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: Calendar Year Ended December 31, 2004
Filing Date: January 31, 2005
Location: Minneapolis, MN
This filing discloses the equity securities held by the institutional investment manager at the end of the reporting period. It does not contain financial statements regarding the manager's own profitability or cash flow.
Key Financial Metrics
Total Portfolio Value: $515,069,000 (Reported in thousands)
Total Number of Holdings: 1,572 entries
Discretionary Authority: Sole discretion for the vast majority of reported positions.
Asset Class Composition: The portfolio consists primarily of common stocks (equities), with significant allocations to corporate debt securities (notes/bonds), preferred shares, and exchange-traded funds (ETFs).
Material Changes and Portfolio Composition
Top Equity Holdings (by Value):
- General Electric Co: $6,998,000 (191,726 shares)
- Microsoft Corp: $6,133,000 (229,543 shares)
- Cisco Systems Inc: $3,983,000 (206,143 shares)
- Exxon Mobil Corp: $4,291,000 (83,703 shares)
- Starbucks Corp: $7,046,000 (112,989 shares)
- Medtronic Inc: $6,720,000 (135,289 shares)
- Boeing Co: $477,000 (9,215 shares)
- Johnson & Johnson: $4,038,000 (63,674 shares)
Notable Debt/Preferred Holdings:
- Yahoo Inc (Front 4/0 Note): $10,947,000 (Principal $5,750,000)
- Cypress Semiconductor (Note): $6,124,000 (Principal $5,798,000)
- Ciber Inc (Note): $6,112,000 (Principal $5,912,000)
- Wynn Resorts Ltd (Note): $9,173,000 (Principal $3,000,000)
- Freeport-McMoRan (Note): $2,000,000 (Principal $4,000,000)
ETF Exposure: Significant holdings in iShares Trust (various indices including S&P 500, Russell 2000, MSCI EAFE) and SPDR Trusts.
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F is a regulatory disclosure of holdings and does not contain management discussion, financial guidance, or forward-looking statements.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the portfolio shows exposure to:
- Technology Sector: Heavy concentration in hardware, software, and semiconductor firms (e.g., Cisco, Microsoft, Intel, AMD).
- Healthcare Sector: Significant positions in pharmaceuticals and medical devices (e.g., Medtronic, Pfizer, Johnson & Johnson).
- Financial Sector: Exposure to major banks and financial services (e.g., Citigroup, JPMorgan Chase, Bank of America).
- Derivatives: The portfolio includes Put and Call options on various securities (e.g., Yahoo, Pfizer, Teradyne), indicating hedging or speculative strategies.
Investor Verification Checklist
- Portfolio Concentration: Verify the percentage of the total portfolio held in the top 10 positions to assess concentration risk.
- Debt Exposure: Review the specific terms and credit ratings of the large corporate note holdings (e.g., Yahoo, Cypress, Ciber) to understand fixed-income risk.
- Option Positions: Investigate the specific strike prices and expiration dates for the reported Put and Call options to determine the manager's directional bias.
- Valuation Methodology: Confirm that the reported values reflect market prices as of December 31, 2004, noting that 13F filings are lagging indicators (filed 45 days after quarter-end).
- Manager Identity: Note the name change from "Piper Sandler Companies" in the metadata to "Piper Jaffray Companies" in the filing signature, reflecting a corporate rebranding.