Business Context and Reporting Period
Company: Principal Financial Group, Inc.
Filing Type: Form 13F-HR (Institutional Investment Manager Holdings Report)
Reporting Period: Quarter ended March 31, 2012
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: $33,915,376,000 (approx. $33.9 billion)
Total Number of Holdings: 3,759 entries
Number of Included Managers: 5 (Principal Global Investors, Principal Real Estate Investors, Principal Life Insurance Co., Principal Financial Services, Principal Management Corporation)
Top Holdings by Value (Selected)
| Issuer | Shares Held | Value (Thousands) |
|---|---|---|
| General Electric Co | 13,364,905 | 13,364,905 |
| Pfizer Inc | 14,601,429 | 14,601,429 |
| Exxon Mobil Corp | 5,544,774 | 5,544,774 |
| Wells Fargo & Co | 8,118,524 | 8,118,524 |
| Microsoft Corp | 8,264,241 | 8,264,241 |
| Verizon Communications Inc | 3,219,654 | 3,219,654 |
| AT&T Inc | 7,281,070 | 7,281,070 |
| Johnson & Johnson | 2,606,531 | 2,606,531 |
| UnitedHealth Group Inc | 2,158,159 | 2,158,159 |
| Wal-Mart Stores Inc | 2,166,937 | 2,166,937 |
Note: Values in the table represent share counts as reported in the "Value" column of the source text, which appears to list share counts in thousands for the largest positions due to formatting in the raw text. The total portfolio value is explicitly stated as $33,915,376 (thousands).
Material Changes
The filing is a quarterly snapshot and does not provide comparative data against the prior period (December 31, 2011) within this document. Therefore, specific material changes in holdings or values cannot be determined from this text alone.
Guidance, Outlook, and Risks
Guidance/Outlook: Not applicable. Form 13F is a disclosure of holdings and does not contain management commentary, earnings guidance, or forward-looking statements.
Risks/Contingencies: Not applicable. The filing does not disclose specific risk factors or contingencies.
Important Facts for Investors to Verify
- Portfolio Concentration: Verify the concentration risk in the top 10 holdings, which include significant positions in large-cap industrials, healthcare, and technology (e.g., GE, Pfizer, Microsoft).
- Manager Scope: Confirm that the reported value ($33.9B) aggregates holdings across six distinct management entities, not just Principal Financial Group Inc. itself.
- Derivatives: The filing lists "Defined" voting authority for most positions. Verify if there are any significant derivative positions (calls/puts) not fully detailed in the summary table, though the "Call" and "Put" columns appear empty for the majority of entries.
- Share Counts vs. Value: Cross-reference the share counts listed in the raw data with the total portfolio value to ensure accurate valuation of specific positions, as the raw text formatting for the "Value" column in the top holdings section appears to duplicate share counts in thousands.