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 June 30, 2001
Context: This filing discloses the equity securities held by Tompkins Financial Corp, a registered investment adviser, as of the end of the second quarter of 2001. The report details holdings across various sectors, including technology, energy, financials, and consumer goods.
Key Financial Metrics
Total Portfolio Value: $267,811,000 (Reported in thousands)
Total Shares Held: 6,793,924
Voting Authority Breakdown:
- Sole Discretion: 6,230,120 shares
- Shared Discretion: 24,729 shares
- None (Defined/Other): 539,075 shares
Top 5 Holdings by Value (Sole Discretion):
- General Electric Co: $16,855,000 (345,754 shares)
- Exxon Mobil Corp: $12,025,000 (137,668 shares)
- Johnson & Johnson: $5,349,000 (106,990 shares)
- Microsoft Corp: $3,513,000 (48,133 shares)
- Intel Corp: $5,278,000 (180,455 shares)
Note: The portfolio includes a significant position in the filer's own affiliate, Tompkins Trustco Inc ($28,276,000 value).
Material Changes and Portfolio Composition
Portfolio Concentration: The portfolio is heavily weighted toward large-cap U.S. equities. Significant exposure exists in the Technology sector (e.g., Intel, Microsoft, Cisco Systems, Sun Microsystems) and the Energy sector (e.g., Exxon Mobil, Chevron, Enron Corp).
Ownership Structure: The majority of holdings (approx. 92%) are held with "Sole" voting authority. A smaller portion is held with "Defined" authority, indicating positions where the manager does not have full voting discretion.
Notable Holdings:
- Telecommunications: Significant positions in SBC Communications ($5,355,000), WorldCom ($507,000), and Verizon Communications ($1,598,000).
- Financials: Holdings include Citigroup ($3,327,000), JP Morgan Chase ($2,564,000), and Fifth Third Bancorp ($1,312,000).
- Consumer Staples: Large positions in Wal-Mart Stores ($4,275,000), PepsiCo ($3,164,000), and Procter & Gamble ($1,376,000).
Comparison to Prior Period: As this is a standalone text extract of the current period's holdings, specific quantitative changes (buy/sell activity) compared to the prior quarter (March 31, 2001) cannot be calculated from the provided data.
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the portfolio composition reflects exposure to market volatility in the technology and energy sectors, which were significant themes in the 2001 market environment.
Unusual Items: The filing lists a substantial holding in "Tompkins Trustco Inc" ($28,276,000), which represents a significant portion of the total reported value and suggests a close relationship between the reporting entity and this issuer.
Investor Verification Checklist
- Verify Total Assets Under Management (AUM): Confirm if the $267.8 million reported represents the total AUM of Tompkins Financial Corp or only a specific fund/portfolio.
- Check Affiliate Transactions: Investigate the nature of the $28.3 million holding in Tompkins Trustco Inc to understand the relationship and potential conflicts of interest.
- Review Sector Exposure: Assess the concentration risk in Technology and Energy sectors given the market conditions of mid-2001.
- Confirm Voting Rights: Verify the implications of the 539,075 shares held with "None" voting authority (likely defined by other agreements).
- Compare with Prior 13F: Retrieve the Q1 2001 filing to calculate actual turnover and net buying/selling activity for the quarter.