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 March 31, 2007. The report was signed by Greg Meyer, Controller, on May 10, 2007. It details the manager's reportable equity securities held in accounts under their sole discretion.
Key Financial Metrics
- Total Reportable Assets: $65,488,000 (Value Total in thousands).
- Number of Holdings: 57 distinct entries reported.
- Investment Discretion: All reported positions are held under "Sole" discretion.
- Asset Classes: The portfolio consists of Common Stock (COM) and Corporate Notes (PRN).
- Derivatives: The filing includes Put options for several issuers (e.g., Ceradyne Inc, Corning Inc, FEI Co, Hutchinson Technology, Spansion Inc).
Material Changes and Portfolio Composition
As a quarterly snapshot, this filing does not provide comparative data against the prior period (December 31, 2006) within the text provided. However, the portfolio composition reveals a heavy concentration in the healthcare and technology sectors.
- Top Holdings by Value:
- American Med Sys Hldgs Note: $9,280,000
- Alexion Pharmaceutical Note: $9,226,000
- Credence Sys Corp Note: $5,610,000
- Cytyc Corp Note: $7,054,000
- Cubist Pharmaceuticals Note: $4,869,000
- Notable Equity Positions: Significant holdings include Hydrogen Corp ($617,000), Mathstar Inc ($302,000), and NYSE Group Inc ($5,198,000).
Guidance, Risks, and Contingencies
The filing text does not contain management commentary, forward-looking guidance, or specific risk disclosures beyond the standard representation that the information is true and correct. The presence of Put options on specific equities (Ceradyne, Corning, FEI Co, Hutchinson Technology, Spansion) indicates hedging activity or bearish sentiment on those specific names, which represents a material risk position relative to the long equity holdings.
Key Facts for Investor Verification
- Verify the total reportable value of $65.5 million against the firm's broader asset management profile to understand the scope of this specific reporting entity.
- Confirm the nature of the Put options held on Ceradyne, Corning, FEI Co, Hutchinson Technology, and Spansion to assess hedging strategies versus speculative short positions.
- Note the significant allocation to corporate debt notes (e.g., American Med Sys, Alexion, Credence) which may not be captured in standard equity-only 13F analyses.
- Check for any subsequent amendments or restatements filed after May 10, 2007, as this is the initial report for the quarter.