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, 2012
Submission Date: August 14, 2012
Scope: This report covers holdings managed by TD Bank and two other included 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
Note: As a Form 13F filing, this document reports equity holdings and does not contain the reporting manager's own revenue, profit, cash flow, or debt metrics.
- Total Portfolio Value: $22,675,491,000 (Reported as $22,675,491 in thousands)
- Total Number of Holdings: 1,194 entries
- Asset Classes: Common Stock, Preferred Stock, Call Options, Put Options, and Exchange-Traded Notes (ETNs).
- Top Sector Exposure: Significant concentration in Canadian Financials, Energy, and Materials (Mining).
Material Holdings and Concentrations
The portfolio demonstrates a heavy concentration in Canadian equities, particularly in the banking and resource sectors. The following issuers represent the largest market value positions based on the data provided:
- Bank of Nova Scotia: ~$46.8M (Common Stock)
- Bank of Montreal: ~$25.4M (Common Stock)
- Royal Bank of Canada: ~$55.3M (Common Stock)
- Manulife Financial Corp: ~$30.8M (Common Stock)
- Encana Corp: ~$8.2M (Common Stock)
- Enbridge Inc: ~$15.0M (Common Stock)
- TransCanada Corp: ~$11.7M (Common Stock)
- Goldcorp Inc: ~$8.9M (Common Stock)
- Kinross Gold Corp: ~$11.6M (Common Stock)
- Yamana Gold Inc: ~$8.1M (Common Stock)
The filing also indicates significant use of derivatives (Calls and Puts) on major Canadian issuers such as Royal Bank of Canada, Bank of Nova Scotia, and Barrick Gold Corp, suggesting active hedging or leverage strategies.
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F filings are statutory disclosures of holdings and do not contain management commentary, forward-looking guidance, or strategic outlooks.
Risks and Contingencies:
- Concentration Risk: The portfolio is heavily weighted toward the Canadian economy, specifically the financial and resource sectors.
- Derivative Exposure: The presence of substantial Put and Call option positions introduces leverage and volatility risk.
- Market Risk: As a passive disclosure of holdings, the filing reflects exposure to general market fluctuations as of the quarter-end date.
Investor Verification Checklist
- Verify the total aggregate value of $22.68 billion against the bank's broader asset management disclosures to understand the proportion of total AUM represented here.
- Review the specific terms of the Call and Put options listed (e.g., strike prices, expiration dates) which are not detailed in this summary table but are critical for assessing risk.
- Confirm the breakdown of "Shared Discretion" vs. "Sole Discretion" to understand the extent of third-party influence on these specific holdings.
- Check subsequent filings (13F-HR for September 30, 2012) to assess turnover rates and changes in the heavy Canadian resource positions.