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, 2013. As a registered investment adviser, Hilltop Holdings is required to disclose its holdings in equity securities. The filing details the specific stocks, exchange-traded funds (ETFs), and other equity instruments held by the firm at the end of the quarter.
Key Financial Metrics and Portfolio Composition
The filing provides a granular list of holdings but does not contain aggregate financial statements (e.g., total revenue, net income, or cash flow) for Hilltop Holdings Inc. itself. Instead, it reports the value and quantity of securities held:
- Top Holdings by Value: The portfolio is heavily weighted toward Hilltop Holdings Inc. common stock (372,626 shares valued at $8,619,000) and SWS Group Inc. (1,475,387 shares valued at $8,970,000).
- Significant Equity Positions: Notable positions include Exxon Mobil Corp ($2,580,000), General Electric Co ($1,325,000), Apple Inc ($1,411,000), and AT&T Inc ($845,000).
- ETF Exposure: The firm holds significant positions in various iShares and SPDR ETFs, including iShares MBS ETF ($5,064,000), iShares MRG RL ES CP ETF ($2,541,000), and SPDR Series Trust S&P Divid ETF ($4,611,000).
- Voting Authority: The firm reports "Sole" voting authority for SWS Group Inc. and "Shared" or "None" authority for most other positions, indicating varying levels of control or co-management.
Material Changes and Portfolio Activity
The filing text does not provide a comparative table against the prior quarter (September 30, 2013) to explicitly quantify material changes in holdings. However, the presence of specific share counts and values allows for the identification of the portfolio's composition at the snapshot date. The filing indicates a diversified portfolio spanning financials, energy, technology, consumer staples, and fixed-income proxies via ETFs.
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 or completeness. The primary risk inherent in this document is the potential for data entry errors or the lag time between the reporting period end and the public filing date.
Key Facts for Investor Verification
- Self-Holding: Verify the significant position in Hilltop Holdings Inc. stock (372,626 shares), which represents a substantial portion of the reported portfolio value.
- Concentration Risk: Assess the concentration in SWS Group Inc. (1.47 million shares) and the top 10 equity holdings to understand portfolio diversification.
- ETF Strategy: Review the specific ETF holdings (e.g., Mortgage-Backed Securities, High Yield, Dividend) to infer the firm's fixed-income and sector rotation strategies.
- Valuation Basis: Note that values are reported in thousands (e.g., $8,619 represents $8,619,000) and reflect the market value as of December 31, 2013.