SEC Filing Summary: Principal Financial Group Inc. (13F-HR)
Business Context and Reporting Period
Reporting Manager: Principal Financial Group, Inc.
Filing Type: Form 13F Holdings Report
Reporting Period: Quarter ended March 31, 2004
Submission Date: May 17, 2004
Scope: This report discloses equity holdings managed by Principal Financial Group and four other included managers (Principal Global Investors, Principal Real Estate Investors, Principal Life Insurance Co, and Principal Financial Services). The filing covers 2,012 distinct security entries.
Key Financial Metrics
Total Portfolio Value: $17,484,085,000 (Reported as $17,484,085 in thousands)
Total Number of Holdings: 2,012 entries
Top 5 Holdings by Share Count:
- Microsoft Corp: 8,816,058 shares
- General Electric Co: 8,002,255 shares
- Cisco Systems, Inc.: 7,086,809 shares
- Verizon Communications: 2,231,647 shares
- Walmart Stores, Inc.: 3,278,231 shares
Note: Form 13F reports share counts and does not disclose revenue, profit, cash flow, margins, debt, or liquidity metrics for the reporting manager itself.
Material Changes and Portfolio Composition
Portfolio Strategy: The portfolio demonstrates a diversified approach with significant exposure to large-cap technology, financial services, healthcare, and consumer staples. The filing includes both sole and shared voting authority positions, indicating active management across various sub-accounts.
Notable Sector Exposure:
- Technology: Heavy concentration in major tech firms including Microsoft, Cisco, Intel, Dell, and Oracle.
- Financials: Significant holdings in Citigroup, Bank of America, JPMorgan Chase, and Wells Fargo.
- Healthcare: Major positions in Pfizer, Johnson & Johnson, Merck, and UnitedHealth Group.
- Consumer: Substantial stakes in Procter & Gamble, Coca-Cola, and Wal-Mart.
Comparison to Prior Period: The provided text contains only the current period's holdings. No data regarding the prior quarter's holdings is included in this document; therefore, material changes (buys/sells) cannot be calculated.
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: The filing does not disclose specific risk factors or contingencies. However, the concentration in large-cap equities implies exposure to broad market volatility. The inclusion of "Defined" voting authority for the majority of positions suggests standard institutional ownership structures.
Key Facts for Investor Verification
- Valuation Basis: The total value of $17.48 billion represents the aggregate value of the reported equity securities as of March 31, 2004, not the total assets under management (AUM) of Principal Financial Group.
- Multiple Managers: The reported holdings aggregate positions from five distinct entities under the Principal umbrella, which may include insurance separate accounts and investment management subsidiaries.
- Share Counts vs. Value: Investors should verify current market prices to determine the current dollar value of these positions, as the 2004 share counts may have been adjusted by stock splits or dividends since the filing date.
- Missing Data: This filing does not provide information on fixed income, derivatives, or cash positions held by the manager.