Institutional Manager · CIK 0001126328

PRINCIPAL FINANCIAL GROUP INC

DES MOINES, IA · File #028-10106

Latest AUM

$195.86B

Positions

4,456

Top-10 Concentration

44.1%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	MICROSOFT CORP	MSFT	+14,219,541	+$6.88B	-$7.1M
ADD	AMAZON COM INC	AMZN	+18,446,945	+$4.26B	+$5.8M
ADD	HILTON WORLDWIDE HLDGS INC	HLT	+8,961,965	+$2.57B	+$13,747
ADD	HEICO CORP NEW	HEI-A	+8,913,211	+$2.25B	-$90
REDUCE	ALPHABET INC	GOOG	-6,271,699	-$1.97B	+$446.2M
ADD	VULCAN MATLS CO	929160109	+6,883,445	+$1.96B	-$109,469
REDUCE	TESLA INC	TSLA	-3,700,258	-$1.66B	+$18.8M
ADD	CBRE GROUP INC	CBRE	+8,707,070	+$1.40B	+$1.3M
REDUCE	MASTERCARD INCORPORATED	MA	-2,418,128	-$1.38B	+$5.0M
REDUCE	PROLOGIS INC.	PLDGP	-10,584,579	-$1.35B	+$139.4M

Sector Allocation

Technology

19.5%$38.22B

Consumer Discretionary

8.9%$17.37B

7.8%$15.22B

6.4%$12.53B

6.2%$12.05B

5.7%$11.19B

Communication Services

3.4%$6.73B

2.1%$4.07B

1.5%$2.91B

1.5%$2.86B

0.9%$1.82B

Filing History

Feb 2, 202613F COMBINATION REPORTQ/E Dec 20254,456 pos · $195.86B
Nov 4, 202513F COMBINATION REPORTQ/E Sep 20254,552 pos · $198.27B
Aug 8, 202513F COMBINATION REPORTQ/E Jun 20254,603 pos · $189.18B
Apr 28, 202513F COMBINATION REPORTQ/E Mar 20254,516 pos · $178.21B
Jan 31, 202513F COMBINATION REPORTQ/E Dec 20244,570 pos · $183.44B
Dec 19, 202413F COMBINATION REPORT (Amended)Q/E Dec 202466 pos · $1.66B
Oct 31, 202413F COMBINATION REPORTQ/E Sep 20244,490 pos · $181.54B
Jul 29, 202413F COMBINATION REPORTQ/E Jun 20244,671 pos · $168.40B
Apr 29, 202413F COMBINATION REPORTQ/E Mar 20244,772 pos · $170.14B
Nov 2, 202313F HOLDINGS REPORTQ/E Dec 20234,763 pos · $139.17B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	NVIDIA CORPORATION	NVDA	37,744,261	$7.04B	7.61%
2	MICROSOFT CORP	MSFT	14,426,568	$6.98B	7.54%
3	APPLE INC	AAPL	20,729,028	$5.64B	6.09%
4	AMAZON COM INC	AMZN	18,960,584	$4.38B	4.73%
5	ALPHABET INC	GOOG	10,808,475	$3.38B	3.66%
6	BROADCOM INC	AVGO	8,223,593	$2.85B	3.08%
7	BROOKFIELD CORP	11271J107	61,431,904	$2.82B	3.05%
8	TRANSDIGM GROUP INC	TDG	2,050,208	$2.73B	2.95%
9	HILTON WORLDWIDE HLDGS INC	HLT	8,962,442	$2.57B	2.78%
10	META PLATFORMS INC	META	3,733,975	$2.46B	2.66%
11	HEICO CORP NEW	HEI-A	8,913,474	$2.25B	2.43%
12	KKR & CO INC	KKRT	17,423,877	$2.22B	2.40%
13	ALPHABET INC	GOOG	6,384,468	$2.00B	2.16%
14	VULCAN MATLS CO	929160109	6,888,332	$1.96B	2.12%
15	PRINCIPAL EXCHANGE TRADED FD	74255Y870	28,617,590	$1.96B	2.12%
16	OREILLY AUTOMOTIVE INC	67103H107	20,587,982	$1.88B	2.03%
17	WELLTOWER INC	WELL	9,891,807	$1.84B	1.98%
18	TESLA INC	TSLA	3,852,792	$1.73B	1.87%
19	JPMORGAN CHASE & CO.	VYLD	5,080,325	$1.64B	1.77%
20	VISA INC	V	4,484,229	$1.57B	1.70%