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 June 30, 2008
Filing Date: August 12, 2008
This filing represents a combination report, meaning a portion of the holdings for this manager are reported herein, while other portions are reported by affiliated managers including TD Banknorth, N.A., TD Asset Management USA Inc., TD Asset Management Inc., TD Securities (USA) LLC, and TD Options, LLC. The report covers 850 distinct information table entries.
Key Financial Metrics
Total Reported Value: $26,848,408,000 (approx. $26.85 billion)
Number of Holdings: 850 entries
Asset Composition: The portfolio consists primarily of common stock (equity) and derivative instruments (calls and puts) across various sectors including financials, energy, materials, and technology.
Top Holdings by Value (Selected):
- Royal Bank of Canada: ~$58.8 million (Sole Discretion)
- Bank of Nova Scotia: ~$45.5 million (Sole Discretion)
- Bank of Montreal: ~$22.5 million (Sole Discretion)
- Research In Motion: ~$13.3 million (Shared Discretion)
- Canadian Imperial Bank of Commerce: ~$13.8 million (Sole Discretion)
- Shaw Communications: ~$15.9 million (Sole Discretion)
- TransCanada Corp: ~$18.8 million (Sole Discretion)
Material Changes and Portfolio Characteristics
Derivative Usage: The filing indicates significant activity in options markets. Numerous positions include both "Call" and "Put" options on the same underlying securities (e.g., Bank of Montreal, Barrick Gold, BCE Inc., Enbridge Inc., Petro-Canada). This suggests active hedging strategies or volatility trading rather than simple directional equity exposure.
Shared Discretion: A substantial number of positions are marked as "SH-DEF" (Shared Discretion), indicating that investment decisions for these specific holdings were made jointly with other managers or sub-advisors.
Sector Concentration: The portfolio shows heavy concentration in Canadian financial institutions (Big Five banks), Canadian energy companies (Suncor, Enbridge, Petro-Canada, Nexen), and mining/resource companies (Barrick Gold, Teck Cominco, Potash Corp).
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:
- Market Risk: As of June 30, 2008, the portfolio held significant exposure to the financial sector (including Bank of America, Citigroup, and Lehman Brothers Holdings) and the energy sector, which were experiencing heightened volatility during this period.
- Derivative Risk: The extensive use of put and call options introduces leverage and complexity to the portfolio's risk profile.
- Concentration Risk: High exposure to the Canadian economy through domestic banks and resource companies.
Key Facts for Investor Verification
- Valuation Date: Verify that the $26.85 billion figure represents the fair market value as of June 30, 2008, not the current value.
- Scope of Report: Confirm that this is a "Combination Report" and does not represent the total assets under management for The Toronto-Dominion Bank, as other affiliated managers report separate holdings.
- Option Positions: Distinguish between long equity positions and short-term derivative positions (calls/puts) when analyzing net exposure to specific issuers.
- Shared Authority: Note that "Shared" discretion entries imply that TD Bank did not have sole control over the trading decisions for those specific lots.