SEC Filing Summary: Hilltop Holdings Inc. (Form 13F)
Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Hilltop Holdings Inc. to the U.S. Securities and Exchange Commission. The report details the company's holdings of equity securities as of the reporting period ending December 31, 2022. As a registered investment adviser, Hilltop Holdings discloses its portfolio composition, including the number of shares, value, and voting authority for each security held.
Key Financial Metrics and Portfolio Composition
The filing provides a granular list of equity holdings but does not contain consolidated financial statements (e.g., revenue, profit, cash flow) for Hilltop Holdings itself. Key portfolio metrics derived from the table include:
- Asset Class: The portfolio consists primarily of U.S. and international common stocks, Exchange-Traded Funds (ETFs), and preferred securities.
- Top Holdings by Share Count: Significant positions include Apple Inc. (127,431 shares), Alphabet Inc. (Class A and C combined ~41,000 shares), Amazon.com Inc. (49,399 shares), and Microsoft Corp. (25,774 shares).
- ETF Exposure: The portfolio holds substantial positions in various ETFs, including BlackRock Enhanced International Dividend (235,387 shares), BlackRock Tax Municipal Bond Trust (407,792 shares), and SPDR Gold Trust (112,384 shares).
- Voting Authority: Hilltop Holdings exercises voting authority across the portfolio, categorized as Sole, Shared, or None. For many large-cap positions (e.g., Apple, Microsoft), the authority is listed as "Sole" or "Shared."
Material Changes and Portfolio Activity
The filing lists holdings by issuer and class but does not explicitly state the net change in shares or value compared to the prior quarter (September 30, 2022) within the text provided. However, the presence of specific share counts allows for external comparison. Notable observations include:
- Derivatives: The portfolio includes specific derivative positions, such as Put options on Apple Inc. (4,000 shares) and Call options on Disney (1,000 shares) and Tesla (1,000 shares).
- Small Cap/Growth: Significant holdings in smaller or growth-oriented companies include Affirm Holdings (92,029 shares), FuboTV (99,795 shares), and Hyzon Motors (122,720 shares).
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings are statutory disclosures 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 or completeness. The portfolio's risk profile is implicitly defined by its concentration in technology, financials, and energy sectors, as well as its exposure to international markets and fixed-income ETFs.
Important Facts for Investor Verification
- Portfolio Concentration: Verify the total market value of the portfolio to understand the weight of top holdings like Apple, Microsoft, and Amazon relative to the firm's total assets under management.
- Derivative Exposure: Confirm the specific strike prices and expiration dates for the Put and Call options listed (e.g., Apple Puts, Disney Calls) to assess hedging strategies or speculative bets.
- ETF Overlap: Analyze the overlap between direct stock holdings and the broad market exposure provided by the numerous ETFs (e.g., S&P 500, MSCI EAFE) to determine true sector concentration.
- Voting Rights: Review the "Voting Authority" column to understand the firm's influence on corporate governance for its largest positions.