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, 2003
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 2003. The report details holdings in common stocks, preferred stocks, and exchange-traded funds, categorized by voting authority (Sole, Shared, or None).
Key Financial Metrics
Total Portfolio Value: $241,469,000 (Reported in thousands)
Total Shares Held: 7,155,743
Shares with Sole Voting Authority: 6,645,720
Shares with No Voting Authority: 510,023
Top Holdings by Value (Sole Authority):
- Tompkins Trustco Inc: $32,893,000 (730,976 shares)
- Johnson & Johnson: $7,633,000 (131,922 shares)
- Exxon Mobil Corp: $9,529,000 (272,676 shares)
- General Electric Co: $9,420,000 (369,438 shares)
- Microsoft Corp: $3,559,000 (147,097 shares)
- Procter & Gamble Co: $4,744,000 (53,282 shares)
- Wal-Mart Stores Inc: $4,889,000 (93,987 shares)
- Pfizer Inc: $5,570,000 (178,822 shares)
- Intel Corp: $3,454,000 (212,329 shares)
- IBM: $5,479,000 (69,869 shares)
Note: The filing does not provide revenue, profit, cash flow, or debt metrics for Tompkins Financial Corp itself, as Form 13F reports only investment holdings.
Material Changes and Portfolio Composition
Concentration: The portfolio is heavily concentrated in large-cap U.S. equities across technology, healthcare, consumer staples, and financial sectors. The single largest holding is the company's own affiliate, Tompkins Trustco Inc, representing approximately 13.6% of the total reported value.
Voting Authority: The majority of holdings (approx. 93%) are held with "Sole" voting authority. A significant portion of the remaining shares (approx. 7%) are held with "None" voting authority, often indicating positions held in defined benefit plans or similar structures where voting rights are restricted or delegated.
Comparison: As this is a snapshot of holdings, the filing text does not provide explicit percentage changes or transaction volumes compared to the prior quarter (December 31, 2002).
Guidance, Risks, and Unusual Items
Guidance/Outlook: Form 13F filings do not contain management guidance, earnings outlooks, or forward-looking statements.
Risks: The filing does not explicitly list risk factors. However, the portfolio composition indicates exposure to market volatility in the technology and energy sectors (e.g., Intel, Cisco, Exxon Mobil, ChevronTexaco).
Unusual Items: The filing includes holdings in various Exchange Traded Funds (ETFs) such as iShares Trust (S&P MidCap 400, Russell 2000) and Sector SPDR Trusts, indicating a diversified approach alongside individual stock picking. There are no reported short positions or derivatives (puts/calls) in the "Put/Call" columns for the majority of holdings, though some entries show "0" explicitly.
Key Facts for Investor Verification
- Self-Holding: Verify the strategic rationale for holding $32.9 million in Tompkins Trustco Inc, the company's own affiliate, which is the largest single position.
- Top 10 Concentration: The top 10 holdings (including Tompkins Trustco, Pfizer, IBM, Wal-Mart, P&G, Exxon, GE, J&J, Microsoft, Intel) represent a significant portion of the total $241.5 million portfolio.
- Voting Rights: Confirm the status of the 510,023 shares held with "None" voting authority to understand if these are restricted or held in specific trust accounts.
- Industry Exposure: Assess the portfolio's heavy weighting in Healthcare (Pfizer, J&J, Merck, Medtronic) and Technology (Microsoft, Intel, Cisco, Oracle) relative to the broader market in Q1 2003.
- Missing Data: Note that this filing does not disclose the fund's total assets under management (AUM) if it manages other accounts not reported here, nor does it provide liquidity or leverage ratios.