SEC Filing Summary: Piper Jaffray Companies (13F-HR)
Business Context and Reporting Period
Reporting Manager: Piper Jaffray Companies (formerly Piper Sandler Companies)
Filing Type: Form 13F-HR (Holdings Report)
Reporting Period: Calendar Quarter Ended December 31, 2005
Submission Date: February 1, 2006
Signatory: Tim Carter, Controller
This filing discloses the equity securities held by the institutional investment manager at the end of the reporting period. The report covers 1,590 individual holdings entries.
Key Financial Metrics
Note: Form 13F filings report portfolio holdings and do not disclose the manager's internal revenue, profit, cash flow, or debt metrics.
- Total Portfolio Value: $489,648,000 (Reported in thousands)
- Total Number of Holdings: 1,590 entries
- Investment Discretion: Sole discretion for all reported positions.
- Top Holdings by Value (Selected):
- Procter & Gamble Co: $6,415,000
- General Electric Co: $6,504,000
- Starbucks Corp: $5,964,000
- Microsoft Corp: $4,524,000
- Qualcomm Inc: $4,202,000
- Medtronic Inc: $5,678,000
- Wells Fargo & Co: $2,387,000
Material Changes and Portfolio Composition
As this is a snapshot of holdings at a specific point in time, the filing does not provide comparative data against the prior quarter to calculate material changes in position size or portfolio turnover.
Portfolio Characteristics:
- Asset Class: Primarily common stock, with significant exposure to Exchange Traded Funds (ETFs) including iShares, SPDRs, and Powershares.
- Derivatives: The portfolio includes limited use of options (Put/Call) and convertible notes (e.g., Abgenix Inc, Cypress Semiconductor Corp, Fair Isaac Corp).
- Concentration: The portfolio is highly diversified across sectors including Technology, Healthcare, Financials, and Consumer Staples.
Guidance, Outlook, and Risks
Guidance and Outlook: The filing text does not provide management commentary, earnings guidance, or future outlook. Form 13F is a regulatory disclosure of past holdings, not a forward-looking statement.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this document. The filing represents a static list of securities held as of December 31, 2005.
Key Facts for Investor Verification
- Portfolio Size: Verify the total managed assets under this specific reporting manager code ($489.6M) against the firm's total AUM, as this may represent only a subset of managed accounts.
- Top Concentrations: Review the top 10 holdings (e.g., GE, P&G, Starbucks, Medtronic) to understand the primary drivers of portfolio performance for the quarter.
- ETF Exposure: Note the significant allocation to broad market and sector ETFs (iShares, SPDRs), which may indicate a passive or index-tracking strategy for a portion of the portfolio.
- Derivative Usage: Investigate the specific Put/Call positions (e.g., Adobe Systems, Advanced Micro Devices) to determine if they are used for hedging or speculative purposes.
- Reporting Lag: Acknowledge that this data reflects positions as of Dec 31, 2005, and does not reflect any trading activity in January or February 2006.