SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Principal Financial Group Inc.
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: Second Quarter ended June 30, 2021
Context: This filing discloses the equity securities held by Principal Financial Group Inc. as a registered investment manager. The data represents holdings as of the end of the quarter, detailing issuer names, CUSIPs, share counts, and market values. It does not represent the company's own financial performance (revenue, profit) but rather its investment portfolio composition.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists hundreds of individual equity positions across various sectors. The data provided includes the number of shares held and the aggregate market value (in thousands) for each position. Specific aggregate portfolio totals (Total Assets Under Management) are not explicitly summed in the provided text, but the scale of individual holdings indicates a substantial portfolio.
- Top Holdings by Value (Selected Examples):
- Brookfield Asset Management Inc: 40,184,234 shares valued at approximately $2.05 billion (inferred from share count and typical market cap, though exact total value per line is not summed in text).
- KKR & Co Inc: 23,249,005 shares.
- Invitation Homes Inc: 26,796,012 shares.
- Prologis Inc: 10,664,890 shares.
- Store Capital Corp: 11,865,723 shares.
- Microsoft Corp: 14,398,466 shares.
- Apple Inc: 22,291,422 shares.
- Amazon.com Inc: 880,392 shares.
- Alphabet Inc (Class A & C): Combined holdings exceed 1.1 million shares.
- Meta Platforms (Facebook) Inc: 4,500,693 shares.
- Sector Exposure: Significant exposure to Real Estate Investment Trusts (REITs), Technology, Financials, Healthcare, and Consumer Discretionary.
- Voting Authority: The vast majority of holdings are reported with "Sole" or "Shared" voting authority, with "None" for specific positions where applicable.
Material Changes and Observations
Note on Comparability: As this is a static snapshot of holdings for the period ended June 30, 2021, and no prior period data (e.g., March 31, 2021) is included in the provided text, specific material changes (increases or decreases in positions) cannot be calculated or reported.
Portfolio Characteristics:
- Concentration: The portfolio contains large block positions in major technology firms (Microsoft, Apple, Amazon, Alphabet, Meta) and significant real estate holdings (Prologis, Invitation Homes, Store Capital).
- Private Equity/Asset Managers: Notable large positions in asset management firms like Brookfield Asset Management, KKR, and Blackstone.
- ETF Holdings: The filing includes holdings in various ETFs (e.g., iShares, Vanguard, SPDR), indicating a diversified passive investment strategy alongside active equity picks.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks regarding the company's own operations or future investment strategy.
Risks and Contingencies:
- Market Risk: The portfolio is subject to general market volatility affecting equity valuations.
- Concentration Risk: Significant exposure to specific sectors (Technology, Real Estate) could amplify losses if those sectors underperform.
- Liquidity: While most holdings are publicly traded, large block positions may face liquidity constraints during rapid sales.
Important Facts for Investor Verification
- Holdings vs. Performance: Verify that this document reflects holdings (assets owned), not the company's financial results (revenue, earnings).
- Valuation Timing: All values and share counts are as of the close of business on June 30, 2021. Current values may differ significantly.
- Reporting Thresholds: Only securities exceeding specific reporting thresholds (typically $100,000 in aggregate value) are required to be listed; smaller positions may not appear.
- Voting Rights: Review the "Voting Authority" columns to understand the extent of Principal Financial Group's influence over the companies in which it invests.
- Derivatives: The filing lists "Put" and "Call" columns; verify if any significant derivative positions exist (most listed here show "0" for puts/calls, indicating primarily long equity positions).