SEC Filing Summary: Prudential Financial Inc. (13F-HR)
Business Context and Reporting Period
Reporting Manager: Prudential Financial, Inc.
Filing Type: Form 13F-HR (Quarterly Report of Holdings)
Reporting Period: Quarter ended March 31, 2013
Filing Date: April 26, 2013
Signatory: Richard Baker, Second Vice President
This filing discloses the equity securities held by Prudential Financial, Inc. and its included managers (Jennison Associates LLC, Mercator Asset Management LP, Prudential Investment Management, Inc., Quantitative Management Associates, and Prudential Trust Company) as of the end of the first quarter of 2013.
Key Financial Metrics
Total Portfolio Value: $38,739,529,000 (approx. $38.74 billion)
Total Number of Holdings: 2,970 distinct securities
Number of Included Managers: 3 (plus the primary filer and others listed in the cover page)
Note: As a 13F filing, this document reports holdings of equity securities only. It does not contain revenue, profit, cash flow, debt, or liquidity metrics for Prudential Financial 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 portfolio demonstrates significant concentration in large-cap U.S. equities across multiple sectors. Key observations include:
- Top Holdings by Value: The portfolio is heavily weighted toward major financial, technology, and healthcare companies. Notable positions include:
- General Electric Co: ~23.5 million shares
- Microsoft Corp: ~15.5 million shares
- Wells Fargo & Co: ~11.8 million shares
- Bank of America Corp: ~21.1 million shares
- Exxon Mobil Corp: ~11.0 million shares
- Verizon Communications Inc: ~5.3 million shares
- UnitedHealth Group Inc: ~3.5 million shares
- Sector Diversification: Significant exposure to Financials (Bank of America, JPMorgan Chase, Citigroup, Wells Fargo), Technology (Microsoft, Apple, Intel, Cisco), Healthcare (Pfizer, Merck, UnitedHealth, Johnson & Johnson), and Energy (Exxon Mobil, Chevron, ConocoPhillips).
- Voting Authority: The report details voting authority (Sole, Shared, None) for each position, indicating active management of corporate governance rights.
Guidance, Outlook, and Risks
Guidance and Outlook: This filing type (13F-HR) does not contain management commentary, earnings guidance, or forward-looking statements regarding Prudential Financial's own business performance or market outlook.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the concentration in large-cap equities implies exposure to broad market volatility, interest rate sensitivity (particularly in the financial and utility sectors), and sector-specific regulatory risks.
Unusual Items: The filing includes a mix of domestic and international securities (e.g., ADRs for foreign companies like Petrobras, HSBC, and Royal Caribbean). There are no specific unusual items or restatements noted in the text provided.
Important Facts for Investor Verification
- Portfolio Size: Verify the total reported value of approximately $38.74 billion against Prudential's broader asset management capabilities.
- Top Concentrations: Confirm the specific share counts and values of the largest positions (e.g., GE, Microsoft, Wells Fargo) to understand the fund's primary market exposures.
- Manager Attribution: Note that the holdings are aggregated across multiple managers (Jennison, Mercator, Prudential Investment Management, etc.); specific strategy attribution requires cross-referencing with individual manager reports if available.
- Reporting Lag: Remember that 13F filings are submitted 45 days after the quarter-end; this data reflects positions as of March 31, 2013, and does not account for trades made in April or May 2013.
- Exclusions: This report excludes non-equity assets (bonds, derivatives, cash) and holdings below the $200,000 reporting threshold, meaning the total investable assets under management are likely higher than the reported $38.74 billion.