SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Wealthfront Corp
Filing Type: Form 13F Information Table
Reporting Period: Quarter ended September 30, 2018
Context: This filing discloses the equity securities held by Wealthfront Corp, a registered investment adviser, as of the end of the third quarter of 2018. The table lists holdings where the adviser has sole, shared, or discretionary voting authority.
Key Financial Metrics and Portfolio Composition
Total Portfolio Value: The filing lists individual security values but does not explicitly state a grand total for the entire portfolio in the text provided. However, the top holdings indicate a portfolio valued in the hundreds of millions of dollars.
Top Holdings by Value (Selected):
- Vanguard Tax Managed Int'l FD: $29,146,107 (1,261,152 shares)
- Schwab Strategic Tr Int'l Eqty ETF: $28,091,484 (941,907 shares)
- Vanguard Int'l Equity Index FD: $23,683,352 (971,017 shares)
- iShares Inc Core MSCI EMKT: $14,326,332 (741,817 shares)
- Vanguard Mun Bd FD Inc: $11,577,146 (584,762 shares)
Asset Class Breakdown: The portfolio is heavily weighted toward Exchange Traded Funds (ETFs) and mutual funds, particularly those focused on international equities, total stock markets, and municipal bonds. Direct equity holdings in individual corporations (e.g., Bank of America, Microsoft, Apple) are present but represent smaller individual positions compared to the fund holdings.
Voting Authority: Wealthfront Corp reports "Sole" voting authority for all listed securities. No "Shared" or "None" authority is indicated in the provided data.
Material Changes vs. Prior Period
Data Limitation: This filing is a snapshot of holdings as of September 30, 2018. The provided text does not contain the prior quarter's (June 30, 2018) data or a comparative table. Therefore, material changes in position size, new acquisitions, or divestitures cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. No specific business risks, legal contingencies, or unusual items are disclosed in this format.
Investor Verification Checklist
- Portfolio Concentration: Verify the concentration risk in international equity ETFs, which constitute the largest portion of the reported assets.
- Direct vs. Fund Exposure: Confirm the ratio of direct stock ownership (e.g., Apple, Microsoft) versus fund ownership to understand the actual underlying asset allocation.
- Valuation Accuracy: Cross-reference the reported share counts and values with market prices as of September 30, 2018, to ensure the reported values align with historical closing prices.
- Turnover Analysis: Compare this filing with the Q2 2018 13F filing to determine the turnover rate and trading activity of the adviser.
- Regulatory Compliance: Ensure the "Sole" voting authority designation aligns with the investment advisory agreements held by Wealthfront Corp.