Royal Bank of Canada

Royal Bank of Canada employs an active, conviction-driven approach with a strong tilt toward high-quality mega-cap growth and domestic financials, as its top 15 holdings comprise approximately 27% of the portfolio. The largest positions include Apple (3.0%), NVIDIA (2.8%), and Microsoft (2.4%), reflecting a concentrated bet on technology leaders, while combined holdings in Royal Bank of Canada (2.0%), Toronto Dominion (1.9%), Bank of Montreal (1.2%), and Canadian Imperial Bank (1.1%) underscore a significant home-market financial bias. Sector allocations reveal a 17.1% weighting in Financial Services and 16.9% in Technology, with meaningful exposures to Energy (7.6%) and Industrials (7.3%) indicating diversification beyond financials and tech. The large unclassified segment (22.7%) and a portfolio of over 29,000 positions suggest the manager also employs substantial passive or index-like strategies alongside active picks. This composition demonstrates a strategy that balances high-conviction bets on dominant U.S. technology firms with a structural overweight to Canadian financial institutions, seeking stability and growth from both global leaders and domestic anchors.