SEC Filing Summary: Hilltop Holdings Inc. (Form 13F)
Business Context and Reporting Period
This filing is a Form 13F Information Table submitted by Hilltop Holdings Inc. for the reporting period ending June 30, 2017. As a registered investment adviser, Hilltop Holdings is required to disclose its holdings of equity securities. The filing details the specific stocks, shares, and voting authority held by the firm at the end of the quarter.
Key Financial Metrics and Portfolio Composition
The filing provides a granular list of holdings rather than aggregate financial statements for Hilltop Holdings itself. Key portfolio characteristics include:
- Asset Class: The portfolio consists primarily of common stocks, exchange-traded funds (ETFs), and preferred securities.
- Top Holdings by Share Count: Significant positions include Mitsubishi UFJ Financial Group (503,200 shares), Lattice Semiconductor (300,700 shares), Pan American Silver (249,100 shares), and Twitter (78,630 shares).
- Top Holdings by Value (Approximate): Based on reported values, major positions include Mitsubishi UFJ Financial Group ($3,397,000), Twitter ($1,405,000), and various large-cap ETFs such as the iShares Russell 1000 ETF ($8,403,000).
- Investment Discretion: The firm reports "Discretionary" authority for the vast majority of positions, with some shared authority noted.
- Derivatives: The filing lists "Put" and "Call" columns, but no specific derivative positions (options) are reported with non-zero values in the provided text.
Material Changes and Portfolio Activity
The filing lists holdings as of the period end. It does not provide a comparative table against the prior quarter (March 31, 2017) to explicitly calculate net purchases or sales. However, the presence of specific share counts allows for the identification of active positions. The portfolio demonstrates a diversified approach with exposure to:
- Technology: Apple, Microsoft, Alphabet, Intel, and Lattice Semiconductor.
- Financials: JPMorgan Chase, Bank of America, Wells Fargo, and Mitsubishi UFJ.
- Healthcare: Pfizer, Merck, UnitedHealth Group, and AbbVie.
- Energy: Exxon Mobil, Chevron, and Occidental Petroleum.
- ETFs: Extensive holdings in iShares, Vanguard, and PowerShares ETFs covering broad market indices, sectors, and fixed income.
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings are strictly informational 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 market risk associated with the specific equity and ETF holdings listed. No specific legal contingencies or unusual items are detailed in this format.
Investor Verification Checklist
- Portfolio Concentration: Verify the percentage of total assets represented by the largest single holdings (e.g., Mitsubishi UFJ, Lattice Semiconductor) to assess concentration risk.
- ETF Exposure: Analyze the specific ETFs held (e.g., iShares Russell 1000, Vanguard Total Stock Market) to understand the firm's passive market beta exposure versus active stock picking.
- Voting Authority: Review the "Voting Authority" columns to confirm the extent of the firm's control over the reported shares (Sole vs. Shared).
- Derivative Activity: Confirm that the "Put" and "Call" columns remain empty, indicating no reported short positions or option hedging strategies in this specific filing.
- Valuation Accuracy: Note that the "Value" column is reported in thousands; ensure calculations for total portfolio value account for this scaling factor.