SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Toronto-Dominion Bank (TD Bank)
Filing Type: Form 13F Information Table (Schedule of Holdings)
Reporting Period: Quarter ended December 31, 2015
Context: This filing discloses the equity securities held by Toronto-Dominion Bank at the end of the reporting period. As a Form 13F, it details the bank's investment portfolio in U.S. registered securities, including common stock, preferred stock, and options (calls and puts). It does not contain the bank's own financial performance metrics (revenue, profit, etc.).
Key Financial Metrics and Portfolio Composition
Portfolio Overview: The filing lists hundreds of individual holdings across various sectors, including Financials, Energy, Materials, Technology, and Consumer Staples. The portfolio includes significant positions in Canadian peers and major U.S. corporations.
Notable Holdings (by Share Count):
- Bank of Nova Scotia: ~36 million shares (Sole and Discretionary)
- Royal Bank of Canada: ~41 million shares (Sole and Discretionary)
- Bank of Montreal: ~20 million shares (Sole and Discretionary)
- Canadian Imperial Bank of Commerce: ~12 million shares (Sole and Discretionary)
- BlackBerry Ltd: ~15 million shares (Sole and Discretionary)
- Amazon.com Inc: ~672,000 shares
- Apple Inc: ~265,000 shares
- Alphabet Inc (Google): ~68,000 shares
- Microsoft Corp: ~449,000 shares
Derivatives: The bank holds significant call and put options on several major holdings, including Royal Bank of Canada, Bank of Montreal, Suncor Energy, and Valeant Pharmaceuticals, indicating active risk management or hedging strategies.
Material Changes
Data Limitation: This filing represents a snapshot of holdings as of December 31, 2015. It does not provide comparative data for the prior quarter (September 30, 2015) within this specific document. Therefore, material changes in position size (buying or selling activity) cannot be calculated from this text alone.
Guidance, Outlook, and Risks
Management Commentary: Not applicable. 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 itself does not disclose specific risks. However, the portfolio composition reveals exposure to:
- Energy Sector: Significant holdings in Suncor Energy, Encana, Cenovus, and Canadian Natural Resources.
- Financial Sector: Heavy concentration in major Canadian banks (The "Big Five" excluding TD itself) and U.S. banks (JPMorgan, Wells Fargo, Bank of America).
- Materials/Mining: Exposure to gold and silver miners (Barrick Gold, Newmont, Silver Wheaton) and industrial metals.
Key Facts for Investor Verification
- Concentration Risk: Verify the total market value of the "Big Five" Canadian bank holdings relative to the bank's total assets to assess peer exposure.
- Derivative Exposure: Review the specific strike prices and expiration dates of the call and put options held on major energy and financial stocks to understand the bank's hedging stance.
- Valuation of Holdings: The filing lists share counts and approximate values (in thousands) as of the reporting date. Investors should verify current market values given the volatility in the energy and technology sectors since 2015.
- Regulatory Compliance: Confirm that the reported voting authority (Sole, Shared, None) aligns with the bank's internal governance policies regarding proxy voting.