SEC Filing Summary: Piper Jaffray Companies (13F-HR)
Business Context and Reporting Period
Reporting Manager: Piper Jaffray Companies (formerly Piper Sandler Companies)
Filing Type: Form 13F-HR (Holdings Report)
Reporting Period: Quarter ended September 30, 2005
Signatory: Tim Carter, Controller
Submission Date: November 10, 2005
This filing discloses the equity securities held by the institutional investment manager at the end of the third quarter of 2005. The report covers 1,770 distinct holdings entries.
Key Financial Metrics
Note: Form 13F filings report holdings value, not the operating revenue, profit, or cash flow of the investment manager itself.
- Total Portfolio Value: $518,091,000 (Reported in thousands)
- Total Number of Holdings: 1,770 entries
- Asset Class: Primarily U.S. and International Equity securities, including Common Stock, ADRs, and Preferred Stock.
- Voting Authority: The manager reports "Sole" voting authority for the vast majority of positions, with some "Shared" authority noted in specific entries.
Material Changes and Portfolio Composition
As this is a snapshot of holdings at a specific date, material changes versus the prior period cannot be calculated from this document alone. However, the portfolio composition reveals the following:
- Top Holdings by Value: The portfolio is heavily weighted toward large-cap technology, financials, and consumer staples. Notable top positions include:
- General Electric Co. ($6,622,000)
- Microsoft Corp. ($4,865,000)
- Qualcomm Inc. ($4,803,000)
- Exxon Mobil Corp. ($4,579,000)
- Starbucks Corp. ($5,389,000)
- Sei Investments Co. ($4,650,000)
- Derivatives and Options: The filing includes positions with "Call" and "Put" authority, indicating the use of options strategies. Significant examples include:
- Viisage Technology Inc. (150,000 shares with Put authority)
- Abgenix Inc. (30,000 shares with Call authority)
- Frontline Ltd. (2,000 shares with Call authority)
- Fixed Income/Notes: The portfolio includes corporate notes (e.g., Alkermes Inc., Micron Technology Inc., Red Hat Inc.), though these are reported as principal amounts rather than market value in the standard 13F format.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings do not contain management commentary, earnings guidance, or forward-looking statements regarding the investment manager's future performance or strategy.
Risks and Contingencies:
- Concentration Risk: The portfolio holds significant positions in specific sectors (Technology, Financials, Energy), exposing the fund to sector-specific volatility.
- Derivative Risk: The presence of Call and Put options introduces leverage and timing risks not present in a pure long-only equity portfolio.
- Liquidity: While most holdings are large-cap liquid stocks, the portfolio includes smaller-cap positions (e.g., 800 Flowers, 3Com Corp) which may have lower liquidity.
Investor Verification Checklist
- Verify the total portfolio value of $518.1 million against the firm's total Assets Under Management (AUM) to determine if this represents the entire firm or a specific fund.
- Review the "Call" and "Put" columns to assess the extent of derivative usage and potential leverage.
- Compare the top 10 holdings against the S&P 500 or relevant benchmark to determine active vs. passive management style.
- Check for any "Shared" voting authority entries to understand co-investment structures or fund-of-fund arrangements.
- Confirm the reporting date (Sept 30, 2005) aligns with the investor's analysis period, noting that 13F filings are lagged by 45 days.