SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Company: Tompkins Financial Corp
Filing Type: Form 13F-HR (Quarterly Report of Holdings)
Reporting Period: Ended March 31, 2008
Context: This filing discloses the equity securities held by Tompkins Financial Corp, a registered investment adviser, as of the end of the first quarter of 2008. The report details holdings in common stocks, preferred stocks, and exchange-traded funds (ETFs).
Key Financial Metrics
Total Portfolio Value: $318,056,000 (Reported in thousands)
Total Shares Held: 6,480,374
Voting Authority Breakdown:
- Sole Discretion: 5,993,674 shares
- Shared Discretion: 0 shares
- No Discretion: 486,700 shares
- Tompkins Financial Corp: $48,225,000 (980,170 shares)
- Exxon Mobil Corp: $12,886,700 (149,489 shares)
- General Electric Co: $21,550,700 (225,377 shares)
- Microsoft Corp: $13,006,500 (135,410 shares)
- Procter & Gamble Co: $6,704,700 (71,096 shares)
- UnitedHealth Group Inc: $7,434,400 (76,284 shares)
- Wells Fargo & Co: $9,105,800 (92,258 shares)
Note: The filing lists individual security values in thousands. The "Grand Total" value of $318,056 represents the aggregate value of all reported holdings.
Material Changes and Portfolio Composition
Self-Holding: The most significant position is in the reporting company's own stock (Tompkins Financial Corp), valued at approximately $48.2 million, representing roughly 15% of the total reported portfolio value.
Sector Exposure: The portfolio is heavily weighted toward large-cap U.S. equities, with significant exposure to:
- Financials: Wells Fargo, J.P. Morgan Chase, Citigroup, Bank of America, Goldman Sachs.
- Energy: Exxon Mobil, Chevron, ConocoPhillips, Schlumberger.
- Technology: Microsoft, Intel, Cisco Systems, Oracle, Hewlett-Packard.
- Healthcare: UnitedHealth Group, Pfizer, Johnson & Johnson, Medtronic.
- Consumer Staples: Procter & Gamble, Coca-Cola, PepsiCo, Walmart.
Guidance, Outlook, and Risks
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, earnings projections, or management commentary regarding future performance.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the concentration in large-cap equities and significant self-holding implies exposure to general market volatility and the specific financial health of Tompkins Financial Corp.
Unusual Items: The filing includes a substantial position in the reporting company's own stock, which is a common practice for financial institutions but represents a concentration risk.
Key Facts for Investor Verification
- Self-Holding Concentration: Verify the strategic rationale for holding nearly 15% of the portfolio in Tompkins Financial Corp stock.
- Portfolio Turnover: Compare this filing with the previous quarter (Q4 2007) to assess changes in sector allocation and specific stock positions.
- Valuation Accuracy: Confirm that the reported values (in thousands) align with market prices as of March 31, 2008.
- Discretionary Authority: Note that the vast majority of holdings (approx. 92%) are under "Sole" discretion, indicating full control by the investment manager.
- ETF Exposure: Review the specific iShares holdings to understand the passive market exposure within the portfolio.