Royal Bank Of Canada 13F Portfolio

Look at the biggest dollar adds and the pattern is stark: rising conviction in structural winners, and in the infrastructure of both AI and the real economy.

• SPY and VOO: The two largest adds by dollars were SPY (up 43.5% in shares, +$2.08B) and VOO (up 35.1%, +$1.50B). That is not passive drift; it’s an explicit choice to own more of the entire U.S. profit pool instead of more of any one story.
• Amazon and Alphabet: Amazon (+13.4% shares, +$1.48B) and Alphabet’s GOOGL line (+3.8%, +$480.4M) were the marquee single-stock adds. They’re doubling down on cloud, ads, and logistics scale as the safer, cash-rich side of the AI theme versus pure hardware cyclicality.
• Micron and AMD: While trimming Nvidia and Broadcom, they ramped Micron (+23.6%, +$737.2M) and added to AMD (+11.2%, +$337.6M). That’s a classic rotation into second-wave AI beneficiaries still earlier in their earnings ramp but already showing huge gains vs cost.
• Hard assets and freight: Canadian Natural Resources (+10.3%, +$505.3M), Costco (+14.2%, +$498.8M), and Canadian National Railway (+13.3%, +$434.9M) round out the major adds. Together, they sketch a thesis that durable energy cash flows and irreplaceable logistics/warehouse franchises are the right ballast for a tech-heavy book.

On the sell side, this is a funding-and-de-risking quarter, not a change of religion. They are cashing in on the most extended winners and leaning away from concentrated home-country and single-stock factor exposures.

• AI hardware leaders: Nvidia (shares down 6.3%, -$1.18B) and Broadcom (down 13.7%, -$1.23B) were among the largest trims, even as both sit hundreds of percent above RBC’s cost. Microsoft and Apple were also modestly reduced. The message is clear: bank some AI-chip and megacap gains, don’t abandon the theme.
• Core Canada banks: Toronto-Dominion (down 6.7%, -$938.3M), Bank of Nova Scotia (down 8.4%, -$521.0M), and smaller cuts to Royal Bank itself, CIBC, and Manulife show a deliberate step back from concentrated Canadian financials exposure.
• Legacy defensives and pipes: They cut TC Energy (down 10.9%, -$643.2M) while adding to Enbridge and Canadian Natural Resources, refining the energy sleeve toward higher-growth or better-positioned assets. Modest trims in steady eddies like Coca-Cola, Walmart, and Johnson & Johnson look more like liquidity taps than thesis breaks.
• S&P factor reshuffle: Perhaps the most telling “sell” is actually the 15.2% reduction in IVV (‑$2.09B), partially offset by the surge in SPY and VOO. They’re not reducing equity exposure; they’re swapping ETF wrappers and slightly rebasing how they own the S&P 500.

Sector data confirms that the big story is shape, not size. Technology remains the largest sleeve at 33.91%, barely down from 34.5%, even after trims in Nvidia, Apple, Microsoft, Broadcom, and Palo Alto Networks.

Finance fell to 23.13% from 24.0% as they nudged down the big Canadian banks and life insurers, while still adding a bit to Bank of America. That looks like a slow rebalance away from domestic rate and housing risk toward more diversified North American credit exposure.

The real rotation is into economically essential, hard-to-disrupt assets. Energy climbed to 5.95% from 5.67% thanks to adds in Canadian Natural Resources, Enbridge, and Suncor, even as they cut Exxon and TC Energy. Industrials ticked up to 4.67% from 4.48% on larger positions in Canadian National, Canadian Pacific Kansas City, and a tiny add to Caterpillar — rails and heavy equipment that monetize any sustained capex and trade upcycle.

Consumer-oriented exposure also crept higher: Consumer Discretionary rose to 8.36% from 7.72% via aggressive adds in Amazon and Costco, even as they trimmed Home Depot and Walmart. The unclassified bucket (SPY, VOO, IVV, QQQ, Berkshire, VEA) also rose, underscoring a quiet migration toward rules-based, index-level exposure alongside their active stock picks.

Take the moves together, and RBC is acting like a manager that believes in a long AI and U.S. profit cycle, but not in straight lines. They’re crystallizing huge gains in first-wave AI winners and Canadian financials and recycling that capital into broader beta, second-derivative chip names, and unglamorous but vital infrastructure.

The contrast between trims in Nvidia, Broadcom, Toronto-Dominion, and TC Energy, versus adds in Micron, AMD, Amazon, Alphabet, Costco, CN Rail, and Canadian Natural Resources, suggests a view that growth leadership persists but broadens. AI demand should keep semis and cloud strong, while real-asset and logistics exposures monetize both nominal GDP and any capex super-cycle.

At the same time, the aggressive build in SPY, VOO, and a smaller add to QQQ hints at humility: after a 75.53% 3‑year cumulative gain, they’d rather let the index do more of the heavy lifting. Expect future quarters to echo this pattern — incremental trims to the most crowded winners, continued preference for platform and infrastructure businesses, and a structurally high allocation to S&P and Nasdaq trackers as the core of the equity engine.