ROYAL BK CDA RY
COM · Common Stock · CUSIP 780087102 · ISIN CA7800871021
Financial institution in Canada
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($2.5bn this quarter). Holder counts are more reliable. Shares outstanding: 1.4bn as of 2025-10-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $171.00. Options: 27 managers hold calls ($1.5bn notional), 24 hold puts ($1.2bn).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 612 |
| Q4 2022 | 658 |
| Q1 2023 | 662 |
| Q2 2023 | 651 |
| Q3 2023 | 644 |
| Q4 2023 | 679 |
| Q1 2024 | 666 |
| Q2 2024 | 677 |
| Q3 2024 | 724 |
| Q4 2024 | 778 |
| Q1 2025 | 768 |
| Q2 2025 | 801 |
| Q3 2025 | 832 |
| Q4 2025 | 915 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 253 | 283 |
| Q2 2024 | 295 | 269 |
| Q3 2024 | 306 | 265 |
| Q4 2024 | 316 | 277 |
| Q1 2025 | 341 | 308 |
| Q2 2025 | 359 | 304 |
| Q3 2025 | 389 | 298 |
| Q4 2025 | 415 | 299 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $748.5m | $643.9m | 0.86 |
| Q2 2025 | $1.1bn | $795.4m | 0.73 |
| Q3 2025 | $1.1bn | $876.7m | 0.76 |
| Q4 2025 | $1.5bn | $1.2bn | 0.77 |
Biggest buyers
| CANADA PENSION PLAN INVESTMENT BOARD | Added | +3.0m |
| VANGUARD GROUP INC | Added | +1.3m |
| 1832 Asset Management L.P. | Added | +1.2m |
| TORONTO DOMINION BANK | Added | +929.9k |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +882.3k |
| ACADIAN ASSET MANAGEMENT LLC | Added | +844.8k |
| Zurich Insurance Group Ltd/FI | New | +713.7k |
| Capital World Investors | Added | +668.6k |
| AQR CAPITAL MANAGEMENT LLC | Added | +619.5k |
| Amundi | Added | +535.4k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -8.3m |
| Federation des caisses Desjardins du Quebec | Reduced | -4.2m |
| BANK OF MONTREAL /CAN/ | Reduced | -3.1m |
| GOLDMAN SACHS GROUP INC | Reduced | -2.7m |
| NATIONAL BANK OF CANADA /FI/ | Reduced | -1.9m |
| Quadrature Capital Ltd | Reduced | -1.7m |
| HSBC HOLDINGS PLC | Reduced | -1.6m |
| Public Sector Pension Investment Board | Reduced | -1.5m |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | Reduced | -1.4m |
| D. E. Shaw & Co., Inc. | Reduced | -1.2m |
Biggest calls
| TORONTO DOMINION BANK | Reduced | $227.2m1.3m shares |
| SIG North Trading, ULC | Added | $218.3m1.3m shares |
| BANK OF MONTREAL /CAN/ | Added | $187.0m1.1m shares |
| ROYAL BANK OF CANADA | Added | $163.7m960.0k shares |
| NATIONAL BANK OF CANADA /FI/ | Added | $131.4m7.7k shares |
| D. E. Shaw & Co., Inc. | Added | $121.0m709.7k shares |
| PEAK6 LLC | Added | $110.2m646.2k shares |
| Periscope Capital Inc. | Added | $85.3m500.0k shares |
| CIBC WORLD MARKET INC. | Reduced | $61.9m363.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $42.7m250.7k shares |
Biggest puts
| SIG North Trading, ULC | Added | $238.9m1.4m shares |
| BANK OF MONTREAL /CAN/ | Added | $183.3m1.1m shares |
| TORONTO DOMINION BANK | Added | $165.8m972.3k shares |
| D. E. Shaw & Co., Inc. | Unchanged | $150.4m882.1k shares |
| MILLENNIUM MANAGEMENT LLC | Unchanged | $126.9m542.3k shares |
| CIBC WORLD MARKET INC. | Added | $97.6m572.5k shares |
| ROYAL BANK OF CANADA | Added | $65.3m383.0k shares |
| Monaco Asset Management SAM | New | $42.5m249.2k shares |
| NATIONAL BANK OF CANADA /FI/ | Reduced | $16.6m975 shares |
| CITADEL ADVISORS LLC | Added | $13.2m77.3k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| ROYAL BANK OF CANADA 2.15% of their portfolio | 71.8m $12.2bn | Reduced -1.1m |
| VANGUARD GROUP INC 0.17% of their portfolio | 67.6m $11.5bn | Added +1.3m |
| BANK OF MONTREAL /CAN/ 4.16% of their portfolio | 59.6m $10.2bn | Reduced -3.1m |
| TD Asset Management Inc 4.27% of their portfolio | 31.1m $5.3bn | Reduced -721.4k |
| FIL Ltd 2.97% of their portfolio | 23.3m $4.0bn | Added +255.5k |
| MACKENZIE FINANCIAL CORP 4.26% of their portfolio | 21.0m $3.6bn | Reduced -601.5k |
| CIBC WORLD MARKET INC. 6.31% of their portfolio | 20.7m $3.5bn | Reduced -822.7k |
| NORGES BANK 0.37% of their portfolio | 20.4m $3.5bn | Not comparable |
| 1832 Asset Management L.P. 3.64% of their portfolio | 16.9m $2.9bn | Added +1.2m |
| NATIONAL BANK OF CANADA /FI/ 2.90% of their portfolio | 16.6m $2.8bn | Reduced -1.9m |
| BANK OF NOVA SCOTIA 3.85% of their portfolio | 15.2m $2.6bn | Added +238.6k |
| FMR LLC 0.12% of their portfolio | 14.3m $2.4bn | Reduced -356.1k |
| TORONTO DOMINION BANK 4.23% of their portfolio | 14.1m $2.4bn | Added +929.9k |
| GEODE CAPITAL MANAGEMENT, LLC 0.15% of their portfolio | 13.7m $2.4bn | Added +882.3k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 1.67% of their portfolio | 11.9m $2.0bn | Added +245.1k |
| Connor, Clark & Lunn Investment Management Ltd. 5.16% of their portfolio | 11.5m $2.0bn | Added +387.7k |
| CIBC Asset Management Inc 4.47% of their portfolio | 10.8m $1.9bn | Added +136.4k |
| CANADA PENSION PLAN INVESTMENT BOARD 1.13% of their portfolio | 9.9m $1.7bn | Added +3.0m |
| Federation des caisses Desjardins du Quebec 6.06% of their portfolio | 9.3m $1.6bn | Reduced -4.2m |
| SCOTIA CAPITAL INC. 6.23% of their portfolio | 9.1m $1.5bn | Reduced -13.5k |
| Legal & General Group Plc 0.33% of their portfolio | 8.8m $1.5bn | Added +498.5k |
| Fisher Asset Management, LLC 0.37% of their portfolio | 6.4m $1.1bn | Added +368.5k |
| JPMORGAN CHASE & CO 0.07% of their portfolio | 6.3m $1.1bn | Reduced -8.3m |
| TD Waterhouse Canada Inc. 5.75% of their portfolio | 5.4m $924.1m | Reduced -2.6k |
| Fiera Capital Corp 2.45% of their portfolio | 4.5m $774.1m | Reduced -315.1k |
| MORGAN STANLEY 0.04% of their portfolio | 4.3m $727.9m | Reduced -95.2k |
| Beutel, Goodman & Co Ltd. 4.10% of their portfolio | 3.9m $668.1m | Reduced -293.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.10% of their portfolio | 3.8m $641.2m | Added +53.3k |
| GOLDMAN SACHS GROUP INC 0.08% of their portfolio | 3.3m $567.7m | Reduced -2.7m |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.86% of their portfolio | 3.0m $505.9m | Reduced -465.3k |
| Invesco Ltd. 0.05% of their portfolio | 2.9m $494.3m | Reduced -116.7k |
| PICTON MAHONEY ASSET MANAGEMENT 4.95% of their portfolio | 2.7m $452.8m | Added +74.5k |
| DEUTSCHE BANK AG\ 0.14% of their portfolio | 2.6m $438.8m | Added +186.4k |
| WELLINGTON MANAGEMENT GROUP LLP 0.08% of their portfolio | 2.6m $436.8m | Reduced -111.2k |
| FRANKLIN RESOURCES INC 0.10% of their portfolio | 2.4m $413.5m | Added +15.8k |
| AGF MANAGEMENT LTD 1.98% of their portfolio | 2.4m $456.4m | Added +7.6k |
| DIMENSIONAL FUND ADVISORS LP 0.09% of their portfolio | 2.4m $407.1m | Added +84.1k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 2.14% of their portfolio | 2.4m $405.6m | Reduced -513.9k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.13% of their portfolio | 2.3m $393.7m | Reduced -95.7k |
| Amundi 0.11% of their portfolio | 2.3m $389.3m | Added +535.4k |
| MUFG SECURITIES (CANADA), LTD. 10.14% of their portfolio | 2.1m $364.4m | Reduced -189.0k |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 2.0m $340.0m | Reduced -181.1k |
| Caisse de depot et placement du Quebec 0.57% of their portfolio | 2.0m $336.2m | Added +30.4k |
| Alberta Investment Management Corp 1.94% of their portfolio | 1.9m $324.2m | Added +99.0k |
| GUARDIAN CAPITAL LP 8.94% of their portfolio | 1.8m $301.4m | Added +187.5k |
| ACADIAN ASSET MANAGEMENT LLC 0.41% of their portfolio | 1.5m $251.3m | Added +844.8k |
| LETKO, BROSSEAU & ASSOCIATES INC 4.10% of their portfolio | 1.5m $250.1m | Reduced -35.9k |
| Clearbridge Investments, LLC 0.19% of their portfolio | 1.4m $241.3m | Added +57.2k |
| BlackRock, Inc. 0.00% of their portfolio | 1.4m $232.3m | Reduced -94.4k |
| Bank of New York Mellon Corp 0.04% of their portfolio | 1.3m $223.4m | Reduced -27.1k |
| NORTHERN TRUST CORP 0.03% of their portfolio | 1.2m $202.2m | Reduced -26.2k |
| AVIVA PLC 0.34% of their portfolio | 1.2m $201.6m | Added +61.6k |
| ALLIANCEBERNSTEIN L.P. 0.06% of their portfolio | 1.2m $197.4m | Added +53.5k |
| Russell Investments Group, Ltd. 0.20% of their portfolio | 1.1m $180.4m | Added +292.1k |
| Korea Investment CORP 0.35% of their portfolio | 1.0m $178.2m | Added +57.6k |
| Scheer, Rowlett & Associates Investment Management Ltd. 11.91% of their portfolio | 1.0m $173.6m | Reduced -260.1k |
| Nuveen, LLC 0.04% of their portfolio | 1.0m $171.0m | Reduced -2.7k |
| OMERS ADMINISTRATION Corp 1.22% of their portfolio | 1.0m $170.8m | Added +530.1k |
| Hillsdale Investment Management Inc. 4.55% of their portfolio | 965.8k $164.9m | Added +111.2k |
| DekaBank Deutsche Girozentrale 0.18% of their portfolio | 945.2k $101.2m | Unchanged |
| Cardinal Capital Management, Inc. 4.62% of their portfolio | 879.1k $205.7m | Reduced -38.0k |
| Dixon Mitchell Investment Counsel Inc. 4.91% of their portfolio | 871.7k $148.8m | Reduced -18.4k |
| APG Asset Management N.V. 0.35% of their portfolio | 847.2k $123.1m | Reduced -72.3k |
| UBS Group AG 0.03% of their portfolio | 846.9k $144.4m | Reduced -25.9k |
| State of Tennessee, Department of Treasury 0.43% of their portfolio | 802.4k $134.3m | Reduced -16.2k |
| BCV Asset Management Inc. 4.77% of their portfolio | 802.3k $188.6m | First filing |
| REGIONS FINANCIAL CORP 0.86% of their portfolio | 790.9k $134.8m | Reduced -796.4k |
| INTACT INVESTMENT MANAGEMENT INC. 3.79% of their portfolio | 772.3k $131.6m | Reduced -49.5k |
| AMERIPRISE FINANCIAL INC 0.03% of their portfolio | 766.8k $132.6m | Reduced -44.7k |
| Public Sector Pension Investment Board 0.43% of their portfolio | 751.8k $128.2m | Reduced -1.5m |
| CANADA LIFE ASSURANCE Co 0.22% of their portfolio | 749.8k $128.0m | Reduced -431.2k |
| Zurich Insurance Group Ltd/FI 0.84% of their portfolio | 713.7k $121.8m | New |
| Addenda Capital Inc. 4.83% of their portfolio | 702.8k $164.4m | Reduced -14.3k |
| AQR CAPITAL MANAGEMENT LLC 0.06% of their portfolio | 698.9k $119.2m | Added +619.5k |
| Capital World Investors 0.02% of their portfolio | 691.8k $117.9m | Added +668.6k |
| Canoe Financial LP 1.60% of their portfolio | 691.3k $117.9m | Reduced -334.8k |
| Rathbones Group PLC 0.22% of their portfolio | 650.0k $111.0m | Added +351.8k |
| CITIGROUP INC 0.07% of their portfolio | 630.5k $107.6m | Added +21.9k |
| BANK OF NOVA SCOTIA TRUST CO 9.33% of their portfolio | 628.8k $107.2m | Added +6 |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.22% of their portfolio | 609.8k $104.1m | Added +460 |
| MILLENNIUM MANAGEMENT LLC 0.07% of their portfolio | 603.9k $103.0m | Added +125.3k |
| Pictet Asset Management Holding SA 0.10% of their portfolio | 589.2k $100.6m | Added +37.6k |
| RAYMOND JAMES FINANCIAL INC 0.03% of their portfolio | 516.0k $88.0m | Added +6.0k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.20% of their portfolio | 513.9k $87.7m | New |
| Guardian Partners Inc. 6.88% of their portfolio | 507.2k $85.9m | Added +34.0k |
| Northwest & Ethical Investments L.P. 1.94% of their portfolio | 505.8k $86.3m | Reduced -4.5k |
| Clark Capital Management Group, Inc. 0.48% of their portfolio | 455.4k $77.6m | Added +394 |
| Vontobel Holding Ltd. 0.25% of their portfolio | 447.5k $76.3m | Added +88.8k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.12% of their portfolio | 436.4k $102.1m | New |
| MORGUARD LINCLUDEN GLOBAL INVESTMENTS Ltd 8.49% of their portfolio | 427.3k $100.0m | Reduced -16.5k |
| QV Investors Inc. 5.88% of their portfolio | 421.0k $71.9m | Reduced -32.5k |
| D. E. Shaw & Co., Inc. 0.05% of their portfolio | 413.2k $70.5m | Reduced -1.2m |
| J. Safra Sarasin Holding AG 1.14% of their portfolio | 409.2k $69.9m | Added +10.2k |
| Jefferies Financial Group Inc. 0.56% of their portfolio | 403.0k $68.7m | New |
| AMERICAN CENTURY COMPANIES INC 0.03% of their portfolio | 394.4k $67.2m | Added +42.5k |
| Rockefeller Capital Management L.P. 0.12% of their portfolio | 393.2k $67.0m | Added +134.8k |
| Cumberland Partners Ltd 4.09% of their portfolio | 391.2k $66.7m | Reduced -6.5k |
| EDMOND DE ROTHSCHILD HOLDING S.A. 0.90% of their portfolio | 371.0k $63.4m | Added +10.5k |
| UniSuper Management Pty Ltd 0.52% of their portfolio | 369.5k $86.5m | Added +7.4k |
| CITADEL ADVISORS LLC 0.04% of their portfolio | 365.8k $62.4m | Reduced -175.5k |