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: Quarter ended September 30, 2004
Filing Date: October 26, 2004
This filing discloses the equity securities held by the institutional investment manager at the close of the third quarter of 2004. The report covers 1,358 individual holdings entries.
Key Financial Metrics
Total Portfolio Value: $435,235,000 (Reported in thousands)
Total Number of Holdings: 1,358 entries
Asset Class Composition: The portfolio consists primarily of common stocks, corporate debt securities (notes/bonds), and exchange-traded funds (ETFs).
Top Holdings by Value (Selected):
- General Electric Co: $6,298,000
- Citigroup Inc: $6,112,000
- Microsoft Corp: $5,510,000
- Medtronic Inc: $5,534,000
- Starbucks Corp: $5,231,000
- Nucor Corp: $5,229,000
- JLG Industries Inc: $5,074,000
- Yahoo! Inc (Debt): $4,381,000
- Wynn Resorts Ltd (Debt): $4,815,000
- Verizon Communications: $3,316,000
Debt Exposure: Significant holdings in corporate debt are present, including large positions in Cypress Semiconductor ($8.7M), Gilead Sciences ($6.0M), and Yahoo! ($4.4M).
Material Changes and Portfolio Characteristics
Comparison to Prior Period: This filing is a standalone quarterly report; the provided text does not contain comparative data from the prior quarter (June 30, 2004) to calculate specific changes in holdings or value.
Investment Discretion: The vast majority of holdings are reported under "Sole" discretion. A small number of positions are reported as "Shared" or "None" (e.g., Activision, Adobe Systems, Affymetrix).
Derivatives: The portfolio includes positions in Put and Call options (e.g., E*Trade Financial, Flextronics, Sepracor, Wynn Resorts).
Outlook, Risks, and Commentary
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: No specific risk factors or contingencies are disclosed in this form. The portfolio's risk profile is derived from its concentration in large-cap technology, healthcare, and financial services sectors, as well as its exposure to corporate debt instruments.
Key Facts for Investor Verification
- Portfolio Size: Verify the total managed assets under the specific mandate represented by this filing ($435.2M).
- Concentration Risk: Review the top 10 holdings, which represent a significant portion of the reported value, particularly in the technology and healthcare sectors.
- Debt vs. Equity: Note the substantial allocation to corporate notes and bonds, which differs from a pure equity strategy.
- Derivative Usage: Confirm the intent behind the Put and Call positions (hedging vs. speculation) as these are not detailed in the 13F.
- Reporting Lag: Acknowledge that this data reflects positions as of September 30, 2004, and does not reflect subsequent trading activity.