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 Investments)
Reporting Period: The filing metadata indicates a period of "2026 Jun 30". However, the content reflects a standard quarterly 13F filing detailing holdings as of the most recent quarter end. The data represents the bank's investment portfolio, including equities, convertible notes, and derivatives, held for its own account and for discretionary management of client accounts.
Key Financial Metrics and Portfolio Composition
The filing details a diversified portfolio with significant exposure to large-cap U.S. equities, Canadian financials, and energy sectors. Key metrics derived from the table include:
- Total Portfolio Value: The filing lists individual position values in the nearest dollar. While a precise aggregate total is not explicitly summed in the text, the portfolio contains numerous positions exceeding $100 million in value (e.g., Apple Inc. at ~$1.68B, eBay Inc. at ~$3.78B).
- Top Equity Holdings (Sole Discretion):
- eBay Inc.: 33,791,685 shares valued at $3,776,220,799.
- Apple Inc.: 5,797,652 shares valued at $1,677,608,583.
- Microsoft Corp: 3,298,901 shares valued at $1,230,556,051.
- Amazon.com Inc: 3,669,521 shares valued at $874,593,635.
- Alphabet Inc (Class A & C): Combined holdings valued over $1.5 billion.
- Canadian Financial Exposure: Significant holdings in domestic peers, including Royal Bank of Canada (~$1.48B), Bank of Nova Scotia (~$1.05B), and Bank of Montreal (~$923M).
- Derivatives and Convertibles: The portfolio includes substantial positions in convertible notes (e.g., DoorDash, Etsy, Sea Ltd) and equity options (calls and puts) on major tech stocks like NVIDIA, Microsoft, and Apple.
Material Changes and Portfolio Activity
Note: As this is a static snapshot of holdings, specific period-over-period changes (buy/sell activity) cannot be calculated without the prior quarter's filing. However, the following structural observations are evident:
- Concentration in Technology: The portfolio maintains heavy concentration in the "Magnificent Seven" tech stocks (Apple, Microsoft, Amazon, Alphabet, NVIDIA, Meta, Tesla), indicating a continued strategic overweight in the technology sector.
- SPAC and Special Situations: The filing lists a vast number of Special Purpose Acquisition Company (SPAC) units, warrants, and rights (e.g., various "Acquisition Corp" entities), suggesting active participation in the SPAC market or holding legacy positions from prior years.
- Discretionary vs. Non-Discretionary: The table distinguishes between "Sole" (discretionary) and "DFND" (discretionary for others) voting authority. A significant portion of the portfolio is managed on a discretionary basis for clients.
Guidance, Risks, and Contingencies
Management Commentary: Form 13F filings do not contain management commentary, forward-looking guidance, or earnings outlooks. They are strictly regulatory disclosures of holdings.
Risks and Contingencies:
- Market Risk: The portfolio is heavily exposed to U.S. equity market volatility, particularly in the technology and financial sectors.
- Derivative Risk: The presence of significant call and put options, as well as convertible notes, introduces leverage and complexity to the portfolio's risk profile.
- Liquidity Risk: While most holdings are large-cap liquid equities, the numerous SPAC units and warrants may have varying liquidity profiles depending on their merger status.
Important Facts for Investor Verification
- Reporting Date Discrepancy: Verify the actual quarter-end date. The metadata "2026 Jun 30" appears to be a future date or a placeholder; standard 13F filings are submitted 45 days after the quarter end. Investors should confirm the actual reporting period against the SEC EDGAR database.
- Client vs. Proprietary: Distinguish between positions held for TD Bank's own account ("Sole") and those held for client accounts ("DFND"). The large aggregate values often reflect client assets under management rather than the bank's proprietary balance sheet.
- SPAC Exposure: Review the specific status of the numerous SPAC holdings listed (e.g., "Acquisition Corp" units) to determine if they have merged, redeemed, or expired, as these positions can be volatile or illiquid.
- Convertible Notes: Note the significant holdings in convertible debt (e.g., DoorDash, Etsy, Sea Ltd). These instruments behave differently than pure equity and are sensitive to interest rate changes and credit spreads.