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 September 30, 2010
Submission Date: November 10, 2010
Scope: This report covers a portion of the manager's holdings, with other portions reported by affiliated managers including TD Asset Management USA Inc., TD Asset Management Inc., TD Securities (USA) LLC, TD Securities Inc., and TD Global Finance.
Key Financial Metrics
Total Portfolio Value: $20,799,381,000 (Reported as $20,799,381 in thousands)
Total Number of Holdings: 1,167 entries
Asset Classes: Primarily equity securities (Common Stock), with significant positions in options (Calls and Puts) and Exchange Traded Funds (ETFs).
Geographic Focus: Heavy concentration in Canadian equities (Banking, Energy, Mining) and U.S. equities (Technology, Financials, Healthcare).
Material Holdings and Portfolio Composition
The portfolio demonstrates a distinct bias toward the Canadian financial and resource sectors, alongside major U.S. blue-chip equities. Notable positions include:
- Canadian Banking: Significant holdings in Royal Bank of Canada (51.3M shares), Bank of Nova Scotia (43.6M shares), Bank of Montreal (21.9M shares), and Toronto-Dominion Bank (6.2M shares).
- Canadian Energy & Mining: Large positions in Suncor Energy (16.1M shares), TransCanada Corp (12.0M shares), Barrick Gold (9.9M shares), and Potash Corp of Saskatchewan (3.4M shares).
- U.S. Equities: Notable holdings in Johnson & Johnson (412K shares), Procter & Gamble (333K shares), Microsoft (247K shares), and Apple (4.2M shares).
- Derivatives: The filing includes extensive option positions (Calls and Puts) on major holdings such as Barrick Gold, Royal Bank of Canada, and Apple, indicating active risk management or hedging strategies.
Guidance, Outlook, and Risks
Management Commentary: As a Form 13F filing, this document contains no management commentary, forward-looking guidance, or earnings outlook. It is a statutory disclosure of holdings only.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the concentration in the Canadian resource and banking sectors exposes the portfolio to commodity price volatility and North American economic conditions. The presence of significant short positions (Put options) suggests hedging against downside risk in specific volatile sectors like mining and energy.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio ($20.8B) against the bank's total assets under management to understand the scope of this specific reporting entity.
- Confirm the breakdown of "Shared" vs. "Sole" voting authority to determine the extent of the bank's direct control over these positions.
- Review the specific option contracts (Calls/Puts) listed for major holdings to assess the bank's hedging strategy and potential exposure to leverage.
- Cross-reference the "Other Included Managers" list to ensure a complete picture of the TD Group's total exposure to specific securities.
- Note that this filing reflects positions as of September 30, 2010, and does not account for trading activity in the subsequent quarter.