SEC Filing Summary: Principal Financial Group Inc (Form 13F)
Business Context and Reporting Period
Company: Principal Financial Group Inc
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: As of December 31, 2021
Context: This filing discloses the equity securities held by Principal Financial Group Inc as a registered investment manager. The data represents a snapshot of long-only equity positions, including common stocks and exchange-traded funds (ETFs), categorized by voting authority (Sole, Shared, or None).
Key Financial Metrics and Portfolio Composition
Note: As a Form 13F filing, this document does not report the company's own revenue, profit, or cash flow. It reports the value of securities held in its managed portfolios. Values are reported in thousands of dollars.
- Top Equity Holdings (by Value):
- Microsoft Corp: ~$14.84 billion (14,317,064 shares)
- Apple Inc: ~$22.65 billion (21,573,953 shares)
- Amazon.com Inc: ~$931 million (900,664 shares)
- Alphabet Inc (Class C): ~$599 million (580,768 shares)
- Alphabet Inc (Class A): ~$509 million (489,709 shares)
- Meta Platforms Inc: ~$4.80 billion (4,636,014 shares)
- NVIDIA Corp: ~$5.39 billion (5,220,839 shares)
- UnitedHealth Group Inc: ~$1.62 billion (1,592,119 shares)
- Visa Inc: ~$4.47 billion (4,353,639 shares)
- Johnson & Johnson: ~$3.50 billion (3,424,056 shares)
- Significant ETF Holdings:
- Principal US Mega Cap ETF: ~$36.00 billion (35,051,114 shares)
- Principal US Small Cap Multifactor ETF: ~$24.65 billion (24,450,000 shares)
- Principal Investment Grade ETF: ~$17.45 billion (17,450,000 shares)
- Voting Authority: The vast majority of holdings are reported with "Shared" voting authority (Column 7), indicating co-management or client-directed voting, with a smaller portion under "Sole" authority.
Material Changes and Observations
Comparison to Prior Period: The provided text contains only the data for the period ending December 31, 2021. It does not include the prior quarter's data (September 30, 2021) within this specific text block. Therefore, specific percentage changes in share counts or values cannot be calculated from this source alone.
Portfolio Characteristics:
- Concentration: Significant concentration in large-cap technology and healthcare sectors.
- Real Estate Exposure: Notable holdings in REITs such as Prologis Inc (~$9.53 billion), Ventas Inc (~$15.68 billion), and Welltower Inc (~$3.97 billion).
- Financial Sector: Substantial positions in major banks including JPMorgan Chase (~$5.89 billion), Bank of America (~$11.56 billion), and Wells Fargo (~$5.15 billion).
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:
- Market Risk: The portfolio is heavily exposed to equity market volatility, particularly in the technology and financial sectors.
- Liquidity: While most holdings are liquid large-cap equities, the sheer size of positions in certain names (e.g., Microsoft, Apple) could present execution challenges for rapid rebalancing.
- Regulatory: As a financial services firm, Principal Financial Group is subject to ongoing regulatory scrutiny regarding its investment practices and fiduciary duties.
Key Facts for Investor Verification
- Top 5 Holdings by Value: Verify the exact aggregate value of Microsoft, Apple, NVIDIA, Meta, and UnitedHealth Group to understand the portfolio's beta and sector tilt.
- ETF Weighting: Confirm the total asset allocation to Principal-branded ETFs versus individual stock picks to gauge active vs. passive management exposure.
- Real Estate Exposure: Assess the total value of REIT holdings (Prologis, Ventas, Welltower, etc.) to evaluate sensitivity to interest rate changes.
- Turnover Indicators: Compare this filing with the Q3 2021 13F filing (not included here) to identify significant buys or sells in the fourth quarter.
- Voting Discretion: Note the high prevalence of "Shared" voting authority, which may limit the firm's ability to influence corporate governance unilaterally.