SEC Filing Summary: Hilltop Holdings Inc. (Form 13F)
Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Hilltop Holdings Inc. for the reporting period ending September 30, 2015. As a registered investment adviser, Hilltop Holdings is required to disclose its holdings in equity securities. The filing details the specific stocks, shares, and voting authority held in accounts managed by the firm.
Key Financial Metrics and Portfolio Composition
The filing provides a granular list of equity holdings rather than consolidated financial statements for Hilltop Holdings itself. Key portfolio characteristics include:
- Asset Class: The portfolio consists primarily of U.S. and international common stocks, Exchange Traded Funds (ETFs), and preferred securities.
- Top Holdings by Share Count: Significant positions include Mitsubishi UFJ Financial Group (503,200 shares), Lattice Semiconductor (300,700 shares), Ishares MSCI Japan ETF (279,868 shares), and Kayne Anderson MLP Investment Co. (248,560 shares).
- Top Holdings by Value (Approximate): Based on reported values (in thousands), major positions include Apple Inc. ($5,864k), AT&T Inc. ($2,301k), and Facebook Inc. ($1,694k).
- Voting Authority: The firm reports "Sole" voting authority for many positions, while others are marked as "Shared" or "None," indicating the presence of client-directed accounts or specific fund structures.
Material Changes and Portfolio Activity
The filing lists holdings as of the period end. It does not explicitly state the net change in value or share count compared to the prior quarter (June 30, 2015) within the text provided. However, the presence of specific "Put/Call" designations and varying voting authority columns suggests active management of derivatives and client mandates. The portfolio shows a diversified mix across sectors including Technology (Apple, Microsoft, Intel), Financials (JPMorgan, Bank of America), and Energy (Exxon Mobil, Chevron).
Guidance, Risks, and Contingencies
Management Commentary: This filing is a regulatory disclosure of holdings and contains no management commentary, forward-looking guidance, or strategic outlook for Hilltop Holdings Inc.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. The primary risk disclosed implicitly is market exposure to the specific equities listed. There are no specific legal contingencies or unusual items detailed in this table.
Investor Verification Checklist
- Portfolio Concentration: Verify the percentage of total assets allocated to the top 10 holdings (e.g., Mitsubishi UFJ, Lattice Semiconductor) to assess concentration risk.
- Client vs. Proprietary: Determine which holdings represent proprietary capital versus client-managed assets, as the filing aggregates all accounts.
- Derivative Exposure: Review the "Put/Call" column for any significant short positions or options strategies that may not be immediately apparent from long stock positions.
- Valuation Accuracy: Cross-reference the reported "Value" column with market prices as of September 30, 2015, to ensure the reported portfolio value aligns with historical market data.