Business Context and Reporting Period
Company: Toronto-Dominion Bank (TD Bank)
Filing Type: SEC Form 13F Information Table
Reporting Period: Quarter ended December 31, 2016
Context: This filing discloses the equity securities held by TD Bank as a registered investment manager. The data reflects holdings in U.S. equities, including common stock, preferred stock, and derivative instruments (calls and puts). The filing does not contain financial performance metrics (revenue, profit, cash flow) for TD Bank itself, but rather a snapshot of its investment portfolio.
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists hundreds of individual positions across various sectors, including Financials, Energy, Technology, and Consumer Staples. Values are reported in thousands of dollars.
Notable Holdings (by Value):
- TD Ameritrade Holding Corp: Significant position with 222,919,287 shares reported under "Discretionary" authority (Value: ~$222.9M).
- Bank of Nova Scotia: 33,794,299 shares held with Sole voting authority.
- Royal Bank of Canada: 37,744,965 shares held with Sole voting authority.
- BlackBerry Ltd: 15,379,144 shares held under Discretionary authority.
- Microsoft Corp: 1,715,488 shares held with Sole voting authority.
- Apple Inc: 1,264,999 shares held with Sole voting authority.
- Amazon.com Inc: 540,000 shares held under Discretionary authority.
Derivatives: The portfolio includes significant call and put option positions on major holdings such as Royal Bank of Canada, Bank of Nova Scotia, Suncor Energy, and TD Ameritrade.
Material Changes
Comparison Data: The filing text provided does not contain data for the prior comparable period (September 30, 2016). Therefore, material changes in share counts or values cannot be calculated from this document alone.
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F is a regulatory disclosure of holdings and does not contain management commentary, guidance, or outlook.
Risks and Contingencies: The filing includes a standard SEC disclaimer stating that the Commission has not reviewed the information for accuracy or completeness. The portfolio is exposed to market risk inherent in equity and derivative investments.
Important Facts for Investor Verification
- Self-Holding: TD Bank holds a substantial position in its own subsidiary, TD Ameritrade Holding Corp, with over 222 million shares reported under discretionary authority.
- Canadian Peer Exposure: Significant holdings in major Canadian peers, including Royal Bank of Canada, Bank of Nova Scotia, and Bank of Montreal.
- Derivative Usage: The bank utilizes options (calls and puts) for hedging or speculation on major energy and financial stocks (e.g., Suncor, TransCanada, RBC).
- Discretionary vs. Sole: A distinction is made between "Sole" voting authority (direct control) and "Discretionary" authority (managed on behalf of others). Large blocks of TD Ameritrade and BlackBerry are listed as Discretionary.
- Valuation: All monetary values in the table are in thousands (x$1,000). Investors must multiply reported values by 1,000 to determine actual market value.