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, 2009
Submission Date: February 12, 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 Portfolio Value: $18,438,237,000 (Reported in thousands)
Total Number of Holdings: 1,082 entries
Asset Classes: Primarily equity securities (Common Stock), with significant positions in options (Calls and Puts) and Exchange Traded Funds (ETFs).
Geographic Focus: Heavy concentration in Canadian equities (Banking, Energy, Mining) and U.S. large-cap equities.
Material Holdings and Portfolio Composition
The portfolio demonstrates a distinct bias toward the Canadian financial and resource sectors, alongside diversified U.S. market exposure.
- Canadian Banking: Significant holdings in Royal Bank of Canada ($52.6M), Bank of Nova Scotia ($44.6M), Bank of Montreal ($21.7M), and Canadian Imperial Bank of Commerce ($11.8M).
- Canadian Energy & Mining: Major positions in TransCanada Corp ($16.0M), Enbridge Inc ($9.1M), Barrick Gold Corp ($9.4M), and Teck Resources ($6.4M).
- U.S. Equities: Notable positions include Johnson & Johnson ($40.2M), Microsoft ($25.1M), General Electric ($7.7M), and Wells Fargo ($12.3M).
- Derivatives: The filing includes substantial option positions (Calls and Puts) on major holdings such as Royal Bank of Canada, Barrick Gold, and Research In Motion, indicating active hedging or speculative strategies.
Guidance, Outlook, and Risks
Management Commentary: As a Form 13F filing, this document contains no management commentary, forward-looking guidance, or earnings outlook. It is a statutory disclosure of holdings only.
Risks and Contingencies: The filing does not disclose specific risk factors or contingencies. However, the heavy concentration in the financial and resource sectors implies exposure to interest rate fluctuations, commodity price volatility, and regulatory changes in the banking sector.
Unusual Items: The report is a "Combination Report," meaning the total assets under management for the institution are not fully captured in this single filing but are split across multiple affiliated managers.
Investor Verification Checklist
- Verify the total assets under management by aggregating filings from all listed affiliated managers (TD Asset Management USA Inc., TD Securities Inc., etc.).
- Confirm the valuation of option positions (Calls/Puts) as they are reported by share count and may require external pricing to determine net exposure.
- Review the "Shared Discretion" (SH-DEF) columns to distinguish between assets managed solely by TD Bank versus those managed jointly with other entities.
- Assess the concentration risk in the Canadian financial sector, which represents a significant portion of the reported portfolio value.