SEC Filing Summary: Prudential Financial Inc. (13F-HR)
Business Context and Reporting Period
Reporting Manager: Prudential Financial, Inc.
Filing Type: Form 13F-HR (Holdings Report)
Reporting Period: Quarter ended June 30, 2005
Submission Date: August 12, 2005
Scope: This report details the equity securities held by Prudential Financial and four included managers (Prudential Investment Management, Inc.; Prudential Investment Management Services, LLC; Prudential Equity Group, Inc.; and Quantitative Management Associates). It includes securities over which the manager exercises sole or shared voting authority.
Key Financial Metrics
Total Portfolio Value: $36,404,223,000
Total Number of Holdings: 2,459 entries
Number of Included Managers: 4
Top Holdings by Value (Selected):
- General Electric Co: 28,569,385 shares (Sole: 9,798,532; Shared: 18,770,853)
- Microsoft Corp: 31,576,333 shares (Sole: 10,628,168; Shared: 20,948,165)
- Johnson & Johnson: 9,001,083 shares (Sole: 3,056,420; Shared: 5,944,663)
- Wal-Mart Stores Inc: 9,595,881 shares (Sole: 3,368,037; Shared: 6,227,844)
- Exxon Mobil Corp: 19,469,486 shares (Sole: 7,873,566; Shared: 11,595,920)
- Verizon Communications: 9,627,152 shares (Sole: 3,882,363; Shared: 5,744,789)
- Time Warner Inc: 16,370,590 shares (Sole: 5,433,391; Shared: 10,937,199)
- Cisco Systems Inc: 20,680,555 shares (Sole: 7,028,518; Shared: 13,652,037)
- Intel Corp: 20,522,795 shares (Sole: 6,835,445; Shared: 13,687,350)
- United Parcel Service Inc: 2,455,188 shares (Sole: 847,130; Shared: 1,608,058)
Material Changes and Portfolio Composition
Comparison to Prior Period: The provided text contains only the current period's holdings data; it does not include the prior quarter's data required to calculate material changes in position size or value.
Portfolio Composition: The portfolio is heavily diversified across sectors, with significant exposure to Technology (Microsoft, Intel, Cisco, Oracle), Healthcare (Johnson & Johnson, Pfizer, Merck), Energy (Exxon Mobil, Chevron, ConocoPhillips), and Financials (JPMorgan Chase, Bank of America, Citigroup).
Derivatives: The filing includes positions in Call and Put options for various issuers (e.g., Pfizer, Medtronic, Time Warner, BellSouth), indicating active risk management or hedging strategies.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, earnings guidance, or forward-looking outlooks.
Risks and Contingencies: No specific risks or contingencies are disclosed in this document. The filing represents a snapshot of long-only equity positions (and related options) as of the reporting date.
Key Facts for Investor Verification
- Concentration Risk: Verify the impact of the top 10 holdings, which represent a significant portion of the $36.4 billion portfolio value.
- Voting Authority: Note the distinction between "Sole" and "Shared" voting authority. For major holdings like General Electric and Microsoft, a substantial portion of voting power is shared, implying co-investment or managed accounts where Prudential does not have exclusive control.
- Option Positions: Review the specific Call and Put positions (e.g., Pfizer, Medtronic) to understand potential hedging strategies or directional bets not reflected in the long equity positions.
- Manager Scope: Confirm that the reported value includes positions from four subsidiary managers, not just Prudential Financial Inc. directly.
- Reporting Lag: Acknowledge that this data reflects positions as of June 30, 2005, and does not account for trading activity in the subsequent weeks prior to the August 12 filing date.