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, 2012
Submission Date: May 10, 2012
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 a portion of holdings is reported here and a portion by other managers.
Key Financial Metrics
Total Portfolio Value: $23,629,708,000 (Reported as $23,629,708 in thousands)
Total Number of Holdings: 1,199 entries
Asset Classes: Primarily common stocks, with significant positions in call and put options, and exchange-traded funds (ETFs).
Geographic Focus: Heavy concentration in Canadian equities (Banking, Energy, Materials) 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:
- Banking: Royal Bank of Canada (~$54.9M), Bank of Nova Scotia (~$46.4M), Bank of Montreal (~$25.4M), Toronto-Dominion Bank (~$1.1M), Manulife Financial (~$30.3M).
- Energy & Materials: Barrick Gold (~$10.5M), Enbridge (~$14.6M), Potash Corp of Saskatchewan (~$9.0M), TransCanada Corp (~$11.3M), Talisman Energy (~$10.9M).
- Technology & Consumer: Apple Inc. (~$1.8M), Research In Motion (~$5.0M), Google Inc. (~$1.1M), Microsoft Corp. (~$257k).
- Derivatives: Significant use of call and put options on major holdings such as Bank of Montreal, Barrick Gold, Nexen Inc., and TransCanada 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 equity holdings.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the portfolio composition indicates exposure to:
- Commodity Price Volatility: Heavy weighting in mining (Gold, Silver, Potash) and energy sectors.
- Derivative Exposure: Extensive use of options (calls and puts) introduces leverage and timing risks.
- Concentration Risk: Significant exposure to the Canadian banking sector and specific large-cap resource companies.
Investor Verification Checklist
- Verify the total portfolio value of ~$23.6 billion against the bank's total assets to determine the proportion of the portfolio represented by this specific 13F filing.
- Confirm the specific breakdown of "Shared Discretion" vs. "Sole Discretion" for major holdings to understand the scope of TD Bank's direct control.
- Review the option positions (calls and puts) on major holdings like Nexen Inc. and TransCanada Corp to assess hedging strategies vs. speculative positions.
- Check subsequent filings to track changes in the Research In Motion (RIM) position, which was a significant holding at the time of filing.
- Validate the inclusion of the two other managers (TD Securities Inc. and TD Global Finance) to ensure the full scope of the "Combination Report" is understood.