SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Bank OZK (Reporting Manager)
Filing Type: Form 13F Information Table
Reporting Period: Quarter ended September 30, 2015
Context: This filing discloses the equity securities held by Bank OZK as of the end of the third quarter of 2015. It details holdings categorized by voting authority (Sole, Shared, None) and investment discretion.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists 100+ individual equity positions. The portfolio is heavily weighted toward large-cap U.S. equities across financials, healthcare, technology, and consumer staples.
- Largest Single Holding: Bank of the Ozarks Inc (Own Stock). Total shares reported: 2,770,028 (2,649,043 Sole + 140,985 Other). Value: Approximately $120 million (115,922 + 6,170 in thousands).
- Top External Holdings by Value (Sole Discretion):
- AT&T Inc: $110,299,000
- Altria Group Inc: $46,306,000
- Exxon Mobil Corp: $41,789,000
- Merck & Co Inc: $44,252,000
- Intel Corp: $46,687,000
- General Electric Co: $72,191,000
- Significant "Other" Discretion Holdings:
- Murphy Oil Corp: $779,868,000 (Other Discretion)
- Murphy USA Inc: $194,692,000 (Other Discretion)
Financial Metrics: The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics for Bank OZK. It strictly reports asset holdings.
Material Changes and Portfolio Structure
Ownership Structure: The portfolio is split between "Sole" voting authority (managed directly by Bank OZK) and "Other" voting authority (likely managed for clients or separate accounts).
- Concentration: The largest concentration is in the bank's own stock (Bank of the Ozarks), followed by significant positions in energy (Murphy Oil, Exxon, Chevron) and technology (Apple, Microsoft, Intel).
- Derivatives: The filing lists Put/Call options for several positions (e.g., AT&T, Apple, Altria), indicating hedging or leverage strategies, though specific notional values for derivatives are not explicitly separated from the principal amount in the summary columns.
Guidance, Risks, and Contingencies
Management Commentary: None provided in this filing. Form 13F is a regulatory disclosure of holdings and does not contain forward-looking guidance or management discussion.
Risks and Contingencies:
- Concentration Risk: Significant exposure to the energy sector (Murphy Oil, Murphy USA, Exxon, Chevron, ConocoPhillips) and the financial sector.
- Regulatory Disclaimer: The SEC has not reviewed the information for accuracy or completeness.
Key Facts for Investor Verification
- Own Stock Position: Verify the total value and percentage of Bank OZK's own stock held in the portfolio versus total assets under management.
- Client vs. Proprietary: Distinguish between "Sole" authority (proprietary) and "Other" authority (client assets) to understand the bank's own investment strategy versus client mandates.
- Energy Sector Exposure: Assess the aggregate risk of the large holdings in Murphy Oil and Murphy USA, which represent a significant portion of the "Other" discretion value.
- Option Activity: Review the specific Put/Call columns for major holdings to understand hedging strategies employed during the quarter.