RBC O`Shaughnessy All-Canadian Equity Fund

Printed on June 22, 2015
RBC O'Shaughnessy All-Canadian Equity Fund
Investment Objective
Portfolio Analysis as of May 31, 2015
To provide a long-term total return, consisting of capital
growth and current income, by investing primarily in
equity securities of Canadian companies based on
Strategy Indexing®, a rigorous and disciplined approach
to stock selection based on characteristics associated
with above average returns over long periods of time.
Asset Mix
Fund Details
Currency
Fund Code
O
CAD
RBF251
Management Company
Web Site
Large
Equity Statistics
9
14
7
13
16
8
15
9
8
P/B Ratio
P/E Ratio
> 50
25 - 50 P/FCF
10 - 25 P/S
0 - 10
Avg. Mkt Cap. $B
Dividend Yield
Weight %
Value Blend Growth
Top 5 Equity Sectors
Series
Inception Date
Total Fund Assets $Mil
Benchmark
Equity Style
Small Mid
The investment team follows a quantitative stock
selection process that is based on decades of empirical
research into the historical characteristics that the bestperforming value and growth stocks possess. Securities
are selected using the investment team’s Canadian value
and growth strategies, which comprise several stock
selection factor composites. Overall, the portfolio seeks
to invest in stocks selling at a discount but showing good
potential for growth.
% Assets
Cash
1.5
Fixed Income
0.0
Canadian Equity
98.5
US Equity
0.0
International Equity 0.0
Other
0.0
July 2008
475.5
S&P/TSX Capped
Composite Total Return
Index
RBC Global Asset
Management Inc.
www.rbcgam.com
1.8
15.4
4.6
0.8
4.6
2.9
% Equity
Financials
Consumer Discretionary
Industrials
Materials
Consumer Staples
% in Top 5 Equity Sectors
22.9
19.6
17.3
12.2
10.3
82.3
Risk Measures
Fund
Benchmark
3 Year Std Dev
5 Year Std Dev
7.8
9.7
7.3
9.6
Top 25 Holdings
% Assets
Metro Inc
Chorus Aviation Inc
Royal Bank Of Canada
Magna International Inc Class A
Alimentation Couche-Tard Inc
3.9
3.6
3.6
3.5
2.9
Centerra Gold Inc
Finning International Inc
Manulife Financial Corp
Jean Coutu Group PJC Inc
Transcontinental Inc Class A
2.9
2.8
2.8
2.6
2.5
Linamar Corporation
Suncor Energy Inc
Rona Inc
Dollarama Inc
Great-West Lifeco Inc
2.5
2.4
2.3
2.2
2.2
Enbridge Income Fund Holdings Inc
Nevsun Resources Ltd
Western Forest Products Inc
Bank of Montreal
Intact Financial Corp
2.1
2.1
1.8
1.6
1.5
Emera Inc
FirstService Corp
Genworth MI Canada, Inc.
Thomson Reuters Corp
EnerCare Inc
1.5
1.4
1.4
1.4
1.3
Total % of Top 25 Holdings
Total Number of Stock Holdings
Total Number of Bond Holdings
Total Number of Other Holdings
Total Number of Holdings
58.8
97
0
1
98
Performance Analysis as of May 31, 2015
220
190
160
Growth of $100,000
Series O
$186,906
130
100
70
40
45
30
Calendar Returns %
Series O
15
0
-15
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
YTD
—
—
—
—
—
—
—
—
30.1
35.1
26.1
17.6
-4.0
-8.7
11.3
7.2
34.4
13.0
5.4
10.6
3.5
3.8
Fund
Benchmark
1 Mth
3 Mth
6 Mth
1 Yr
3 Yr
5 Yr
10 Yr
Since Incep. Trailing Return %
1.6
-1.2
1.9
-0.7
3.8
3.3
5.0
5.8
16.8
12.6
14.0
8.1
—
—
9.5
—
Fund
Benchmark
©2015. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure
page.
Printed on June 22, 2015
RBC O'Shaughnessy All-Canadian Equity Fund
Management Overview
Manager Bios
Performance Analysis Cont'd as of May 31, 2015
James P. O'Shaughnessy
Distributions ($)/Unit
O'Shaughnessy Asset Management
Total Distributions
Interest
Dividends
Capital Gains
Return Of Capital
Jim O'Shaughnessy is the Chairman and CEO of
O'Shaughnessy Asset Management (OSAM). Also
serving as the Chief Investment Officer of the firm, Jim is
ultimately responsible for OSAM's investment strategies.
He directs the Senior Portfolio Manager, Director of
Research, and the Portfolio Management Team and
helps to set the agenda for the team. He is also
responsible for the development of OSAM's existing
strategies and directs the team on idea generation and
specific initiatives to improve the models and develop
new factors and products.
Best/Worst Periods %
YTD*
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
—
—
—
—
—
2.40
—
0.36
2.04
—
0.28
—
0.28
—
—
0.46
—
0.46
—
—
—
—
—
—
—
0.29
—
0.29
—
—
0.28
0.12
0.16
—
—
0.05
0.03
0.03
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Ended
1 Yr
Ended
3-2010
2-2012
Best
53.8
7-2009
8-2011
Worst
-21.8
Average
16.6
No. of Periods
71
Pct. Positive
84.5
* Distributions are characterized into income type at year-end.
3 Yr
Ended
5 Yr
Ended
10 Yr
23.9
4.3
14.2
47
100.0
2-2014
8-2013
22.5
7.2
16.2
23
100.0
—
—
—
—
—
—
—
Quarterly Commentary as at March 31, 2015
During the quarter, the final selection factors used
in the Fund had mixed performance as the Value
composite detracted from performance, while the
Momentum composite outperformed. The best half
of stocks based on our quality themes of Earnings
Quality, Financial Strength, and Earnings Growth
underperformed, indicating that avoiding poor
quality stocks likely had a negative impact on
performance.
From a sector perspective, the Fund had a positive
contribution from allocation effects and a negative
contribution from stock selection effects. An
overweight allocation to Industrials and an
underweight allocation to Health Care detracted
from excess returns. This was more than offset by
underweighting Financials and overweighting
Consumer Discretionary which each contributed to
returns. Stock selection within Health Care and
Materials detracted from excess returns. This was
partially offset by positive selection effects in
Industrials.
We believe that a disciplined emphasis on
valuation, quality, and momentum will deliver
strong excess returns in the years to come, and
that by building portfolios around these
characteristics, the Fund will deliver higher returns
than the market as a whole.
Volatility in the equity markets increased in the
first quarter as investors awaited news of the
Federal Reserve’s timeline for monetary tightening
while the European Union launched its own
version of Quantitative Easing. Foreign stocks
generally outperformed, despite continued
strength in the U.S. as the dollar hit its twelve year
high. Oil continued its decline despite concerns
over turmoil in the Middle East.
©2015. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure
page.
Printed on June 22, 2015
RBC O'Shaughnessy All-Canadian Equity Fund
Disclosure
RBC Private Pools are offered and distributed
by RBC Global Asset Management Inc. and
are also distributed by other authorized
dealers.
RBC Funds and RBC Corporate Class Funds
are offered by RBC Global Asset
Management Inc. and distributed through
authorized dealers.
Management fees and expenses all may be
associated with mutual fund investments.
Please read the prospectus or Fund Facts
document of the mutual fund before
investing. Except as otherwise noted, the
indicated rates of return are the historical
annual compounded total returns including
changes in unit value and reinvestment of all
distributions and do not take into account
sales, redemption, distribution or optional
charges or income taxes payable by any
unitholder that would have reduced returns.
Mutual funds are not guaranteed or covered
by the Canadian Deposit Insurance
Corporation or by any other government
deposit insurer. The value of mutual funds
change frequently and past performance may
not be repeated.
expressed on an annualized basis.
The Top Ten/25 Holdings may change due to
ongoing portfolio transactions within the
fund. The prospectus, Fund Facts document,
and other information about the underlying
investment funds are available at www.
sedar.com.
MER (%) for RBC Funds is based on actual
expenses for the full-year period, January 1
to December 31, 2014, expressed on an
annualized basis.
The fund profile is provided for informational
purposes only. Particular investments and/or
trading strategies should be evaluated
relative to each individual’s investment
objectives. The information contained in the
fund profile is not, and should not be
construed as, investment or tax advice. You
should not act or rely on the information
contained in the fund profile without seeking
the advice of an appropriate professional
advisor.
MER (%) for RBC Corporate Class Funds is
based on actual expenses for the full-year
period April 1, 2014 to March 31, 2015,
® / ™ Trademark(s) of Royal Bank of Canada.
Used under licence. © RBC Global Asset
Management Inc. 2015
Graphs are only used to illustrate the effects
of the compound growth rate and do not
reflect future values of any fund or returns on
investment of any fund.
©2015. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure
page.