Business Context and Reporting Period
Reporting Manager: Prudential Financial, Inc.
Filing Type: Form 13F-HR (Holdings Report)
Reporting Period: Quarter Ended March 31, 2004
Submission Date: May 13, 2004
Scope: This report details the equity securities over which Prudential Financial, Inc. and its included subsidiaries (Prudential Investment Management, Inc.; Prudential Investment Management Services, LLC; Prudential Equity Group, Inc.) exercised sole or shared investment discretion.
Key Financial Metrics
Total Portfolio Value: $33,251,858,000
Total Number of Holdings: 3,146 entries
Number of Included Managers: 3
Note: As a Form 13F filing, this document reports holdings of equity securities. It does not contain revenue, profit, cash flow, margin, debt, or liquidity metrics for Prudential Financial itself.
Top Equity Holdings by Value
| Issuer | Shares Held | Value ($) |
|---|---|---|
| Microsoft Corp | 743,903 | 29,839,673 |
| General Electric Co | 771,901 | 25,291,638 |
| Exxon Mobil Corp | 743,744 | 17,882,760 |
| Cisco Systems Inc | 410,592 | 17,420,105 |
| Intel Corp | 482,780 | 17,749,275 |
| Wal-Mart Stores Inc | 646,302 | 10,827,647 |
| Time Warner Inc | 208,060 | 12,340,443 |
| Verizon Communications | 280,581 | 7,678,731 |
| Johnson & Johnson | 398,328 | 7,853,465 |
| Procter & Gamble Co | 351,294 | 3,349,487 |
Material Changes and Portfolio Composition
The filing lists 3,146 distinct security entries. The portfolio is heavily weighted toward large-cap U.S. equities across technology, healthcare, financials, and consumer staples sectors. The report does not provide comparative data for the prior quarter (December 31, 2003); therefore, specific material changes in position size or new entries versus the prior period cannot be calculated from this text alone.
Guidance, Outlook, and Risks
Management Commentary: None. Form 13F filings are statutory disclosures of holdings and do not contain management discussion, guidance, or outlook.
Risks and Contingencies: None disclosed in this filing. The form includes a standard representation that the information is true and correct, but does not detail specific investment risks or contingencies.
Important Facts for Investor Verification
- Portfolio Concentration: The top 10 holdings listed above represent a significant portion of the reported $33.2 billion portfolio value, indicating a concentration in mega-cap technology and industrial stocks.
- Derivatives Activity: The filing includes entries for Call and Put options on several major holdings (e.g., Microsoft, Intel, Cisco, Johnson & Johnson, Procter & Gamble), indicating active use of derivatives for hedging or speculation.
- Subsidiary Reporting: The total value includes positions managed by three specific subsidiaries: Prudential Investment Management, Inc., Prudential Investment Management Services, LLC, and Prudential Equity Group, Inc.
- Non-Equity Assets: This report excludes fixed income, cash, real estate, and other non-equity assets held by Prudential Financial. It reflects only the equity portfolio subject to Section 13(f) of the Exchange Act.