SEC Filing Summary: Westwood Holdings Group Inc.
Business Context and Reporting Period
Filing Type: Form 13F Information Table
Company: Westwood Holdings Group Inc.
Reporting Period: Quarter ended December 31, 2019
Context: This filing discloses the equity securities held by Westwood Holdings Group Inc. as a registered investment manager. The data represents holdings as of the end of the quarter and does not reflect the company's own operating financial results (revenue, profit, etc.), but rather its investment portfolio composition.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists a diversified portfolio of common stocks, convertible bonds, preferred shares, and exchange-traded funds (ETFs).
Top Equity Holdings (by Value):
- AT&T Inc.: $206,983,000 (5,296,386 shares)
- Bank of America Corp: $213,186,000 (6,052,967 shares)
- Microsoft Corp: $156,408,000 (991,809 shares)
- Home Depot Inc: $139,613,000 (639,314 shares)
- Johnson & Johnson: $141,105,000 (967,340 shares)
- JPMorgan Chase & Co: $180,232,000 (1,292,909 shares)
- Wells Fargo & Co: $115,489,000 (2,146,629 shares)
- Apple Inc: $135,131,000 (460,177 shares)
- Amazon.com Inc: $32,073,000 (17,357 shares)
- Alphabet Inc (Class C): $2,624,000 (1,962 shares)
- Alphabet Inc: $11,648,000 (10,050,000 principal)
- Booking Holdings Inc: $11,648,000 (10,050,000 principal)
- Exact Sciences Corp: $28,297,000 (24,823,000 principal)
- Trip.com Group Ltd: $30,235,000 (30,500,000 principal)
- Tesla Inc: $26,204,000 (20,400,000 principal)
- Teva Pharm Fin Co: $27,643,000 (29,005,000 principal)
Material Changes vs. Prior Period
Data Limitation: This filing is a snapshot of holdings as of December 31, 2019. The provided text does not contain the prior quarter's (September 30, 2019) data. Therefore, specific material changes, net purchases, or sales 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. The portfolio is exposed to market risks inherent in the listed sectors, including Technology, Financials, Energy, and Healthcare. Significant exposure to convertible bonds introduces interest rate and credit risk.
Investor Verification Checklist
- Portfolio Concentration: Verify the total aggregate value of the portfolio to assess concentration risk in top holdings like AT&T, Bank of America, and Microsoft.
- Convertible Bond Exposure: Review the specific terms and credit ratings of the large convertible bond positions (e.g., Tesla, Trip.com, Exact Sciences) to understand downside risk.
- Voting Authority: Note that for many holdings, voting authority is listed as "Shared" or "None," indicating the manager may not have full control over corporate governance votes for these positions.
- Quarterly Comparison: Compare this list against the Q3 2019 13F filing to identify actual buying and selling activity.
- ETF Holdings: Analyze the specific ETF tickers to determine if the portfolio is actively managed or heavily reliant on passive index tracking.