Institutional Manager · CIK 0001000275

Royal Bank of Canada

TORONTO, A6 · File #028-11396

Latest AUM

$614.69B

Positions

29,040

Top-10 Concentration

38.8%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
ADD	SPDR S&P 500 ETF TR	SPY	+7,993,720	+$5.45B	+$1.5M
REDUCE	TORONTO DOMINION BK ONT	TORO	-51,373,704	-$4.84B	+$729.5M
ADD	ISHARES TR	464287655	+8,221,560	+$2.02B	+$5.6M
ADD	TC ENERGY CORP	TRPRF	+26,366,273	+$1.45B	+$1.1M
REDUCE	HOME DEPOT INC	HD	-2,307,446	-$794.1M	-$141.3M
REDUCE	MERCK & CO INC	MRK	-5,502,433	-$579.0M	+$117.3M
ADD	MICROSOFT CORP	MSFT	+1,155,759	+$558.9M	-$5.5M
ADD	ELI LILLY & CO	LLY	+459,448	+$493.8M	+$31.2M
ADD	LOCKHEED MARTIN CORP	LMT	+924,175	+$447.0M	-$737,677
REDUCE	VANGUARD INDEX FDS	922908629	-1,407,212	-$408.4M	-$5.1M

Sector Allocation

Technology

16.6%$101.77B

Financials

5.4%$33.21B

Healthcare

5.3%$32.87B

Consumer Discretionary

5.2%$31.78B

Industrials

4.6%$28.50B

Energy

4.3%$26.66B

Communication Services

2.4%$14.89B

1.9%$11.96B

1.6%$9.69B

0.5%$3.26B

0.3%$2.14B

Filing History

Feb 17, 202613F HOLDINGS REPORTQ/E Dec 202529,040 pos · $614.69B
Nov 21, 202513F HOLDINGS REPORT (Amended)Q/E Sep 202528,572 pos · $554.93B
Nov 21, 202513F HOLDINGS REPORT (Amended)Q/E Sep 202525,562 pos · $478.55B
Nov 14, 202513F HOLDINGS REPORTQ/E Sep 202527,742 pos · $610.24B
Aug 14, 202513F HOLDINGS REPORTQ/E Jun 202528,572 pos · $554.86B
May 15, 202513F HOLDINGS REPORTQ/E Mar 202525,563 pos · $478.55B
Feb 14, 202513F HOLDINGS REPORTQ/E Dec 202425,480 pos · $500.52B
Nov 14, 202413F HOLDINGS REPORTQ/E Sep 202428,210 pos · $489.79B
Nov 6, 202413F HOLDINGS REPORT (Amended)Q/E Sep 202427,209 pos · $439.07B
Nov 5, 202413F HOLDINGS REPORT (Amended)Q/E Sep 202427,530 pos · $435.87B
Aug 14, 202413F-HRQ/E Jun 202427,346 pos · $441.27B
May 15, 202413F HOLDINGS REPORTQ/E Mar 202427,664 pos · $438.14B
Nov 14, 202313F HOLDINGS REPORTQ/E Dec 202327,503 pos · $369.06B

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	ISHARES TR	464287200	18,123,461	$12.41B	7.45%
2	VANGUARD INDEX FDS	922908363	17,541,850	$11.00B	6.61%
3	ROYAL BK CDA	780087102	37,067,072	$6.32B	3.80%
4	SPDR S&P 500 ETF TR	SPY	8,091,400	$5.52B	3.31%
5	ROYAL BK CDA	780087102	31,237,253	$5.33B	3.20%
6	SPDR S&P 500 ETF TR	SPY	7,590,800	$5.18B	3.11%
7	APPLE INC	AAPL	18,921,248	$5.14B	3.09%
8	TORONTO DOMINION BK ONT	TORO	51,075,801	$4.81B	2.89%
9	MICROSOFT CORP	MSFT	9,326,075	$4.51B	2.71%
10	NVIDIA CORPORATION	NVDA	23,969,955	$4.47B	2.68%
11	ISHARES TR	464287200	6,045,451	$4.14B	2.49%
12	NVIDIA CORPORATION	NVDA	21,925,322	$4.09B	2.46%
13	MICROSOFT CORP	MSFT	7,368,971	$3.56B	2.14%
14	TORONTO DOMINION BK ONT	TORO	37,306,511	$3.51B	2.11%
15	MICROSOFT CORP	MSFT	6,617,506	$3.20B	1.92%
16	NVIDIA CORPORATION	NVDA	17,118,656	$3.19B	1.92%
17	APPLE INC	AAPL	11,559,726	$3.14B	1.89%
18	APPLE INC	AAPL	11,270,242	$3.06B	1.84%
19	AMAZON COM INC	AMZN	12,710,825	$2.93B	1.76%
20	APPLE INC	AAPL	10,572,273	$2.87B	1.73%