SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
Reporting Manager: The Toronto-Dominion Bank (TD Bank)
Filing Type: Form 13F-HR (Combination Report)
Reporting Period: Quarter Ended March 31, 2009
Submission Date: May 14, 2009
Scope: This report covers holdings managed by TD Bank and includes data from two other reporting managers (TD Securities, Inc. and TD Global Finance). It represents a combination report where portions of holdings are reported by other managers.
Key Financial Metrics
Total Portfolio Value: $14,116,847,000 (Reported as $14,116,847 in thousands)
Total Number of Holdings: 1,034 entries
Asset Classes: Primarily common equity (shares), with significant positions in call and put options, and limited bond holdings.
Geographic Focus: Heavy concentration in Canadian equities (Banking, Energy, Mining) and U.S. equities (Technology, Financials, Energy).
Material Holdings and Concentrations
The portfolio demonstrates significant concentration in the Canadian financial and resource sectors, alongside major U.S. technology and industrial holdings. Notable positions include:
- Financials: Royal Bank of Canada (58.5M shares), Bank of Nova Scotia (42.4M shares), Bank of Montreal (21.2M shares), Toronto-Dominion Bank (4.8M shares), and Manulife Financial (38.5M shares).
- Energy & Resources: Suncor Energy (9.9M shares), Petro-Canada (6.3M shares), Enbridge (9.2M shares), Barrick Gold (8.3M shares), and Potash Corp of Saskatchewan (3.6M shares).
- Technology & Industrials: Research In Motion (13.1M shares), Rogers Communications (7.0M shares), Shaw Communications (16.0M shares), and General Electric (793k shares).
Derivatives Activity: The filing lists extensive use of options (Calls and Puts) on major holdings such as Royal Bank of Canada, Suncor Energy, Barrick Gold, and Research In Motion, indicating active hedging or speculative strategies.
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 only.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the heavy weighting in Canadian financials and resource stocks (mining, energy) exposes the portfolio to commodity price volatility and the specific economic conditions of the Canadian market as of Q1 2009.
Unusual Items: The report includes a "Combination Report" designation, meaning the total exposure of the institutional manager is split across multiple 13F filings. Investors must aggregate data from the listed "Other Managers" (TD Bank, N.A., TD Asset Management USA Inc., etc.) to view the full scope of the manager's activity.
Investor Verification Checklist
- Aggregate Holdings: Verify total exposure by cross-referencing this filing with the other listed managers (File Numbers 28-04365, 28-05929, 28-05987, 28-11451, 28-11511) to ensure the full portfolio is accounted for.
- Derivative Exposure: Analyze the net position of the extensive call and put options listed (e.g., on RBC, Suncor, Barrick) to determine if the bank is hedging downside risk or leveraging upside potential.
- Concentration Risk: Assess the impact of the top 10 holdings, which appear to be heavily weighted toward the Canadian banking and energy sectors, on the overall portfolio volatility.
- Valuation Context: Note that the reported values reflect market prices as of March 31, 2009, a period of significant market stress; verify current valuations against historical performance.