Business Context and Reporting Period
Company: Principal Financial Group, Inc.
Filing Type: Form 13F-HR (Institutional Investment Manager)
Reporting Period: Quarter ended September 30, 2011
Report Type: 13F Combination Report (Includes holdings for Principal Financial Group and 5 other affiliated managers)
Signatory: Michael Roughton, Vice President
Key Financial Metrics
Total Portfolio Value: $26,306,831,000 (Approx. $26.3 billion)
Total Number of Holdings: 3,687 entries
Number of Included Managers: 5 (Principal Global Investors, Principal Real Estate Investors, Principal Life Insurance Co., Principal Financial Services, Principal Management Corporation)
Top 10 Holdings by Value (Estimated based on share count and market context)
| Issuer | Shares Held | Voting Authority |
|---|---|---|
| General Electric Co | 15,947,581 | Sole |
| Pfizer Inc | 15,322,087 | Sole |
| Microsoft Corp | 9,234,845 | Sole |
| Wells Fargo & Co | 7,641,132 | Sole |
| Exxon Mobil Corp | 6,112,927 | Sole |
| AT&T Inc | 9,698,877 | Sole |
| Verizon Communications Inc | 4,787,725 | Sole |
| Procter & Gamble Co | 3,498,961 | Sole |
| Johnson & Johnson | 3,220,669 | Sole |
| Walmart Stores Inc | 3,258,967 | Sole |
Note: Values are derived from share counts. The filing lists 3,687 entries, many of which represent the same issuer held by different managers within the group.
Material Changes
The filing text provided is a static snapshot of holdings as of September 30, 2011. It does not contain comparative data against the prior quarter (June 30, 2011) to calculate specific additions, deletions, or net changes in position size. Therefore, material changes versus the prior period cannot be determined from this document alone.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are regulatory disclosures of equity holdings and do not contain management commentary, earnings guidance, or forward-looking statements regarding the company's own financial performance or strategy.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this filing format. The portfolio is heavily diversified across sectors including Financials, Healthcare, Technology, Energy, and Consumer Staples.
Important Facts for Investors to Verify
- Portfolio Concentration: Verify the concentration risk in the top 10 holdings, which appear to represent a significant portion of the $26.3 billion total value.
- Manager Attribution: Confirm which specific affiliated manager (e.g., Principal Life Insurance Co. vs. Principal Global Investors) holds specific positions, as the report aggregates data for 6 managers.
- Voting Authority: Note that the vast majority of holdings are reported with "Sole" voting authority, indicating direct control over voting decisions for these shares.
- Derivatives and Options: The provided text shows "0" in the "Put" and "Call" columns for the sampled entries, suggesting a primary focus on long equity positions, though a full review of all 3,687 entries is required to confirm the absence of derivatives.