SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Company: Tompkins Financial Corp
Filing Type: Form 13F-HR (Quarterly Report of Holdings)
Reporting Period: Ended September 30, 2002
Context: This filing discloses the equity securities held by Tompkins Financial Corp, a registered investment adviser, as of the end of the third quarter of 2002. The report details holdings in U.S. and foreign issuers, categorized by voting authority (Sole, Shared, None) and management discretion (Sole, Defined).
Key Financial Metrics
Total Portfolio Value: $233,763,000 (Reported in thousands)
Total Shares Held: 7,404,661 shares
Breakdown by Voting Authority:
- Sole Voting: 6,815,941 shares
- Shared Voting: 31,025 shares
- No Voting: 557,695 shares
- Tompkins Trustco Inc: $35,470,000 (826,814 shares)
- Johnson & Johnson: $7,212,000 (133,367 shares)
- General Electric Co: $9,336,000 (378,927 shares)
- Exxon Mobil Corp: $8,614,000 (270,128 shares)
- Microsoft Corp: $3,181,000 (72,743 shares)
Note: The filing lists Tompkins Trustco Inc as the single largest holding by value, representing approximately 15% of the total reported portfolio value.
Material Changes and Portfolio Composition
Comparison to Prior Period: The provided text contains only the snapshot of holdings as of September 30, 2002. It does not include the prior quarter's data (June 30, 2002) or a schedule of purchases and sales. Therefore, material changes in position size versus the prior period cannot be calculated from this document alone.
Portfolio Concentration: The portfolio is heavily weighted toward large-cap U.S. equities in the financial, technology, healthcare, and energy sectors. Significant positions include major banks (Wells Fargo, Citigroup, Bank of America), technology giants (IBM, Intel, Cisco), and healthcare leaders (Pfizer, Merck, Medtronic).
Discretionary Authority: The majority of holdings are managed under "Sole" discretion. A smaller portion is managed under "Defined" discretion, indicating specific client mandates or separate accounts.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, earnings guidance, or forward-looking outlooks.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the concentration in large-cap equities exposes the portfolio to broad market volatility. The significant holding in Tompkins Trustco Inc (a related entity or affiliate) suggests potential concentration risk specific to the firm's own operations or local market exposure.
Unusual Items: The filing lists holdings in various sectors including telecommunications (WorldCom, which was undergoing significant restructuring in 2002) and energy. The presence of "Defined" authority holdings indicates the firm manages assets for specific clients with distinct mandates.
Investor Verification Checklist
- Related Party Transactions: Verify the nature of the $35.5 million holding in Tompkins Trustco Inc to understand if this represents an affiliate relationship or a strategic investment.
- Portfolio Turnover: Compare this filing with the Q2 2002 13F-HR to determine the actual turnover rate and specific buy/sell activity during the quarter.
- Client Mandates: Investigate the "Defined" authority holdings to understand the specific constraints or strategies of the underlying client accounts.
- Market Exposure: Assess the portfolio's sensitivity to the 2002 market conditions, particularly in the technology and energy sectors which were volatile during this period.
- Valuation Accuracy: Confirm that the reported values (in thousands) align with the market prices of the underlying securities as of September 30, 2002.