ROYAL BANK OF CANADA

Royal Bank of Canada's 13F book contracted to $570.1 billion in Q1 2026, down roughly $45B from $614.7B — and the activity underneath was decisively defensive, with 33 positions decreased against only 10 increased across 25,606 holdings. The firm dumped broad-index exposure first: Vanguard S&P 500 (VOO) cut ~$9.6B, iShares Core S&P 500 (IVV) ~$7.5B, plus trims to Microsoft, Nvidia and Apple. Yet the book retains a distinct Canadian home-market signature — Royal Bank of Canada (2.07%) and Toronto-Dominion (1.95%) sit in the top seven, and new-quarter buys leaned into Canadian Natural Resources (~$2.4B) and Bank of Montreal. Financial Services is the largest sector at $71B.