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 September 30, 2021
Context: This filing discloses the bank's equity and derivative holdings in U.S. securities. It details the specific issuers, share counts, and market values of the portfolio managed by the bank's investment managers. The filing indicates a mix of "Sole" and "Discretionary" (DFND) voting authority across various accounts.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists hundreds of individual positions across U.S. and Canadian equities, as well as corporate bonds and ETFs. The data is presented in thousands of dollars.
Top Equity Holdings (by Value):
- Microsoft Corp: $7,108,697 (1,892,823 shares)
- Apple Inc: $4,009,196 (567,297 shares)
- Amazon.com Inc: $225,430 (740,540 shares)
- Facebook Inc: $2,061,919 (699,789 shares)
- Alphabet Inc (Class A & C): Combined value approx. $504,062
- Wells Fargo & Co: $4,322,545 (80,204 shares)
- Bank of America Corp: $2,422,063 (166,022 shares)
- Canadian Imperial Bank of Commerce: $5,080,613 (565,567 shares)
- Enbridge Inc: $9,297,530 (370,394 shares)
- TransCanada Corp (TC Energy): $8,075,470 (388,652 shares)
Derivatives and Bonds: The filing includes significant holdings in corporate bonds (e.g., Akamai, Ford, Twitter) and ETFs (e.g., SPDR Gold Shares, iShares Silver Trust, VanEck Gold Miners ETF). Options positions (Calls and Puts) are also disclosed for various issuers including BlackBerry, TELUS, and Enbridge.
Material Changes and Observations
Concentration: The portfolio shows heavy concentration in large-cap U.S. technology firms (Microsoft, Apple, Amazon, Facebook, Alphabet) and major Canadian financial and energy infrastructure companies (TD Bank, RBC, BMO, Enbridge, TC Energy).
Voting Authority: Most positions are held with "Sole" voting authority. However, significant blocks of shares in Canadian issuers (e.g., TD Bank, BCE, RBC, Enbridge) are listed with "DFND" (Discretionary) authority, indicating these may be held in client accounts or specific discretionary funds.
Derivative Activity: There is notable activity in options on Canadian telecom and energy stocks (TELUS, Enbridge, BCE) and U.S. tech stocks (BlackBerry, Tesla), suggesting active risk management or hedging strategies.
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F is a regulatory disclosure of holdings and does not contain management commentary, forward-looking guidance, or strategic outlook.
Risks and Contingencies:
- Market Risk: The portfolio is heavily exposed to equity market volatility, particularly in the technology and financial sectors.
- Concentration Risk: Significant exposure to specific Canadian energy and utility infrastructure (Enbridge, TC Energy, Fortis) creates sector-specific risk.
- Derivative Risk: The presence of put and call options introduces leverage and potential for rapid value changes based on underlying asset performance.
Important Facts for Investors to Verify
- Total Portfolio Value: The filing lists individual positions but does not explicitly state the aggregate total value of the entire 13F portfolio in a summary line. Investors must aggregate the "Value" column to determine total exposure.
- Account Segregation: Verify the distinction between "Sole" and "DFND" (Discretionary) holdings to understand which assets are proprietary to the bank versus those managed on behalf of clients.
- Canadian vs. U.S. Exposure: Note the significant holdings in Canadian-domiciled companies (e.g., Enbridge, RBC, TD Bank) which are traded on U.S. exchanges as ADRs or direct listings, impacting currency and regulatory exposure.
- Derivative Positions: Review the specific strike prices and expiration dates of the options listed (e.g., TELUS Puts, Enbridge Calls) to assess the bank's hedging or speculative stance on these specific assets.