SEC Filing Summary: Hilltop Holdings Inc. (Form 13F)
Business Context and Reporting Period
Company: Hilltop Holdings Inc.
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: Ended June 30, 2024
Business Overview: Hilltop Holdings Inc. is a financial holding company that operates as an investment adviser. This filing discloses the equity securities held by the company's investment management accounts as of the end of the second quarter of 2024. The portfolio is diversified across large-cap equities, exchange-traded funds (ETFs), and fixed-income securities.
Key Financial Metrics and Portfolio Composition
Note: Form 13F filings disclose holdings by share count and value but do not report company-level revenue, profit, cash flow, or debt metrics for Hilltop Holdings Inc. itself. The following metrics reflect the reported portfolio holdings.
- Portfolio Structure: The portfolio consists of a mix of individual common stocks and a significant allocation to ETFs covering equities, bonds, and commodities.
- Top Equity Holdings (by Share Count):
- Apple Inc.: 151,198 shares (Combined Class A and B)
- Microsoft Corp: 39,409 shares
- Amazon.com Inc: 67,308 shares
- Alphabet Inc: 72,951 shares (Combined Class A and C)
- NVIDIA Corp: 86,887 shares
- Top ETF Holdings (by Share Count):
- SPDR Gold Trust: 75,459 shares
- SPDR S&P 500 ETF Trust: 31,850 shares
- iShares Core S&P 500 ETF: 4,141 shares
- Vanguard S&P 500 ETF: 15,258 shares
- iShares MSCI EAFE ETF: 56,153 shares
- Fixed Income & Alternatives: Significant holdings in bond ETFs (e.g., iShares TIPS, iShares MBS, SPDR Bloomberg High Yield) and commodity-linked funds (e.g., Invesco DB Commodity Index Tracking Units).
Material Changes and Voting Authority
The filing details voting authority for each position, categorized as Sole, Shared, or None.
- Voting Authority: The majority of positions are reported with "Sole" or "Shared" voting authority, indicating active management of these assets. A small number of positions, primarily in certain ETFs or specific tranches, are reported with "None" voting authority.
- Derivatives: The filing includes a call option position on Advanced Micro Devices Inc. (AMD) with a value of $7,591,428, representing a hedging or speculative strategy distinct from the long equity positions.
- Comparison: As this is a snapshot of holdings, material changes versus the prior period cannot be calculated without the previous quarter's 13F data. However, the presence of specific tickers (e.g., SoundHound AI, Palantir Technologies) indicates exposure to high-growth technology and AI sectors.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings do not contain management commentary, forward-looking guidance, or strategic outlooks. They are strictly regulatory disclosures of holdings.
Risks and Contingencies:
- Concentration Risk: The portfolio has significant exposure to the Technology sector (Apple, Microsoft, NVIDIA, Alphabet, AMD) and Financials (JPMorgan, Bank of America, BlackRock).
- Market Risk: Heavy allocation to broad market ETFs (S&P 500, MSCI EAFE) exposes the portfolio to general market volatility.
- Commodity Risk: Substantial holdings in Gold (SPDR Gold Trust, iShares Gold Trust) and Commodities (Invesco DB Commodity) indicate a hedge against inflation or a specific commodity outlook.
Key Facts for Investor Verification
- Self-Holding: Hilltop Holdings Inc. holds 12,798 shares of its own common stock (HILL) as of June 30, 2024.
- Derivative Exposure: Verify the intent behind the $7.6 million call option position on Advanced Micro Devices (AMD).
- ETF Weighting: Assess the total weight of passive ETF holdings versus active stock picking to understand the management style.
- Gold Allocation: Confirm the strategic rationale for the combined ~75,000 shares of gold-backed ETFs in the portfolio.
- Regulatory Status: Note that the SEC has not reviewed the accuracy of this filing; investors should verify data against the company's official 10-Q or 10-K filings for financial performance metrics.