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: Calendar Year Ended December 31, 2010
Submission Date: February 14, 2011
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: $22,783,241,000 (Reported as $22,783,241 in thousands)
Total Number of Holdings: 1,178 entries
Asset Classes: Primarily equity securities (Common Stock), with significant positions in options (Calls and Puts) and Exchange Traded Funds (ETFs).
Top Holdings by Value (Selected):
- Royal Bank of Canada: ~$51.9M (Sole Discretion)
- Bank of Nova Scotia: ~$45.0M (Sole Discretion)
- Bank of Montreal: ~$21.9M (Sole Discretion)
- Canadian Imperial Bank of Commerce: ~$17.9M (Sole Discretion)
- Manulife Financial Corp: ~$28.6M (Sole Discretion)
- Apple Inc: ~$4.2M (Shared Discretion)
- Amgen Inc: ~$3.4M (Shared Discretion)
Material Changes and Portfolio Composition
Geographic Focus: The portfolio demonstrates a heavy concentration in Canadian financial institutions and resource companies (Energy, Mining, Materials), consistent with TD Bank's domestic market focus. Significant positions include Royal Bank of Canada, Bank of Nova Scotia, Enbridge, Encana, and Barrick Gold.
Derivatives Usage: The filing lists extensive use of options (Calls and Puts) on major holdings such as Bank of Montreal, Barrick Gold, and Research In Motion, indicating active risk management or hedging strategies.
Comparison to Prior Period: This filing text does not provide comparative data against the prior quarter (September 30, 2010) to calculate material changes in holdings or value.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies: No specific risks or contingencies are disclosed in this document. The filing is a snapshot of holdings at period end.
Unusual Items: The report includes holdings in various ETFs (e.g., iShares, SPDR) and commodity-linked trusts (e.g., Silver Wheaton, Goldcorp), reflecting diversification strategies beyond direct equity ownership.
Investor Verification Checklist
- Portfolio Concentration: Verify the exposure to the Canadian banking sector, which represents a significant portion of the reported value.
- Derivative Exposure: Review the specific strike prices and expiration dates of the listed Calls and Puts to understand the net directional bias on major holdings.
- Shared Discretion: Note that many large positions (e.g., Apple, Amgen, Bank of America) are listed under "Shared Discretion," meaning TD Bank does not have sole voting authority over these specific blocks.
- Reporting Completeness: Confirm that the "Combination Report" status implies that the total assets under management for TD may be higher than the $22.8B reported here, as other managers report separate portions.
- Valuation Timing: Remember that values are based on market prices as of December 31, 2010, and do not reflect subsequent market movements in 2011.