SEC Filing Summary: Hilltop Holdings Inc. (Form 13F)
Business Context and Reporting Period
Company: Hilltop Holdings Inc.
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: Ended June 30, 2022
Context: This filing discloses the equity securities held by Hilltop Holdings Inc. as a registered investment adviser. The data reflects holdings across multiple accounts, categorized by voting authority (Sole, Shared, None) and investment discretion.
Key Financial Metrics and Portfolio Composition
Note: Form 13F filings disclose holdings by share count and value (in thousands) but do not report the filer's own revenue, profit, cash flow, or debt metrics.
- Portfolio Scope: The filing lists hundreds of individual equity positions, including common stocks, preferred stocks, and Exchange Traded Funds (ETFs).
- Top Holdings by Value (Selected Examples):
- Apple Inc.: Significant holdings across multiple accounts (e.g., 140,846 shares in one account valued at $19,256k).
- Amazon.com Inc.: Holdings include 34,740 shares valued at $3,690k.
- Microsoft Corp.: Holdings include 33,734 shares valued at $8,664k.
- Alphabet Inc.: Holdings in Class A and Class C shares totaling over 3,000 shares across accounts.
- ETFs: Substantial allocations to fixed income and sector ETFs, including iShares Core U.S. Aggregate Bond ETF (96,904 shares) and SPDR Gold Trust (111,358 shares).
- Derivatives: The filing includes positions in Put options (e.g., Apple Inc., FedEx Corp., Select Sector SPDR Trust Financial).
Material Changes and Portfolio Activity
Comparison to Prior Period: The provided text contains only the snapshot of holdings as of June 30, 2022. It does not include the prior quarter's data (March 31, 2022) within this specific document text. Therefore, specific material changes (increases or decreases in positions) cannot be calculated from this source alone.
Observations on Current Holdings:
- Diversification: The portfolio is highly diversified across sectors including Technology, Financials, Healthcare, Energy, and Consumer Staples.
- Fixed Income Exposure: Significant exposure to bond markets via ETFs (e.g., iShares, PIMCO, SPDR) suggests a defensive or income-oriented strategy component.
- Special Situations: Holdings include warrants (e.g., Hyzon Motors Inc. Warrants) and convertible preferred stocks (e.g., Harbor Custom Development Inc.), indicating exposure to higher-risk or structured instruments.
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:
- Market Risk: The portfolio is exposed to broad market volatility, as evidenced by holdings in major indices (S&P 500, Nasdaq 100) and individual large-cap equities.
- Concentration Risk: While diversified, specific accounts show heavy weighting in technology and financial sectors.
- Liquidity: Most holdings are liquid public equities, though some smaller cap or specialized positions (e.g., warrants, specific REITs) may have varying liquidity profiles.
Key Facts for Investor Verification
- Holdings Accuracy: Verify the total aggregate value of the portfolio by summing the "Value" column (in thousands) across all listed securities to understand the total Assets Under Management (AUM) reported.
- Account Segregation: Note that holdings are split between accounts with "Sole" voting authority and those with "Shared" or "None" authority, indicating different client mandates or internal fund structures.
- Option Positions: Review the specific Put option positions (e.g., Apple, FedEx) to understand the firm's hedging strategies or bearish views on specific names.
- Self-Holding: The firm holds its own stock (Hilltop Holdings Inc. COM), with 7,950 shares in one account and 1,269 in another.
- Missing Data: This filing does not provide the firm's internal financial health (revenue, debt, liquidity); investors must refer to the firm's 10-K or 10-Q filings for that information.