Principal Financial Group Inc

Principal Financial Group’s broadly diversified, multi-strategy approach is reflected in a portfolio of roughly 4,500 positions and $187 billion in assets under management, spanning a wide range of sectors with no single allocation exceeding 20%. The top 15 holdings account for just over 24% of the portfolio, led by NVIDIA at 3.7% and followed by Microsoft and Apple, indicating a modest tilt toward large-cap technology while maintaining significant dispersion across financial services, real estate, and consumer cyclical sectors. The inclusion of Brookfield, TransDigm, Hilton, and Equinix alongside a proprietary ETF suggests a conviction in high-quality, asset-heavy, and growth-oriented businesses, balanced by diversification that limits single-name risk. This positioning reveals a disciplined, valuation-aware strategy that seeks consistent exposure to secular trends like digital infrastructure and premium brands without over-concentrating in any one theme.