SEC Filing Summary: Hilltop Holdings Inc. (Form 13F)
Business Context and Reporting Period
Company: Hilltop Holdings Inc.
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: Ended December 31, 2021
Context: This filing discloses the equity securities held by Hilltop Holdings Inc. at the end of the fourth quarter of 2021. As a Form 13F, this document details investment positions rather than the company's own operational financial performance.
Key Financial Metrics and Portfolio Composition
Total Portfolio Value: The filing lists individual holdings with values in thousands of dollars. While a precise aggregate total is not explicitly stated in the text, the portfolio is substantial, containing hundreds of individual positions across equities and exchange-traded funds (ETFs).
Top Holdings by Value (Selected):
- Apple Inc.: 166,170 shares (Sole Discretion) valued at approximately $29,507,000.
- Microsoft Corp: 54,867 shares (Sole Discretion) valued at approximately $18,453,000.
- Alphabet Inc. (Class A & C): Combined holdings valued at approximately $4,461,000.
- Amazon.com Inc: 3,757 shares (Sole Discretion) valued at approximately $12,527,000.
- BlackRock Tax Municipal Bond Trust: 175,965 shares valued at approximately $4,607,000.
- SPDR Portfolio Short Term Treasury ETF: 469,353 shares valued at approximately $14,531,000.
Asset Classes: The portfolio is diversified across large-cap technology, healthcare, financials, consumer staples, and a significant allocation to fixed-income and sector-specific ETFs (e.g., Invesco, iShares, SPDR, Vanguard).
Material Changes and Voting Authority
Voting Authority: The filing distinguishes between "Sole," "Shared," and "None" voting authority. The majority of significant positions (e.g., Apple, Microsoft, Amazon) are held with Sole voting authority. Some positions, such as 3M Co and AbbVie Inc, show split authority between Sole and Shared.
Derivatives: The filing includes columns for Put and Call options. Most positions listed are common stock ("SH"). A small number of positions include call options (e.g., Adobe Systems, Altria Group, American Electric Power), indicating hedging or leveraged strategies on specific names.
Comparison to Prior Period: This filing represents a snapshot as of December 31, 2021. Without the Q3 2021 filing text provided, specific quarter-over-quarter changes in share counts or values cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, earnings guidance, or forward-looking statements regarding the company's own business outlook.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the portfolio composition reveals exposure to:
- Market Risk: Heavy concentration in large-cap technology and financial sectors.
- Interest Rate Risk: Significant holdings in bond ETFs (e.g., iShares, SPDR, Invesco) expose the portfolio to interest rate fluctuations.
- Liquidity Risk: While most holdings are liquid large-cap stocks, there are positions in smaller cap or specialized ETFs (e.g., FuelCell Energy, MicroVision) which may carry higher volatility.
Key Facts for Investor Verification
- Concentration: Verify the total percentage of assets allocated to the top 10 holdings (Apple, Microsoft, Amazon, etc.) to assess concentration risk.
- ETF Exposure: Confirm the specific underlying assets of the numerous ETF holdings (e.g., "Riverfront Dynamic," "Alps ETF") to understand the true sector exposure beyond the ticker symbols.
- Derivative Usage: Review the "Put/Call" columns for any significant option positions that might indicate hedging against market downturns or speculative bets.
- Self-Holding: Note that Hilltop Holdings Inc. holds 25,794 shares of its own stock (HILLTOP HOLDINGS INC COM) with Sole voting authority.
- Valuation Basis: Remember that the "Value" column represents the market value at the end of the reporting period (Dec 31, 2021) and does not reflect current market prices.