SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Wealthfront Corp
Filing Type: Form 13F Information Table (Schedule of Holdings)
Reporting Period: Quarter ended March 31, 2014
Context: This filing discloses the equity securities held by Wealthfront Corp, a registered investment adviser, as of the end of the first quarter of 2014. The filing lists individual stock positions and exchange-traded funds (ETFs) managed on behalf of clients.
Key Financial Metrics and Portfolio Composition
Portfolio Structure: The portfolio is heavily diversified across large-cap U.S. equities and broad market index funds. Significant allocations are observed in passive index vehicles, specifically Vanguard and iShares ETFs, alongside active positions in major technology, financial, and healthcare companies.
Top Holdings by Share Count (Selected):
- Vanguard Tax-Managed Capital Apprecment Fund: 3,744,207 shares
- Vanguard FTSE Emerging Markets ETF: 3,276,296 shares
- Vanguard Index Fund (S&P 500): 2,108,051 shares
- Barclays PLC: 848,333 shares
- iShares National AMT-Free Muni Bond ETF: 837,391 shares
- Microsoft Corp: 19,030 shares
- General Electric: 17,227 shares
- Wells Fargo & Co: 15,142 shares
Financial Metrics: As a Form 13F filing, this document reports share counts and market values of holdings but does not disclose the company's own revenue, profit, cash flow, debt, or liquidity. The filing text does not provide a clear value for the total aggregate market value of the portfolio in a summary format, though individual position values are listed in thousands of dollars.
Material Changes and Observations
Comparison to Prior Period: The provided text contains only the snapshot of holdings as of March 31, 2014. It does not include the prior quarter's data or a "changes in holdings" section. Therefore, material changes versus the prior comparable period cannot be determined from this text alone.
Notable Positions: The portfolio includes significant exposure to financial services (Barclays, Wells Fargo, Bank of America), technology (Microsoft, Apple, Cisco, Intel), and healthcare (Pfizer, Johnson & Johnson, Merck). There is also a notable position in Proofpoint Inc (84,000 shares) and Trulia Inc (68,478 shares).
Guidance, Outlook, and Risks
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 includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy. The primary risk inherent in this filing is the concentration in large-cap equities and the reliance on passive index funds, which exposes the portfolio to broad market volatility. No specific contingencies or unusual items are disclosed in this format.
Key Facts for Investor Verification
- Investment Strategy: Verify if the heavy weighting in Vanguard and iShares ETFs aligns with Wealthfront's advertised robo-advisory strategy of low-cost, diversified index investing.
- Concentration Risk: Confirm the total market value of the top 10 holdings to assess concentration risk relative to the total Assets Under Management (AUM).
- Derivatives: The filing indicates "0" for Put/Call options across all listed positions, suggesting a long-only equity strategy for these specific holdings.
- Voting Authority: All listed positions show "Sole" voting authority, indicating Wealthfront exercises voting rights for these client assets.
- Data Completeness: Investors should note that this filing only covers equity securities; it does not disclose cash positions, fixed income (outside of bond ETFs), or alternative investments held by the firm.