2026-Q1 ROYAL BANK OF CANADA 13F Filing: RBC reduces VOO stake by -$9.55B in Q1 rotation.

This walkthrough uses ROYAL BANK OF CANADA's 13F filing for the first quarter of 2026 to introduce the basics of reading these institutional disclosures. By examining the actual holdings and changes reported, you'll learn how to distinguish active portfolio decisions from passive price movements.

1. A 13F filing provides a snapshot of an investment manager's long equity positions as of the end of each quarter. For RBC's March 31, 2026 report, the portfolio contained 7,000 securities, a slight increase from 6,949 a quarter earlier. The turnover ratio—0.2088, up from 0.1957—indicates about 21% of the portfolio was traded during Q1, signalling a more active quarter.

2. When you see 'new_buy' on a position, the manager initiated a brand‑new holding during the quarter. RBC started positions in AZN (AstraZeneca) and SUNB (an infrastructure utility) with current values of $2.05B and $465.0M, respectively. These entries have no prior‑quarter value, confirming they are fresh additions.

3. Labels like 'trim' and 'add' tell you whether the share count went down or up. RBC trimmed several mega‑cap tech holdings: NVDA fell from $20.48B to $17.27B, and AAPL from $19.54B to $17.28B. Meanwhile, it added to energy names: CNQ grew from $4.31B to $6.72B, and COP rose from $381.1M to $1.27B.

4. Sometimes the dollar‑value direction contradicts the share‑count action. The filing includes a 'value_direction_note' to clarify these cases. For example, SU and XOM were trimmed, but their dollar values increased because the stock price rallied more than the shares sold. Conversely, BN and SHOP were added, yet their values declined due to falling prices. The note explicitly states that these are not buys or sells—just price effects. Always check such annotations to avoid drawing the wrong conclusion.

5. Looking at the aggregate picture, RBC's Q1 activity points to a deliberate rotation. The portfolio cut exposure to large‑cap technology and broad‑market ETFs while building up energy holdings. The Information Technology sector weight decreased from 24.42% to 21.57% and Energy rose from 7.13% to 9.69%, figures drawn directly from the filing's sector data. The slight drop in the Herfindahl‑Hirschman Index (from 0.009837 to 0.008352) also points to a modestly more diversified portfolio.

This Quarter at a Glance