SEC Filing Summary: Principal Financial Group Inc (Form 13F)
Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Principal Financial Group Inc to the U.S. Securities and Exchange Commission. The report details the company's holdings in equity securities as of the reporting period ending June 30, 2019. As a registered investment manager, Principal Financial Group discloses its long-only equity positions, including common stocks, preferred stocks, and exchange-traded funds (ETFs), categorized by voting authority (Sole, Shared, or None).
Key Financial Metrics and Portfolio Composition
The filing provides a granular list of individual security holdings rather than aggregate financial performance metrics (e.g., revenue or profit) for Principal Financial Group itself. Key portfolio characteristics include:
- Top Holdings by Share Count: The portfolio is heavily weighted toward large-cap technology and financial services. Notable positions include:
- Microsoft Corp: ~14.7 million shares
- Apple Inc: ~8.1 million shares
- Amazon.com Inc: ~839,000 shares
- Alphabet Inc (Class C): ~709,000 shares
- Verizon Communications Inc: ~9.4 million shares
- AT&T Inc: ~11.2 million shares
- Real Estate Exposure: Significant holdings in Real Estate Investment Trusts (REITs), including Invitation Homes Inc (~22.6 million shares), Welltower Inc (~8.5 million shares), and Prologis Inc (~11.7 million shares).
- Financial Sector: Major positions in JPMorgan Chase & Co (~7.7 million shares), Bank of America Corp (~13.7 million shares), and Wells Fargo & Co (~6.3 million shares).
- ETF Holdings: The portfolio includes various ETFs such as Principal Exchange Traded Funds (Healthcare, MSCI, etc.) and Vanguard index funds.
Material Changes and Voting Authority
As this is a snapshot of holdings at a specific point in time, the filing does not explicitly state material changes compared to the prior quarter within the text provided. However, the data reveals the distribution of voting authority:
- Shared Discretion: The vast majority of holdings are listed under "Shared" voting authority (indicated by codes 1, 3, and 4 in the source data), suggesting these assets are managed on behalf of clients or in joint accounts.
- Sole Discretion: A smaller portion of the portfolio is held with "Sole" voting authority, indicating direct control by the investment manager.
- Put/Call Options: The filing indicates the presence of derivative positions (Put/Call) for certain issuers, though specific values are not aggregated in the text.
Guidance, Outlook, and Risks
Guidance and Outlook: This Form 13F filing does not contain management commentary, forward-looking guidance, or strategic outlook for Principal Financial Group. It is a regulatory disclosure of past holdings.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. The portfolio's heavy concentration in large-cap equities and REITs exposes the holdings to general market volatility, interest rate sensitivity (particularly for REITs and financials), and sector-specific regulatory risks.
Important Facts for Investor Verification
- Reporting Lag: Form 13F filings are submitted quarterly with a 45-day lag. This data reflects positions as of June 30, 2019, and does not represent current holdings.
- Client vs. Proprietary: The "Shared" voting authority on most positions indicates these are likely client assets managed by Principal, not necessarily the company's own proprietary balance sheet.
- Valuation: The filing lists share counts and CUSIPs but does not provide the total market value of the portfolio or the cost basis of the securities.
- Derivatives: Investors should note the presence of Put/Call options for specific issuers, which may indicate hedging strategies or leveraged positions not fully captured by the long-only equity list.