SEC Filing Summary: Principal Financial Group Inc. (13F-HR)
Business Context and Reporting Period
Reporting Manager: Principal Financial Group, Inc.
Reporting Period: Quarter ended September 30, 2005
Filing Date: November 14, 2005
Report Type: 13F Combination Report (includes holdings for Principal Financial Group and four other included managers: Principal Global Investors, LLC; Principal Real Estate Investors, LLC; Principal Life Insurance Co; and Principal Financial Services, Inc.)
Key Financial Metrics
Note: Form 13F reports equity holdings and does not disclose the reporting manager's own revenue, profit, cash flow, or debt levels.
- Total Value of Reported Securities: $25,078,311,000 (Reported as $25,078,311 in thousands)
- Total Number of Holdings: 2,923
- Top Holdings by Share Count (Selected):
- General Electric Co: 7,849,314 shares
- Microsoft Corp: 6,608,208 shares
- Exxon Mobil Corp: 6,021,475 shares
- Verizon Communications: 2,425,928 shares
- Johnson & Johnson: 2,199,428 shares
- Top Holdings by Value (Estimated based on share count):
- China Petroleum & Chemical Corp: 41,402,362 shares
- PetroChina Co Ltd: 29,156,555 shares
- CNOOC Ltd: 29,433,040 shares
- Taiwan Semiconductor Manufacturing: 21,892,958 shares
- United Microelectronics Corp: 17,997,181 shares
Material Changes and Portfolio Composition
The filing provides a snapshot of holdings as of September 30, 2005. As this is a quarterly snapshot without a prior period comparison table in the text provided, specific material changes (increases or decreases) versus the prior quarter cannot be calculated from this document alone. However, the portfolio demonstrates significant diversification across:
- Geography: Heavy exposure to U.S. equities alongside substantial international holdings, particularly in China, Japan, Australia, and Europe.
- Sector: Significant positions in Technology (Microsoft, Intel, Cisco), Energy (Exxon, Chevron, PetroChina), Financials (JPMorgan, Bank of America), and Healthcare (Pfizer, Merck).
- Investment Authority: The vast majority of holdings are reported with "Sole" voting authority, indicating direct control over these positions.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are historical reports of holdings and do not contain forward-looking guidance, earnings outlooks, or management commentary regarding future performance.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the concentration of holdings in specific sectors (e.g., Energy, Technology) and international markets (e.g., China, Japan) implies exposure to sector-specific volatility and foreign exchange risks.
Key Facts for Investor Verification
- Scale of Assets: Verify the total reported value of approximately $25.1 billion against the firm's broader asset management capabilities.
- International Exposure: Note the significant volume of shares held in Chinese state-owned enterprises (e.g., PetroChina, CNOOC, China Petroleum & Chemical) and Japanese conglomerates.
- Concentration Risk: Review the top 10 holdings to assess concentration risk relative to the total portfolio value.
- Managerial Scope: Confirm that the reported holdings include positions managed by subsidiaries (Spectrum Asset Management, Columbus Circle Investors) as indicated in the "List of other Managers" section.
- Missing Data: Acknowledge that this filing does not provide data on the firm's own liquidity, debt obligations, or operating margins.