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 September 30, 2006
Context: This filing discloses the equity securities held by Tompkins Financial Corp, a registered investment adviser, as of the end of the third quarter of 2006. The report details voting authority and financial interest in a diversified portfolio of U.S. and foreign equity securities.
Key Financial Metrics
The filing provides aggregate data on the value and quantity of holdings but does not report the company's own operating revenue, profit, or cash flow.
- Total Portfolio Value: $317,361,000 (Reported as 317,361 in thousands).
- Total Shares Held: 6,979,475 shares.
- Voting Authority Breakdown:
- Sole Discretion: 6,379,380 shares.
- Shared Discretion: 0 shares.
- None (Defined/Other): 600,095 shares.
- Top Holdings by Value (Selected):
- Tompkins Trustco Inc: $45,952,000 (952,036 shares).
- General Electric Co: $12,511,000 (339,356 shares).
- Microsoft Corp: $5,852,000 (204,438 shares).
- Exxon Mobil Corp: $14,001,000 (183,709 shares).
- Johnson & Johnson: $6,202,000 (87,938 shares).
Material Changes and Portfolio Composition
As a quarterly snapshot, this filing does not explicitly state material changes versus the prior period (June 30, 2006) within the text provided. However, the portfolio composition reveals:
- Significant Concentration: The largest single holding is the company's own affiliate, Tompkins Trustco Inc, representing approximately 14.5% of the total reported portfolio value.
- Sector Diversification: The portfolio is heavily weighted toward Financials (e.g., Citigroup, Wells Fargo, Bank of America), Technology (e.g., Cisco, Intel, Microsoft), and Healthcare (e.g., Pfizer, UnitedHealth Group, Medtronic).
- Discretionary Authority: The majority of holdings (approx. 91%) are held with sole voting discretion, while a smaller portion (approx. 9%) is held with "Defined" authority, often indicating client-directed accounts or specific mandates.
Guidance, Risks, and Contingencies
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, earnings outlooks, or management commentary regarding future performance.
Risks and Contingencies: The filing does not explicitly list risk factors. However, the concentration in large-cap equities and the significant holding in a single affiliate (Tompkins Trustco) imply exposure to market volatility and specific corporate developments within that entity. The presence of "Defined" authority holdings suggests the firm manages assets on behalf of others, subject to specific client constraints.
Investor Verification Checklist
- Affiliate Exposure: Verify the relationship and financial health of Tompkins Trustco Inc, given it is the largest single position.
- Client vs. Proprietary: Distinguish between assets managed for clients (Defined authority) and proprietary assets (Sole authority) to understand the firm's actual risk exposure versus its AUM.
- Turnover Analysis: Compare this list against the June 30, 2006 filing to calculate portfolio turnover and identify significant entry/exit strategies.
- Valuation Methodology: Confirm that the reported values reflect market prices as of September 30, 2006, and not adjusted book values.
- Regulatory Compliance: Ensure the "Defined" authority holdings comply with the specific mandates of the underlying clients.