Td Asset Management INC

The biggest buy is unambiguous: Td Asset Management is making a statement in semiconductor equipment.

• KLA: Position up 678.1% to $875.9M (0.76%), an enormous scale-up from a token stake. They are intentionally averaging into weakness: the fund shows a -58.2% mark versus its $481.20 average cost. That’s not chasing momentum; it’s underwriting a long upcycle in process control and yield as fabs race to catch AI demand.
• Micron: A 20.6% add, lifting the stake to $910.0M (0.79%). With a +337.5% gain versus their $197.06 average, they’re pressing a winning hand in high-beta memory, a classic late-cycle beneficiary when AI and cloud capex stay hot.
• Johnson & Johnson: Shares up 7.1%, value to $1.24B (1.08%). This is a modest but clear vote for large-cap, diversified pharma as a portfolio stabilizer — notably in the same quarter they’re dialing down broad-market ETFs.

The through-line is simple: they’re shifting from headline AI beneficiaries toward the capital-goods and component suppliers that monetize the build-out, while pairing those cyclical bets with a sturdier core in health care rather than more index exposure.

The sell tape is loud, and it starts at home: they are harvesting Canadian financials hard.

• Royal Bank, TD, BMO, CIBC, Bank of Nova Scotia, Manulife, Sun Life, plus JPMorgan all see double-digit cuts (e.g., Royal Bank -24.5%, TD -32.2%, BNS -26.5%, SLF -28.0%). These are not panic exits — most show triple-digit gains vs. cost — but classic de-risking after a long rerating in rate-sensitive franchises.
• At the same time, they’re clipping exposure to megacap tech winners: Nvidia (-12.8%), Apple (-20.2%), Microsoft (-22.9%), Alphabet’s two share classes (GOOGL -10.1%, GOOG -20.0%), Meta (-20.6%). With gains as high as +485.4% in Nvidia and +288.5% in Microsoft, they are explicitly monetizing the AI/platform boom.
• They’re also cutting around the commodity and yield edges: Agnico Eagle (-32.6%), Enbridge (-21.2%), Suncor (-25.1%), TC Energy (-25.6%), AEM and ENB both among the largest dollar trims.

Put together, the quarter’s sells look less like a macro view and more like position hygiene: lighten crowded, mature winners and capital-intensive income names to fund higher-conviction, higher-upside chips/equipment and a cleaner defensive core.

Despite trimming the household tech names, tech’s share of the top-50 actually rises from 33.56% to 36.07%. That’s the KLA and Micron effect: capital is rotating within tech from mega-platforms to the chip stack (semis and equipment).

Finance, by contrast, bleeds from 27.75% to 25.74% as they slash across Canadian banks and insurers. The message is clear: the easy money in domestic financials is viewed as behind them, and those dollars can work harder elsewhere.

Energy steps down modestly from 7.17% to 6.87%, with cuts to Enbridge, Canadian Natural Resources, Suncor, and Exxon. Basic materials — predominantly gold via Agnico, Wheaton, and Barrick — falls from 3.84% to 3.49%, signaling less reliance on hard-asset hedges now that equity performance has been strong.

Health care picks up from 4.37% to 4.61%, entirely via pharma (Johnson & Johnson, Eli Lilly, AbbVie). The ETF bucket (SPY, QQQ, EFA) also shrinks, taking “unclassified” from 5.69% to 5.86% mostly on mark-to-market rather than fresh buying, confirming a tilt toward stock-picking over blanket beta.

Taken together, this 13F says Td Asset Management wants to stay exposed to AI and growth, but through the enablers rather than just the brand-name winners.

They are willing to live with more volatility in semis and equipment — doubling down on Micron and massively scaling KLA, even at a deep mark-to-market loss — because they see the capex wave as multi-year, not a trade. That speaks to a structural “chips-as-infrastructure” view.

Simultaneously, shrinking Canadian banks, gold miners, and midstream pipelines looks like an admission that the portfolio was overweight “old-economy carry” after a strong run. They’re reallocating that capital into areas where earnings revisions can still surprise positively.

The incremental build in pharma and reduction in broad ETFs suggests a barbell: idiosyncratic growth risk on one side, higher-quality defensives on the other, with fewer blunt macro bets. If this quarter is a guide, expect further migration inside tech toward less obvious AI beneficiaries — tools, materials, and capacity providers — and a continued, measured retreat from yield-driven cyclicals.