SEC Filing Summary: Wealthfront Corp (Form 13F)
Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Wealthfront Corp, a registered investment adviser. The report covers the portfolio holdings as of the period ending September 30, 2014. The filing discloses equity securities held for the account of clients, with Wealthfront exercising sole voting and dispositive authority over the reported positions.
Key Financial Metrics and Portfolio Composition
As a Form 13F filing, this document reports the value of securities held rather than the company's own revenue or profit. The portfolio is heavily weighted toward large-cap U.S. equities and Exchange Traded Funds (ETFs).
- Top Equity Holdings (by Value):
- Facebook Inc: $15,313,000 (193,743 shares)
- Apple Inc: $2,827,000 (28,056 shares)
- Microsoft Corp: $1,954,000 (42,146 shares)
- Google Inc: $1,439,000 (Combined Class A and C shares)
- Amazon.com Inc: $458,000 (1,420 shares)
- Significant ETF Positions:
- Vanguard FTSE Emerging Markets ETF: $211,709,000 (5,075,738 shares)
- Vanguard FTSE Developed Markets ETF: $179,181,000 (4,507,697 shares)
- Vanguard Total Stock Market Index Fund: $331,092,000 (3,270,363 shares)
- Schwab Strategic International Equity ETF: $89,066,000 (2,871,233 shares)
- Notable Individual Stock Holdings:
- Barclays PLC: $25,526,000 (742,676 shares)
- Twitter Inc: $26,160,000 (507,179 shares)
- Proofpoint Inc: $2,861,000 (77,046 shares)
Material Changes and Portfolio Strategy
The filing does not provide comparative data against the prior quarter (June 30, 2014) to calculate material changes in holdings. However, the composition indicates a strategy focused on:
- Broad Market Exposure: Significant allocation to total market and international index funds (Vanguard and Schwab ETFs).
- Technology Sector Concentration: Heavy weighting in major technology firms including Facebook, Apple, Microsoft, Google, and Twitter.
- Fixed Income and Bonds: Holdings include various bond ETFs (e.g., iShares National AMT Free Bond ETF, iShares IBOXX $ High Yield ETF), though equity exposure appears dominant in the top holdings.
Guidance, Risks, and Contingencies
Management Commentary: None provided. Form 13F filings are statutory disclosures of holdings and do not contain management discussion or analysis.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. The portfolio is subject to standard market risks associated with equity and fixed-income investments, including volatility in the technology sector and emerging markets.
Investor Verification Checklist
- Portfolio Turnover: Verify if the large positions in Facebook and Twitter represent new entries or continued accumulation compared to Q2 2014.
- ETF Weighting: Confirm the total asset allocation percentage dedicated to passive index funds versus active stock picking.
- Concentration Risk: Assess the impact of the top 10 holdings on the overall portfolio volatility.
- Valuation Context: Note that the "Value" column represents the market value at the end of the reporting period (Sept 30, 2014) and does not reflect current market prices.