TD-TO

TD-TO

TD-TO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q1	Apr 9, 2025	Mawer International Equity Fund	9.9%	9.9%	AAPL, AJG, ALA.TO, AON, ASM, BA.L, BN.TO, BNS.TO, DB1.DE, GIB.A.TO, HO.PA, ICE, IFC.TO, LDO.MI, MMC, NVDA, RHM.DE, RY.TO, TD.TO, TSLA, TSM, X.TO	AI, defense, Europe, Geopolitical, gold, tariffs, Trade Policy	Defense-related holdings delivered stellar returns with Rheinmetall more than doubling during the quarter, while Thales, BAE, and Leonardo also experienced strong performance. A rapidly evolving geopolitical landscape and rising defense spending in Europe have significantly increased demand expectations. All four companies benefit from the critical importance of their products and decades of consolidation and underinvestment in areas where they hold key competitive advantages.		View
2023 Q1	Apr 14, 2023	Avenue Investment Management	-	-	AHG.TO, NA.TO, TD.TO	Banking, Canada, credit, financials, liquidity, rates, Recession	Banking system experiencing stress from deposit flight to treasury bills and inverted yield curve. Bank runs led to failures requiring central bank intervention. Credit contraction expected as banks tighten lending standards and face difficulty refinancing existing debt.		View
2024 Q1	Apr 10, 2024	Purpose Investment Partners	3.0%	3.0%	AAPL, BAC, BN.TO, CVE.TO, DISH, MCD, RY.TO, TCNNF, TD.TO, TLN, VST	credit, energy, high yield, inflation, Power Generation, Preferred, Resilience	The U.S. economy demonstrates remarkable resilience with GDP growth forecasts increasing to 2.2% for 2024 from 1.3% at year start. First-time unemployment claims remain at 1960s levels despite 100 million more people, indicating strong labor market conditions. This resilience stems from excess liquidity from pandemic-era government spending and unique 30-year mortgage structures.	CVE.TO	View
2023 Q4	Feb 20, 2024	Tall Oak Capital Advisors	-	-	AAPL, ABBV, AMD, AMGN, AMP, AMZN, ATD.TO, AVGO, BEI-UN.TO, BSX, CAT, CBRE, CCO.TO, CDNS, CNR.TO, COST, CSCO, DOL.TO, EA, EHC, EMN, EOG, EQIX, FERG, FTNT, GOOGL, LLY, LRCX, MA, MCD, META, MSFT, NVDA, NVO, ORCL, PANW, PG, QCOM, ROK, SCCO, SHOP.TO, T, TD.TO, TGT, TIH.TO, TMUS, TSLA, UNH, VZ, WCN, WMT, WSP.TO	Banking, cybersecurity, dividends, large cap, private credit, Quality, Supply Chain, technology	The integration of digital and physical realms is revolutionizing security needs. Cybersecurity continues to be crucial due to expanding digital connectivity, cloud adoption, and hybrid operations. Key emerging themes include cloud security mainstreaming, software supply chain security, OT and IoT security, and API security evolution.	PANW	View
2025 Q3	Oct 9, 2025	Mawer International Equity Fund	3.7%	21.8%	0700.HK, AJG, APH, ASML, ATR, BDX, BMO.TO, BNS.TO, BWXT, DB1.DE, FNV.TO, GOOGL, LSEG.L, MLM, MMC, MSFT, RELX.L, RY.TO, SHOP.TO, TD.TO, TME, TSM, VRSK, WAT, WKL.AS	AI, Banking, Canada, gold, rates, semiconductors, technology	AI-related stocks have dominated market returns since ChatGPT's launch in November 2022, accounting for a lion's share of S&P 500 returns, earnings growth, and capital spending. Corporate spending on data center infrastructure and semiconductors is projected to be several trillion dollars over the next three years. AI companies are making enormous investment deals with each other, staying largely within the established AI ecosystem.		View
2025 Q4	Jan 13, 2026	Mawer International Equity Fund	-1.8%	18.4%	000660.KS, 0700.HK, AJG, APH, ATR, BA.L, BNS.TO, COR, CSU.TO, DHR, FTT.TO, GOOGL, MFC.TO, MMC, MSFT, PNG.V, RY.TO, TD.TO, TOI.TO, WAT	AI, defense, equities, global, gold, Quality, semiconductors, Valuations	AI remained the dominant market narrative, yet the year's shift from a focus on computing power to concerns about data centre profitability and power supply raised bubble concerns. The combination of industrial-scale spending, still-unproven economics, and higher valuations increases the risk that expectations get ahead of reality. Amphenol benefited from robust demand for AI-related interconnect products, which now account for over a third of its revenue. Gold remained well supported against the backdrop of easier global policy and unresolved geopolitical and trade risks. The firm narrowed their long-standing underweight to gold stocks in a measured way as geopolitical uncertainty, de-dollarization, fiscal indiscipline, central bank gold purchases, and falling interest rates created a more supportive backdrop. They focused on gold-related companies with differentiated, relatively lower-risk business models. Defense contractors such as the UK's BAE, Italy's Leonardo, and France's Thales experienced pullbacks in the fourth quarter on the possibility of a diplomatic breakthrough in the Russia-Ukraine war. However, geopolitical events early in the year helped defense company shares more-than-offset the declines seen in the fourth quarter. Kraken Robotics also benefited from increased government defence spending. High-bandwidth memory leader SK Hynix nearly doubled in the quarter thanks to explosive demand for its products. Other AI-linked semiconductor companies were rewarded for continued fundamental strength, such as TSMC and Kokusai Electric. European equities were supported by semiconductor stocks among other factors.		View
2023 Q1	Apr 14, 2023	Mawer International Equity Fund	6.9%	16.0%	AMZN, BA.L, FBK.MI, GOOGL, HO.PA, MC.PA, MSFT, REL.L, RHM.DE, SHB-A.ST, TD.TO, WKL.AS	Banking, Bonds, Canada, defense, Europe, global, technology	Defense companies performed well in the quarter reflecting expectations for structurally higher defense spending by NATO countries. Holdings in defense companies such as Rheinmetall, Thales, and BAE Systems had strong returns.		View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
No pitches found.

BSD Shareholders of TD-TO

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: