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 March 31, 2014. The document discloses the company's holdings in equity securities, including common stocks and exchange-traded funds (ETFs), as required by the Securities and Exchange Commission. It details the number of shares held, the value of those holdings, and the voting authority associated with each position.
Key Financial Metrics and Portfolio Composition
The filing provides a snapshot of the investment portfolio's composition rather than the company's operational financials (revenue, profit, cash flow). Key portfolio metrics include:
- Total Portfolio Value: The filing lists individual security values in thousands of dollars. While a grand total is not explicitly summed in the text, the portfolio consists of over 150 distinct positions.
- Largest Equity Holdings:
- Hilltop Holdings Inc. (Self-Holding): 195,917 shares valued at $4,661,000.
- SWS Group Inc.: 1,475,387 shares valued at $11,036,000.
- Kayne Anderson MLP Invt Co: 156,427 shares valued at $5,741,000.
- Powershares ETF Trust II Senior Ln Port: 163,018 shares valued at $4,042,000.
- ISHARES MRG RL ES CP ETF: 152,394 shares valued at $1,869,000.
- Asset Classes: The portfolio is diversified across individual equities (e.g., Apple, Exxon Mobil, AT&T) and a significant allocation to ETFs covering bonds, international markets, and specific sectors like energy and healthcare.
- Voting Authority: The company reports "Sole" voting authority for SWS Group Inc. and "Discretionary" authority for the majority of other holdings, with some shared authority noted.
Material Changes Versus Prior Period
The filing text does not provide a clear value for material changes compared to the prior comparable period. Form 13F filings typically list current holdings but do not explicitly state the net change in shares or value from the previous quarter within the data table itself. Analysis of changes would require comparing this dataset against the previous quarter's filing.
Guidance, Outlook, and Risks
The filing text does not provide a clear value for management guidance, future outlook, or specific risk factors. Form 13F is a regulatory disclosure of holdings and does not contain narrative commentary, earnings guidance, or contingency plans. The standard disclaimer notes that the SEC has not reviewed the information for accuracy or completeness.
Important Facts for Investor Verification
- Significant Concentration: Verify the strategic rationale for the large position in SWS Group Inc. ($11.0M) and the substantial self-holding in Hilltop Holdings Inc. ($4.7M).
- ETF Exposure: Confirm the total exposure to fixed income and international markets through the numerous iShares and Powershares ETF positions, which represent a significant portion of the portfolio's diversification.
- Voting Control: Note the "Sole" voting authority over SWS Group Inc., which may indicate a strategic partnership or significant influence, contrasting with the "Discretionary" authority over most other holdings.
- Data Limitations: Investors should be aware that this document reflects holdings as of March 31, 2014, and does not reflect subsequent market movements or portfolio adjustments made after that date.