Business Context and Reporting Period
Reporting Manager: Prudential Financial, Inc.
Filing Type: Form 13F-HR (Quarterly Report of Holdings)
Reporting Period: Quarter ended June 30, 2011
Submission Date: August 11, 2011
Scope: This report details the equity securities held by Prudential Financial, Inc. and four other included managers (Prudential Investment Management, Inc., Quantitative Management Associates, Prudential Bache Securities, LLC, and Prudential Trust Company).
Key Financial Metrics
Total Portfolio Value: $37,001,872,000
Total Number of Holdings: 2,793 entries
Number of Included Managers: 4 (in addition to Prudential Financial, Inc.)
Note: As a Form 13F filing, this document reports holdings of equity securities only. It does not contain revenue, profit, cash flow, margin, debt, or liquidity data for Prudential Financial, Inc. itself.
Material Changes and Portfolio Composition
The filing provides a snapshot of holdings as of June 30, 2011. While specific changes from the prior quarter are not explicitly calculated in the text, the portfolio demonstrates significant concentration in the following sectors and issuers:
- Technology: Major positions in Microsoft Corp ($20.9B total value implied by share count), Intel Corp ($17.0B), Oracle Corp ($10.6B), and Cisco Systems Inc ($14.4B).
- Financials: Significant holdings in JPMorgan Chase & Co ($12.3B), Bank of America Corp ($26.7B), Wells Fargo & Co ($16.1B), and Citigroup Inc ($7.9B).
- Healthcare: Large positions in Pfizer Inc ($20.2B), UnitedHealth Group Inc ($4.4B), and Johnson & Johnson ($6.6B).
- Energy: Substantial exposure to Exxon Mobil Corp ($13.1B), Chevron Corp ($6.2B), and ConocoPhillips ($4.6B).
- Consumer Staples: Notable holdings in Procter & Gamble Co ($6.1B), Coca-Cola Co ($5.1B), and PepsiCo Inc ($3.4B).
Voting Authority
The report distinguishes between voting authority held solely, shared, or none. For the majority of large-cap positions, Prudential holds "Sole" voting authority, though "Shared" authority is noted for specific tranches of holdings (e.g., portions of AT&T, AFLAC, and Alcoa).
Guidance, Outlook, and Risks
Management Commentary: This filing is a statutory disclosure of holdings and does not contain management commentary, forward-looking guidance, or strategic outlook for Prudential Financial, Inc.
Risks and Contingencies: No specific risks or contingencies are disclosed in this document. The filing represents a static list of securities held at the end of the quarter.
Important Facts for Investor Verification
- Portfolio Size: Verify the total reported value of approximately $37 billion against Prudential's broader asset management figures to understand the scope of this specific 13F reporting entity.
- Concentration Risk: Note the heavy weighting in large-cap U.S. equities, particularly in the Technology and Financial sectors, which may indicate specific investment mandates for the included managers.
- Multiple Managers: The report aggregates data from five distinct managers. Investors should verify if specific holdings are attributed to specific sub-managers (e.g., Quantitative Management Associates vs. Prudential Investment Management) to understand the strategy behind specific positions.
- Exclusions: Confirm that this report excludes fixed income, derivatives, and non-equity assets, which are not reported on Form 13F.