Business Context and Reporting Period
Reporting Manager: Prudential Financial, Inc.
Filing Type: Form 13F-HR (Holdings Report)
Reporting Period: Quarter ended September 30, 2004
Submission Date: November 11, 2004
Scope: This report details equity securities over which Prudential Financial, Inc. and four included managers (Prudential Investment Management, Inc.; Prudential Investment Management Services, LLC; Prudential Equity Group, Inc.; and Quantitative Management Associates) exercised sole or shared investment discretion.
Key Financial Metrics
Total Portfolio Value: $33,381,798,000
Total Number of Holdings: 2,866 entries
Number of Included Managers: 4
Note: As a Form 13F filing, this document reports holdings of equity securities (stocks, warrants, options) and does not contain revenue, profit, cash flow, margin, or debt data for Prudential Financial itself.
Top Holdings by Value (Selected)
| Issuer | Shares Held | Value ($000s) |
|---|---|---|
| General Electric Co | 903,124 | 26,887,856 |
| Microsoft Corp | 772,570 | 27,941,039 |
| Exxon Mobil Corp | 888,108 | 18,375,912 |
| Cisco Systems Inc | 343,614 | 18,984,226 |
| Time Warner Inc | 235,259 | 14,576,169 |
| Verizon Communications | 357,909 | 9,088,604 |
| Wal-Mart Stores Inc | 631,452 | 11,869,403 |
| Johnson & Johnson | 486,167 | 8,630,694 |
| Bank of America Corp | 527,536 | 12,174,842 |
| Intel Corp | 312,222 | 15,564,389 |
Material Changes and Portfolio Composition
Asset Class Focus: The portfolio is heavily concentrated in large-cap U.S. equities across technology, financials, healthcare, and consumer staples sectors.
Derivatives Activity: The filing includes significant positions in call and put options for major holdings such as Microsoft, Cisco, Johnson & Johnson, and Home Depot, indicating active risk management or hedging strategies.
Shared Discretion: A substantial portion of the holdings (e.g., General Electric, Microsoft, Exxon Mobil) are reported under "Shared" voting authority, reflecting the consolidated reporting of the four included managers.
Guidance, Outlook, and Risks
Guidance and Outlook: This filing is a statutory disclosure of holdings and does not contain management commentary, earnings guidance, or forward-looking statements regarding Prudential Financial's business outlook.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this document. The filing represents a snapshot of positions as of the quarter-end date.
Important Facts for Investor Verification
- Portfolio Concentration: Verify the impact of the top 10 holdings, which represent a significant portion of the $33.4 billion reported value, on the manager's overall risk profile.
- Option Positions: Review the specific call and put option positions (e.g., Cisco, Microsoft, Home Depot) to understand the manager's hedging or speculative stance on these specific equities.
- Manager Attribution: Note that the reported value aggregates positions from four distinct managers; specific performance attribution requires analyzing the individual schedules for each manager.
- Reporting Lag: The data reflects positions as of September 30, 2004, and does not account for trading activity occurring after that date.