SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Tompkins Financial Corp
Filing Type: Form 13F Information Table (Schedule of Holdings)
Reporting Period: Quarter ended June 30, 2016
Context: This filing discloses the equity securities held by Tompkins Financial Corp as a registered investment manager. It details the issuer, class of security, CUSIP, value, and voting authority for each holding.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists a diversified portfolio of equities and exchange-traded funds (ETFs). The data provided represents the value of holdings in thousands of dollars (Column 4) and share/principal amounts (Column 5).
Top Holdings by Value (Selected):
- First Trust Dorsey Wright 5 ETF: $564,355 (561,691 shares)
- Tompkins Financial Corp (Own Stock): $471,053 (420,440 shares)
- WisdomTree Europe Hedged Equity: $320,361 (316,848 shares)
- iShares Min Vol USA ETF: $414,855 (413,032 shares)
- iShares Min Vol EAFE ETF: $304,366 (298,564 shares)
- General Electric Co: $101,198 (86,234 shares)
- Microsoft Corp: $102,646 (96,574 shares)
- Exxon Mobil Corp: $76,048 (71,487 shares)
- Verizon Communications Inc: $77,135 (72,443 shares)
- Altria Group Inc: $62,046 (60,394 shares)
Voting Authority: The majority of holdings are reported with "Sole" voting authority. A significant portion of the portfolio, particularly in large-cap stocks and ETFs, is reported with "Shared" or "None" voting authority, indicating the presence of derivatives or specific fund structures.
Material Changes and Observations
Comparison to Prior Period: This filing is a snapshot of holdings as of June 30, 2016. The text does not provide comparative data from the previous quarter (March 31, 2016) to calculate specific changes in position size or value.
Notable Position Characteristics:
- Significant Own Stock Position: Tompkins Financial Corp holds a substantial position in its own common stock ($471,053), with a portion held under "Discretionary" (DFND) authority.
- Heavy ETF Allocation: The portfolio contains significant allocations to low-volatility and international hedged ETFs (e.g., WisdomTree, iShares Min Vol), suggesting a risk-managed investment strategy.
- Derivative Activity: Several entries show "Shared" or "None" voting authority with a discrepancy between total shares and voting shares, indicating the use of options, swaps, or other derivative instruments.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory 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. The portfolio is exposed to general market risks associated with the listed equities and ETFs. The significant holding of own stock may indicate share repurchase programs or employee compensation plans, which are subject to market volatility.
Key Facts for Investor Verification
- Own Stock Concentration: Verify the purpose of the $471 million holding in Tompkins Financial Corp stock (e.g., treasury stock, repurchase program, or affiliate holding).
- Derivative Exposure: Investigate the "Shared" and "None" voting authority entries to understand the extent of derivative usage (options/swaps) which may not be fully reflected in the gross share count.
- ETF Strategy: Confirm the investment mandate regarding the heavy weighting in low-volatility and hedged international ETFs.
- Valuation Basis: Note that values are reported in thousands; ensure calculations for total portfolio value account for this scaling factor.