SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Toronto-Dominion Bank (TD)
Filing Type: Form 13F Information Table (Schedule 13F)
Reporting Period: Second Quarter ended June 30, 2020
Context: This filing discloses the equity securities held by TD Ameritrade Holding Corp and Toronto-Dominion Bank as of the end of the reporting period. The data reflects holdings managed with Sole Discretion, Shared Discretion, or Discretionary (DFND) authority. The filing includes common stocks, preferred stocks, options (calls and puts), and exchange-traded funds (ETFs).
Key Financial Metrics and Holdings
Note: Form 13F filings report holdings by value and quantity, not corporate financial performance metrics such as revenue or profit.
- Top Equity Holdings by Value (Selected):
- TD Ameritrade Holding Corp: 8,512,683 shares valued at approximately $233,993,484 (Sole Discretion).
- Amazon.com Inc: 213,689 shares valued at approximately $589,527,000 (Sole Discretion).
- Apple Inc: 39,929 shares valued at approximately $985,000 (Sole Discretion) and additional holdings in other classes.
- Alphabet Inc (Class A & C): Significant holdings across multiple classes, including 292 shares of Class C valued at $413,407,000.
- Microsoft Corp: 142,250 shares valued at approximately $29,043,000 (Sole Discretion).
- Canadian Bank Sector Exposure:
- Royal Bank of Canada: Multiple positions including 677,353 shares valued at $45,957,000.
- Bank of Nova Scotia: Multiple positions including 690,760 shares valued at $28,585,000.
- Bank of Montreal: Multiple positions including 463,604 shares valued at $24,676,000.
- Canadian Imperial Bank of Commerce: Multiple positions including 237,626 shares valued at $15,883,000.
- Derivatives Activity:
- Significant holdings in Put and Call options for commodities (SPDR Gold Trust, iShares Silver Trust) and major equities (e.g., Royal Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank).
- Example: SPDR Gold Trust Put options with a total principal amount of 125,000 shares valued at $20,921,000.
- Fixed Income:
- The filing lists numerous corporate bonds (e.g., Twitter, Inc., JPMorgan Chase, Akamai Technologies) with values ranging from millions to tens of millions of dollars.
Material Changes and Observations
Comparison to Prior Period: The provided text contains only the current period's data (June 30, 2020). It does not include the prior quarter's data (March 31, 2020) required to calculate material changes in share counts or values. Therefore, specific increases or decreases in positions cannot be quantified from this text alone.
Notable Position Characteristics:
- Concentration: The portfolio shows heavy concentration in large-cap US technology stocks (Amazon, Apple, Alphabet, Microsoft) and major Canadian financial institutions.
- Discretion: Most significant equity positions are held with "Sole" discretion, while many derivative and smaller Canadian equity positions are held with "DFND" (Discretionary) authority.
- Zero Value Entries: Several entries show a value of 0 but non-zero share counts (e.g., certain ETFs or small-cap stocks), which may indicate recent acquisitions, delistings, or specific accounting treatments not fully detailed in the summary table.
Guidance, Outlook, and Risks
Management Commentary: This filing is a regulatory disclosure of holdings and does not contain management commentary, forward-looking guidance, or strategic outlook.
Risks and Contingencies:
- Market Risk: The portfolio is heavily exposed to equity market volatility, particularly in the technology and financial sectors.
- Derivative Risk: The presence of significant Put and Call option positions introduces leverage and potential for rapid value changes based on underlying asset performance.
- Concentration Risk: Large positions in specific issuers (e.g., TD Ameritrade, Amazon) create concentration risk.
Key Facts for Investor Verification
- TD Ameritrade Stake: Verify the exact ownership percentage of TD Ameritrade Holding Corp held by the bank, as this is a major subsidiary and the largest single holding by value in the table.
- Option Expirations: The filing lists option principal amounts but does not detail expiration dates or strike prices in the summary view; verify these details in the full filing to assess immediate risk exposure.
- Canadian Bank Exposure: Confirm the total aggregate exposure to the "Big Five" Canadian banks (RBC, TD, Scotiabank, BMO, CIBC) to understand the bank's peer exposure.
- Zero-Value Holdings: Investigate the specific reasons for holdings listed with $0 value but non-zero share counts to ensure they are not indicative of distressed assets or accounting anomalies.
- Bond Portfolio Composition: Review the full list of corporate bonds to assess credit quality and duration risk, as the summary only lists issuers and values.