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, 2011
Submission Date: November 11, 2011
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 represents a combination report where portions of holdings are reported by other managers.
Key Financial Metrics
Total Portfolio Value: $19,416,959,000 (approx. $19.42 billion)
Total Number of Holdings: 1,207 entries
Asset Classes: Common Stock, Preferred Stock, Call Options, Put Options, and Exchange-Traded Funds (ETFs).
Geographic Focus: Significant 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 prior filing data. The following highlights the composition of the portfolio as of the reporting date.
- Top Sector Exposure: The portfolio is heavily weighted toward the Financials and Energy sectors, particularly Canadian institutions.
- Significant Single-Name Positions (by Market Value):
- Royal Bank of Canada: ~$51.84 million (Sole Discretion)
- Bank of Nova Scotia: ~$43.42 million (Sole Discretion)
- Bank of Montreal: ~$23.36 million (Sole Discretion)
- Canadian Imperial Bank of Commerce: ~$17.37 million (Sole Discretion)
- Enbridge Inc: ~$14.00 million (Sole Discretion)
- Canadian Natural Resources: ~$11.21 million (Sole Discretion)
- Manulife Financial Corp: ~$29.52 million (Sole Discretion)
- Research In Motion (RIM): ~$4.57 million (Sole Discretion)
- Derivatives Activity: The filing lists extensive use of Call and Put options on major Canadian energy and mining stocks (e.g., Barrick Gold, Potash Corp, Teck Resources, TransAlta), indicating active hedging or speculative 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:
- Concentration Risk: High exposure to the Canadian financial sector and resource-based industries (mining, oil & gas).
- Derivative Risk: Significant positions in options (both calls and puts) introduce leverage and volatility risk.
- Reporting Limitations: This report only covers securities with a market value exceeding $100,000 (or $100,000 in aggregate for certain categories) and does not reflect the bank's entire balance sheet or proprietary trading book.
Key Facts for Investor Verification
- Portfolio Size: Verify the total reported value of approximately $19.4 billion against the bank's total assets to understand the scale of this specific investment mandate.
- Canadian Banking Dominance: Confirm the heavy weighting in the "Big Five" Canadian banks (RBC, Scotiabank, BMO, CIBC, TD) as a core strategy.
- Option Usage: Investigate the specific strike prices and expiration dates of the listed options (not provided in this summary) to determine if they are for hedging or directional bets.
- Combined Reporting: Note that this is a "Combination Report"; some holdings are managed by TD Asset Management USA Inc. and TD Asset Management Inc., which may have different investment mandates.
- Historical Context: The filing date (Sept 2011) predates the 2012 acquisition of TD Securities by TD Bank and the subsequent restructuring of the investment arm; verify current corporate structure if analyzing long-term trends.