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 December 31, 2011
Submission Date: February 10, 2012
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 also references holdings reported separately by TD Asset Management USA Inc., TD Asset Management Inc., and TD Securities (USA) LLC.
Key Financial Metrics
Total Portfolio Value: $20,903,779,000 (approx. $20.9 billion)
Total Number of Holdings: 1,193 entries
Asset Classes: Primarily common equity (shares), with significant positions in call and put options, and limited bond holdings.
Top Sector Exposure: Financials (Canadian and US Banks), Energy (Oil & Gas), and Materials (Mining/Gold).
Material Holdings and Concentration
The portfolio is heavily concentrated in large-cap Canadian and US equities. Notable positions include:
- Financials: Significant holdings in Royal Bank of Canada ($54.6M), Bank of Nova Scotia ($45.6M), Bank of Montreal ($25.3M), and Canadian Imperial Bank of Commerce ($17.6M). US bank exposure includes Bank of America ($128M) and JPMorgan Chase ($493M).
- Energy: Major positions in Enbridge ($14.4M), Nexen ($5.6M), TransCanada ($11.2M), and Talisman Energy ($10.7M).
- Materials/Mining: Substantial exposure to Barrick Gold ($10.5M), Kinross Gold ($11.0M), Goldcorp ($8.4M), and Potash Corp of Saskatchewan ($8.9M).
- Technology/Consumer: Notable holdings in Research In Motion ($4.8M), Apple ($1.8M), and Shaw Communications ($7.0M).
Derivatives and Voting Authority
The filing indicates active use of derivatives for hedging or speculation. Significant call and put option positions are reported for major holdings including Bank of Montreal, Bank of Nova Scotia, Barrick Gold, and Royal Bank of Canada. Voting authority is split between "Sole" discretion and "Shared" discretion (SH_DEF), with the majority of large equity positions held under sole discretion.
Guidance, Outlook, and Risks
Management Commentary: As a Form 13F filing, this document contains no management commentary, forward-looking guidance, or strategic outlook. It is a statutory disclosure of holdings only.
Risks: The portfolio exhibits high concentration risk in the Canadian financial and resource sectors. The presence of significant put and call options introduces leverage and volatility risk relative to the underlying equity positions.
Investor Verification Checklist
- Verify the total aggregate value of $20.9 billion against the bank's broader asset management disclosures to understand the proportion of total AUM represented here.
- Confirm the specific breakdown of "Shared" vs. "Sole" voting authority to assess the bank's direct control over proxy voting for major holdings.
- Review the specific strike prices and expiration dates of the reported options (not included in this summary) to evaluate the bank's hedging strategy and market view.
- Compare the 1,193 holdings count to the prior quarter to identify significant portfolio turnover or strategic shifts in sector allocation.