Principal Financial Group, Inc.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 894 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• Principal Financial Group files its own very large Form 13F-HR (CIK 0001126328) as an asset manager, reporting investments made on behalf of clients and separate accounts through Principal Global Investors / Principal Asset Management. The most recent 13F-HR, filed 4 Aug 2026 for the period ending 30 Jun 2026 (accession 0001126328-26-000178), carries 4,413 positions (8,826 infoTable elements / 2 per position). This is client and separate-account assets, not Principal's own equity stakes: the policyholder or client bears the investment risk in each separate account, so these are excluded from `holdings` entirely, following the same treatment this project already applies to JPMorgan Chase's 13F (and previously to Northern Trust and Raymond James) for exactly this reason. Nothing from Principal's own 13F was written into this file.
• Genuine holdings side: four named international joint ventures / majority-owned entities are disclosed by name with explicit ownership percentages in Item 1 Business of the FY2025 10-K (filed 18 Feb 2026, period ended 31 Dec 2025): CCB Principal Asset Management Co., Ltd. (China, 25.0%), Brasilprev Seguros e Previdencia S.A. (Brazil, 25.0% economic interest / 50.0% voting), Administradora de Fondos de Pensiones Cuprum S.A. (Chile, 98.0%, publicly listed minority float on the Bolsa de Santiago as CUPRUM:CI), and CCB Pension Management Co., Ltd. (China, 17.6%). None of these carry a disclosed share count or dollar value in the 10-K, so `shares` and `value_usd` are null on all four rows; only the percentages are filed facts.
• Two further joint ventures are named in the 10-K without an ownership percentage: Principal Asset Management Berhad (PAM) and Principal Islamic Asset Management Sdn. Bhd. (PIAM), Malaysian joint ventures with CIMB Group. Searched the FY2025 10-K prose around 'CIMB', 'PAM', 'PIAM', 'Southeast Asia', 'owned 40', 'owned 60' and found the partner named but no percentage stated anywhere in Item 1. Exhibit 21 (subsidiaries list) names CIMB Wealth Advisors Berhad among Principal's Malaysia entities but is a bare name/jurisdiction list with no ownership-percentage column (the same pattern this project has already seen on Labcorp's and Darden's Exhibit 21), so PAM/PIAM ownership could not be sized from any filing checked. Recorded in `unknowns`, not written as a row.
• Combined-balance trap avoided: the FY2025 10-K states 'Other investments totaled $5,885.3 million as of December 31, 2025, compared to $4,844.7 million as of December 31, 2024. Other investments include interests in unconsolidated entities, which include real estate properties owned jointly with venture partners and operated by the partners; sponsored investment funds; the cash [surrender value of company-owned life insurance and other items]'. This is a single aggregated balance covering many unnamed real-estate joint ventures and sponsored funds, distinct from the four named international JVs above (which are described separately in the Item 1 business narrative, not in this note). Because no individual real-estate or fund investee is named against a dollar figure, none of that $5,885.3 million bucket was assigned to any row; the combined figure is recorded here only.
• The general account bond and fixed-income portfolio, funding-agreement-backed note programs, and money-market/short-term holdings referenced throughout the 10-K are treasury-management holdings and were excluded from `holdings` per the research brief.
• Register self-gate, computed from this final file exactly as the chart computes it (raw shares summed; the lone is_aggregate row has no members rolling into it so it counts at full value): 12 rows, 113,831,537 shares, 214,104,641 shares outstanding, 53.17% of the company. This sits inside the brief's 15-55% sanity band but at the high end, consistent with PFG being heavily held by a small number of very large institutions (Vanguard family 12.58%, BlackRock 9.35%, Nippon Life 8.47%, State Street 4.79%) plus a large, decades-old strategic stake, rather than evidence of double counting; Capital Group's three registrants and all eight Vanguard successor entities were checked individually with no overlaps found.
• Nippon Life Insurance Company's 13F-HR reports its 'value' field in thousands of dollars rather than whole dollars (1,954,806 for 18,137,000 shares implies about $107.79/share against PFG's ~$113 price, consistent with a x1000 units error otherwise); value_usd on that row has been multiplied by 1,000 accordingly, matching the pattern this project has already documented on T. Rowe Price and Cohen & Steers filings. T. Rowe Price Associates, Inc. (CIK 0000080255) was checked directly and shows the same thousands convention (289,846 shares, reported value 31,240 implying value_usd of $31,240,000): its Q2 2026 13F-HR holds only 289,846 PFG shares (0.14% of the company), too small to include in the top-12 register, so it was checked but not added as a row. T. Rowe Price Investment Management, Inc. (CIK 0001897612) was checked separately and holds no PFG position this quarter.
• Vanguard's parent, The Vanguard Group, Inc. (CIK 0000102909), filed a Form 13F-NT (a notice carrying no holdings) for Q2 2026, confirming the position is reported entirely through the eight successor entities that were summed into the Vanguard row here.
• Northern Trust Corp appears in this register as an ordinary institutional 13F holder of PFG in its own asset-management capacity. This is separate from, and should not be confused with, Principal Financial Group's own appearance as a client-asset HOLDER inside other companies' registers elsewhere in this database (via its own 13F, which is excluded from this file's holdings side for the same reason described above).