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 September 30, 2021
Context: This filing discloses the equity securities held by Hilltop Holdings Inc. at the end of the third quarter of 2021. As a registered investment adviser, the company reports holdings across various accounts, distinguishing between those with sole voting authority, shared voting authority, and none.
Key Financial Metrics and Portfolio Composition
Note: Form 13F filings disclose the value and quantity of securities held but do not report the company's own revenue, profit, cash flow, or debt levels. The following metrics reflect the reported portfolio holdings.
- Portfolio Scope: The filing lists hundreds of individual positions, including common stocks, exchange-traded funds (ETFs), and preferred securities.
- Top Holdings by Value (Selected Examples):
- Apple Inc.: 179,142 shares (Sole Discretion) valued at approximately $25.3 million.
- Dell Technologies Inc.: 201,806 shares (Shared Discretion) valued at approximately $21.0 million.
- Microsoft Corp.: 53,024 shares (Sole Discretion) valued at approximately $14.9 million.
- Amazon.com Inc.: 3,515 shares (Sole Discretion) valued at approximately $11.5 million.
- Altria Group Inc.: 46,006 shares (Sole Discretion) valued at approximately $2.1 million.
- Asset Classes: Significant exposure to large-cap technology (Apple, Microsoft, Amazon, Alphabet), financials (JPMorgan, Bank of America), and a diverse array of ETFs covering sectors like energy, healthcare, and fixed income.
Material Changes and Voting Authority
The filing distinguishes holdings based on voting authority, indicating the management structure of the reported assets:
- Sole Discretion: Hilltop holds significant positions where it exercises sole voting authority (e.g., Apple, Amazon, Microsoft).
- Shared Discretion: Many positions are held with shared voting authority, suggesting co-management or client-directed accounts (e.g., Dell Technologies, Berkshire Hathaway, Intel).
- Derivatives: The filing includes limited positions in call and put options (e.g., Avantor Inc., Beyond Meat Inc., Intuitive Surgical Inc.), indicating hedging or speculative strategies on specific names.
Guidance, Outlook, and Risks
Guidance and Outlook: This filing is a statutory disclosure of past holdings and does not contain forward-looking guidance, earnings projections, or management commentary regarding future strategy.
Risks and Contingencies:
- Market Risk: The portfolio is heavily weighted toward equities, exposing the holdings to general market volatility.
- Concentration Risk: While diversified across many issuers, significant capital is allocated to a few large-cap technology and financial stocks.
- Regulatory Disclosure: The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy or completeness.
Key Facts for Investor Verification
- Holdings vs. Performance: Verify that the value of these holdings aligns with the company's reported total assets under management (AUM) in their 10-Q or 10-K filings, as 13F only covers reportable equity securities.
- Turnover Analysis: Compare this September 30, 2021 list with the June 30, 2021 filing to identify significant buys or sells in the third quarter.
- Option Positions: Investigate the specific call and put positions (e.g., Avantor, Beyond Meat) to understand the risk profile of these derivative exposures.
- Self-Holding: Note that Hilltop Holdings Inc. holds 25,794 shares of its own stock (HILLTOP HOLDINGS INC COM) under shared discretion.