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, 2007. The report was signed by Greg Meyer, Controller, on November 13, 2007. It details the manager's holdings in equity securities and certain debt instruments, representing 112 distinct entries.
Key Financial Metrics
Form 13F filings report portfolio holdings rather than the operating financial performance (revenue, profit, cash flow) of the filing entity itself. Consequently, the following metrics are not applicable to this document:
- Revenue/Profit/Margins: Not reported in Form 13F.
- Cash Flow/Debt/Liquidity: Not reported in Form 13F.
Portfolio Metrics Reported:
- Total Number of Holdings: 112 entries.
- Total Value of Reportable Assets: The filing text lists a "Value Total" field but does not provide a clear aggregate numerical value in the summary section.
- Asset Composition: The portfolio includes a mix of common stocks (e.g., Activision, Cisco, Chipotle) and corporate notes/bonds (e.g., Alexion Pharmaceuticals, Chemed Corp, On Semiconductor).
- Discretion: All reported holdings are listed under "Sole" discretionary authority.
Material Changes vs. Prior Period
The filing text provided does not contain comparative data for the prior quarter (June 30, 2007). Therefore, material changes in holdings, additions, or deletions cannot be determined from this document alone.
Outlook, Risks, and Unusual Items
Form 13F is a disclosure of holdings and does not contain management commentary, forward-looking guidance, or risk factors regarding the manager's business operations. However, the portfolio composition reveals specific investment characteristics:
- Derivatives: The portfolio includes positions with "PUT" and "CALL" designations (e.g., Cisco Systems, Citrix Systems, Powershares QQQ Trust), indicating the use of options strategies.
- Fixed Income Exposure: Significant holdings in corporate notes with varying coupon rates (e.g., 1.375% to 4.750%) suggest exposure to interest rate risk and credit risk.
- Concentration: Large principal amounts are held in specific notes, such as On Semiconductor Corp ($5,848,000) and Health Care REIT Inc ($4,650,000).
Key Facts for Investor Verification
- Aggregate Value: Verify the total market value of the portfolio from the full filing, as the summary text provided does not explicitly state the total dollar amount.
- Derivative Exposure: Confirm the specific terms and expiration dates of the PUT and CALL positions (e.g., Citrix Systems, Powershares QQQ) to assess hedging or speculative intent.
- Fixed Income Credit Quality: Review the credit ratings of the significant corporate note holdings (e.g., Alexion, Chemed, On Semiconductor) to evaluate credit risk exposure.
- Managerial Authority: Note that all holdings are reported under "Sole" discretion, indicating no shared management for these specific accounts.