Keystone Financial Planning disclosed the sale the of the majority of its holdings in Toronto-Dominion Bank (TD +0.63%), better known as TD Bank. According to its SEC filing for the period ended Q3 2025, it sold shares worth an estimated $8.4 million.
What happened
According to a filing with the Securities and Exchange Commission dated October 07, 2025, Keystone Financial Planning sold over 95% of its TD Bank holdings -- worth about $8.4 million. It reduced its position from 118,799 shares worth about $8.7 million to just 4,104 shares worth around $328,000.
What else to know
The fund's TD stake now represents 0.1% of 13F reportable assets under management as of September 30, 2025.
Top holdings after the filing:
- Schwab U.S. Dividend Equity ETF (SCHD +0.30%): $167.92 million (48.8% of AUM)
- Microsoft (MSFT +0.25%): $13.92 million (4.1% of AUM).
- Chevron (CVX 0.36%): $12.19 million (3.5% of AUM).
- U.S. Bancorp (USB +1.17%): $11.00 million (3.2% of AUM).
- Verizon Communications (VZ 1.23%): $10.75 million (3.1% of AUM).
As of October 7, 2025, shares were priced at $80.91, up 26.82% year-on-year. It's 1-year alpha versus the S&P 500 was 16.61%.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $63.44 billion (CAD) |
| Net Income (TTM) | $20.89 billion (CAD) |
| Dividend Yield (as of market close 2025-21-07 | 3.75% |
| Price (as of market close 2025-10-07) | $80.91 |
Company Snapshot
The Toronto-Dominion Bank, or TD Bank, is one of North America's largest diversified financial institutions, with significant operations in both Canada and the United States. It offers a comprehensive suite of financial products and services, including personal and business banking, wealth management, insurance, and capital markets solutions.
It serves a diversified customer base encompassing individuals, small and medium-sized businesses, corporations, and institutional clients. TD Bank operates an extensive branch and ATM network in Canada and the United States, with a growing digital banking presence.
Foolish take
TD Bank had a difficult 2023 and 2024, due to both sector and company specific headwinds. Last year, it was fined over $3 billion by various U.S. authorities for failing to prevent money laundering, among other charges. Regulators also put an asset cap on TD Bank's U.S. operations.
This year's relatively strong performance is a sign that the company is starting to put its troubles behind it. With a new CEO in the form of Raymond Chun and an aggressive restructuring program, TD Bank has almost erased its losses and regained its 2022 high.
This may have been a factor in Keystone's decision to exit the majority of its position. It's unlikely to have been a sector-specific move since the fund slightly increased its exposure to other financial companies such as Bank of Nova Scotia (BNS +0.52%)and T. Rowe Price (TROW +0.04%). U.S. Bancorp continues to be one of its top five holdings.
It's noteworthy that around half of Keystone Financial Planning's holdings are in the Schwab U.S. Dividend Equity ETF. Taken with its other investments, the fund appears to be fairly risk averse. We can't know what drives an institution's buy or sell decisions, but TD Bank's recovery may have been an opportunity for Keystone to exit a position that no longer fitted its profile.
Glossary
AUM: Assets Under Management; the total market value of investments managed by a fund or firm.
13F reportable assets: Securities that investment managers must disclose in quarterly SEC Form 13F filings.
Alpha: A measure of an investment's performance compared to a benchmark, showing value added or subtracted by active management.
Dividend Yield: Annual dividends paid by a company as a percentage of its share price.
Quarterly average price: The average closing price of a security over a specific quarter.
Stake: The ownership interest or amount of shares held in a company by an investor or fund.
Top holdings: The largest investments within a fund or portfolio, typically ranked by value.
Integrated business model: A company structure combining multiple services or operations to create efficiencies and serve diverse customer needs.
Retail footprint: The presence and reach of a company’s physical branches or locations serving individual customers.
Capital markets solutions: Services related to raising capital, trading securities, and financial advisory for corporations and institutions.
TTM: The 12-month period ending with the most recent quarterly report.
