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 March 31, 2002
Context: This filing discloses the equity securities held by Tompkins Financial Corp, a registered investment adviser, as of the end of the first quarter of 2002. The report details holdings across various sectors, including financials, technology, healthcare, and consumer staples.
Key Financial Metrics
Total Portfolio Value: $271,177,000 (Reported in thousands)
Total Shares Held: 6,814,471 shares
Breakdown of Voting Authority:
- Sole Discretion: 6,246,586 shares
- Shared Discretion: 31,625 shares
- None (Defined/Other): 536,260 shares
- Tompkins Trust Co Inc: $33,973,000 (805,070 shares)
- General Electric Co: $12,539,000 (334,844 shares)
- Exxon Mobil Corp: $11,322,000 (258,388 shares)
- Johnson & Johnson: $6,799,000 (104,684 shares)
- Intel Corp: $5,804,000 (190,923 shares)
Material Changes and Observations
Self-Holding: The largest single position is in the reporting company's own subsidiary, Tompkins Trust Co Inc, valued at approximately $34 million, representing roughly 12.5% of the total reported portfolio value.
Technology Sector: The portfolio holds substantial positions in major technology firms including Microsoft ($4.1M), Cisco Systems ($1.5M), and Sun Microsystems ($1.1M), reflecting the market composition of early 2002.
Energy Sector: Significant exposure to energy companies, led by Exxon Mobil ($11.3M) and ChevronTexaco ($1.7M).
Comparison: As a standalone 13F filing without prior period data in the text, specific quarter-over-quarter changes in share counts or values cannot be calculated. The filing represents a snapshot of holdings as of March 31, 2002.
Guidance, Risks, and Contingencies
Guidance and Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, earnings projections, or management commentary regarding future strategy.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the concentration in large-cap equities exposes the portfolio to general market volatility. The significant holding in the reporting company's own subsidiary (Tompkins Trust Co) indicates a potential conflict of interest or internal investment strategy that investors should review in conjunction with other corporate filings.
Unusual Items: The filing lists holdings with "Defined" voting authority (e.g., AES Corp, AOL Time Warner, Amazon.com), indicating these shares are held in accounts where the investment adviser does not have sole discretion to vote.
Key Facts for Investor Verification
- Portfolio Concentration: Verify the impact of the $34 million holding in Tompkins Trust Co Inc on the overall risk profile and potential conflicts of interest.
- Technology Exposure: Assess the valuation of technology holdings (Microsoft, Cisco, Intel) given the market conditions of early 2002 following the dot-com correction.
- Voting Rights: Note that approximately 7.9% of total shares (536,260 shares) are held with "None" voting authority, meaning Tompkins Financial Corp does not control the voting for these positions.
- Financial Sector Weighting: Confirm the strategic rationale for heavy weighting in financial institutions (Citigroup, Bank of America, JP Morgan Chase) during a period of banking sector consolidation.
- Data Completeness: Ensure this 13F-HR is cross-referenced with the company's 10-K or 10-Q for the same period to understand the broader financial health of Tompkins Financial Corp beyond its investment portfolio.