PRU

SEC Filing Summary: Prudential Financial Inc. (Form 13F)

Business Context and Reporting Period

Company: Prudential Financial Inc.
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: As of December 31, 2016
Context: This filing discloses the equity securities held by Prudential Financial Inc. at the end of the fourth quarter of 2016. It details the number of shares, value, and voting authority for a diversified portfolio of domestic and international equities, including common stocks, preferred stocks, and exchange-traded funds (ETFs).

Key Financial Metrics and Portfolio Composition

Portfolio Overview: The filing lists hundreds of individual holdings across various sectors. While the filing does not provide a single aggregate total value for the entire portfolio in the text provided, it lists individual position values in thousands of dollars (Column 4).
Top Holdings by Value (Selected Examples):

• General Electric Co: ~$16.6 million (16,595,232 shares)
• Microsoft Corp: ~$15.3 million (15,263,224 shares)
• Intel Corp: ~$14.1 million (14,065,544 shares)
• Verizon Communications Inc: ~$11.8 million (11,793,634 shares)
• Apple Inc: ~$11.6 million (11,569,887 shares)
• Wells Fargo & Co: ~$9.9 million (9,866,979 shares)
• Exxon Mobil Corp: ~$9.4 million (9,380,785 shares)
• JPMorgan Chase & Co: ~$10.7 million (10,691,096 shares)
• UnitedHealth Group Inc: ~$2.8 million (2,821,463 shares)

Asset Classes: The portfolio includes significant positions in large-cap U.S. equities (Technology, Financials, Healthcare, Energy), international equities (via ADRs and direct listings), and a substantial allocation to ETFs (e.g., iShares, SPDR, Vanguard) covering global markets, bonds, and specific sectors.

Material Changes vs. Prior Period

Comparison Limitation: This filing represents a snapshot of holdings as of December 31, 2016. The provided text does not contain the prior quarter's (September 30, 2016) data or a summary of net purchases/sales. Therefore, specific material changes in position size or new/removed holdings cannot be calculated from this document alone.

Guidance, Outlook, and Risks

Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, earnings guidance, or strategic outlook.
Risks and Contingencies: The filing includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy or completeness. The portfolio's exposure to market risk is inherent in the equity holdings listed. Significant concentrations exist in the Technology, Financial, and Healthcare sectors.

Key Facts for Investor Verification

• Concentration Risk: Verify the total portfolio value to understand the weight of top holdings like General Electric, Microsoft, and Intel relative to the total assets under management.
• Voting Authority: Note the split between "Sole," "Shared," and "None" voting authority (Columns 6-8). Many positions show "Shared" authority, indicating co-investment or fund-of-fund structures.
• International Exposure: Verify the extent of international exposure through ADRs (e.g., Alibaba, Baidu, Tencent/YY Inc) and direct foreign listings (e.g., Aon PLC, Accenture PLC, Medtronic PLC).
• ETF Holdings: Review the significant holdings in ETFs (e.g., iShares Core S&P 500, iShares MSCI EAFE) to understand the passive allocation strategy versus active stock picking.
• Derivatives: The filing lists "Put" and "Call" columns (Column 5), but the provided text shows "0" for these columns in the visible rows, suggesting no reported short put/call positions in this specific extract, though verification of the full table is recommended.