PRINCIPAL FINANCIAL GROUP INC
Long book
$187.24B
Q1 2026
Positions
2177
Top-10 weight
20%
concentration
Last quarter
+12.5%
SPY +14.8%
Turnover
12%
of book per quarter
Strategy in plain words
auto-generated from filingsPRINCIPAL FINANCIAL GROUP INC is a mechanically diversified allocator, running a $187.24B US long book across 2177 positions.
The portfolio is broadly diversified across 2177 positions (top 10 only 20%). Turnover is modest: positions are typically held for years. Current anchor positions: NVIDIA CORP, MICROSOFT CORP, APPLE INC, AMAZON.COM INC, ALPHABET INC-CL A.
Over the last 9 quarters its long book ran on average 1.3pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. Its holdings are mechanical (indexing / client flows), so position changes carry no stock-picking signal.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.9%
Q2 2024
+8.2%
Q3 2024
+0.5%
Q4 2024
-2.7%
Q1 2025
+7.9%
Q2 2025
+5.3%
Q3 2025
+0.5%
Q4 2025
-4.1%
Q1 2026
+12.5%
Sector allocation
Technology 29%
Financials 13%
Industrials 12%
Consumer discretionary 10%
Services media 9%
Healthcare 7%
Materials 4%
Energy 3%
Long book by quarter
What does PRINCIPAL FINANCIAL own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| NVDA NVIDIA CORP | Technology | 39.6M | $6.91B | 3.7% | +2.7% |
| MSFT MICROSOFT CORP | Technology | 15.0M | $5.56B | 3.0% | +1.1% |
| AAPL APPLE INC | Technology | 21.3M | $5.42B | 2.9% | +1.7% |
| AMZN AMAZON.COM INC | Consumer discretionary | 19.1M | $3.99B | 2.1% | -2.3% |
| GOOGL ALPHABET INC-CL A | Technology | 11.1M | $3.19B | 1.7% | +0.6% |
| AVGO BROADCOM INC | Technology | 8.7M | $2.70B | 1.4% | +3.5% |
| BN BROOKFIELD CORP | Real estate | 63.8M | $2.58B | 1.4% | -1.9% |
| META META PLATFORMS INC-CLASS A | Technology | 4.2M | $2.38B | 1.3% | +9.0% |
| TDG TRANSDIGM GROUP INC | Industrials | 2.0M | $2.33B | 1.2% | -7.0% |
| GOOG ALPHABET INC-CL C | Technology | 7.2M | $2.06B | 1.1% | +11.1% |
| HLT HILTON WORLDWIDE HOLDINGS IN | Services media | 6.6M | $2.01B | 1.1% | -29.5% |
| HEI/A HEICO CORP-CLASS A | Industrials | 8.9M | $1.87B | 1.0% | -5.7% |
| VMC VULCAN MATERIALS CO | Materials | 6.6M | $1.81B | 1.0% | -8.2% |
| KKR KKR & CO INC | Financials | 19.5M | $1.80B | 1.0% | +6.9% |
| LYV LIVE NATION ENTERTAINMENT IN | Services media | 11.1M | $1.69B | 0.9% | +3.4% |
| ORLY O'REILLY AUTOMOTIVE INC | Consumer discretionary | 18.1M | $1.67B | 0.9% | -16.5% |
| V VISA INC-CLASS A SHARES | Services media | 4.8M | $1.47B | 0.8% | +4.6% |
| JPM JPMORGAN CHASE & CO | Financials | 5.0M | $1.46B | 0.8% | -3.4% |
| TSLA TESLA INC | Industrials | 3.8M | $1.41B | 0.8% | -2.6% |
| CBRE CBRE GROUP INC - A | Real estate | 9.9M | $1.34B | 0.7% | +3.2% |
| MLM MARTIN MARIETTA MATERIALS | Materials | 2.1M | $1.23B | 0.7% | -3.5% |
| MA MASTERCARD INC - A | Services media | 2.4M | $1.22B | 0.7% | +2.5% |
| SU SUNCOR ENERGY INC | Energy | 17.7M | $1.17B | 0.6% | -8.7% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 2.4M | $1.15B | 0.6% | -1.3% |
| TECK TECK RESOURCES LTD-CLS B | Materials | 22.0M | $1.14B | 0.6% | +17.1% |
| COST COSTCO WHOLESALE CORP | Consumer discretionary | 1.1M | $1.14B | 0.6% | -3.0% |
| LLY ELI LILLY & CO | Healthcare | 1.2M | $1.13B | 0.6% | -3.4% |
| YUMC YUM CHINA HOLDINGS INC | Consumer discretionary | 22.6M | $1.11B | 0.6% | +3.0% |
| NFLX NETFLIX INC | Services media | 11.4M | $1.09B | 0.6% | +4.7% |
| CPRT COPART INC | Consumer discretionary | 31.6M | $1.05B | 0.6% | -18.9% |
| XOM EXXON MOBIL CORP | Energy | 6.1M | $1.03B | 0.6% | -6.3% |
| BRO BROWN & BROWN INC | Financials | 15.6M | $1.02B | 0.5% | +1.6% |
| JNJ JOHNSON & JOHNSON | Healthcare | 3.4M | $824.2M | 0.4% | -1.1% |
| LPLA LPL FINANCIAL HOLDINGS INC | Financials | 2.6M | $793.2M | 0.4% | +36.3% |
| MKL MARKEL GROUP INC | Financials | 401.9K | $769.3M | 0.4% | -24.6% |
| FWONK LIBERTY MEDIA CORP-FORMULA-C | Communications | 8.9M | $759.6M | 0.4% | -29.6% |
| WMT WALMART INC | Consumer discretionary | 5.9M | $736.8M | 0.4% | -4.0% |
| VEEV VEEVA SYSTEMS INC-CLASS A | Technology | 4.1M | $727.5M | 0.4% | +7.0% |
| MSCI MSCI INC | Services media | 1.3M | $726.1M | 0.4% | -21.6% |
| CSGP COSTAR GROUP INC | Services media | 17.7M | $713.9M | 0.4% | +0.7% |
| BAC BANK OF AMERICA CORP | Financials | 14.4M | $702.6M | 0.4% | +3.5% |
| AJG ARTHUR J GALLAGHER & CO | Financials | 3.2M | $702.2M | 0.4% | +14.4% |
| ENTG ENTEGRIS INC | Other | 5.9M | $690.0M | 0.4% | +1.2% |
| PG PROCTER & GAMBLE CO/THE | Other | 4.7M | $685.6M | 0.4% | -2.3% |
| H HYATT HOTELS CORP - CL A | Services media | 4.7M | $678.9M | 0.4% | +0.1% |
| CVX CHEVRON CORP | Energy | 3.2M | $659.1M | 0.4% | +10.0% |
| ABBV ABBVIE INC | Healthcare | 2.8M | $615.9M | 0.3% | -1.3% |
| TYL TYLER TECHNOLOGIES INC | Technology | 1.7M | $597.7M | 0.3% | +20.1% |
| KO COCA-COLA CO/THE | Consumer staples | 7.8M | $589.4M | 0.3% | +1.6% |
| MRK MERCK & CO. INC. | Healthcare | 4.7M | $566.6M | 0.3% | -7.3% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 4, 2026 | 4452 | $187.24B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 2, 2026 | 4456 | $195.86B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 4, 2025 | 4552 | $198.27B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 8, 2025 | 4603 | $189.18B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | Apr 28, 2025 | 4516 | $178.21B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Jan 31, 2025 | 4570 | $183.44B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR/ANEW HOLDINGS | Dec 19, 2024 | 66 | $1.66B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Oct 31, 2024 | 4490 | $181.54B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 29, 2024 | 4671 | $168.40B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | Apr 29, 2024 | 4772 | $170.14B | canonical | SEC ↗ |
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