SEC Filing Summary: Hilltop Holdings Inc. (Form 13F)
Business Context and Reporting Period
Company: Hilltop Holdings Inc.
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: Quarter ended March 31, 2022
Context: This filing discloses the equity securities held by Hilltop Holdings Inc. as of the end of the first quarter of 2022. As a Form 13F, this document details investment positions rather than the company's own operating financial results.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists a diversified portfolio of common stocks, preferred stocks, and Exchange Traded Funds (ETFs). The data is presented in thousands of dollars (Column 4) and shares (Column 2).
- Top Equity Holdings (by Value):
- Apple Inc.: ~$156.3M (Sole Discretion) + ~$50.5M (Shared Discretion)
- Microsoft Corp: ~$47.5M (Sole Discretion) + ~$15.0M (Shared Discretion)
- Alphabet Inc. (Class A & C): Combined value exceeds $5.0M across classes.
- Amazon.com Inc: ~$3.1M (Sole Discretion) + ~$0.6M (Shared Discretion)
- Meta Platforms Inc: ~$2.3M (Sole Discretion) + ~$7.7M (Shared Discretion)
- Significant ETF Positions:
- SPDR Portfolio Short Term Treasury ETF: ~$434.4M (Sole Discretion)
- SPDR Gold Trust: ~$152.7M (Sole Discretion)
- BlackRock Tax Municipal Bond Trust: ~$187.2M (Sole Discretion)
- Invesco DB Commodity Index Tracking Fund: ~$133.4M (Sole Discretion)
- Derivatives: The filing includes positions in Call and Put options for various issuers (e.g., Amazon, Block Inc, Invesco QQQ, Lithium Americas), indicating active hedging or leverage strategies.
Material Changes and Voting Authority
Voting Authority: The filing distinguishes between "Sole," "Shared," and "None" voting authority. A significant portion of the portfolio is held with "Sole" voting authority, while others are "Shared," likely reflecting different fund structures or client mandates managed by Hilltop.
Comparison to Prior Period: This filing is a snapshot of holdings as of March 31, 2022. The provided text does not contain the prior quarter's data (December 31, 2021) within this specific document, so quantitative material changes (buy/sell activity) cannot be calculated from this source alone.
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, earnings guidance, or forward-looking statements regarding the company's own operations.
Risks and Contingencies:
- Market Exposure: The portfolio shows significant exposure to large-cap technology (Apple, Microsoft, Alphabet), financials, and energy sectors.
- Commodity Exposure: Substantial holdings in Gold (SPDR Gold Trust) and broad commodity indices suggest a hedge against inflation or currency devaluation.
- Fixed Income: Large allocations to short-term Treasuries and municipal bonds indicate a focus on liquidity and yield preservation.
Key Facts for Investor Verification
- Concentration Risk: Verify the total portfolio value to assess the concentration of the top 10 holdings, particularly the heavy weighting in Apple and Microsoft.
- Derivative Usage: Investigate the specific terms of the Call and Put options listed (e.g., strike prices, expiration dates) to understand the risk profile of these positions.
- Discretionary Split: Note the distinction between "Sole" and "Shared" discretion; this indicates Hilltop manages assets for third parties or different internal funds with varying control levels.
- Self-Holding: Hilltop Holdings Inc. holds its own stock (HILLTOP HOLDINGS INC COM) with a value of approximately $25.8M (Sole) and $1.1M (Shared).
- Valuation Basis: All values are reported in thousands; ensure calculations account for this multiplier when aggregating total assets.