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, 2014. As a Form 13F, this document discloses the equity securities held by the investment manager at the end of the quarter. It does not contain the company's own financial performance metrics (revenue, profit, cash flow) but rather details its investment portfolio.
Portfolio Composition and Key Metrics
The filing lists a diversified portfolio of equity securities, including common stocks, exchange-traded funds (ETFs), and preferred shares. Key portfolio characteristics include:
- Top Holdings by Value: The largest single position is SWS Group Inc. with a reported value of $10,165,000 (1,475,387 shares), held with sole voting authority. Other significant holdings include ISHARES MRG RL ES CP ETF ($2,507,000), ISHARES U.S. PFD STK ETF ($4,695,000), and ISHARES TR 1-3 YR TR BD ETF ($11,383,000).
- Self-Holding: Hilltop Holdings Inc. holds 61,117 shares of its own common stock, valued at $1,225,000.
- Asset Classes: The portfolio contains a significant allocation to fixed-income and sector-specific ETFs (e.g., IShares, SPDR, Powershares) alongside individual equities in sectors such as Energy, Financials, Healthcare, and Industrials.
- Voting Authority: Most positions are held with "Discretionary" authority, split between "Sole" and "Shared" voting rights. The SWS Group position is the only one listed with "Sole" authority.
Material Changes and Comparisons
Not Applicable: This filing is a snapshot of holdings as of September 30, 2014. The provided text does not contain data for the prior quarter (June 30, 2014) or year-over-year comparisons. Therefore, material changes in position size or portfolio composition cannot be determined from this document alone.
Guidance, Outlook, and Risks
Not Applicable: Form 13F filings are statutory disclosures of holdings and do not include management commentary, forward-looking guidance, risk factors, or contingency plans. The filing text explicitly states that the SEC has not reviewed the information for accuracy or completeness.
Key Facts for Investor Verification
- Concentration Risk: Verify the impact of the SWS Group Inc. position ($10.2M), which represents a significant portion of the disclosed portfolio value and is held with sole voting authority.
- ETF Exposure: Confirm the specific exposure to interest rate risk and credit risk given the heavy weighting in bond and mortgage-backed ETFs (e.g., IShares 1-3 Yr Tr Bd, IShares MBS, Powershares Senior Ln Port).
- Self-Ownership: Note the company's ownership of its own stock ($1.2M), which may indicate insider confidence or treasury management strategies.
- Data Limitations: Acknowledge that this document lists only long positions in equity securities and does not reflect short positions, derivatives, or non-equity assets held by the firm.