in corporate debt (e.g., Alkermes Inc Note, Cypress Semiconductor Note, Yahoo Inc Note) and derivative positions (Put/Call options) for specific issuers such as Adobe Systems, Affymetrix, and Openwave Systems.
ETF Exposure: Significant allocation to iShares (BlackRock) and SPDR (State Street) exchange-traded funds, covering indices such as the S&P 500, Russell 2000, MSCI EAFE, and various sector-specific indices (Technology, Healthcare, Energy).
Comparison to Prior Period: The provided text contains only the current period's data. No prior period data is included in this document to calculate material changes in holdings or value.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this form. The filing represents a snapshot of positions held at a specific point in time.
Unusual Items: The portfolio includes a diverse mix of standard equities alongside specific convertible securities and preferred shares (e.g., Ford Motor Co Cap Tr II, Dura Automotive Sys Cap Tr). There are no restatements or amendments noted in this specific filing.
Investor Verification Checklist
- Valuation Accuracy: Verify the aggregate value of $486 million against the sum of individual holdings to ensure no reporting errors in the source text.
- Concentration Risk: Assess the percentage of the portfolio held in the top 10 positions (e.g., GE, Microsoft, Intel) to understand concentration risk.
- Derivative Exposure: Review the specific Put/Call positions (e.g., Openwave Systems, Viisage Technology) to understand hedging strategies or speculative bets.
- Debt Holdings: Confirm the nature of the "PRN" (Principal Amount) entries, such as the $5 million MGI Pharma note and $2 million Alkermes note, to assess fixed-income exposure.
- Reporting Date Discrepancy: Investigate the signature date (May 2, 2005) versus the reporting period end (June 30, 2005) to ensure the data reflects the correct quarter.