SEC Filing Summary: Tompkins Financial Corp (13F-HR)
Business Context and Reporting Period
This Form 13F-HR filing reports the equity holdings of Tompkins Financial Corp as of the period ending December 31, 2001. As a registered investment manager, Tompkins Financial Corp discloses its long-only equity positions, including common stocks and American Depositary Receipts (ADRs), held for its own account and for accounts where it has sole, shared, or discretionary voting authority.
Key Financial Metrics
The filing provides a snapshot of the portfolio's composition and valuation at the end of 2001. Key aggregate metrics from the filing include:
- Total Portfolio Value: Approximately $261.3 million (reported as 261,312 in thousands).
- Total Shares Held: Approximately 7.04 million shares (reported as 7,038,017).
- Voting Authority:
- Sole Authority: 6,457,122 shares.
- Shared Authority: 28,225 shares.
- Discretionary/None: 552,670 shares.
- Top Holdings by Value:
- Tompkins Trust Co Inc: $28.8 million (715,662 shares).
- General Electric Co: $15.6 million (388,425 shares).
- Exxon Mobil Corp: $12.9 million (327,622 shares).
- Johnson & Johnson: $7.6 million (129,115 shares).
- Wal-Mart Stores Inc: $5.8 million (101,095 shares).
Material Changes and Portfolio Composition
As a quarterly snapshot, this filing does not explicitly detail changes from the prior period (September 30, 2001) within the text provided. However, the portfolio composition reveals a diversified mix across multiple sectors:
- Technology: Significant exposure to major tech firms including Microsoft Corp ($4.2M), Intel Corp ($6.7M), Oracle Corp ($1.1M), and Sun Microsystems Inc ($3.1M).
- Healthcare: Large positions in Pfizer Inc ($6.1M), Merck & Co Inc ($5.0M), and Medtronic Inc ($1.6M).
- Financials: Holdings include Citigroup Inc ($4.3M), J.P. Morgan Chase & Co ($2.8M), and American Express Co ($1.9M).
- Energy: Positions in ChevronTexaco Corp ($1.7M) and BP Amoco PLC ($0.8M).
- Telecommunications: Notable holdings in AT&T Corp ($9.9M), SBC Communications Inc ($6.1M), and Verizon Communications ($1.5M).
Guidance, Risks, and Unusual Items
Management Commentary and Guidance: Form 13F filings are strictly informational and do not contain management commentary, forward-looking guidance, or strategic outlooks. No such information is present in this document.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the portfolio includes holdings in companies that were subject to significant market volatility or specific risks in 2001, such as Enron Corp (1,000 shares, $0 value reported) and WorldCom Inc ($0.6M value), both of which faced major accounting scandals and financial distress during this period.
Unusual Items: The portfolio includes a substantial position in the filer's own subsidiary, Tompkins Trust Co Inc, which represents the largest single holding by value ($28.8M) and share count (715,662 shares).
Investor Verification Checklist
- Concentration Risk: Verify the impact of the large position in Tompkins Trust Co Inc relative to the total portfolio size.
- Distressed Assets: Investigate the status and valuation of holdings in Enron Corp and WorldCom Inc, given the known financial crises affecting these entities in 2001-2002.
- Technology Sector Exposure: Assess the risk associated with the significant allocation to technology stocks (Microsoft, Intel, Sun, Oracle) during the post-dot-com bubble correction period.
- Voting Rights: Confirm the extent of voting control, noting that the majority of shares (approx. 92%) are held with sole voting authority.
- Valuation Accuracy: Cross-reference the reported values with historical stock prices as of December 31, 2001, to ensure the reported portfolio value reflects accurate market pricing.