SEC Filing Summary: Westwood Holdings Group Inc
Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Westwood Holdings Group Inc, a registered investment adviser. The report details the portfolio of securities held as of the reporting period ending September 30, 2019. The filing discloses holdings in equity securities, convertible bonds, and exchange-traded funds (ETFs) for which the manager has investment discretion.
Key Financial Metrics and Portfolio Composition
As a Form 13F filing, this document does not report the company's own revenue, profit, or cash flow. Instead, it discloses the aggregate value of securities held by the fund. Key portfolio metrics include:
- Total Portfolio Value: The filing lists hundreds of individual positions with values ranging from approximately $93,000 (58.com Inc) to over $229 million (AT&T Inc). The aggregate value of the reported portfolio is substantial, indicating a large institutional asset base.
- Asset Classes: The portfolio is diversified across common stocks (SH), convertible bonds (PRN), and ETFs. Significant holdings include major financial institutions, technology firms, energy companies, and real estate investment trusts (REITs).
- Top Holdings by Value:
- AT&T Inc: $229,092,000 (6,054,237 shares)
- Bank of America Corp: $192,370,000 (6,594,781 shares)
- Home Depot Inc: $170,912,000 (736,626 shares)
- JPMorgan Chase & Co: $169,079,000 (1,436,647 shares)
- Microsoft Corp: $140,718,000 (1,012,141 shares)
- Convertible Bond Exposure: The portfolio holds significant principal amounts in convertible bonds, including Tesla Energy Operations ($31,000,000), Teva Pharm Fin Co ($29,005,000), and Trip.com Group ($26,000,000).
Material Changes and Voting Authority
This filing represents a snapshot of holdings at a single point in time (September 30, 2019) and does not provide comparative data against the prior quarter (June 30, 2019) within this specific text. Therefore, material changes in position size cannot be calculated from this document alone.
Voting Authority: For the majority of equity positions, Westwood Holdings Group Inc reports Sole voting authority. In several instances (e.g., Abbott Laboratories, Accenture, Activision Blizzard), the manager reports Shared voting authority, indicating that some voting rights are held by other parties or the beneficial owner.
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings are strictly quantitative 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. The primary risk disclosed implicitly is the concentration of assets in specific sectors (e.g., Financials, Technology, Energy) and the exposure to convertible debt instruments which carry credit and interest rate risks.
Investor Verification Checklist
- Portfolio Concentration: Verify the percentage of total assets allocated to the top 10 holdings (e.g., AT&T, Bank of America, Home Depot) to assess concentration risk.
- Convertible Bond Valuation: Confirm the market value of the large convertible bond positions (e.g., Tesla, Teva, Trip.com) as these can be volatile and differ significantly from principal amounts.
- Shared Voting Rights: Investigate the specific agreements regarding positions with "Shared" voting authority to understand the extent of the manager's control.
- Quarterly Comparison: Compare this September 30, 2019 filing with the June 30, 2019 filing to identify significant buy/sell activity and sector rotation.
- ETF Holdings: Review the underlying assets of the numerous ETF holdings (e.g., iShares, Vanguard, SPDR) to determine the true sector exposure of the portfolio.