SEC Filing Summary: Piper Jaffray Companies (13F-HR)
Business Context and Reporting Period
This Form 13F-HR is a quarterly holdings report filed by Piper Jaffray Companies (Institutional Investment Manager) for the period ended September 30, 2008. The report was signed by Tim Carter, Treasurer, on November 3, 2008. It details the equity securities held by the manager with sole or shared investment discretion.
Key Financial Metrics
- Total Portfolio Value: $83,895,000 (reported in thousands).
- Total Number of Holdings: 138 entries.
- Asset Composition: The portfolio consists of common stocks, preferred stocks, and corporate notes (bonds). Significant positions include Amerigroup Corp, Arris Group Inc, ATS Med Inc, Diodes Inc, and Greatbatch Inc notes.
- Derivatives: The filing includes positions in call and put options for various issuers (e.g., AmerisourceBergen, Amgen, Guess Inc, Huntsman Corp).
- Revenue, Profit, and Cash Flow: Not applicable. Form 13F reports investment holdings, not the operating financial performance of the filing manager.
Material Changes and Portfolio Composition
The filing text provides a snapshot of holdings as of the quarter-end and does not contain comparative data against the prior period (June 30, 2008) to determine material changes in position size or strategy. The portfolio demonstrates a mix of:
- Fixed Income: Multiple corporate notes with varying coupon rates (e.g., 2.000%, 6.000%, 4.500%).
- Equity: Diverse sectors including healthcare (Amgen, Pfizer), technology (Yahoo, Red Hat), and consumer discretionary (Gap, Guess Inc).
- Discretion: All reported holdings are listed under "Sole" investment discretion.
Guidance, Risks, and Contingencies
Guidance and Outlook: This filing type does not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing does not explicitly list risk factors. However, the presence of put options on several equities (e.g., Continental Airlines, Amgen, Red Hat) suggests hedging strategies or bearish views on specific positions during the 2008 financial crisis period.
Investor Verification Checklist
- Verify the total portfolio value of $83.9 million against the firm's broader asset management capabilities.
- Confirm the specific nature of the "PRN" (Principal) amounts for the numerous corporate notes to assess credit exposure.
- Review the concentration of put options to understand the firm's hedging stance on volatile sectors during Q3 2008.
- Note that this report covers only a specific subset of the firm's activities (discretionary accounts) and does not reflect the firm's total assets under management or operating income.