Keystone Sells Over 95% of TD Financial institution Holdings

Keystone Monetary Planning disclosed the sale the of nearly all of its holdings in Toronto-Dominion Financial institution (TD +0.61%), higher referred to as TD Financial institution. Based on its SEC submitting for the interval ended Q3 2025, it bought shares price an estimated $8.4 million.

What occurred

Based on a submitting with the Securities and Trade Fee dated October 07, 2025, Keystone Monetary Planning bought over 95% of its TD Financial institution holdings — price about $8.4 million. It decreased its place from 118,799 shares price about $8.7 million to only 4,104 shares price round $328,000.

What else to know

The fund’s TD stake now represents 0.1% of 13F reportable belongings below administration as of September 30, 2025.

Prime holdings after the submitting:

1. Schwab U.S. Dividend Fairness ETF (SCHD +0.30%): $167.92 million (48.8% of AUM)
2. Microsoft (MSFT +0.17%): $13.92 million (4.1% of AUM).
3. Chevron (CVX 0.36%): $12.19 million (3.5% of AUM).
4. U.S. Bancorp (USB +1.08%): $11.00 million (3.2% of AUM).
5. Verizon Communications (VZ 1.23%): $10.75 million (3.1% of AUM).

As of October 7, 2025, shares had been priced at $80.91, up 26.82% year-on-year. It is 1-year alpha versus the S&P 500 was 16.61%.

Firm Overview

Firm Snapshot

The Toronto-Dominion Financial institution, or TD Financial institution, is certainly one of North America’s largest diversified monetary establishments, with vital operations in each Canada and america. It gives a complete suite of monetary services, together with private and enterprise banking, wealth administration, insurance coverage, and capital markets options.

It serves a diversified buyer base encompassing people, small and medium-sized companies, firms, and institutional purchasers. TD Financial institution operates an in depth department and ATM community in Canada and america, with a rising digital banking presence.

Silly take

TD Financial institution had a troublesome 2023 and 2024, as a result of each sector and firm particular headwinds. Final 12 months, it was fined over $3 billion by numerous U.S. authorities for failing to forestall cash laundering, amongst different prices. Regulators additionally put an asset cap on TD Financial institution’s U.S. operations.

This 12 months’s comparatively robust efficiency is an indication that the corporate is beginning to put its troubles behind it. With a brand new CEO within the type of Raymond Chun and an aggressive restructuring program, TD Financial institution has nearly erased its losses and regained its 2022 excessive.

This may occasionally have been a consider Keystone’s determination to exit nearly all of its place. It is unlikely to have been a sector-specific transfer for the reason that fund barely elevated its publicity to different monetary corporations comparable to Financial institution of Nova Scotia (BNS +0.44%)and T. Rowe Worth (TROW +0.01%). U.S. Bancorp continues to be certainly one of its prime 5 holdings.

It is noteworthy that round half of Keystone Monetary Planning’s holdings are within the Schwab U.S. Dividend Fairness ETF. Taken with its different investments, the fund seems to be pretty threat averse. We won’t know what drives an establishment’s purchase or promote selections, however TD Financial institution’s restoration could have been a possibility for Keystone to exit a place that not fitted its profile.

Glossary

AUM: Property Below Administration; the whole market worth of investments managed by a fund or agency.
13F reportable belongings: Securities that funding managers should disclose in quarterly SEC Type 13F filings.
Alpha: A measure of an funding’s efficiency in comparison with a benchmark, displaying worth added or subtracted by energetic administration.
Dividend Yield: Annual dividends paid by an organization as a proportion of its share worth.
Quarterly common worth: The typical closing worth of a safety over a selected quarter.
Stake: The possession curiosity or quantity of shares held in an organization by an investor or fund.
Prime holdings: The biggest investments inside a fund or portfolio, sometimes ranked by worth.
Built-in enterprise mannequin: An organization construction combining a number of providers or operations to create efficiencies and serve various buyer wants.
Retail footprint: The presence and attain of an organization’s bodily branches or places serving particular person clients.
Capital markets options: Providers associated to elevating capital, buying and selling securities, and monetary advisory for firms and establishments.
TTM: The 12-month interval ending with the latest quarterly report.