Principal Financial Group Inc.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 28, 2025), Principal Financial Group Inc. reported 2,171 stock positions worth $178.2 billion. Its top holding was Microsoft (MSFT) at 3.2% of the portfolio, followed by Apple (AAPL, 2.7%) and Nvidia (NVDA, 2.1%). Compared with Q4 2024, it opened 37 new positions, sold out of 76, added to 1,305 and reduced 814. The biggest buy was Principal Intl Eqty ETF (PIEQ, shares +6090%) and the biggest sale Nvidia (NVDA, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- DES MOINES, IA
- CIK
- 0001126328
- Portfolio Value
- $178.2B (Q1 2025)
- SEC Filing
- 0001085146-25-002396 ↗ filed Apr 28, 2025
Holdings Value
Holdings 2,171 stocks · $178.2B
| MSFT Microsoft Corp. | 3.25% | 15,415,632 | $5.8B | Reduce -1.2% |
| AAPL Apple Inc. | 2.66% | 21,347,671 | $4.7B | Reduce -1.8% |
| NVDA Nvidia Corp. | 2.13% | 35,046,753 | $3.8B | Reduce -0.6% |
| AMZN Amazon.com Inc. | 2.10% | 19,675,178 | $3.7B | Reduce -0.9% |
| TDG Transdigm Group Inc. | 1.63% | 2,101,076 | $2.9B | Reduce -1.2% |
| BN Brookfield Corp. | 1.49% | 50,559,329 | $2.6B | Reduce -3.3% |
| ORLY O'reilly Automotive Inc. | 1.42% | 1,771,078 | $2.5B | Reduce -1.2% |
| HLT Hilton Worldwide Holdings Inc. | 1.32% | 10,371,396 | $2.4B | Reduce -0.2% |
| HEI.A Heico Corp. Class A | 1.26% | 10,648,052 | $2.2B | Add +1.4% |
| CPRT Copart Inc. | 1.25% | 39,409,377 | $2.2B | Add +3.3% |
| KKR KKR & Co. Inc. | 1.19% | 18,379,707 | $2.1B | Reduce -2.9% |
| META Meta Platforms Inc. Class A | 1.06% | 3,272,854 | $1.9B | Reduce -2.2% |
| V Visa Inc. Class A | 1.03% | 5,249,087 | $1.8B | Reduce -4.1% |
| WELL Welltower Inc. | 0.99% | 11,462,416 | $1.8B | Reduce -3.8% |
| GOOGL Alphabet Inc. Class A | 0.98% | 11,284,491 | $1.7B | Reduce -1.8% |
| USMC Principal US Mega-Cap ETF | 0.96% | 30,081,870 | $1.7B | Reduce -3.2% |
| BRO Brown & Brown Inc. | 0.90% | 12,940,046 | $1.6B | Add +0.3% |
| GOOG Alphabet Inc. Class C | 0.89% | 10,189,354 | $1.6B | Reduce -2.1% |
| EQIX Equinix Inc. | 0.87% | 1,902,214 | $1.6B | Reduce -1.9% |
| VMC Vulcan Materials Co. | 0.85% | 6,507,892 | $1.5B | Add +7.3% |
| AVGO Broadcom Inc. | 0.85% | 9,024,141 | $1.5B | Add +11.9% |
| CSGP Costar Group Inc. | 0.85% | 19,007,873 | $1.5B | Reduce -0.9% |
| ROP Roper Technologies Inc. | 0.84% | 2,530,179 | $1.5B | Reduce -2.4% |
| MA Mastercard Inc. Class A | 0.81% | 2,641,741 | $1.4B | Reduce -5.7% |
| PGR Progressive Corp. | 0.78% | 4,938,546 | $1.4B | Reduce -2.5% |
| NFLX Netflix Inc. | 0.78% | 1,482,497 | $1.4B | Reduce -6.8% |
| AMT American Tower Corp. | 0.75% | 6,136,981 | $1.3B | Add +3.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.75% | 2,495,824 | $1.3B | Add +0.5% |
| JPM JPMorgan Chase & Co. | 0.75% | 5,418,498 | $1.3B | Reduce -2.9% |
| PLD Prologis Inc. | 0.74% | 11,779,016 | $1.3B | Reduce -0.8% |
| IVV iShares Core S&P 500 ETF | 0.71% | 2,243,736 | $1.3B | Add +3.1% |
| VTR Ventas Inc. | 0.64% | 16,463,280 | $1.1B | Reduce -11.7% |
| COST Costco Wholesale Corp. | 0.63% | 1,178,273 | $1.1B | Reduce -6.6% |
| LLY Eli Lilly & Co. | 0.60% | 1,284,294 | $1.1B | Reduce -0.6% |
| FWONK Liberty Media Corp. Class C | 0.59% | 11,639,331 | $1.0B | Add +22.7% |
| CBRE CBRE Group Inc. Class A | 0.58% | 7,970,004 | $1.0B | Add +4.8% |
| MKL Markel Group Inc. | 0.57% | 543,935 | $1.0B | Reduce -0.8% |
| LYV Live Nation Entertainment Inc. | 0.56% | 7,596,509 | $992.0M | Add +4.0% |
| UNH Unitedhealth Group Inc. | 0.55% | 1,875,874 | $982.5M | Reduce -3.9% |
| EXR Extra Space Storage Inc. | 0.54% | 6,481,462 | $962.4M | Reduce -3.3% |
| AVB Avalonbay Communities Inc. | 0.53% | 4,402,068 | $944.8M | Reduce -4.1% |
| TSLA Tesla Inc. | 0.53% | 3,619,506 | $938.0M | Reduce -4.4% |
| MLM Martin Marietta Materials | 0.52% | 1,940,423 | $927.8M | Add +6.6% |
| MSCI MSCI Inc. | 0.52% | 1,626,923 | $920.0M | Add +0.9% |
| PG The Procter & Gamble Co. | 0.49% | 5,130,944 | $874.4M | Add +8.1% |
| IT Gartner Inc. | 0.47% | 1,998,197 | $838.7M | Reduce -0.7% |
| BIP Brookfield Infrastructure Pa | 0.46% | 27,621,080 | $822.8M | Add +3.5% |
| DPZ Domino's Pizza Inc. | 0.45% | 1,740,987 | $799.9M | Add +3.1% |
| XOM Exxon Mobil Corp. | 0.44% | 6,655,584 | $791.5M | Add +0.0% |
| ACGL Arch Capital Group Ltd. | 0.44% | 8,089,827 | $778.1M | Reduce -1.6% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.43% | 23,683,521 | $772.6M | Reduce -2.1% |
| TYL Tyler Technologies Inc. | 0.42% | 1,277,128 | $742.5M | Reduce -0.0% |
| YUMC Yum China Holdings Inc. | 0.41% | 14,102,077 | $734.1M | Add +35.6% |
| VEEV Veeva Systems Inc. Class A | 0.41% | 3,152,357 | $730.2M | Add +6.3% |
| FICO Fair Isaac Corp. | 0.41% | 391,823 | $722.6M | Add +7.3% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.40% | 2,070,661 | $714.9M | Add +3.4% |
| REG Regency Centers Corp. | 0.37% | 9,034,476 | $666.4M | Reduce -1.6% |
| INVH Invitation Homes Inc. | 0.37% | 19,086,441 | $665.2M | Reduce -1.9% |
| SU Suncor Energy Inc. | 0.35% | 16,018,129 | $620.1M | Add +65.0% |
| DHR Danaher Corp. | 0.34% | 2,984,115 | $611.7M | Add +0.2% |
| TMO Thermo Fisher Scientific Inc. | 0.34% | 1,228,978 | $611.5M | Add +1.0% |
| PIEQ Principal Intl Eqty ETF | 0.34% | 24,799,243 | $604.8M | Add +6089.9% |
| LIN Linde PLC | 0.34% | 1,291,142 | $601.2M | Add +2.8% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.34% | 14,391,519 | $600.6M | Reduce -2.8% |
| AMH American Homes 4 Rent- A | 0.33% | 15,680,186 | $592.9M | Reduce -1.9% |
| CRM Salesforce Inc. | 0.32% | 2,141,049 | $574.6M | Add +26.9% |
| CDNS Cadence Design SYS Inc. | 0.32% | 2,245,930 | $571.2M | Add +0.4% |
| JNJ Johnson & Johnson | 0.32% | 3,393,359 | $562.8M | Reduce -1.1% |
| DLR Digital Realty Trust Inc. | 0.31% | 3,916,933 | $561.3M | Reduce -0.8% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 0.31% | 7,709,291 | $551.8M | Reduce -2.4% |
| ABBV Abbvie Inc. | 0.31% | 2,615,465 | $548.0M | Add +6.1% |
| ABT Abbott Laboratories | 0.31% | 4,123,475 | $547.0M | Reduce -4.0% |
| SPG Simon Property Group Inc. | 0.30% | 3,206,458 | $532.5M | Add +133.0% |
| KO The Coca-Cola Co. | 0.30% | 7,430,310 | $532.2M | Reduce -1.2% |
| WMT Walmart Inc. | 0.29% | 5,953,654 | $522.7M | Reduce -2.5% |
| KMX Carmax Inc. | 0.29% | 6,587,294 | $513.3M | Reduce -23.3% |
| SCHW Schwab (charles) Corp. | 0.29% | 6,550,544 | $512.8M | Add +2.8% |
| FAST Fastenal Co. | 0.29% | 6,591,850 | $511.2M | Add +2.6% |
| APD Air Products & Chemicals Inc. | 0.29% | 1,725,762 | $509.0M | Add +159.2% |
| MRK Merck & Co. Inc. | 0.28% | 5,629,432 | $505.3M | Reduce -13.4% |
| ARES Ares Management Corp. Class A | 0.28% | 3,354,032 | $491.7M | Add +4.8% |
| HD Home Depot Inc. | 0.27% | 1,323,945 | $485.2M | Reduce -9.3% |
| TMUS T-Mobile US Inc. | 0.27% | 1,780,424 | $474.9M | Reduce -5.9% |
| MS Morgan Stanley | 0.27% | 4,069,267 | $474.8M | Reduce -4.0% |
| IDXX Idexx Laboratories Inc. | 0.27% | 1,126,002 | $472.9M | Add +58.3% |
| ESS Essex Property Trust Inc. | 0.25% | 1,481,375 | $454.1M | Reduce -0.9% |
| ENTG Entegris Inc. | 0.25% | 5,014,198 | $438.6M | Add +235.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.24% | 2,603,108 | $432.1M | Add +74.0% |
| CVX Chevron Corp. | 0.24% | 2,569,995 | $429.9M | Reduce -10.6% |
| ELS Equity Lifestyle Properties | 0.24% | 6,349,010 | $423.5M | Add +4.6% |
| TECK Teck Resources Ltd.-CLS B | 0.24% | 11,530,742 | $420.0M | Add +56.9% |
| DE Deere & Co. | 0.23% | 886,979 | $416.3M | Reduce -4.6% |
| PSC Principal US Small-Cap ETF | 0.23% | 8,466,710 | $410.9M | Reduce -10.2% |
| CB Chubb Ltd. | 0.23% | 1,354,802 | $409.1M | Reduce -0.6% |
| NVR NVR Inc. | 0.23% | 56,352 | $408.2M | Add +5.3% |
| ZTS Zoetis Inc. | 0.23% | 2,438,849 | $401.6M | Add +1.7% |
| NEE Nextera Energy Inc. | 0.22% | 5,577,340 | $395.4M | Reduce -1.4% |
| BLK BlackRock Inc. | 0.22% | 415,619 | $393.4M | Reduce -5.3% |
| CUZ Cousins Properties Inc. | 0.22% | 13,320,245 | $392.9M | Reduce -1.3% |
| WCN Waste Connections Inc. | 0.22% | 2,003,901 | $391.1M | Reduce -1.6% |
Portfolio Sells Q4 2024 → Q1 2025
| NVDA Nvidia Corp. | Reduce -0.6% | 2.13% | −0.45 |
| MSFT Microsoft Corp. | Reduce -1.2% | 3.25% | −0.34 |
| KKR KKR & Co. Inc. | Reduce -2.9% | 1.19% | −0.33 |
| INTU Intuit Inc. | Reduce -72.3% | 0.13% | −0.33 |
| TSLA Tesla Inc. | Reduce -4.4% | 0.53% | −0.31 |
| AAPL Apple Inc. | Reduce -1.8% | 2.66% | −0.31 |
| AMZN Amazon.com Inc. | Reduce -0.9% | 2.10% | −0.27 |
| ADSK Autodesk Inc. | Reduce -82.6% | 0.04% | −0.24 |
| MCHP Microchip Technology Inc. | Reduce -91.8% | 0.02% | −0.22 |
| GOOGL Alphabet Inc. Class A | Reduce -1.8% | 0.98% | −0.21 |
| GOOG Alphabet Inc. Class C | Reduce -2.1% | 0.89% | −0.19 |
| BN Brookfield Corp. | Reduce -3.3% | 1.49% | −0.15 |
| EQIX Equinix Inc. | Reduce -1.9% | 0.87% | −0.13 |
| NNN NNN REIT Inc. | Reduce -89.2% | 0.01% | −0.10 |
| TRNO Terreno Realty Corp. | Reduce -65.3% | 0.06% | −0.10 |
| KMX Carmax Inc. | Reduce -23.3% | 0.29% | −0.09 |
| NE Noble Corp. PLC | Reduce -99.8% | 0.00% | −0.08 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -0.2% | 1.32% | −0.08 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -71.3% | 0.03% | −0.07 |
| MRK Merck & Co. Inc. | Reduce -13.4% | 0.28% | −0.07 |
| LINE Lineage Inc. | Reduce -99.5% | 0.00% | −0.07 |
| DLR Digital Realty Trust Inc. | Reduce -0.8% | 0.31% | −0.07 |
| IT Gartner Inc. | Reduce -0.7% | 0.47% | −0.06 |
| CP Canadian Pacific Kansas City | Reduce -70.0% | 0.03% | −0.06 |
| ROIC Retail Opportunity Investmen | Sold out | 0.00% | −0.06 |
| USMC Principal US Mega-Cap ETF | Reduce -3.2% | 0.96% | −0.05 |
| BAM Brookfield Asset Mgmt-A | Reduce -12.4% | 0.21% | −0.05 |
| AMD Advanced Micro Devices | Reduce -22.1% | 0.11% | −0.05 |
| SUM Summit Materials Inc. Class A | Sold out | 0.00% | −0.05 |
| WSM Williams-Sonoma Inc. | Reduce -38.6% | 0.06% | −0.05 |
| CNQ Canadian Natural Resources | Reduce -63.4% | 0.03% | −0.05 |
| ICLR Icon PLC | Reduce -51.5% | 0.03% | −0.04 |
| PNC PNC Financial Services Group | Reduce -10.9% | 0.19% | −0.04 |
| CRDO Credo Technology Group Holdi | Reduce -47.5% | 0.02% | −0.04 |
| HD Home Depot Inc. | Reduce -9.3% | 0.27% | −0.04 |
| TT Trane Technologies PLC | Reduce -9.0% | 0.20% | −0.03 |
| MELI MercadoLibre Inc. | Reduce -51.4% | 0.05% | −0.03 |
| PSC Principal US Small-Cap ETF | Reduce -10.2% | 0.23% | −0.03 |
| ADBE Adobe Inc. | Reduce -8.3% | 0.14% | −0.03 |
| PH Parker Hannifin Corp. | Reduce -10.5% | 0.21% | −0.03 |
| SBAC SBA Communications Corp. | Reduce -22.0% | 0.19% | −0.03 |
| BAP Credicorp Ltd. | Reduce -74.8% | 0.01% | −0.03 |
| SLB SLB Ltd. | Reduce -42.0% | 0.05% | −0.03 |
| BLK BlackRock Inc. | Reduce -5.3% | 0.22% | −0.02 |
| ITCI Intra-Cellular Therapies Inc. | Reduce -98.7% | 0.00% | −0.02 |
| VRSN Verisign Inc. | Reduce -66.2% | 0.02% | −0.02 |
| MS Morgan Stanley | Reduce -4.0% | 0.27% | −0.02 |
| KRC Kilroy Realty Corp. | Reduce -6.5% | 0.08% | −0.02 |
| JEF Jefferies Financial Group Inc. | Reduce -3.5% | 0.05% | −0.02 |
| VNO Vornado Realty Trust | Reduce -5.7% | 0.13% | −0.02 |
Portfolio Buys Q4 2024 → Q1 2025
| PIEQ Principal Intl Eqty ETF | Add +6089.9% | 0.34% | +0.33 |
| HEI.A Heico Corp. Class A | Add +1.4% | 1.26% | +0.20 |
| BRO Brown & Brown Inc. | Add +0.3% | 0.90% | +0.19 |
| APD Air Products & Chemicals Inc. | Add +159.2% | 0.29% | +0.18 |
| LPLA LPL Financial Holdings Inc. | Add +1453.3% | 0.19% | +0.18 |
| SPG Simon Property Group Inc. | Add +133.0% | 0.30% | +0.17 |
| ENTG Entegris Inc. | Add +235.8% | 0.25% | +0.17 |
| SU Suncor Energy Inc. | Add +65.0% | 0.35% | +0.16 |
| AMT American Tower Corp. | Add +3.7% | 0.75% | +0.16 |
| YUMC Yum China Holdings Inc. | Add +35.6% | 0.41% | +0.14 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.5% | 0.75% | +0.13 |
| PY Principal Value ETF | Add +1379.8% | 0.13% | +0.13 |
| FWONK Liberty Media Corp. Class C | Add +22.7% | 0.59% | +0.11 |
| IDXX Idexx Laboratories Inc. | Add +58.3% | 0.27% | +0.10 |
| TOST Toast Inc. Class A | Add +14258.8% | 0.10% | +0.10 |
| AJG Arthur J Gallagher & Co. | Add +3.4% | 0.40% | +0.09 |
| EGP Eastgroup Properties Inc. | Add +234.7% | 0.12% | +0.09 |
| ABNB Airbnb Inc. Class A | Add +74.4% | 0.22% | +0.08 |
| TSM Taiwan Semiconductor-SP ADR | Add +74.0% | 0.24% | +0.08 |
| TECK Teck Resources Ltd.-CLS B | Add +56.9% | 0.24% | +0.07 |
| VEEV Veeva Systems Inc. Class A | Add +6.3% | 0.41% | +0.07 |
| WRB WR Berkley Corp. | Add +21.8% | 0.20% | +0.07 |
| ABBV Abbvie Inc. | Add +6.1% | 0.31% | +0.07 |
| DPZ Domino's Pizza Inc. | Add +3.1% | 0.45% | +0.06 |
| RYAN Ryan Specialty Holdings Inc. | Add +66.5% | 0.13% | +0.06 |
| CPRT Copart Inc. | Add +3.3% | 1.25% | +0.06 |
| FND Floor & Decor Holdings Inc. Class A | Add +106.4% | 0.14% | +0.06 |
| PG The Procter & Gamble Co. | Add +8.1% | 0.49% | +0.06 |
| XOM Exxon Mobil Corp. | Add +0.0% | 0.44% | +0.05 |
| WFC Wells Fargo & Co. | Add +30.5% | 0.20% | +0.05 |
| LIN Linde PLC | Add +2.8% | 0.34% | +0.05 |
| GLDM SPDR Gold Minishares Trust | Add +55.3% | 0.09% | +0.04 |
| LYV Live Nation Entertainment Inc. | Add +4.0% | 0.56% | +0.04 |
| CBRE CBRE Group Inc. Class A | Add +4.8% | 0.58% | +0.04 |
| ATAT Atour Lifestyle Holdings-ADR | New | 0.04% | +0.04 |
| DASH DoorDash Inc. Class A | Add +383.0% | 0.05% | +0.04 |
| CRH CRH PLC | Add +104.8% | 0.07% | +0.04 |
| BR Broadridge Financial Solutio | Add +156.8% | 0.06% | +0.04 |
| FAST Fastenal Co. | Add +2.6% | 0.29% | +0.04 |
| ZLAB Zai Lab Ltd.-ADR | Add +63.6% | 0.06% | +0.03 |
| AZN Astrazeneca PLC-Spons ADR | Add +151.7% | 0.05% | +0.03 |
| NTST Netstreit Corp. | Add +61.3% | 0.07% | +0.03 |
| SCHW Schwab (charles) Corp. | Add +2.8% | 0.29% | +0.03 |
| HCA HCA Healthcare Inc. | Add +0.8% | 0.17% | +0.03 |
| YLD Principal Act Hi YLD ETF | Add +3.1% | 0.05% | +0.03 |
| VRTX Vertex Pharmaceuticals Inc. | Add +4.5% | 0.11% | +0.03 |
| APPF Appfolio Inc. Class A | Add +121.2% | 0.05% | +0.03 |
| AWK American Water Works Co. Inc. | Add +59.6% | 0.05% | +0.03 |
| KMI Kinder Morgan Inc. | Add +62.4% | 0.06% | +0.03 |
| MLPX Global X MLP & Energy Infras | New | 0.02% | +0.02 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 2,154 | $203.6B | NVDA, AAPL, MSFT, AMZN, GOOGL |
| Q1 2026 | 2,177 | $187.2B | NVDA, MSFT, AAPL, AMZN, GOOGL |
| Q4 2025 | 2,180 | $195.9B | NVDA, MSFT, AAPL, AMZN, GOOGL |
| Q3 2025 | 2,246 | $198.3B | MSFT, NVDA, AAPL, AMZN, BN |
| Q2 2025 | 2,224 | $189.2B | MSFT, NVDA, AMZN, AAPL, BN |
| Q1 2025 | 2,171 | $178.2B | MSFT, AAPL, NVDA, AMZN, TDG |
| Q4 2024 | 2,208 | $183.4B | MSFT, AAPL, NVDA, AMZN, BN |
| Q3 2024Amended | 2,220 | $183.2B | MSFT, AAPL, NVDA, AMZN, BN |
| Q2 2024 | 2,360 | $168.4B | MSFT, AAPL, NVDA, AMZN, TDG |
| Q1 2024 | 2,425 | $170.1B | MSFT, AMZN, AAPL, NVDA, TDG |