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, 2011
Submission Date: May 16, 2011
Scope: This report covers holdings managed by TD Bank and includes data from two other affiliated 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: $22,984,368,000 (Reported as $22,984,368 in thousands)
Total Number of Holdings: 1,198 entries
Asset Classes: Primarily equity securities (Common Stock), with significant positions in Call and Put options, and Exchange Traded Funds (ETFs).
Geographic Focus: Heavy concentration in Canadian equities (Banking, Energy, Materials) and U.S. equities (Technology, Financials, Healthcare).
Material Holdings and Concentrations
The portfolio demonstrates significant concentration in the Canadian financial and resource sectors, alongside major U.S. technology and industrial holdings. Notable positions include:
- Banking: Royal Bank of Canada (approx. $51.1M), Bank of Nova Scotia (approx. $42.4M), Bank of Montreal (approx. $21.8M), and Toronto-Dominion Bank (approx. $4.4M).
- Energy & Materials: Potash Corp of Saskatchewan (approx. $8.7M), Barrick Gold Corp (approx. $9.5M), Enbridge Inc (approx. $6.9M), and Teck Resources Ltd (approx. $5.0M).
- Technology: Apple Inc (approx. $1.8M), Microsoft Corp (approx. $262k), and Cisco Systems Inc (approx. $285k).
- Derivatives: Significant use of Call and Put options on major Canadian stocks including Royal Bank of Canada, Bank of Montreal, and Barrick Gold.
Guidance, Outlook, and Risks
Management Commentary: As a Form 13F filing, this document contains no management commentary, earnings guidance, or forward-looking statements regarding the reporting manager's own financial performance.
Risks and Contingencies: The filing does not disclose specific risk factors. However, the portfolio composition indicates exposure to:
- Commodity Price Volatility: Heavy weighting in mining (Gold, Potash, Uranium) and energy sectors.
- Interest Rate Sensitivity: Significant holdings in major Canadian and U.S. banks.
- Derivative Exposure: Active trading of options implies hedging strategies or speculative positions that introduce leverage risk.
Investor Verification Checklist
- Verify the total assets under management by aggregating this report with the separate 13F filings from TD Asset Management USA Inc. and TD Asset Management Inc.
- Confirm the valuation of option positions (Calls/Puts) as the 13F reports market value but does not detail strike prices or expiration dates.
- Assess the concentration risk in the Canadian financial sector, which represents a substantial portion of the reported equity value.
- Review the "Shared Discretion" vs. "Sole Discretion" columns to understand which holdings are managed by TD Bank directly versus those managed in conjunction with other entities.