Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Tompkins Financial Corp for the reporting period ending June 30, 2019. The document discloses the company's holdings of equity securities and exchange-traded funds (ETFs) as required by the Securities and Exchange Commission. It does not contain operational financial statements for Tompkins Financial Corp itself.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio of equities and ETFs. Key metrics derived from the table include:
- Total Portfolio Value: The aggregate value of reported holdings is approximately $3.3 billion (sum of Column 4 values).
- Top Holdings by Value:
- Goldman Sachs ETF Tr ActiveBeta Int: ~$903.8 million
- WisdomTree Tr EM Ex St-Owned: ~$433.8 million
- Ishares Tr Min Vol USA ETF: ~$343.3 million
- Ishares Inc Core Msci Emkt: ~$315.4 million
- Ishares S&P 500 Revenue: ~$408.5 million
- Self-Holding: Tompkins Financial Corp holds approximately $472.6 million of its own stock (Tompkins Financial Corp, CUSIP 890110109), split between sole and shared voting authority.
- Asset Classes: The portfolio is heavily weighted toward large-cap U.S. equities, international equities, and various sector-specific and factor-based ETFs (e.g., Low Volatility, Dividend, Small Cap).
Material Changes and Voting Authority
As a quarterly snapshot, this filing does not provide comparative data against the prior period (March 31, 2019) to calculate material changes in holdings. However, the table distinguishes voting authority:
- Sole Discretion: The majority of holdings are managed with sole voting authority.
- Shared/None: Certain positions, such as specific holdings in Alphabet Inc., Amazon.com Inc., and Berkshire Hathaway Inc., show shared voting authority or "None" in specific columns, indicating complex ownership structures or fund-level voting arrangements.
Guidance, Outlook, and Risks
Management Commentary: This filing is a regulatory disclosure of holdings and contains no management commentary, forward-looking guidance, or strategic outlook.
Risks and Contingencies: The filing includes a standard disclaimer stating that the SEC has not reviewed the information for accuracy. The portfolio's heavy reliance on ETFs and large-cap equities exposes the company to broad market volatility, interest rate risk (via bond ETFs), and currency risk (via international holdings).
Important Facts for Investor Verification
- Portfolio Concentration: Verify the impact of the top 5 holdings (all ETFs) which represent a significant portion of the reported asset value.
- Self-Holding Size: Confirm the strategic intent behind holding ~$472 million of Tompkins Financial Corp stock, which may relate to capital management or employee benefit plans.
- ETF Exposure: Assess the specific risk factors of the large allocations to "Low Volatility" and "Emerging Markets" ETFs, which may behave differently than the broader market.
- Reporting Limitations: Note that this document does not disclose derivatives, short positions, or non-equity assets (such as loans or cash reserves) held by the bank.