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 March 31, 2006
Submission Date: May 9, 2006
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
Total Portfolio Value: $22,032,916,000
Total Number of Holdings: 1,728 entries
Asset Classes: Common Stock (Equity), Preferred Stock, Warrants, and Options (Calls and Puts).
Geographic Focus: Significant exposure to Canadian financial institutions, energy, and materials sectors, alongside major U.S. equities.
Material Holdings and Concentration
The portfolio is heavily concentrated in large-cap Canadian and U.S. equities. Notable positions include:
- Financials: Royal Bank of Canada (52.5M shares), Bank of Nova Scotia (44.4M shares), Bank of Montreal (20.7M shares), and Manulife Financial Corp (18.0M shares).
- Energy & Materials: TransCanada Corp (15.7M shares), Enbridge Inc (11.5M shares), EnCana Corp (8.5M shares), Barrick Gold Corp (7.5M shares), and Goldcorp Inc (8.2M shares).
- Technology & Telecom: Nortel Networks Corp (17.8M shares total across sole and shared), Hewlett-Packard Co (1.0M shares), and Rogers Communications (2.4M shares).
- U.S. Equities: Significant holdings in Pfizer Inc, Microsoft Corp, General Electric Co, and Wal-Mart Stores Inc.
Derivatives and Options Activity
The filing indicates active use of options strategies, including both calls and puts, on major holdings such as Pfizer, Microsoft, General Electric, and Citigroup. The report lists specific quantities of call and put options held with sole or shared voting authority.
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F filings are statutory disclosures of holdings and do not contain management commentary, earnings guidance, or forward-looking statements.
Risks: The portfolio exhibits high concentration risk in the Canadian banking and energy sectors. The presence of significant put option positions suggests hedging strategies against downside risk in volatile sectors.
Investor Verification Checklist
- Verify the total aggregate value of $22.03 billion against the sum of individual position values to ensure data integrity.
- Confirm the breakdown of "Sole" vs. "Shared" voting authority for major Canadian holdings to understand control dynamics.
- Review the specific strike prices and expiration dates of the reported options (not detailed in this summary) to assess the risk profile of the derivatives book.
- Compare the March 31, 2006 holdings against the prior quarter's 13F filing to identify significant entry or exit positions.