SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Toronto-Dominion Bank (TD Bank)
Filing Type: Form 13F Information Table (Quarterly Report of Holdings)
Reporting Period: As of March 31, 2022
Context: This filing discloses the equity securities held by Toronto-Dominion Bank at the end of the first quarter of 2022. As a Form 13F, this document details the bank's investment portfolio, including U.S. equities, Canadian equities, and various Exchange-Traded Funds (ETFs). It does not contain the bank's own financial performance metrics (revenue, profit, etc.) but rather its asset allocation as an institutional investor.
Key Financial Metrics and Portfolio Composition
The filing lists hundreds of individual holdings. Key portfolio characteristics include:
- Top U.S. Equity Holdings (by Value):
- Apple Inc.: $5,340,000,000
- Microsoft Corp: $2,680,000,000
- Amazon.com Inc: $140,000,000
- Facebook Inc (Meta): $1,310,000,000
- Alphabet Inc (Class A & C): $265,000,000
- Wells Fargo & Co: $3,716,508,000
- Bank of America Corp: $3,070,915,000
- Top Canadian Equity Holdings (by Value):
- Canadian Imperial Bank of Commerce: $4,985,413,000
- Bank of Nova Scotia: $4,399,313,000
- Royal Bank of Canada: $4,799,161,000
- Enbridge Inc: $4,989,474,000
- TransCanada Corp (TC Energy): $5,099,657,000
- Toronto-Dominion Bank (Self-Holding): $2,534,404,000
- Significant ETF Holdings:
- VanEck Vectors Junior Gold Miners ETF: $4,750,000,000
- VanEck Vectors Gold Miners ETF: $4,500,000,000
- iShares MSCI ACWI ETF: $2,590,000,000
- SPDR S&P 500 ETF Trust: $338,820,000
- Voting Authority: The bank reports "Sole" voting authority for the vast majority of its holdings. A small portion is reported as "Shared" or "None" (e.g., certain derivatives or specific trust structures).
Material Changes and Portfolio Strategy
As this is a snapshot of holdings at a specific date, direct period-over-period changes cannot be calculated without the prior quarter's filing. However, the portfolio composition indicates:
- Heavy Financial Sector Exposure: Significant capital is allocated to major North American banks (TD, RBC, BMO, BNS, CIBC, BAC, WFC, JPM).
- Technology Concentration: Large positions in "Big Tech" (Apple, Microsoft, Amazon, Meta, Alphabet) suggest a growth-oriented strategy within the U.S. equity portion.
- Resource Sector Focus: Substantial holdings in Canadian energy (Enbridge, TC Energy, Suncor) and gold mining ETFs indicate a strategic allocation to natural resources and commodities.
- Derivatives: The filing includes positions in call and put options on SPDR Gold Trust and iShares Silver Trust, indicating active hedging or speculative strategies on precious metals.
Guidance, Risks, and Contingencies
Guidance/Outlook: This filing type does not contain management commentary, earnings guidance, or future outlook statements.
Risks and Contingencies:
- Market Risk: The portfolio is heavily exposed to equity market volatility, particularly in the technology and financial sectors.
- Concentration Risk: Significant concentration in specific sectors (Financials, Technology, Energy) and specific issuers (e.g., Apple, Microsoft, major Canadian banks).
- Regulatory Risk: As a bank, TD is subject to regulatory capital requirements which may influence its ability to hold or liquidate certain securities.
Important Facts for Investors to Verify
- Self-Holding: Verify the size of TD Bank's own holdings in its own stock ($2.53 billion reported) to understand potential share buyback programs or treasury stock management.
- Gold Exposure: Note the massive exposure to gold miners via ETFs ($9.25 billion combined in Junior and Senior Gold Miners ETFs), which is a significant portion of the reported portfolio.
- Canadian vs. U.S. Split: Assess the balance between domestic (Canadian) and international (U.S.) exposure, which appears heavily weighted toward both major economies.
- Derivative Positions: Review the specific call/put options on precious metals ETFs to understand the bank's hedging stance against inflation or currency fluctuations.
- Valuation Dates: Confirm that the values reported are as of March 31, 2022, and may not reflect current market prices.