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, 2007
Filing Date: November 6, 2007
This filing represents a combination report, meaning a portion of the holdings for this manager are reported herein, while other portions are reported by affiliated managers (including TD Securities, Inc. and TD Global Finance). The report details equity securities held with investment discretion.
Key Financial Metrics
Total Portfolio Value: $28,179,588,000 (Reported as $28,179,588 in thousands)
Total Number of Holdings: 1,636 entries
Asset Class: Primarily Common Stock, with significant positions in Call and Put options.
Top Sector Exposure (Based on Top Holdings): Financials, Energy, Materials (Mining), and Technology.
Material Holdings and Concentration
The portfolio is heavily concentrated in Canadian financial institutions and energy/resource companies, alongside major U.S. equities. Notable positions include:
- Financials: Royal Bank of Canada ($56.5M), Bank of Nova Scotia ($46.2M), Bank of Montreal ($20.4M), and Toronto-Dominion Bank itself ($22.1M).
- Energy & Resources: Talisman Energy ($9.7M), Suncor Energy ($4.6M), Petro-Canada ($5.7M), EnCana Corp ($8.0M), and Barrick Gold ($6.9M).
- Technology & Telecom: Research In Motion Ltd ($12.7M), Nortel Networks Corp ($9.2M), and Rogers Communications ($4.8M).
- Derivatives: Significant use of options for hedging or speculation on major names including Pfizer, Wal-Mart, General Electric, and Intel.
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: The portfolio shows high concentration in the Canadian banking sector and resource extraction industries.
- Derivative Exposure: The filing lists substantial Put and Call option positions (e.g., over $1.3B in Put options on Financial Select Sector SPDRs and significant positions on Pfizer and Wal-Mart), indicating active risk management or directional bets.
- Reporting Limitations: As a 13F filing, this document does not disclose short positions (unless covered by long options), debt holdings, or cash balances.
Investor Verification Checklist
- Verify the total aggregate value of the portfolio ($28.18B) against the bank's total assets to understand the scope of this specific investment mandate.
- Review the "List of Other Included Managers" to ensure all affiliated holdings (TD Securities, TD Asset Management) are accounted for when analyzing total exposure.
- Assess the impact of the large derivative positions (Calls and Puts) on the net risk profile of the top holdings.
- Confirm the valuation of the significant Canadian resource holdings (Talisman, Suncor, Barrick) given the commodity price environment of late 2007.