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, 2009
Submission Date: August 14, 2009
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 a portion of holdings is reported here and a portion by other managers.
Key Financial Metrics
Total Portfolio Value: $15,971,580,000 (Reported as 15,971,580 in thousands)
Total Number of Holdings: 1,065 entries
Asset Classes: Primarily equity securities (Common Stock), with significant positions in Call and Put options, and some preferred shares/principal notes.
Investment Discretion: Mix of "Sole" and "Shared" (Shared-Defined) authority across various holdings.
Material Changes and Portfolio Composition
Note: As this is a quarterly snapshot, specific period-over-period changes (e.g., net buys/sells) cannot be calculated without the prior quarter's filing. The following highlights the composition of the portfolio as of June 30, 2009.
- Heavy Concentration in Canadian Financials and Energy: The portfolio shows massive aggregate positions in major Canadian institutions, including Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, and Bank of Montreal. Significant holdings also exist in Canadian energy and mining firms such as Suncor Energy, Enbridge, Encana, Barrick Gold, and Teck Resources.
- Derivatives Usage: The filing lists extensive use of Call and Put options on major holdings (e.g., Royal Bank of Canada, Barrick Gold, Teck Resources, Research In Motion), indicating active hedging or leverage strategies.
- US Market Exposure: Significant holdings in major US corporations including Johnson & Johnson, Microsoft, Procter & Gamble, Exxon Mobil, and JPMorgan Chase.
- ETF and Fund Holdings: The portfolio includes positions in various sector-specific ETFs (e.g., Energy Select Sector SPDR, Utilities Select Sector SPDR) and international funds.
Guidance, Outlook, and Risks
Management Commentary: Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, earnings guidance, or forward-looking outlooks regarding the reporting manager's own financial performance.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the heavy concentration in the financial and energy sectors, combined with the use of options, implies exposure to sector-specific volatility and market risk. The "Shared" discretion on many Canadian holdings suggests complex internal or external fund management structures.
Key Facts for Investor Verification
- Portfolio Size: Verify the total value of approximately $16 billion in reportable US securities.
- Top Holdings: Confirm the aggregate share counts for top positions, particularly Royal Bank of Canada (over 50 million shares reported in this filing alone) and Toronto-Dominion Bank (over 4.6 million shares).
- Derivative Exposure: Note the significant volume of Call and Put options held against major Canadian resource and financial stocks, which may not be fully reflected in simple equity value calculations.
- Reporting Structure: Acknowledge that this is a "Combination Report" and that total assets under management for TD Bank may be higher than the $16 billion reported here, as other managers (TD Asset Management USA Inc., TD Asset Management Inc., etc.) file separately.
- Missing Data: This filing does not provide data on non-US securities (unless traded on US exchanges), cash positions, or debt obligations of the bank itself.