01—Abstract
Summary
Summary of the 8-K filed July 17, 2024. Cited figures are marked; the original filing is the authoritative source.
Principal Financial Group, Inc. (PFG) filed this Item 7.01 Regulation FD Disclosure on July 17, 2024 to report its assets under management (AUM) by asset manager ahead of its quarterly earnings release.
As of June 30, 2024, total assets under management for Principal Financial Group were $699.2 billiona, comprising $513.2 billion managed by Principal Global Investors and $171.1 billion reported by Principal International. The company stated that Principal International's AUM is translated to U.S. dollars using end-of-period spot exchange rates. The filing states that Principal Financial Group's market performance for the quarter ended June 30, 2024 was 0.4% as a percentage of beginning period AUM.
It also highlights the company's exposure to small and mid-cap products within U.S. equity AUM and high yield and preferred securities within fixed income AUM, which management notes are relevant during periods of market dislocation and wider return dispersion. The company separately reports Principal Asset Management AUM, a marketing measure defined as Principal Global Investors and Principal International AUM excluding entities where the company is a minority owner and assets restricted by regulatory requirements.
This figure was $553.1 billionb as of June 30, 2024, and the filing cautions that it is not intended for modeling purposes. The same AUM-by-manager breakdown is expected to appear in the financial supplement for the quarter, posted on or about July 25, 2024.
02—Key points
Key Highlights
- Total AUM of $699.2 billion as of June 30, 2024
- Principal Global Investors manages $513.2 billion of AUM
- Principal International reports $171.1 billion of AUM, translated to U.S. dollars at end-of-period spot rates
- Principal Financial Group market performance for the quarter ended June 30, 2024 was 0.4% of beginning period AUM
- Principal Asset Management AUM, used for marketing, was $553.1 billion as of June 30, 2024
- Company highlights exposure to small and mid-cap U.S. equity and high yield and preferred fixed income products
- AUM by asset manager will appear in the Q2 2024 financial supplement, expected on or about July 25, 2024
03—Questions
Frequently Asked Questions
What was Principal Financial Group's total AUM as of June 30, 2024?
Total assets under management were $699.2 billion, of which $513.2 billion was managed by Principal Global Investors and $171.1 billion was reported by Principal International.
How did the company's markets perform in the second quarter of 2024?
The filing states that Principal Financial Group market performance for the quarter ended June 30, 2024 was 0.4% as a percentage of beginning period AUM.
What is the difference between total AUM and Principal Asset Management AUM?
Principal Asset Management AUM, used by the company for marketing purposes, was $553.1 billion. It excludes assets of entities where the company is a minority owner and assets not permitted to be included due to regulatory requirements. The company states this measure is not intended for modeling purposes.
Why does the company highlight small and mid-cap and high yield exposures?
The company notes that during periods of market dislocation and wider dispersion of returns, its exposure to small and mid-cap products within U.S. equity AUM and high yield and preferred securities within fixed income AUM is important to understand.
Where can investors find the AUM breakdown by asset manager in more detail?
The same AUM-by-asset-manager format will be presented in the financial supplement for the quarter ended June 30, 2024, which the company expects to post to its investor relations website on or about July 25, 2024.
04—Continue