CIK: 0001126328
Total reported value
$187.2B
Reporting period: 2026-03-31 · Number of holdings: 4452
PRINCIPAL FINANCIAL GROUP INC disclosed 4452 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $187.2B and a quarterly turnover rate of 19.2%.
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Principal Financial Group INC's disclosed holdings carry a Herfindahl concentration index of 0.007 — mathematically equivalent to about 137 equally-sized positions, well below its 4452 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 3.86), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
+1.1% -$1.6B
Trim DPZ
-93.9% -$674.0M
Trim ROP
-50.8% -$636.4M
Trim HLT
-29.5% -$684.1M
Add EQIX
+1.4% $445.2M
Add NICE
+1637.6% $475.1M
Hunting alpha through high-velocity contrarian rotation. Principal is actively adding MSFT and KKR while trimming a broad swath of consumer, hospitality, and software names. The portfolio remains ultra-diversified (2,177 names), signaling a disciplined rebalancing engine rather than a directional macro bet.
The regime play bets on capital fleeing stretched cyclical/consumer premiums into hard-asset tech and alternative asset managers. Financials and IT dominate the allocation, pricing in sustained lending spreads and infrastructure moats. Opposing thesis: if yields refuse to normalize, the heavy Real Estate weighting (12.15%) faces a structural liquidity trap that will compress valuation multiples across the board.
Hyper-diversification acts as a signal drag; with top-two buys actually shrinking in weight due to price appreciation, the rebalancing engine fights trend momentum instead of exploiting mispricing. The positioning squeeze favors faster-moving quant flows, leaving discretionary active managers exposed to constant beta drift.
The above is AI-generated from public regulatory filings and summarizes historical data only. It is not investment advice.
Showing top 200 holdings (of 4452 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | NVDA | Nvidia CORP | Stock-Tech | 3.69% | +0.02% | +2.71% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 2.97% | -0.70% | +1.07% | |
| 3 | AAPL | Apple INC | Stock-Tech | 2.89% | -0.02% | +1.66% | |
| 4 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.13% | -0.18% | -2.34% | |
| 5 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.71% | -0.06% | +0.57% | |
| 6 | AVGO | Broadcom INC | Stock-Tech | 1.44% | -0.05% | +3.55% | |
| 7 | BN | Brookfield CORP | Stock-Financials | 1.38% | -0.14% | -1.89% | |
| 8 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.27% | — | +9.00% | |
| 9 | TDG | Transdigm Group INC | Stock-Industrials | 1.25% | -0.22% | -7.05% | |
| 10 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.10% | — | +11.11% | |
| 11 | HLT | Hilton Worldwide Holdings In | Stock-Consumer Disc | 1.07% | -0.30% | -29.54% | |
| 12 | EQIX | Equinix INC | Stock-Real Estate | 1.04% | +0.28% | +1.42% | |
| 13 | USMC | Principal US Mega-cap ETF | ETF-Other | 1.04% | -0.05% | -3.67% | |
| 14 | WELL | Welltower INC | Stock-Real Estate | 1.01% | — | -4.83% | |
| 15 | HEI-A | Heico Corp-class A | Stock-Other | 1.00% | -0.21% | -5.65% | |
| 16 | VMC | Vulcan Materials Co | Stock-Materials | 0.97% | -0.08% | -8.22% | |
| 17 | KKR | Kkr & Co INC | Stock-Financials | 0.96% | -0.23% | +6.91% | |
| 18 | LYV | Live Nation Entertainment In | Stock-Comm Services | 0.90% | +0.12% | +3.43% | |
| 19 | ORLY | O'reilly Automotive INC | Stock-Consumer Disc | 0.89% | -0.12% | -16.46% | |
| 20 | IVV | Ishares Core S&p 500 ETF | ETF-Large Cap & Growth | 0.86% | +0.23% | +37.07% | |
| 21 | V | Visa Inc-class A Shares | Stock-Financials | 0.78% | — | +4.62% | |
| 22 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.78% | -0.06% | -3.36% | |
| 23 | TSLA | Tesla INC | Stock-Consumer Disc | 0.76% | -0.14% | -2.62% | |
| 24 | PLD | Prologis INC | Stock-Real Estate | 0.74% | — | -4.02% | |
| 25 | CBRE | Cbre Group INC - A | Stock-Real Estate | 0.71% | -0.08% | +3.16% | |
| 26 | VTR | Ventas INC | Stock-Real Estate | 0.67% | — | -0.41% | |
| 27 | MLM | Martin Marietta Materials | Stock-Materials | 0.66% | — | -3.54% | |
| 28 | MA | Mastercard INC - A | Stock-Financials | 0.65% | — | +2.48% | |
| 29 | SU | Suncor Energy INC | Stock-Energy | 0.62% | +0.18% | -8.73% | |
| 30 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.61% | — | -1.25% | |
| 31 | TECK | Teck Resources Ltd-cls B | Stock-Materials | 0.61% | +0.15% | +17.06% | |
| 32 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.61% | — | -3.03% | |
| 33 | LLY | Eli Lilly & Co | Stock-Healthcare | 0.60% | -0.10% | -3.37% | |
| 34 | YUMC | Yum China Holdings INC | Stock-Consumer Disc | 0.59% | — | +2.96% | |
| 35 | NFLX | Netflix INC | Stock-Comm Services | 0.58% | — | +4.71% | |
| 36 | PIEQ | Principal Intl Eqty ETF | ETF-Other | 0.56% | — | +0.34% | |
| 37 | CPRT | Copart INC | Stock-Industrials | 0.56% | -0.22% | -18.86% | |
| 38 | XOM | Exxon Mobil CORP | Stock-Energy | 0.55% | +0.15% | -6.31% | |
| 39 | AMT | American Tower CORP | Stock-Real Estate | 0.55% | — | -2.04% | |
| 40 | BRO | Brown & Brown INC | Stock-Financials | 0.54% | -0.09% | +1.60% | |
| 41 | BIP | Brookfield Infrastructure Partners L.P. | Stock-Utilities | 0.52% | — | -14.10% | |
| 42 | EXR | Extra Space Storage INC | Stock-Real Estate | 0.45% | — | -3.25% | |
| 43 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.44% | — | -1.13% | |
| 44 | LPLA | Lpl Financial Holdings INC | Stock-Financials | 0.42% | — | +36.29% | |
| 45 | MKL | Markel Group INC | Stock-Financials | 0.41% | -0.18% | -24.62% | |
| 46 | FWONK | Liberty Media Corp-formula-c | Stock-Comm Services | 0.41% | -0.23% | -29.63% | |
| 47 | REG | Regency Centers CORP | Stock-Real Estate | 0.40% | — | +10.26% | |
| 48 | WMT | Walmart INC | Stock-Consumer Staples | 0.39% | — | -4.02% | |
| 49 | VEEV | Veeva Systems Inc-class A | Stock-Healthcare | 0.39% | — | +7.01% | |
| 50 | MSCI | Msci INC | Stock-Financials | 0.39% | -0.11% | -21.56% |
Performance for Q3 2026
+3.2%
Performance Last 4 Quarters
+13.2%
Based on 78% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 4452 | $187.2B | 19 | |
| 2025-12-31 | 4456 | $195.9B | 15 | |
| 2025-09-30 | 4552 | $198.3B | 26 | |
| 2025-06-30 | 4603 | $189.2B | 0 | |
| 2025-03-31 | 4516 | $178.2B | 100 | |
| 2024-12-31 | 4570 | $183.4B | 0 | |
| 2024-09-30 | 4490 | $181.5B | 0 | |
| 2024-06-30 | 4671 | $168.4B | 0 | |
| 2024-03-31 | 4772 | $170.1B | 0 | |
| 2023-12-31 | 4741 | $156.8B | 0 | |
| 2023-09-30 | 4763 | $139.2B | 0 | |
| 2023-06-30 | 4731 | $146.3B | 0 | |
| 2023-03-31 | 4728 | $139.9B | 0 | |
| 2022-12-31 | 4776 | $132.8B | 0 | |
| 2022-09-30 | 4800 | $125.8B | 0 | |
| 2022-06-30 | 4697 | $135.2B | 0 | |
| 2022-03-31 | 4055 | $158.6B | 0 | |
| 2021-12-31 | 4075 | $167.5B | 0 | |
| 2021-09-30 | 4140 | $153.3B | 0 | |
| 2021-06-30 | 4254 | $154.8B | 0 | |
| 2021-03-31 | 4029 | $141.7B | 0 | |
| 2020-12-31 | 3801 | $135.0B | 19 | |
| 2020-09-30 | 3558 | $118.8B | 100 | |
| 2020-06-30 | 3635 | $112.8B | 0 | |
| 2020-03-31 | 3391 | $90.3B | 33 | |
| 2019-12-31 | 3490 | $120.0B | 13 | |
| 2019-09-30 | 3666 | $113.4B | 12 | |
| 2019-06-30 | 3535 | $111.2B | 14 | |
| 2019-03-31 | 3593 | $107.4B | 19 | |
| 2018-12-31 | 3551 | $93.8B | 24 | |
| 2018-09-30 | 3758 | $113.5B | 15 | |
| 2018-06-30 | 3831 | $108.8B | 100 | |
| 2018-03-31 | 3648 | $104.0B | 0 | |
| 2017-12-31 | 3731 | $108.6B | 16 | |
| 2017-09-30 | 3649 | $103.1B | 15 | |
| 2017-06-30 | 3781 | $99.8B | 27 | |
| 2017-03-31 | 3607 | $83.1B | 19 | |
| 2016-12-31 | 3647 | $78.8B | 100 | |
| 2016-09-30 | 3487 | $75.7B | 0 | |
| 2016-06-30 | 3476 | $71.7B | 100 | |
| 2016-03-31 | 3496 | $68.9B | 0 | |
| 2015-12-31 | 3524 | $67.3B | 22 | |
| 2015-09-30 | 3516 | $63.6B | 20 | |
| 2015-06-30 | 3497 | $67.1B | 18 | |
| 2015-03-31 | 3497 | $67.1B | 20 | |
| 2014-12-31 | 3487 | $64.4B | 23 | |
| 2014-09-30 | 3587 | $58.9B | 15 | |
| 2014-06-30 | 3646 | $59.5B | 21 | |
| 2014-03-31 | 3748 | $56.1B | 19 | |
| 2013-12-31 | 3760 | $53.6B | 20 | |
| 2013-09-30 | 3742 | $48.4B | 21 | |
| 2013-06-30 | 3733 | $45.1B | 0 |
Principal Financial Group INC's most significant position changes for 2026-03-31: New buy: Sunbelt Rentals Holdings INC (SUNB); Add: Microsoft CORP (MSFT) — shares +1.07%; Trim: Domino's Pizza INC (DPZ) — shares -93.93%; Trim: Roper Technologies INC (ROP) — shares -50.78%; Trim: Hilton Worldwide Holdings In (HLT) — shares -29.54%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | EQIX | Equinix INC | +0.3% | +1.42% | Add |
| 2 | NICE | Nice LTD - Spon Adr | +0.3% | +1637.57% | Add |
| 3 | HDB | Hdfc Bank Ltd-adr | +0.2% | +16808.55% | Add |
| 4 | IVV | Ishares Core S&p 500 ETF | +0.2% | +37.07% | Add |
| 5 | SU | Suncor Energy INC | +0.2% | -8.73% | Trim |
| 6 | XOM | Exxon Mobil CORP | +0.2% | -6.31% | Trim |
| 7 | TECK | Teck Resources Ltd-cls B | +0.2% | +17.06% | Add |
| 8 | CVX | Chevron CORP | +0.1% | +9.96% | Add |
| 9 | ENTG | Entegris INC | +0.1% | +1.17% | Add |
| 10 | LYV | Live Nation Entertainment In | +0.1% | +3.43% | Add |
| 11 | TRNO | Terreno Realty CORP | +0.1% | +246.59% | Add |
| 12 | MU | Micron Technology INC | +0.1% | +26.18% | Add |
| 13 | GE | General Electric | +0.1% | +54.52% | Add |
| 14 | NVDA | Nvidia CORP | 0% | +2.71% | Add |
| 15 | AAPL | Apple INC | 0% | +1.66% | Add |
| 16 | AVGO | Broadcom INC | -0.1% | +3.55% | Add |
| 17 | USMC | Principal US Mega-cap ETF | -0.1% | -3.67% | Trim |
| 18 | GOOGL | Alphabet Inc-cl A | -0.1% | +0.57% | Add |
| 19 | JPM | Jpmorgan Chase & Co | -0.1% | -3.36% | Trim |
| 20 | CDNS | Cadence Design Sys INC | -0.1% | -14.65% | Trim |
| 21 | IDXX | Idexx Laboratories INC | -0.1% | -9.06% | Trim |
| 22 | VMC | Vulcan Materials Co | -0.1% | -8.22% | Trim |
| 23 | CBRE | Cbre Group INC - A | -0.1% | +3.16% | Add |
| 24 | ICLR | ICON Public Limited Company | -0.1% | +10.34% | Add |
| 25 | APD | Air Products & Chemicals INC | -0.1% | -52.27% | Trim |
| 26 | VICI | Vici Properties INC | -0.1% | -77.05% | Trim |
| 27 | PLTR | Palantir Technologies Inc-a | -0.1% | -13.07% | Trim |
| 28 | ORCL | Oracle CORP | -0.1% | -12.55% | Trim |
| 29 | BRO | Brown & Brown INC | -0.1% | +1.60% | Add |
| 30 | ARES | Ares Management CORP - A | -0.1% | +4.42% | Add |
| 31 | LLY | Eli Lilly & Co | -0.1% | -3.37% | Trim |
| 32 | ZTS | Zoetis INC | -0.1% | -73.16% | Trim |
| 33 | MSCI | Msci INC | -0.1% | -21.56% | Trim |
| 34 | ORLY | O'reilly Automotive INC | -0.1% | -16.46% | Trim |
| 35 | BN | Brookfield CORP | -0.1% | -1.89% | Trim |
| 36 | TSLA | Tesla INC | -0.1% | -2.62% | Trim |
| 37 | FICO | Fair Isaac CORP | -0.2% | -7.70% | Trim |
| 38 | AMZN | Amazon.com INC | -0.2% | -2.34% | Trim |
| 39 | MKL | Markel Group INC | -0.2% | -24.62% | Trim |
| 40 | HEI-A | Heico Corp-class A | -0.2% | -5.65% | Trim |
| 41 | TDG | Transdigm Group INC | -0.2% | -7.05% | Trim |
| 42 | CPRT | Copart INC | -0.2% | -18.86% | Trim |
| 43 | CSGP | Costar Group INC | -0.2% | +0.74% | Add |
| 44 | KKR | Kkr & Co INC | -0.2% | +6.91% | Add |
| 45 | FWONK | Liberty Media Corp-formula-c | -0.2% | -29.63% | Trim |
| 46 | HLT | Hilton Worldwide Holdings In | -0.3% | -29.54% | Trim |
| 47 | ROP | Roper Technologies INC | -0.3% | -50.78% | Trim |
| 48 | DPZ | Domino's Pizza INC | -0.3% | -93.93% | Trim |
| 49 | MSFT | Microsoft CORP | -0.7% | +1.07% | Add |
| 50 | SUNB | Sunbelt Rentals Holdings INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-04 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-02 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-04 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-08 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-04-28 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-01-31 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-12-19 | Amendment | View on EDGAR |
| 2024-09-30 | 2024-10-31 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-07-29 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-04-29 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-07 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-02 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-07 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-09 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-09 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-09 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-10 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-09 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-09 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-09 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-10 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-24 | Amendment | View on EDGAR |
| 2021-03-31 | 2021-05-10 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-23 | Amendment | View on EDGAR |
| 2020-12-31 | 2021-02-08 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-06 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-09-04 | Amendment | View on EDGAR |
| 2020-06-30 | 2020-08-05 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-12 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-05 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-12 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-10 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-21 | Amendment | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-02 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-08 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-13 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-12-01 | Amendment | View on EDGAR |
| 2016-09-30 | 2016-11-18 | Amendment | View on EDGAR |
| 2016-09-30 | 2016-11-10 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-09 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-23 | Amendment | View on EDGAR |
| 2016-03-31 | 2016-05-10 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-09 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-12 | Amendment | View on EDGAR |
| 2015-09-30 | 2015-11-09 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-10 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-14 | Amendment | View on EDGAR |
| 2015-03-31 | 2015-05-12 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-12 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-13 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-12 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-13 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-12 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-05 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-12 | 13F-HR | View on EDGAR |
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