Business Context and Reporting Period
Company: Tompkins Financial Corp
Filing Type: Form 13F-HR (Quarterly Report of Holdings)
Reporting Period: Ended September 30, 2008
This filing discloses the equity securities held by Tompkins Financial Corp, a registered investment adviser. The report details holdings in common stocks, preferred stocks, and exchange-traded funds (ETFs) as of the quarter-end date.
Key Financial Metrics
Total Portfolio Value: $288,297,000 (Reported in thousands)
Total Shares Held: 6,213,356
Voting Authority Breakdown:
- Sole Discretion: 5,782,899 shares
- Shared Discretion: 0 shares
- No Discretion: 430,457 shares
Top Holdings by Value (Selected):
| Issuer | Value ($000s) | Shares |
|---|---|---|
| Tompkins Financial Corp (Own Stock) | 41,826 | 828,244 |
| Exxon Mobil Corp | 10,810 | 139,217 |
| General Electric Co | 5,729 | 224,644 |
| Microsoft Corp | 3,444 | 129,092 |
| Procter & Gamble Co | 4,612 | 66,179 |
| Johnson & Johnson | 4,849 | 70,000 |
| Wells Fargo & Co | 2,829 | 76,359 |
| Target Corp | 2,526 | 52,913 |
| Verizon Communications | 1,749 | 54,732 |
| United Technologies Corp | 2,456 | 41,517 |
Material Changes and Portfolio Composition
Significant Concentration: The portfolio includes a substantial position in the reporting company's own stock (Tompkins Financial Corp), valued at approximately $41.8 million, representing roughly 14.5% of the total reported portfolio value.
ETF Exposure: The filing indicates significant exposure to index funds, particularly the iShares MSCI EAFE Index Fund (valued at $37.4 million) and the iShares S&P MidCap 400 (valued at $17.0 million).
Industry Sectors: The portfolio is diversified across financials, energy, technology, healthcare, and consumer staples. Notable energy holdings include Exxon Mobil, Chevron, and ConocoPhillips. Technology holdings include Microsoft, Intel, and Cisco Systems.
Comparison to Prior Period: As this is a standalone text extract of the holdings table, specific quantitative changes (increases or decreases) compared to the prior quarter (June 30, 2008) cannot be calculated from the provided data.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: No specific risks or contingencies are disclosed in this document. However, the concentration in own stock and large-cap equities implies exposure to market volatility and sector-specific risks prevalent in the third quarter of 2008.
Unusual Items: The filing lists holdings with "Defined" discretion (e.g., defined benefit plans) alongside "Sole" discretion. For example, Tompkins Financial Corp holds 55,017 shares of its own stock under "Defined" authority, separate from the 762,758 shares under "Sole" authority.
Key Facts for Investor Verification
- Own Stock Position: Verify the rationale for holding $41.8 million of Tompkins Financial Corp stock, which is a significant portion of the reported portfolio.
- Discretionary Authority: Confirm the split between "Sole" (93.4% of shares) and "Defined" (6.6% of shares) voting authority to understand the scope of the adviser's control.
- Valuation Context: Note that the reported values are based on market prices as of September 30, 2008, a period of significant financial market stress; current valuations would differ substantially.
- ETF Weighting: Assess the impact of the $37.4 million position in the iShares MSCI EAFE Index Fund on the portfolio's geographic diversification.
- Missing Data: The filing text does not provide the total assets under management (AUM) for the firm, only the value of the specific securities reported in this table.