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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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 2177 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 |
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