13F-HR: Toyota Motor Corp Discloses $1.27 Billion in U.S. Equity Holdings in Retroactive 13F Filing

Toyota Motor Corp files a retroactive Form 13F-HR, revealing over $1.27 billion in holdings across eight U.S. listed equities as of March 31, 2023.

Summary

• Toyota Motor Corp (TMC) has filed a retroactive Form 13F-HR for the quarter ended March 31, 2023.
• The filing discloses total holdings valued at $1,274,143,910 across eight different equity positions.
• The filing is a self-correction measure following an internal determination that TMC was subject to Form 13F reporting requirements.
• The largest holdings include Grab Holdings Limited (valued at $670,947,298) and Joby Aviation Inc (totaling $341,786,332 when combining sole and defined holdings).
• Other holdings include Aurora Innovation Inc (totaling $66,222,142 when combining sole and defined holdings) and Uber Technologies Inc (totaling $194,988,032 when combining sole and defined holdings).
• The filing indicates sole voting authority for the majority of shares held, with some shares held under defined voting authority.

Sentiment

Score: 6

Explanation: Neutral sentiment due to the retroactive nature of the filing and the lack of forward-looking statements. The disclosure itself is positive for transparency, but the reason for the late filing introduces a slight negative aspect.

Positives

• The disclosure provides transparency into Toyota Motor Corp's U.S. equity investments.
• The filing indicates a significant investment in innovative companies like Grab, Joby Aviation, Aurora Innovation, and Uber.

Negatives

• The filing is retroactive, suggesting a prior oversight in reporting requirements.

Risks

• The retroactive nature of the filing could raise questions about past compliance.
• The value of the holdings is subject to market fluctuations, which could impact Toyota's investment portfolio.

Management Comments

• Toyota Motor Corp ('TMC') is submitting this retroactive Form 13F-HR following an internal determination that it was subject to Form 13F reporting for the applicable period.
• Accordingly, TMC is submitting this filing as part of its self-correction measures.

Industry Context

The investments in companies like Grab, Joby Aviation, and Uber suggest a focus on the future of transportation and technology.

Comparison to Industry Standards

• Comparing Toyota's investment strategy to other major automotive manufacturers' venture capital arms (e.g., BMW i Ventures, GM Ventures) could provide insights into industry trends.
• The size of Toyota's disclosed portfolio can be benchmarked against other large corporate investment portfolios to assess its relative scale and diversification.

Stakeholder Impact

• Shareholders gain insight into Toyota's investment strategy.
• The companies in which Toyota has invested may benefit from the association and potential future collaborations.

Key Dates

Keywords

13F filing, Toyota Motor Corp, equity holdings, Grab Holdings, Joby Aviation, Uber Technologies, Aurora Innovation, institutional investment, investment manager