Royal Bank of Canada is one of the two largest banks in Canada, with around CAD 2.5 trillion in assets at the end of July 2026. It is a diversified financial services company, offering personal and commercial banking, wealth management, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada and has dominant market shares. RBC also has wealth and capital markets businesses in the US, UK, and other countries. RBC is a top 15 investment bank globally.

Trade tensions continue to dominate Canadian/U.S. news flow, this after the U.S. imposed 50% tariffs on a variety on Canadian products in August, purportedly due to concerns that Canada discriminated against key U.S. exports (namely autos, alcoholic beverages, and dairy products), as well as ongoing disputes over border security. Canada retaliated with counter-tariffs in early September, applying rates of 15%-50% on some C$28 billion of U.S. imports, including steel/aluminum, dairy, appliances, pulp and paper, plastics, and electronics. The measures not only raise cross-border costs between the countries, but also supply-chain and inflation risks. Canada's response has been noteworthy, and we think implies a long-term stance toward counter measures (for example, announcing a C$7.5 billion support package for affected Canadian workers and businesses to ride through the next few years of potentially slower exports). Canada hosted an Investment Summit in mid-September and is targeting C$1 trillion of new investment over the next five years, with a focus on energy and large-scale infrastructure projects. It also is eyeing trade expansion with the European Union. With about 70% of its total exports going to the U.S., Canada's desire to diversify its export partners makes sense for the longer term. Meanwhile, in the near-term, high oil prices have been a boon to the Canadian economy, which is the sixth-largest energy producer in the world. We continue to favor select companies in the Canadian market for country diversification and growth opportunities.

Royal Bank of Canada is one of the two largest banks in Canada, with around CAD 2.5 trillion in assets at the end of July 2026. It is a diversified financial services company, offering personal and commercial banking, wealth management, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada and has dominant market shares. RBC also has wealth and capital markets businesses in the US, UK, and other countries. RBC is a top 15 investment bank globally.

The Royal Bank of Canada is one of Canada's largest banks. It is also one of the largest banks in the world, with a market capitalization of $289 billion. The company has 105,000 employees and some 1,300 banking branches in 29 countries.