SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: Regions Bank (filing on behalf of Regions Financial Corp and Morgan Asset Management Inc.)
Reporting Period: Quarter ended September 30, 2008
Filing Date: November 12, 2008
Context: This is a Form 13F Holdings Report disclosing equity securities held by the institutional investment manager. The filing includes holdings for Regions Bank and lists Morgan Asset Management Inc. as an included manager. The report covers 2,060 individual security entries.
Key Financial Metrics
Total Portfolio Value: $7,372,458 (as reported in the summary table; note: this figure likely represents a subset or specific reporting category given the extensive list of large-cap holdings, or the summary table value in the source text is truncated/representative of a specific segment).
Number of Holdings: 2,060 entries.
Top Sector Exposure: The portfolio is heavily diversified across Financials, Energy, Healthcare, Technology, and Consumer Staples.
Notable Large Positions (Value in thousands):
- Regions Financial Corp: $120,012 (Combined Defined and Discretionary)
- Exxon Mobil Corp: $289,790
- General Electric Co: $154,841
- Microsoft Corp: $87,387
- Wells Fargo & Co: $91,807
- Verizon Communications: $82,202
- Procter & Gamble Co: $138,917
- Wal-Mart Stores Inc: $101,568
Material Changes
The filing text provided is a snapshot of holdings as of September 30, 2008. It does not contain comparative data from the prior quarter (June 30, 2008) to calculate specific percentage changes in position sizes or total portfolio value. Therefore, material changes versus the prior period cannot be determined from this document alone.
Guidance, Outlook, and Risks
Guidance/Outlook: Form 13F filings are historical disclosures of holdings and do not contain forward-looking guidance, earnings outlooks, or management commentary regarding future performance.
Risks/Contingencies: The filing does not disclose specific risk factors or contingencies. However, the portfolio composition reflects significant exposure to the financial sector (including Regions Financial, Bank of America, Citigroup, and Wells Fargo) and the energy sector (Exxon Mobil, Chevron, ConocoPhillips) during the onset of the 2008 financial crisis.
Unusual Items: The report includes a mix of "Defined" (sole voting/discretionary) and "Discretionary" (shared voting/discretionary) authority. The filing also lists "Morgan Asset Management Inc." as an included manager, indicating a consolidated reporting structure.
Investor Verification Checklist
- Portfolio Valuation: Verify the total portfolio value against the sum of individual holdings, as the summary table value ($7.3M) appears inconsistent with the aggregate value of the large-cap positions listed (which total significantly higher).
- Financial Sector Exposure: Assess the concentration risk in regional and national banks (Regions, Bank of America, Citigroup, Wachovia) given the market conditions of late 2008.
- Energy Sector Weighting: Confirm the strategic allocation to energy majors (Exxon, Chevron, ConocoPhillips) relative to oil price volatility at the time.
- Self-Holding: Note the significant position held in the reporting manager's parent company, Regions Financial Corp.
- Manager Attribution: Distinguish between holdings managed directly by Regions Bank versus those managed by the included manager, Morgan Asset Management Inc.