SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Tompkins Financial Corp
Filing Type: Form 13F Information Table (Statement of Holdings)
Reporting Period: Second Quarter ended June 30, 2023
Context: This filing discloses the equity securities held by Tompkins Financial Corp as a registered investment adviser. It details the issuer, class of security, quantity held, and voting authority (Sole, Shared, or Discretionary) for each position.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists a diversified portfolio of common stocks, exchange-traded funds (ETFs), and closed-end funds. The data provided includes share counts and approximate market values for each holding.
- Top Equity Holdings (by Value):
- Microsoft Corp: ~$38.8M (Combined Sole/Discretionary)
- Apple Inc: ~$40.1M (Combined Sole/Discretionary)
- Amazon.com Inc: ~$8.7M (Combined Sole/Discretionary)
- Alphabet Inc (Class A): ~$8.6M (Combined Sole/Discretionary)
- Verizon Communications: ~$7.1M (Combined Sole/Discretionary)
- Significant ETF Exposure:
- Vanguard FTSE Developed Markets ETF: ~$30.4M (Combined)
- BlackRock iShares Russell Top 200 ETF: ~$19.5M (Combined)
- BlackRock iShares Core S&P Mid-Cap ETF: ~$14.3M (Combined)
- Self-Holding: Tompkins Financial Corp holds approximately $64.8M of its own common stock (715,745 shares discretionary + 446,869 shares sole).
Financial Metrics Note: As a Form 13F, this document does not report Tompkins Financial Corp's own revenue, profit, cash flow, or debt levels. It strictly reports the value of assets under management or held for proprietary accounts.
Material Changes and Voting Authority
Voting Authority Distribution: The portfolio is split between "Sole" voting authority (managed directly by Tompkins) and "Discretionary" authority (managed on behalf of clients).
- Sole Authority: Significant positions in Microsoft, Apple, Amazon, and the company's own stock are held with sole voting authority.
- Discretionary Authority: Large blocks of holdings in companies like Verizon, Cisco Systems, and various ETFs are held with discretionary authority, indicating client assets.
Comparison to Prior Period: The filing text provided does not contain data for the prior quarter (March 31, 2023); therefore, material changes in position size or new entries cannot be calculated from this document alone.
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies:
- Market Risk: The portfolio is heavily weighted toward large-cap U.S. equities and broad market ETFs, exposing the holdings to general market volatility.
- Concentration Risk: Significant exposure to the Technology sector (Microsoft, Apple, Alphabet, Amazon, Cisco, NVIDIA).
- Regulatory Note: The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy or completeness.
Investor Verification Checklist
- Verify Total Assets Under Management (AUM): Sum the "Value" column to estimate total reported equity holdings and compare against the company's 10-Q for total assets.
- Check for Derivatives: Review the "Put/Call" column; this filing shows no open put or call options, indicating a long-only equity strategy for reported positions.
- Confirm Self-Holding: Verify the 1.16 million shares of Tompkins Financial Corp stock held against the company's treasury stock records.
- Assess Sector Concentration: Analyze the weight of Technology and Financial sector holdings relative to the S&P 500 benchmark.
- Review Voting Rights: Confirm the split between Sole and Discretionary authority to understand the proportion of proprietary vs. client assets.