TD TORONTO DOMINION BANK
Executive Summary
An institutional cluster in TD shows mixed conviction: 3 buyers (led by UBS doubling its stake and Morgan Stanley adding 28%) accumulated $314.8M, while 4 sellers (led by Norges Bank's full exit of $1.54B) reduced holdings by $1.64B. The net selling pressure of ~$1.32B is dominated by Norges Bank's exit, which overwhelms the buying activity and suggests a bearish tilt among large sovereign and quant funds.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$1.3B
▲ Buyers (3)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Morgan Stanley | ADD | +28% | $401.8M | $113.3M |
| UBS | DOUBLED | +142.5% | $317.2M | $197.0M |
| Bridgewater | ADD | +84.8% | $8.8M | $4.4M |
▼ Sellers (4)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Norges Bank | EXIT | -100% | $1.5B | -$1.5B |
| D.E. Shaw | TRIM | -35.1% | $168.7M | -$49.8M |
| Citadel | TRIM | -50.6% | $87.3M | -$40.3M |
| Two Sigma | NEAR_EXIT | -94.3% | $6.2M | -$5.8M |
Actionable Insight
The Norges Bank full exit is a significant signal from a sophisticated sovereign fund — monitor for any accompanying regulatory or credit-related disclosures. The buying from passive managers (Morgan Stanley, UBS) likely reflects index rebalancing, not active conviction. The net negative flow suggests institutional sentiment is deteriorating; watch for further 13F filings next quarter to confirm if this trend continues.
Key Facts
- 3 institutional buyers added $314.8M in new TD positions, led by UBS (doubled to $317.2M) and Morgan Stanley (+28% to $401.8M)
- 4 institutional sellers reduced holdings by $1.64B, led by Norges Bank's full exit of $1.54B (20.97M shares)
- Net institutional flow is negative by ~$1.32B, with selling concentrated in sovereign and quant funds
- Buyers are primarily mega-passive (Morgan Stanley, UBS) and quant (Bridgewater), suggesting index rebalancing rather than active conviction
- Sellers include a sovereign wealth fund (Norges Bank) and three quant funds (D.E. Shaw, Citadel, Two Sigma), indicating potential risk-off or thesis deterioration
Financial Impact
Net institutional selling of approximately $1.32B, with Norges Bank's $1.54B exit accounting for the vast majority of the outflow
Risk Factors
- Norges Bank's exit may reflect macro or regulatory concerns specific to Canadian banks or TD's U.S. operations
- Quant fund trimming (D.E. Shaw, Citadel, Two Sigma) could indicate systematic risk models flagging TD
- 13F data is 45+ days stale; positions may have been reversed since quarter-end
Market Snapshot
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-TD-2025-Q3 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 11, 2026
9d ago
|
Institutional Cluster
| $116.25 $118.50 | ▼ −1.94% | ▼ −1.50% | — |
|
Mar 25, 2026
12w ago
|
Court Ruling
| $93.56 $93.96 | ▲ +0.42% | ▲ +0.67% | — |
|
Feb 28, 2026
16w ago
|
Institutional Cluster
| $97.49 $94.57 | ▼ −2.99% | ▼ −1.78% | — |
|
Feb 26, 2026
16w ago
|
Court Ruling
| $98.00 $96.31 | ▼ −1.73% | ▼ −0.60% | — |
US Market Status
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