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
Reporting Period: Second Quarter ended June 30, 2017
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 the number of shares, value, and voting authority for each position.
Key Financial Metrics
Revenue, Profit, Cash Flow, Margins, Debt, Liquidity: The filing text does not provide a clear value for these metrics. Form 13F is a disclosure of holdings and does not contain the issuer's financial performance data (e.g., revenue, net income, or balance sheet items).
Portfolio Composition (Selected Top Holdings by Value):
- Microsoft Corp: ~15.86 million shares (Value: ~$1.04 billion)
- Apple Inc: ~10.58 million shares (Value: ~$729 million)
- Alphabet Inc (Class C): ~628,360 shares (Value: ~$571 million)
- Alphabet Inc (Class A): ~551,304 shares (Value: ~$513 million)
- Amazon.com Inc: ~794,779 shares (Value: ~$769 million)
- Facebook Inc: ~4.14 million shares (Value: ~$625 million)
- Johnson & Johnson: ~5.70 million shares (Value: ~$754 million)
- Procter & Gamble Co: ~4.48 million shares (Value: ~$391 million)
- Visa Inc: ~3.54 million shares (Value: ~$332 million)
- UnitedHealth Group Inc: ~1.59 million shares (Value: ~$295 million)
Material Changes vs. Prior Period
The filing text does not provide a clear value for material changes versus the prior comparable period. Form 13F filings list current holdings but do not explicitly state the net change (buy/sell) from the previous quarter within the text body provided.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide a clear value for management guidance or future outlook. This form is a regulatory disclosure of past holdings, not a forward-looking earnings release.
Risks and Contingencies: The filing text does not provide a clear value for specific risks or contingencies. Standard Form 13F filings do not include risk factor disclosures.
Unusual Items: The portfolio includes significant holdings in Principal Exchange Traded Funds (ETFs), including the Principal Active ETF (16.8 million shares) and Principal Small Cap Index ETF (9.45 million shares), indicating a substantial allocation to proprietary or managed index products.
Important Facts for Investors to Verify
- Concentration Risk: Verify the total portfolio value and the percentage concentration in the top 10 holdings (e.g., Microsoft, Apple, Alphabet, Amazon) to assess diversification.
- Voting Authority: Note that for many large positions (e.g., Microsoft, Apple, Alphabet), the manager holds "Shared" voting authority, indicating co-management or client-directed voting rights.
- Proprietary Products: Verify the performance and strategy of the significant holdings in Principal-branded ETFs (e.g., PRIN EDGE ACTV, PRIN SHRHLDR).
- Valuation Timing: Confirm that the share counts and values reflect the market price as of June 30, 2017, and may differ from current market values.
- Exclusions: Remember that this filing only covers equity securities; it does not disclose fixed income, derivatives, or cash positions held by the firm.