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 September 30, 2016. As a registered investment adviser, Hilltop Holdings is required to disclose its holdings in 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), and Ishares MSCI Japan ETF (279,868 shares).
- Top Holdings by Value: Based on the reported value (in thousands), major positions include Mitsubishi UFJ Financial Group ($2,541k), Lattice Semiconductor ($1,952k), and Ishares MSCI Japan ETF ($3,510k).
- Investment Discretion: The firm reports "Discretionary" authority for all listed positions.
- Voting Authority: Voting rights are categorized as Sole, Shared, or None. Many positions show "Shared" voting authority, indicating co-management or specific account structures.
Material Changes and Portfolio Activity
The filing lists individual securities with their respective share counts and values as of the period end. It does not provide a comparative table against the prior quarter (June 30, 2016) to explicitly quantify net purchases or sales. However, the presence of specific holdings indicates the active management of a diversified portfolio spanning technology, healthcare, financials, and energy sectors.
Guidance, Outlook, and Risks
Management Commentary: This filing is a statutory disclosure of holdings and contains no management commentary, forward-looking guidance, or strategic outlook for Hilltop Holdings Inc.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. No specific risk factors or contingencies regarding the firm's operations are disclosed in this document.
Investor Verification Checklist
- Portfolio Concentration: Verify the percentage of total assets allocated to the top 10 holdings (e.g., Mitsubishi UFJ, Lattice Semiconductor, Ishares MSCI Japan) to assess concentration risk.
- Valuation Accuracy: Confirm that the "Value" column (reported in thousands) aligns with market prices as of September 30, 2016, for the reported share counts.
- Voting Rights: Review the "Shared" vs. "Sole" voting authority columns to understand the firm's control over the reported assets.
- ETF Exposure: Analyze the significant holdings in ETFs (e.g., Ishares, Vanguard, SPDR) to determine the firm's exposure to passive index strategies versus active stock picking.
- Self-Holding: Note the firm holds 11,055 shares of its own stock (Hilltop Holdings Inc.) with shared voting authority.