SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Tompkins Financial Corp
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: Ended September 30, 2014
Context: This filing discloses the equity securities held by Tompkins Financial Corp as a registered investment manager. The report details holdings in individual equities, exchange-traded funds (ETFs), and international securities, categorized by voting authority (Sole, Shared, or None).
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists hundreds of individual positions. The portfolio is heavily weighted toward large-cap U.S. equities, international equities, and a significant allocation to ETFs covering various sectors and asset classes.
Top Holdings by Value (Selected Examples):
- General Electric Co: $173,718,000 (Sole Voting: $154,596,000)
- Intel Corp: $100,430,000 (Sole Voting: $92,479,000)
- Microsoft Corp: $98,336,000 (Sole Voting: $92,275,000)
- Pfizer Inc: $109,826,000 (Sole Voting: $94,435,000)
- Exxon Mobil Corp: $64,809,000 (Sole Voting: $57,895,000)
- Apple Inc: $40,864,000 (Sole Voting: $38,570,000)
- Johnson & Johnson: $47,285,000 (Sole Voting: $44,265,000)
- Procter & Gamble Co: $37,668,000 (Sole Voting: $35,112,000)
Significant ETF Holdings:
- Vanguard Tax Managed Intl Fd: $869,568,000 (Sole Voting: $857,230,000)
- WisdomTree Tr Emg Mkts Smcap: $316,192,000 (Sole Voting: $310,535,000)
- WisdomTree Tr Emerg Mkts: $253,865,000 (Sole Voting: $246,866,000)
- Powershares ETF Tr II S&P500 Low Vol: $292,120,000 (Sole Voting: $290,520,000)
- Ishares Tr Core US Aggbd Et: $384,237,000 (Sole Voting: $381,485,000)
Self-Holding: Tompkins Financial Corp holds 21,365 shares of its own stock valued at $484,789,000 (Sole Voting: $459,641,000).
Financial Metrics Not Provided: As a Form 13F, this filing does not contain revenue, profit, cash flow, margins, debt, or liquidity data for Tompkins Financial Corp itself. It only reports the market value of securities held.
Material Changes and Voting Authority
Voting Authority Distribution: The majority of holdings are reported under "Sole" voting authority. A significant portion of holdings, particularly in large-cap stocks and ETFs, are reported under "Shared" or "None" authority, indicating the presence of other investment managers or custodial arrangements for those specific blocks of shares.
Comparison to Prior Period: This filing is a snapshot of holdings as of September 30, 2014. The provided text does not contain the prior quarter's data (June 30, 2014) within the same document, so specific material changes (increases or decreases in positions) cannot be calculated from this source alone.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not include management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: No specific risks or contingencies are disclosed in this filing type. The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy or completeness.
Unusual Items: The portfolio shows a very large concentration in international and emerging market ETFs (Vanguard, WisdomTree) relative to many individual stock positions, suggesting a significant strategic allocation to passive international exposure.
Key Facts for Investor Verification
- Portfolio Concentration: Verify the total aggregate value of the portfolio to understand the scale of assets under management relative to the company's size.
- Self-Holding: Confirm the extent of the company's own stock holdings ($484.8M) and the voting control retained (Sole vs. Shared).
- Passive vs. Active: Note the heavy reliance on ETFs (e.g., WisdomTree, Vanguard, iShares) which may indicate a passive investment strategy for a large portion of the portfolio.
- International Exposure: Verify the specific exposure to Emerging Markets and International Developed markets given the large values in WisdomTree and Vanguard international funds.
- Top 10 Holdings: Cross-reference the top individual stock holdings (GE, Intel, Microsoft, Pfizer) with the company's investment mandate to ensure alignment with stated strategy.