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. for the reporting period ending December 31, 2017. As a registered investment adviser, Hilltop Holdings is required to disclose its holdings in equity securities. The filing details the specific stocks, shares, and voting authority held in the portfolio as of the quarter-end date.
Key Financial Metrics and Portfolio Composition
The filing provides a granular list of holdings rather than aggregate financial statements for Hilltop Holdings itself. Key portfolio metrics derived from the table include:
- Portfolio Scope: The portfolio contains a diverse mix of individual equities and Exchange Traded Funds (ETFs) across various sectors including Technology, Healthcare, Financials, Energy, and Consumer Staples.
- Top Holdings by Value: Significant positions include AT&T Inc. (approx. $129M combined), Altria Group Inc. (approx. $56M), AbbVie Inc. (approx. $2.9M), and Apple Inc. (approx. $10.8M). Note: Values are derived from the "Value" column in thousands.
- ETF Exposure: The portfolio holds substantial positions in ETFs, including ISHARES TR 20 YR TR BD ETF (approx. $264M), VANGUARD CHARLOTTE FDS INTL BD IDX ETF (approx. $298M), and ISHARES TR IBOXX INV CP ETF (approx. $137M).
- Voting Authority: The filing distinguishes between "Sole," "Shared," and "None" voting authority. A significant portion of the portfolio is held with "Shared" voting authority, indicating co-management or client-directed accounts.
Material Changes and Portfolio Activity
The Form 13F format does not explicitly state percentage changes from the prior period in a narrative format. However, the table lists current holdings. To determine material changes, an investor must compare the share counts and values in this filing against the previous quarter's 13F filing. The presence of specific CUSIPs with "None" voting authority or specific share counts indicates the current state of the portfolio, but the filing text does not provide a calculated delta or commentary on buying/selling activity.
Guidance, Outlook, and Risks
Management Commentary: This filing type (Form 13F) does not contain management commentary, forward-looking guidance, or strategic outlooks. It is a statutory disclosure of holdings only.
Risks and Contingencies: The filing includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy. The primary risk disclosed implicitly is the concentration of assets in specific sectors (e.g., significant exposure to fixed income via ETFs and large-cap technology/telecom stocks). There are no specific contingencies or unusual items detailed in this document.
Investor Verification Checklist
- Verify Total Assets Under Management (AUM): Sum the "Value" column to estimate the total equity portfolio value reported, noting this excludes non-equity assets.
- Compare Prior Periods: Cross-reference share counts for top holdings (e.g., AT&T, Apple, Ishares ETFs) with the Q3 2017 filing to identify net buys or sells.
- Assess Voting Control: Review the "Voting Authority" columns to understand the extent of Hilltop's direct control versus shared control with clients.
- Check for Omissions: Confirm that the filing covers all reportable equity securities; Form 13F does not cover derivatives, bonds (unless equity-linked), or cash positions.