SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Tompkins Financial Corp
Filing Type: Form 13F Information Table (Schedule of Holdings)
Reporting Period: Quarter ended December 31, 2014
Context: This filing discloses the equity securities held by Tompkins Financial Corp at the end of the reporting period. As a Form 13F, this document details investment positions rather than the company's own operating financial results.
Key Financial Metrics and Portfolio Composition
The filing provides a comprehensive list of equity holdings, including common stocks, exchange-traded funds (ETFs), and international securities. Key portfolio characteristics include:
- Top Holdings by Value: The portfolio is heavily weighted toward large-cap U.S. equities and broad market ETFs. Significant positions include:
- General Electric Co: ~$4.1 million (173,062 shares)
- International Business Machines (IBM): ~$5.6 million (29,368 shares)
- Exxon Mobil Corp: ~$6.5 million (71,416 shares)
- Microsoft Corp: ~$3.1 million (88,462 shares)
- Johnson & Johnson: ~$3.7 million (42,547 shares)
- Procter & Gamble Co: ~$3.0 million (39,073 shares)
- Significant ETF Exposure: The portfolio holds substantial positions in index funds, including:
- PowerShares S&P 500 Portfolio (SPY): ~$15.3 million (491,083 shares)
- Vanguard Tax-Managed International Fund: ~$26.4 million (740,955 shares)
- WisdomTree Emerging Markets Equity Fund: ~$15.3 million (316,226 shares)
- iShares Barclays Aggregate Bond Fund: ~$23.1 million (215,098 shares)
- Self-Holding: Tompkins Financial Corp holds a significant position in its own stock (Tompkins Financial Corp), valued at approximately $24 million (532,291 shares total across sole and shared discretion).
Material Changes and Voting Authority
Voting Authority: The filing distinguishes between "Sole," "Shared," and "None" voting authority.
- Sole Discretion: The majority of holdings are managed with sole voting authority, indicating direct control over voting decisions for those shares.
- Shared Discretion: A portion of holdings (e.g., in General Electric, Pfizer, and Microsoft) are held with shared voting authority, suggesting co-management or client-directed voting rights.
- None: Some positions, particularly in ETFs or specific structured products, list "None" for voting authority.
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: The filing does not disclose specific risks or contingencies related to the company's operations. However, the portfolio composition reveals exposure to:
- Market Risk: Heavy concentration in large-cap U.S. equities and broad market indices.
- International Exposure: Significant holdings in international ETFs (e.g., Emerging Markets, Canada, Brazil) and foreign issuers (e.g., AstraZeneca, Royal Dutch Shell).
- Sector Concentration: Notable exposure to Financials, Healthcare, Technology, and Energy sectors.
Key Facts for Investor Verification
- Portfolio Concentration: Verify the total value of the portfolio and the percentage allocated to the top 10 holdings to assess concentration risk.
- Self-Holding: Confirm the size of the Tompkins Financial Corp position relative to the total portfolio value, as this represents a significant internal stake.
- ETF vs. Individual Stock Ratio: Determine the proportion of the portfolio held in ETFs versus individual stocks to understand the investment strategy (passive vs. active).
- Voting Rights: Review the "Shared" vs. "Sole" voting authority columns to understand the extent of control Tompkins Financial Corp has over its investments.
- Comparison to Prior Period: Compare this filing with the Q3 2014 13F to identify any significant additions or deletions in the portfolio.