SEC Filing Summary: Principal Financial Group Inc. (13F-HR)
Business Context and Reporting Period
Reporting Manager: Principal Financial Group, Inc.
Filing Type: Form 13F-HR (Holdings Report)
Reporting Period: Quarter ended March 31, 2002
Submission Date: May 10, 2002
Scope: This report discloses equity securities held by Principal Financial Group and three other included managers (Invista Capital Management, BT Financial Group, Principal Life Insurance Co, and Principal Financial Services). The filing covers 1,661 distinct security positions.
Key Financial Metrics
Total Portfolio Value: $17,521,239,000 (Reported as $17,521,239 in thousands)
Total Number of Positions: 1,661
Top Holdings by Value (Selected):
- General Electric Co: 10,828,012 shares (Sole Voting: 10,671,163)
- Microsoft Corp: 4,607,649 shares (Sole Voting: 4,545,047)
- Wal-Mart Stores Inc: 3,942,774 shares (Sole Voting: 3,916,331)
- Verizon Communications: 3,433,839 shares (Sole Voting: 3,400,662)
- Sun Microsystems Inc: 7,199,744 shares (Sole Voting: 7,058,761)
- Cisco Systems Inc: 10,127,519 shares (Sole Voting: 9,919,800)
- Johnson & Johnson: 4,542,642 shares (Sole Voting: 4,465,903)
- Pfizer Inc: 9,038,421 shares (Sole Voting: 8,840,985)
- Exxon Mobil Corp: 6,531,097 shares (Sole Voting: 6,422,519)
- Procter & Gamble Co: 1,865,831 shares (Sole Voting: 1,846,711)
Note: The filing provides share counts and aggregate values but does not explicitly state revenue, profit, cash flow, or debt metrics for the reporting manager itself, as Form 13F is a disclosure of holdings, not a financial statement.
Material Changes and Portfolio Composition
Portfolio Concentration: The portfolio is heavily weighted toward large-cap U.S. equities, with significant exposure to Technology, Healthcare, Financials, and Energy sectors. The filing lists 1,661 entries, indicating a highly diversified mandate.
Notable Holdings:
- Technology: Significant positions in Cisco, Microsoft, Intel, Dell, and Sun Microsystems.
- Healthcare: Major holdings in Pfizer, Johnson & Johnson, Merck, and Medtronic.
- Financials: Large stakes in Citigroup, Bank of America, JPMorgan Chase, and Wells Fargo.
- Energy: Substantial positions in Exxon Mobil, ChevronTexaco, and Conoco.
Comparison to Prior Period: The provided text contains only the current period's holdings. It does not include the prior quarter's data required to calculate material changes in position size or value.
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 portfolio composition reflects exposure to market volatility in the technology and energy sectors, which were significant themes in early 2002.
Unusual Items: The report includes holdings in various ADRs (American Depositary Receipts) and international entities (e.g., Royal Dutch Petroleum, HSBC Holdings), indicating a global diversification strategy.
Key Facts for Investor Verification
- Total Assets Under Management (Reported): Verify the $17.5 billion aggregate value against the sum of individual position values to ensure accuracy.
- Voting Authority: Note the distinction between "Sole," "Shared," and "None" voting authority. For example, in General Electric, the manager has sole voting authority over 10.67 million of 10.83 million shares.
- Included Managers: The total value includes holdings from Invista Capital Management, BT Financial Group, Principal Life Insurance Co, and Principal Financial Services. Investors should verify if they are analyzing the consolidated group or a specific subsidiary.
- Top 10 Concentration: The top 10 holdings (by share count/value) represent a significant portion of the portfolio; verify the percentage weight of these positions relative to the total $17.5 billion.
- Reporting Lag: The report covers the quarter ended March 31, 2002, but was signed on May 10, 2002. Holdings may have changed significantly between the period end and the filing date.