TD Bank

Based in Toronto, TD Bank is widely regarded as one of Canada's flagship banking operators. Its scale — about 95k people, around $41B in turnover — translates into genuine strategic weight across North America.

The group's regional balance sheet allows it to invest counter-cyclically, an advantage few competitors can match in the current rate environment.

“TD Bank is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Capital markets have started to price in the durability of the model, and rating agencies have followed.