Royal Bank (RY.TO)

One of her top bank holdings and a top bank performer in Canada. Pays over a 4% yield. Trades at a premium to peers. Likes their HSBC takeover, which they just absorbed. Good. On track to achieve synergies of $740 million over 2 years; HSBC exposes them to higher-wealth clients.

Her favourite among the Canadian banks. Steady dividend yield of almost 4%. Ranks 8/10.

Yes, a good bank, and recent acquisitions were smart, but they trade at a valuation. He prefers a cheaper one among Canadian banks, like BNS.

HSBC acquisition seemed to go really well. More of a global bank from an investment management point of view, less from domestic retail. Stick with it. You can own more than 1 Canadian bank; at certain times you may just want to own less or more of one or the other.

The breakout around $140 was pretty good news. Want to see it keep making higher highs and higher lows. Could absolutely pull back and probably will. Nothing wrong with this picture, you can continue being in love.

Great company, best bank in Canada and the most diversified. Valuation reflects that, well deserved. Largest weight in his Canadian dividend portfolio for a reason. Canadian banks live and die based on the health of the Canadian consumer. This name has the lowest correlation to that theme, which gives them degrees of freedom that other banks with more consumer-oriented earnings don't have. 

Own it. Should be the first Canadian bank you buy and the last one you sell.

An amazing powerhouse. Doesn't think it will ever give up its #1 spot. Many have tried, all have failed.

Opportunity in Canadian banks, and this is her favoured pick. More revenue coming for all banks in Q4 and 2025 with mortgage renewals. Ranks 8/10 fundamentally, 8/10 on value. Leader among Canadian banks. When it gets too big a position, she takes some profits off the table, and then lets the rest ride.

She owns both. RY has far outperformed TD. RY remains her top Canadian bank. Likes the HSBC acquisition and its wealthy client base, integration has gone well. Though it's outperformed, still her preference.

We don't yet know what ultimate penalties in US will be for TD, its capital base can handle it. There may be a cap imposed on growth. Trading below 9x forward PE, lagged YOY. Stock price already reflecting the bad news. She'll continue to own. Substantial operations in Canada and outside US. Targeting immigration to Canada.

If he was going to own national banks, he'd most likely own RY or NA. And if not, then the ZWB strategy is a good one; covered calls give you more upside; yield's around 7.5%; pretty good income stream.

Not a ton of growth in the Canadian market, and not a ton of growth in Canadian banks. Own them for the income more than upside growth.

Wonderfully run. A great chart. They did a large acquisition when its peers were tied up. Banks in general have been beaten up, so RY's PE is a reasonable 12x PE. Likes it a lot.

RY is a bit pricey right now. 

If he could own only one, this would be it. Better managed, better strategy, more on point. See his Top Picks.

Best in show and firing on all cylinders. Capital markets really grew; all their businesses are growing. Loves that they bought HSBC, a great way to grow.

It's done well the past year, and taken away leadership from TD. You can take some profits, but longer term the Canadian banks do well, though they are in a holding pattern now.