SEC Filing Summary: Form 13F Information Table
Business Context and Reporting Period
Company: Toronto-Dominion Bank (TD Bank)
Filing Type: Form 13F Information Table (Statement of Holdings)
Reporting Period: As of March 31, 2017
Context: This filing discloses the equity securities held by Toronto-Dominion Bank at the end of the first quarter of 2017. As a Form 13F, this document details the bank's investment portfolio, including common stocks, preferred stocks, and options (calls and puts), rather than the bank's own operational financial results.
Key Financial Metrics and Portfolio Composition
Revenue, Profit, Cash Flow, Margins, Debt, Liquidity: The filing text does not provide operational financial metrics (revenue, profit, cash flow, margins, debt, or liquidity) for Toronto-Dominion Bank. This form strictly reports asset holdings.
Portfolio Highlights: The bank holds a diversified portfolio of U.S. and international equities. Notable positions include:
- Bank of Montreal: Significant holdings in common stock (approx. 19.7M shares) and options.
- Bank of Nova Scotia: Large position in common stock (approx. 29.3M shares) and options.
- Canadian Imperial Bank of Commerce: Substantial common stock holdings (approx. 11.5M shares) and options.
- Royal Bank of Canada: Major position in common stock (approx. 25.6M shares) and options.
- TD Ameritrade Holding Corp: A massive position in common stock (approx. 222.9M shares) reported under "Discretionary Manager" (DFND 3).
- BlackBerry Ltd: Significant holdings in common stock (approx. 15.4M shares) and options.
- Goldcorp Inc: Large position in common stock (approx. 7.6M shares) and options.
- Enbridge Inc: Significant holdings in common stock (approx. 16.5M shares) and options.
- Apple Inc: Holdings in common stock (approx. 1.5M shares).
- Microsoft Corp: Holdings in common stock (approx. 1.7M shares).
Material Changes Versus Prior Period
The filing text does not provide comparative data against the prior quarter (December 31, 2016). Therefore, material changes in holdings cannot be determined from this document alone.
Guidance, Outlook, Risks, and Unusual Items
Guidance and Outlook: Not applicable. This is a regulatory disclosure of holdings, not a management discussion and analysis.
Risks and Contingencies: The filing includes a standard disclaimer that the SEC has not reviewed the information for accuracy or completeness.
Unusual Items:
- Options Activity: The bank holds significant positions in call and put options for various issuers, including Bank of Montreal, Royal Bank of Canada, Barrick Gold, and Valeant Pharmaceuticals.
- Discretionary Manager (DFND) Codes: Many holdings are reported under "Discretionary Manager" (DFND 1, 2, 3, or 4), indicating the bank manages these assets on behalf of clients or in a discretionary capacity, rather than solely for its own account.
- TD Ameritrade: The bank holds a very large position in TD Ameritrade Holding Corp (approx. 222.9M shares), which is a significant subsidiary/investment.
Important Facts for Investors to Verify
- Portfolio Concentration: Verify the concentration of the bank's investment portfolio in the Canadian banking sector (RBC, BMO, BNS, CIBC) and energy/mining sectors (Enbridge, Barrick Gold, Goldcorp, Suncor).
- TD Ameritrade Exposure: Confirm the nature and size of the TD Ameritrade Holding Corp position (approx. 222.9M shares) and its impact on the bank's overall risk profile.
- Options Exposure: Assess the risk associated with the bank's significant holdings in call and put options, particularly for volatile stocks like BlackBerry and Valeant Pharmaceuticals.
- Discretionary vs. Proprietary: Distinguish between holdings managed for the bank's own account ("Sole") and those managed for clients ("Discretionary Manager") to understand the true proprietary risk exposure.
- Valuation: The "Value" column in the filing represents the market value of the holdings at the reporting date. Verify current market values to assess potential gains or losses since March 31, 2017.