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, 2010
Submission Date: May 14, 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 Reported Value: $19,704,819,000 (approx. $19.7 billion)
Total Number of Holdings: 1,126 entries
Asset Classes: Primarily common equity (shares), with significant positions in call and put options, and exchange-traded funds (ETFs).
Geographic Focus: Heavy concentration in Canadian equities (Banking, Energy, Mining) and U.S. equities (Technology, Financials, Healthcare).
Material Changes and Portfolio Composition
Note: As this is a quarterly snapshot, specific period-over-period changes (e.g., net buys/sells) cannot be calculated without the prior quarter's data. The following reflects the composition of the portfolio as of March 31, 2010.
- Top Sector Exposure: The portfolio shows significant exposure to the Financial sector (domestic Canadian banks) and the Energy/Mining sectors (Canadian resource companies).
- Derivatives Usage: The manager holds substantial positions in options (Calls and Puts) for major holdings, including Royal Bank of Canada, Toronto-Dominion Bank, Barrick Gold, and Research In Motion, indicating active hedging or leverage strategies.
- Concentration: The largest single equity positions by share count include Royal Bank of Canada (~53.5M shares), Toronto-Dominion Bank (~5.6M shares), and Research In Motion (~13.7M shares).
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F filings are regulatory disclosures of holdings and do not contain management commentary, earnings guidance, or forward-looking statements.
Risks and Contingencies: The filing does not disclose specific risk factors. However, the portfolio's heavy weighting in Canadian financials and resource stocks implies exposure to commodity price volatility and North American banking sector performance. The presence of significant short positions (Put options) on major holdings suggests the manager is hedging against downside risk in these specific names.
Key Facts for Investor Verification
- Self-Holding: TD Bank holds a significant position in its own stock (Toronto-Dominion Bank), totaling over 5.6 million shares across various accounts, alongside large call and put option positions.
- Banking Sector Dominance: The portfolio is heavily weighted toward the "Big Five" Canadian banks (RBC, TD, BMO, BNS, CIBC), representing a major portion of the reported value.
- Resource Exposure: Significant holdings in Canadian mining and energy firms (e.g., Barrick Gold, Teck Resources, Suncor Energy, Potash Corp) reflect the bank's domestic economic focus.
- Derivative Activity: Investors should note the extensive use of options on major holdings, which may alter the effective risk profile of the reported share counts.
- Fragmented Reporting: This is a "Combination Report," meaning the total assets under management for TD Bank are not fully captured in this single document; affiliated managers report the remainder.