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, 2007
Submission Date: May 7, 2007
Scope: This report covers a portion of the manager's holdings, with other portions reported by affiliated managers including TD Securities, Inc. and TD Global Finance.
Key Financial Metrics
Total Portfolio Value: $27,580,706,000 (Reported as $27,580,706 in thousands)
Total Number of Holdings: 1,672 entries
Asset Classes: Common Stock, Preferred Stock, Call Options, Put Options, and Trust Units.
Geographic Focus: Significant exposure to Canadian equities (Banking, Energy, Mining) and U.S. equities (Technology, Financials, Consumer Staples).
Material Changes and Portfolio Composition
Note: As this is a quarterly snapshot without prior period data in the text, specific percentage changes cannot be calculated. The following highlights the composition of the reported portfolio.
- Banking Sector Concentration: The portfolio holds massive positions in major Canadian banks, including Royal Bank of Canada (over 56 million shares), Bank of Nova Scotia (over 45 million shares), and Bank of Montreal (over 19 million shares).
- Energy and Resources: Significant holdings in Canadian energy and mining firms, including TransCanada Corp (over 16 million shares), Suncor Energy (over 4.4 million shares), and Barrick Gold (over 6.7 million shares).
- U.S. Technology: Large positions in Microsoft (over 2.5 million shares), Intel (over 3.1 million shares), and Oracle (over 2.1 million shares).
- Derivatives Usage: The filing includes extensive option positions (both calls and puts) on major holdings such as Pfizer, Microsoft, and Royal Bank of Canada, indicating active risk management or hedging strategies.
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 and Contingencies: The filing does not disclose specific risks. However, the concentration in the financial and energy sectors exposes the portfolio to sector-specific volatility. The presence of significant short positions (Put Options) on various equities suggests a hedging strategy against downside risk.
Investor Verification Checklist
- Verify the total aggregate value of TD Bank's global equity portfolio by combining this report with filings from the listed "Other Included Managers" (e.g., TD Securities, Inc.).
- Confirm the specific strike prices and expiration dates of the reported options to understand the precise hedging or speculative intent.
- Review the "Shared Discretion" (SH-DEF) column to determine which holdings are managed jointly with other entities versus those under sole discretion.
- Assess the concentration risk in the Canadian banking sector, which represents a substantial portion of the reported value.