SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Toronto-Dominion Bank (TD)
Filing Type: Form 13F Information Table (Schedule of Holdings)
Reporting Period: Second Quarter ended June 30, 2021
Context: This filing discloses the equity securities held by TD Ameritrade Holding Corp and Toronto-Dominion Bank as of the end of the reporting period. The data reflects a diversified portfolio of U.S. and Canadian equities, including significant positions in financial services, technology, energy, and consumer staples. The filing includes both common stock and derivative positions (options and bonds).
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists hundreds of individual holdings. While the total aggregate market value is not explicitly summed in the text, the portfolio is heavily weighted toward large-cap U.S. equities and major Canadian financial and energy firms.
- Top U.S. Equity Holdings (by Value):
- Microsoft Corp: $6,017,615,000
- Apple Inc: $10,515,424,000
- Amazon.com Inc: $266,455,000 (Note: Multiple entries exist; aggregate value is higher)
- Facebook Inc: $1,515,048,000
- Alphabet Inc (Class A & C): ~$520,000,000
- Wells Fargo & Co: $4,657,403,000
- Johnson & Johnson: $2,343,661,000
- Procter & Gamble Co: $2,260,927,000
- Top Canadian Equity Holdings (by Value):
- Enbridge Inc: $6,123,340,000
- Canadian Imperial Bank of Commerce: $5,391,613,000
- Royal Bank of Canada: $4,799,161,000
- Bank of Nova Scotia: $4,399,313,000
- Canadian Natural Resources Ltd: $4,789,186,000
- Telus Corp: $5,758,034,000
- Brookfield Asset Management Inc: $5,038,417,000
- Derivatives and Bonds: The filing includes significant holdings in corporate bonds (e.g., Airbnb, Akamai, Beyond Meat) and equity options (calls and puts) on major indices and individual stocks like Silver Trust (SLV) and Gold Trust (GLD).
Material Changes and Voting Authority
Voting Authority: The vast majority of holdings are reported with "Sole" voting authority. A significant number of Canadian holdings and some U.S. holdings are reported with "Discretionary" (DFND) voting authority, indicating TD manages these assets on behalf of clients or other entities.
Notable Positions:
- TD Ameritrade Holding Corp: A significant holding of 18,463,067 shares valued at $253,578,738 is listed with "Discretionary" voting authority.
- Options Activity: The filing details extensive options activity, including large put positions on SPDR Gold Trust and iShares Silver Trust, suggesting hedging strategies or speculative positions on precious metals.
- SPAC Holdings: The portfolio includes numerous Special Purpose Acquisition Company (SPAC) units, such as Churchill Capital Corp VII, Dragoneer Growth Opportunities, and Agile Growth Corp.
Guidance, Outlook, and Risks
Management Commentary: As a Form 13F filing, this document contains no management commentary, forward-looking guidance, or strategic outlook. It is a statutory disclosure of holdings.
Risks and Contingencies:
- Concentration Risk: The portfolio has significant exposure to the financial sector (both U.S. and Canadian banks) and the technology sector.
- Market Volatility: Holdings in SPACs and options on commodities (Gold/Silver) introduce volatility risk.
- Regulatory Risk: As a major bank, TD is subject to regulatory changes affecting financial institutions and investment management.
Key Facts for Investor Verification
- Top 5 Holdings by Value: Verify the aggregate value of Microsoft, Apple, Wells Fargo, Johnson & Johnson, and Procter & Gamble to understand the portfolio's core concentration.
- Canadian Exposure: Confirm the total value of Canadian holdings (Enbridge, CIBC, RBC, Scotiabank, Telus) to assess geographic diversification.
- Derivative Exposure: Review the specific terms and expiration dates of the Gold and Silver options to understand the bank's hedging or speculative stance on commodities.
- SPAC Investments: Identify the specific SPACs held and their target companies to evaluate potential future IPO risks and opportunities.
- Voting Authority Split: Distinguish between "Sole" and "Discretionary" holdings to understand the proportion of assets managed for clients versus proprietary assets.