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 June 30, 2014. 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 by the firm 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:
- Total Holdings: The portfolio consists of over 150 distinct issuers, including individual equities and Exchange Traded Funds (ETFs).
- Top Holdings by Value: Significant positions include SWS Group Inc. ($10,741,000), ISHARES MRG RL ES CP ETF ($2,174,000), ISHARES IBOXX HI YD ETF ($3,659,000), and ISHARES U.S. PFD STK ETF ($3,851,000).
- Self-Holding: Hilltop Holdings Inc. holds 40,440 shares of its own common stock, valued at $860,000.
- Voting Authority: The firm reports "Sole" voting authority for SWS Group Inc. and "Shared" or "None" authority for various other positions, with the majority of voting rights categorized as "Shared" or "None" depending on the specific security structure.
Material Changes and Portfolio Activity
Note: This filing is a snapshot of holdings as of June 30, 2014. It does not contain comparative data for the prior quarter (March 31, 2014) within this specific text block. Therefore, specific material changes in share counts or values versus the prior period cannot be calculated from this document alone.
However, the presence of significant positions in high-yield bond ETFs (e.g., IBOXX HI YD) and mortgage-related ETFs suggests a strategic allocation toward fixed income and credit markets during this period.
Guidance, Outlook, and Risks
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. The portfolio's heavy weighting in ETFs and specific sectors (such as energy, utilities, and financials) implies exposure to market volatility in those sectors, though specific risk factors are not detailed in this form.
Key Facts for Investor Verification
- Reporting Entity: Hilltop Holdings Inc. is the investment adviser reporting these holdings.
- Reporting Date: June 30, 2014.
- Significant Concentration: The largest single position by value is SWS Group Inc. ($10.7M), followed by various ETFs ranging from $2M to $3.8M.
- Self-Ownership: The firm holds a notable position in its own stock (40,440 shares).
- Data Limitation: This document lists holdings but does not provide total portfolio value, cash positions, or performance metrics for Hilltop Holdings Inc.