TD Asset's $123B 13F: A Canadian-Anchored Book Read

TD Asset Management Inc filed its 2026Q1 13F disclosing a US-and-Canadian-listed equity book worth $123.25 billion across 1,702 reported positions. Among the 13F filings at this scale, the structure is distinctive: the second-largest position is Royal Bank of Canada (RY) at $4.90B, and the fourth-largest is parent-company Toronto-Dominion Bank (TD) at $3.51B. That parent-company holding aside, the book reads as the cleanest available view of how a major Canadian institutional manager allocates between US mega-cap tech and the Canadian large-cap universe.

The book is not pretending to be a US-centric index hugger. It is a Canadian institutional book that happens to file via the US 13F regime because of its US-listed securities holdings plus its TD Bank parent's listing relationship. Reading it through that lens makes the disclosure useful.

The Top of the Book Splits US Tech and Canadian Banks

The top 10 positions:

Ticker	Value	Weight	Category
NVDA	$5.07B	4.12%	US mega-cap tech
RY (Royal Bank of Canada)	$4.90B	3.98%	Canadian Big 5 bank
AAPL	$4.16B	3.37%	US mega-cap tech
TD (Toronto-Dominion Bank)	$3.51B	2.84%	Parent company (Canadian Big 5)
MSFT	$3.24B	2.63%	US mega-cap tech
BMO (Bank of Montreal)	$2.58B	2.09%	Canadian Big 5 bank
GOOGL	$2.20B	1.78%	US mega-cap tech
ENB (Enbridge)	$2.14B	1.74%	Canadian energy infrastructure
CM (CIBC)	$2.14B	1.73%	Canadian Big 5 bank
AVGO	$2.04B	1.65%	US semiconductor

The top 10 total $31.97B at 26.8% of the disclosed book — moderate concentration. The Canadian bank cluster (RY, TD, BMO, CM) alone accounts for $13.13B / 10.66% of the book, with the parent-company TD line as the second-largest of those four. The mega-cap US tech cluster (NVDA, AAPL, MSFT, GOOGL, AVGO) totals $16.71B / 13.57%.

The Parent-Company Position

Holding $3.51B of parent-company TD Bank at 2.84% of the disclosed book is the structurally interesting feature. Two readings, both partially correct:

• Discretionary client mandates choosing TD. Clients of TD Asset Management with broad Canadian equity exposure benchmarks (S&P/TSX 60 or equivalent) will have TD Bank at the index cap-weight. TD Bank is roughly 6-8% of the TSX 60. A 2.84% weight in the disclosed book is meaningfully below TSX-60 weight, suggesting the firm-level allocation is not loading on parent-company exposure beyond what client mandates demand.
• Some active sleeves underweight the parent. Concentrated Canadian equity sleeves run by TD Asset Management may deliberately underweight TD Bank to manage conflict-of-interest concerns, since the firm has fiduciary obligations to its clients that include not over-allocating client portfolios to parent-company exposure beyond what the benchmark dictates.

The bottom line: the parent-company line is present at meaningful size because client mandates require Canadian large-cap exposure, but the position is sized below benchmark weight — a deliberate fiduciary calibration.

The Canadian Resources and Industrials Cluster

Below the top 10, the book contains substantial Canadian sector exposure that is structurally absent from US-domiciled peer 13Fs:

• AEM (Agnico Eagle Mines) at $1.98B / 1.60% — Canadian gold miner.
• CNQ (Canadian Natural Resources) at $1.94B / 1.58% — Canadian oil & gas.
• SU (Suncor Energy) at $1.68B / 1.36% — Canadian integrated oil.
• CP (Canadian Pacific Kansas City) at $1.48B / 1.20% — North American Class I railroad.
• BN (Brookfield Corporation) at $1.46B / 1.19% — global alternative asset manager.

Combined Canadian resources + Brookfield: $9.06B / 7.4% of the book. That is the sector exposure mix that distinguishes a Canadian institutional book from any US-domiciled peer at the same AUM scale. A US RIA or trust bank would have minimal allocation to AEM, CNQ, or SU — Canadian resources are not part of the standard S&P 500 mandate.

Concentration Shape

The top 10 at 26.8% with 1,702 positions in the long tail is a moderate-concentration profile that reflects discretionary Canadian-equity sleeves running alongside passive S&P 500 / Canadian large-cap index sleeves. The 1,702 position count is materially lower than a peer US RIA aggregator like Envestnet (4,703 positions) — TD Asset Management runs fewer aggregated mandates, more concentrated per-mandate exposure.

AUM Trajectory

The disclosed book's quarter-over-quarter trajectory tracks a combination of: (a) S&P 500 / TSX equity beta applied to the underlying allocations; (b) FX-translation effects when CAD/USD moves materially; (c) net client-asset flows into the firm's mandates. The recent multi-quarter pattern of moderate growth into 2026Q1's $123.3B reflects all three drivers working in roughly the same direction.

Three Reads From the Data

• The Canadian Big 5 bank cluster is the structural anchor. RY + TD + BMO + CM combined at $13.13B / 10.66% is the largest single sector allocation in the book. Quarter-over-quarter changes in the relative weights of the Big 5 will be a clean read on whether TD Asset Management's discretionary mandates are differentiating between the banks (rotating from one to another) or holding them as a sector basket.
• The energy infrastructure / oil & gas allocation is non-trivial. ENB + CNQ + SU combined at $5.76B / 4.68% is a meaningful overweight versus a US S&P 500 mandate. The position size reflects both the underlying TSX index weight and an active overweight to Canadian energy that is structurally absent from US peer books.
• The gold-miner position (AEM) at $1.98B is the trust-bank fingerprint. Similar to Sumitomo Mitsui Trust's GLDM allocation, a meaningful single-name gold-mining position in a discretionary book signals a structural diversification overlay rather than an active mining-sector bet. AEM at 1.6% of the book is a recognizable trust-bank pattern.

What to Watch From Here

• Next 13F deadline (mid-August 2026). Watch the Big 5 Canadian bank relative weights. A change in TD's weight relative to RY (the largest non-parent position) signals discretionary mandate rotation away from or toward the parent.
• Energy-sector weight changes. Combined ENB + CNQ + SU at 4.7% reflects current oil cycle positioning. A meaningful move up or down would be a Canadian-allocator macro signal worth tracking.
• AEM (Agnico Eagle) as the gold proxy. Direct gold exposure in TD Asset Management's book runs through Agnico Eagle rather than through GLD/GLDM. A meaningful trim or add to AEM is the cleanest signal for whether the book is increasing or decreasing its gold-cycle exposure.

For the full filing detail, see TD Asset Management's filer profile. The summary read: this is a Canadian-anchored institutional book whose structural features — Big 5 bank cluster, Canadian energy overweight, AEM gold proxy, parent-company holding sized below benchmark — make it a distinctive 13F disclosure at the $123B AUM scale.