SEC Filing Summary: Piper Jaffray Companies (13F-HR)
Business Context and Reporting Period
Reporting Manager: Piper Jaffray Companies (also referenced as Piper Sandler Companies in metadata)
Filing Type: Form 13F-HR (Holdings Report)
Reporting Period: Quarter ended June 30, 2006
Filing Date: August 14, 2006
Location: Minneapolis, MN
This filing discloses the equity securities held by the institutional investment manager at the end of the second quarter of 2006. The report includes 1,723 individual holdings entries.
Key Financial Metrics
Total Portfolio Value: $565,802,000 (Reported in thousands)
Total Number of Holdings: 1,723 entries
Confidential Treatment: Portions of the portfolio were omitted from this public filing and filed separately under confidential treatment.
Note: As a Form 13F, this document reports holdings value and share counts. It does not contain revenue, profit, cash flow, or debt metrics for Piper Jaffray itself, nor does it provide margin data.
Material Changes and Portfolio Composition
The filing provides a snapshot of holdings rather than a comparative analysis of changes from the prior period. However, the composition reveals significant exposure to:
- Exchange-Traded Funds (ETFs): Heavy allocation to iShares (BlackRock) and PowerShares ETFs, covering sectors such as Technology, Energy, Financials, and International Markets.
- Large-Cap Equities: Significant positions in major corporations including General Electric ($6.0M), Coca-Cola ($5.3M), Citigroup ($5.4M), and Microsoft ($3.1M).
- Fixed Income/Debt Securities: The portfolio includes substantial holdings in corporate notes and bonds (e.g., Cubist Pharmaceuticals, Powerwave Technologies, Kaydon Corp) alongside equity positions.
- Derivatives: The schedule lists Put and Call options for various issuers (e.g., Genentech, Hutchinson Technology, Best Buy), indicating active hedging or speculative strategies.
Outlook, Risks, and Management Commentary
Management Commentary: Form 13F filings are statutory disclosures and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this document. The filing notes that some information is under confidential treatment, which limits full transparency regarding specific proprietary strategies or sensitive positions.
Key Facts for Investor Verification
- Portfolio Size: Verify the total reported value of approximately $566 million against the firm's total assets under management (AUM) to understand the scope of this specific reporting entity.
- Confidential Omissions: Acknowledge that the reported value excludes positions filed separately under confidential treatment; the true portfolio size may be larger.
- Concentration Risk: Review the top 10 holdings (e.g., GE, Coca-Cola, Citigroup, Starbucks, Wal-Mart) to assess concentration in specific sectors like Consumer Staples and Financials.
- Derivative Exposure: Investigate the specific Put/Call positions listed (e.g., Genentech, Best Buy) to understand the firm's directional bets or hedging activities.
- Fixed Income Mix: Note the significant inclusion of corporate debt securities (notes) within the equity filing, which may indicate a convertible or high-yield strategy.