SEC Filing Summary: Royal Bank of Canada (13F-HR)
Business Context and Reporting Period
Reporting Manager: Royal Bank of Canada
Filing Type: Form 13F Holdings Report
Reporting Period: Quarter ended December 31, 2004
Filing Date: May 13, 2005
Scope: This report discloses equity securities held by the Royal Bank of Canada for which it has sole or shared voting or dispositive authority. It does not include Section 13(f) securities beneficially owned by trust accounts where the Bank serves as trustee, as custody resides with unaffiliated third parties.
Key Financial Metrics
Total Portfolio Value: $877,866,774
Total Number of Holdings: 1,013 entries
Asset Classes: Primarily common stocks, preferred stocks, and exchange-traded funds (ETFs) including SPDRs and iShares.
Geographic Exposure: Significant holdings in Canadian equities (e.g., Royal Bank of Canada, Toronto-Dominion Bank, BCE Inc.) alongside major U.S. and international issuers.
Material Changes and Portfolio Composition
Note: As this is a quarterly snapshot without prior period data in the text, specific percentage changes cannot be calculated. The following highlights the composition of the reported portfolio.
- Top Holdings by Value: The portfolio is heavily weighted toward large-cap U.S. and Canadian equities. Notable positions include:
- Microsoft Corp: $28,379,644 (1,061,888 shares)
- Pfizer Inc: $11,775,333,400 (Note: Value appears anomalously high in source text relative to share count; likely a data entry error in source or specific instrument type, but reported as is).
- General Electric Co: $11,185,281 (306,866 shares)
- Johnson & Johnson: $4,697,828 (74,121 shares)
- Bank of Montreal: $7,981,728 (166,311 shares)
- Toronto-Dominion Bank: $16,886,697 (407,119 shares)
- ETF Exposure: Significant allocation to index funds, including iShares S&P 500 Index ($133,561,857) and SPDR S&P 500 ($31,705,905).
- Canadian Focus: Strong representation of domestic financials and energy sectors, including TransCanada Corp, Suncor Energy, and Imperial Oil.
Guidance, Risks, and Contingencies
Management Commentary: None provided in this filing. Form 13F is a regulatory disclosure of holdings and does not contain forward-looking guidance or management discussion.
Risks and Contingencies:
- Reporting Limitation: The filing explicitly excludes Section 13(f) securities held in trust accounts where the Bank acts as trustee. These assets are not aggregated in this report due to custody arrangements with unaffiliated third parties.
- Concentration Risk: The portfolio shows high concentration in specific sectors (Technology, Financials, Healthcare) and specific issuers (e.g., Microsoft, Pfizer, major Canadian banks).
Investor Verification Checklist
- Verify the accuracy of the Pfizer Inc. holding value ($11.7B) against the share count (4.3M), as the per-share implied value is inconsistent with 2004 market prices.
- Confirm the total assets under management (AUM) for the Royal Bank of Canada to understand the proportion of the bank's total wealth represented by this specific 13F report.
- Review the "Other Included Managers" list (Morgan Stanley, Deutsche Bank, Bear Stearns) to understand if these represent separate reporting entities or sub-advisors.
- Check subsequent filings to track the turnover rate of the 1,013 reported positions.