Business Context and Reporting Period
Reporting Manager: Prudential Financial, Inc.
Filing Type: Form 13F-HR (Holdings Report)
Reporting Period: Calendar Year Ended December 31, 2003
Submission Date: February 9, 2004
Scope: This report details the long-only equity securities held by Prudential Financial, Inc. and three included managers (Prudential Investment Management, Inc.; Prudential Investment Management Services, LLC; Prudential Equity Group, Inc.) over which the firm exercises investment discretion.
Key Financial Metrics
Total Portfolio Value: $28,856,682,000.00
Total Number of Holdings: 3,229 entries
Number of Included Managers: 3
Note: As a Form 13F filing, this document reports equity holdings and does not contain revenue, profit, cash flow, margin, debt, or liquidity metrics for Prudential Financial, Inc. itself.
Top Equity Holdings by Value (Selected)
| Issuer | Shares Held | Value ($) |
|---|---|---|
| Microsoft Corp | 682,874 | 24,949,737 |
| General Electric Co | 652,068 | 21,048,025 |
| Intel Corp | 512,544 | 15,992,003 |
| Cisco Systems Inc | 387,320 | 15,985,160 |
| Exxon Mobil Corp | 638,904 | 15,583,015 |
| Johnson & Johnson | 343,141 | 6,642,299 |
| Wal-Mart Stores Inc | 483,648 | 9,116,824 |
| Time Warner Inc | 177,986 | 9,893,586 |
| Verizon Communications | 238,848 | 6,808,659 |
| Home Depot Inc | 200,013 | 5,635,767 |
Material Changes and Portfolio Composition
The filing lists 3,229 distinct security entries. The portfolio is heavily diversified across sectors, with significant exposure to:
- Technology: Major positions in Microsoft, Intel, Cisco, Oracle, and Hewlett-Packard.
- Financials: Significant holdings in Citigroup, J.P. Morgan Chase, Bank of America, and Wells Fargo.
- Healthcare: Large stakes in Pfizer, Merck, Johnson & Johnson, and Eli Lilly.
- Energy: Substantial positions in Exxon Mobil, ChevronTexaco, and ConocoPhillips.
- Consumer Staples: Holdings in Procter & Gamble, Coca-Cola, and PepsiCo.
Derivatives: The report includes positions in call and put options for various issuers (e.g., Microsoft, Intel, Cisco, Pfizer), indicating active risk management or hedging strategies alongside long equity positions.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this document. The filing represents a snapshot of holdings at period-end and does not address future market risks or company-specific contingencies.
Important Facts for Investor Verification
- Portfolio Concentration: Verify the top 10 holdings, which represent a significant portion of the $28.8 billion reported value, to understand concentration risk.
- Option Activity: Review the specific call and put option positions listed (e.g., for Microsoft, Intel, Cisco) to assess the firm's hedging or speculative stance on these major holdings.
- Manager Attribution: Note that the total value includes positions managed by three subsidiary managers (Prudential Investment Management, Inc., Prudential Investment Management Services, LLC, and Prudential Equity Group, Inc.).
- Reporting Lag: The data reflects holdings as of December 31, 2003, and was filed on February 9, 2004; it does not reflect subsequent trading activity.
- Exclusions: This report excludes non-equity securities (such as bonds, derivatives not related to equity, and cash) and does not provide financial performance data for Prudential Financial, Inc.