SEC Filing Summary: Principal Financial Group Inc. (13F-HR)
Business Context and Reporting Period
This Form 13F-HR is a quarterly holdings report filed by Principal Financial Group, Inc., an institutional investment manager based in Des Moines, Iowa. The report covers the calendar quarter ended December 31, 2003, and was signed on February 17, 2004. The filing aggregates 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
As a Form 13F filing, this document reports equity holdings rather than the company's own operating financials (revenue, profit, cash flow). The following metrics reflect the reported investment portfolio:
- Total Portfolio Value: $16,721,683,000 (Reported as $16,721,683 in thousands).
- Total Number of Holdings: 2,017 distinct entries.
- Top Holdings by Share Count:
- Microsoft Corp: 8,737,160 shares
- General Electric Co: 7,886,283 shares
- Cisco Systems, Inc.: 7,263,869 shares
- Intel Corp: 5,263,674 shares
- Exxon Mobil Corp: 5,896,889 shares
- Top Holdings by Value (Estimated based on share count): Significant positions in large-cap technology, energy, and financial sectors, including Citigroup, Inc. (5,071,103 shares) and Johnson & Johnson (2,702,961 shares).
Material Changes
The filing text provided is a static snapshot of holdings as of December 31, 2003. It does not contain comparative data against the prior quarter (September 30, 2003) to determine material changes in position size, new acquisitions, or divestitures. Therefore, no material changes can be identified from this document alone.
Guidance, Outlook, and Risks
Form 13F filings are regulatory disclosures of equity positions and do not contain management commentary, forward-looking guidance, risk factors, or contingency plans. The filing indicates that the manager holds positions with "Sole," "Shared," or "None" voting authority, with the vast majority of the listed positions having "Defined" voting authority.
Investor Verification Checklist
- Portfolio Concentration: Verify the concentration risk in the top 10 holdings, which appear to be heavily weighted toward large-cap technology and industrial conglomerates.
- Valuation Methodology: Confirm that the reported value ($16.7 billion) aligns with the market prices of the 2,017 holdings as of the quarter-end date.
- Managerial Scope: Note that the reported value includes assets managed by four subsidiary entities (Principal Global Investors, Principal Real Estate Investors, etc.), not just the parent company.
- Missing Data: The filing does not provide data on debt, liquidity, or operating margins for Principal Financial Group itself; these must be sourced from the company's 10-K or 10-Q filings.