Business Context and Reporting Period
Reporting Manager: Royal Bank of Canada (RBC)
Filing Type: Form 13F-HR (Combination Report)
Reporting Period: Quarter ended March 31, 2009
Signatory: Bruce Macdonald, Executive Vice President
Context: This filing represents a combination report where RBC reports a portion of its holdings directly, while other holdings are reported by affiliated managers including RBC Asset Management Inc., RBC Capital Markets Corporation, and Royal Trust Corporation of Canada.
Key Financial Metrics
Total Portfolio Value: US $10,265,868,000 (approx. $10.27 billion)
Total Number of Holdings: 1,625 entries
Asset Class: Primarily equity securities (Common Stock, ADRs, Limited Partnership Units, and Exchange Traded Funds).
Debt and Liquidity: Not applicable. Form 13F reports equity holdings only and does not disclose the manager's corporate debt, cash flow, or liquidity positions.
Material Changes and Portfolio Composition
Top Holdings by Share Count (Sole Authority):
- Bank of Nova Scotia: 40,967,421 shares
- Bank of Montreal: 23,886,970 shares
- TransCanada Corp: 21,456,557 shares
- Verizon Communications: 4,757,035 shares
- Exxon Mobil Corp: 4,958,659 shares
- Microsoft Corp: 2,319,371 shares
- Canadian National Railway: 10,244,500 shares
- Brookfield Asset Management: 19,279,332 shares
Significant ETF Exposure: The portfolio holds substantial positions in index funds, including iShares S&P 500 Index (523,158 shares), iShares MSCI EAFE Index (471,535 shares), and SPDR S&P 500 ETF (742,615 shares).
Comparison to Prior Period: The filing text does not provide data for the prior comparable period; therefore, material changes in holdings or value cannot be calculated from this document alone.
Guidance, Risks, and Contingencies
Management Commentary: None provided. Form 13F is a statutory disclosure of holdings and does not contain management discussion, outlook, or guidance.
Risks and Contingencies: The filing lists specific voting authority (Sole, Shared, None) for each position but does not disclose specific risk factors, contingencies, or unusual items affecting the portfolio.
Investor Verification Checklist
- Affiliate Reporting: Verify the filings of the 16 other listed managers (e.g., RBC Asset Management, RBC Capital Markets) to obtain the complete picture of RBC's total managed assets, as this is a combination report.
- Valuation Timing: Confirm that the reported value ($10.27 billion) reflects market prices as of March 31, 2009, a period of significant market volatility.
- Voting Rights: Review the "Voting Authority" columns to distinguish between shares RBC controls directly (Sole) versus those managed on behalf of clients (Shared/Discretionary).
- Concentration Risk: Assess the heavy concentration in Canadian financial and energy sectors (e.g., Bank of Nova Scotia, TransCanada, Suncor Energy) relative to the total portfolio.