SEC Filing Summary: Royal Bank of Canada (13F-HR)
Business Context and Reporting Period
Reporting Manager: Royal Bank of Canada
Filing Type: Form 13F-HR (Combination Report)
Reporting Period: Quarter ended June 30, 2005
Scope: This report covers a portion of the manager's holdings. Other holdings are reported by affiliated managers including Voyageur Asset Management Inc., RBC Dain Rauscher Inc., and RBC Asset Management Inc. The filing excludes certain trust accounts where the bank serves as trustee but lacks custody or timely electronic data access.
Key Financial Metrics
Total Reported Value: US $648,399,000 (approx. $648.4 million)
Total Number of Holdings: 975 entries
Asset Class: Primarily equity securities (common stock, ADRs, and limited partnership units).
Notable Non-Equity Holdings: The filing includes specific note holdings (e.g., Allergan Inc., Chiron Corp, Medtronic Inc, Omnicom Group Inc) valued at $10,000,000 each, totaling $40,000,000 in reported notes.
Material Changes and Portfolio Composition
Top Holdings by Value (Selected):
- Microsoft Corp: 958,382 shares (Sole Discretion) + 72,899 shares (Shared Discretion)
- Merck & Co Inc: 505,060 shares (Shared Discretion)
- Lawson Software Inc: 1,091,001 shares (Shared Discretion)
- Wells Fargo & Co: 269,970 shares (Sole Discretion) + 19,185 shares (Shared Discretion)
- Encana Corp: 177,322 shares (Shared Discretion)
- Canadian Imperial Bank of Commerce: 75,032 shares (Shared Discretion)
- TransCanada Corp: 129,676 shares (Shared Discretion)
- Toronto-Dominion Bank: 139,628 shares (Shared Discretion)
Index Fund Exposure: Significant holdings in iShares and SPDR trusts, including S&P 500 Index, MSCI EAFE, and various regional indices (Japan, Taiwan, Korea).
Guidance, Outlook, and Risks
Management Commentary: Not applicable. Form 13F is a regulatory disclosure of holdings and does not contain management commentary, earnings guidance, or forward-looking statements.
Risks and Contingencies: The filing notes that certain securities beneficially owned by trust accounts are excluded due to lack of custody and timely data aggregation. This represents a limitation in the total asset picture for the reporting manager.
Key Facts for Investor Verification
- Partial Reporting: This is a "Combination Report." The $648.4 million value represents only a subset of Royal Bank of Canada's total managed assets. Investors must review filings from the listed affiliated managers (e.g., RBC Asset Management, Voyageur) to see the full portfolio.
- Discretion Types: Holdings are split between "Sole" and "Shared" discretion. Shared discretion often indicates holdings managed for third-party clients or specific trust structures rather than proprietary bank capital.
- Excluded Assets: Verify if the excluded trust accounts mentioned in the "Additional Note" represent a material portion of the bank's total investment activity.
- Concentration: The portfolio shows heavy concentration in large-cap technology (Microsoft), pharmaceuticals (Merck), and Canadian financial/energy sectors (TD Bank, Encana, TransCanada).