Royal Bank of Canada's $615B Q4 2025 Filing Runs a Canadian Bank Spine Under a U.S. Mega-Cap Overlay

Royal Bank of Canada filed its Q4 2025 13F showing $614.7 billion across 6,864 unique holdings. The surface looks familiar — Nvidia, Apple, Microsoft in the top five. But look deeper: three Canadian bank stocks (RY, TD, BNS) occupy top-15 slots worth a combined $32.3B (5.3% of the portfolio). Add BMO just outside the top 15 at $7.3B, and Canadian banks account for nearly $40 billion — a structural home-country tilt unlike anything in U.S. filers' books.

TL;DR

• AUM: $614.7B (Q4 2025), up 0.7% from $610.2B (Q3)
• Holdings count: 6,864 unique positions (up from 6,769)
• Top holding: Nvidia (NVDA) at 3.33% ($20.5B)
• Canadian bank spine: RY ($12.5B), TD ($11.9B), BNS ($8.0B), BMO ($7.3B) = $39.6B total (6.4%)
• IVV surged to #3: iShares Core S&P 500 grew from $13.8B to $19.5B (+41%), adding 7.8M shares
• SPY dropped from #1 to #5: Cut from $20.5B to $17.5B while IVV grew
• Apple passed Microsoft: AAPL at 3.18% vs MSFT at 3.07%
• Whale Score: 69.00

The Canadian Bank Core: 6.4% in Four Names

No U.S.-domiciled filer carries 6.4% of their 13F in Canadian banks. RBC does because it's Canada's largest bank managing substantial client assets through its U.S. wealth management arm. Royal Bank of Canada (RY) itself is the 7th largest holding at $12.5B — the firm literally holds $12.5 billion of its own parent company's stock in the 13F.

Toronto-Dominion (TD) at $11.9B and Bank of Nova Scotia (BNS) at $8.0B round out the trio in the top 15. These positions are largely stable quarter-over-quarter — this is structural allocation, not active trading.

The ETF Swap: IVV In, SPY Down

RBC appears to be rotating from SPY to IVV. SPY dropped from #1 ($20.5B, 30.7M shares) to #5 ($17.5B, 25.6M shares), while iShares Core S&P 500 (IVV) surged from $13.8B to $19.5B with 7.8M new shares. Both track the same index. The likely driver: IVV's lower expense ratio (0.03% vs SPY's 0.09%).

What Analysts Might Misread

Misread #1: “RBC holding its own stock is a conflict”

The $12.5B in RY shares reflects client-directed holdings and wealth management mandates. It's standard for bank-affiliated asset managers globally — UBS holds its own stock too.

Misread #2: “Selling SPY means risk-off”

They added more to IVV than they took from SPY. Net S&P 500 exposure likely increased. This is cost optimization, not de-risking.

Frequently Asked Questions

Why does Royal Bank of Canada hold Canadian bank stocks in its 13F?

RBC's U.S. wealth management arm manages client portfolios that include Canadian equities. The 13F captures all U.S.-listed holdings, including Canadian bank ADRs/cross-listed shares. RY, TD, BNS, and BMO together account for 6.4% of the portfolio.

What is RBC's largest holding?

Nvidia (NVDA) at 3.33% ($20.5B), followed by Apple at 3.18% ($19.5B) and iShares Core S&P 500 (IVV) at 3.17% ($19.5B).

Is RBC switching from SPY to IVV?

The data suggests yes. SPY shrank from $20.5B to $17.5B while IVV grew from $13.8B to $19.5B. IVV's lower expense ratio (0.03% vs 0.09%) is the probable driver.