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, 2013. As a registered investment adviser, Hilltop Holdings is required to disclose its holdings of 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 Reported Positions: The table lists over 100 distinct equity and ETF positions.
- Largest Single Holding: The firm holds a significant position in its own stock, Hilltop Holdings Inc. (CUSIP 432748101), with a reported value of $5,157,000 (314,432 shares).
- Top External Holdings by Value:
- SWS Group Inc.: $8,041,000 (1,475,387 shares) - Sole voting authority.
- Kayne Anderson MLP Investment Co.: $6,723,000 (172,926 shares).
- ISHARES TR BARCLYS 1-3YR CR: $10,137,000 (96,513 shares).
- ISHARES TR MRTG PLS CAP IDX: $2,841,000 (224,377 shares).
- Asset Classes: The portfolio includes a mix of individual equities (e.g., Apple, Exxon Mobil, General Electric) and Exchange Traded Funds (ETFs) focusing on bonds, commodities (Gold/Silver), and sector-specific indices.
Material Changes and Voting Authority
This filing is a snapshot of holdings at a specific date and does not provide comparative data against the prior quarter (March 31, 2013) within the text provided. Therefore, material changes in position size cannot be calculated from this document alone.
Voting Authority: The vast majority of positions are held with "Discretionary" authority. Voting rights are categorized as:
- Sole: The firm has sole voting authority for the SWS Group Inc. position.
- Shared: Many positions, including the large holding in Hilltop Holdings Inc. itself, have shared voting authority.
- None: Several ETF positions (e.g., ISHARES TR DJ US ENERGY) list "None" for voting authority.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are regulatory disclosures of holdings 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 portfolio composition indicates exposure to various market sectors including energy, financials, technology, and commodities, implying standard market risk exposure.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio by summing the "Value" column, noting that the filing lists values in thousands ($1,000).
- Confirm the distinction between "Sole" and "Shared" voting authority for the significant position in SWS Group Inc. versus the firm's own stock.
- Review the concentration of holdings in fixed-income ETFs (e.g., Barclays, iShares Mortgage) to assess interest rate risk exposure.
- Check subsequent filings (e.g., for September 30, 2013) to determine if the large position in SWS Group Inc. was maintained or liquidated.
- Note that the filing does not disclose short positions or derivatives other than the specific "Put/Call" column which appears empty for all listed items.