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Printed on June 9, 2015
RBC Select Balanced Portfolio
No. of Funds in Category
609
Fund Category
Global Neutral Balanced
Morningstar Rating™
QQQQ
Investment Objective
Portfolio Analysis as of May 31, 2015
To provide long-term capital growth, with a secondary
focus on modest income, by investing primarily in funds
managed by RBC GAM, investing in equity mutual funds
for higher growth potential and fixed-income mutual
funds for diversification and the potential to generate
income. The portfolio maintains a balance of investments
across several asset classes.
Asset Mix
% Assets
Cash
Fixed Income
Canadian Equity
US Equity
International Equity
Other
3.4
36.6
19.3
22.4
17.9
0.5
Fund Details
Currency
Fund Code
No Load
Deferred Sales
Front End
Low Load
No Load
No Load
CAD
CAD
CAD
CAD
CAD
CAD
RBF460
RBF841
RBF741
RBF101
RBF546
RBF658
Equity Style
Statistics
%
P/B Ratio
P/E Ratio
2.3
17.8
Avg. Mkt Cap. $B
31.4
Small
Load Structure
A
Adv
Adv
Adv
T5
F
Large Mid
Series
Value Blend Growth
Inception Date
Total Fund Assets $Mil
Series A NAV $
Series A MER %
Benchmark
December 1986
17,577.0
26.19
1.94
45% FTSE TMX Canada
Universe Bond Index
20% S&P 500 Total Return
Index (CAD)
19% S&P/TSX Capped
Composite Total Return
Index
12% MSCI EAFE Total
Return Net Index (CAD)
4% MSCI Emerging
Markets Total Return Net
Index (CAD)
Income Distribution
Capital Gains Distribution
Quarterly
Annually
Sales Status
Min. Investment $
Subsequent Investment $
Open
500
25
Management Company
RBC Global Asset
Management Inc.
www.rbcgam.com
Top 5 Sectors
Top 10 Holdings
% Assets
RBC Bond Fund
RBC European Equity Fund
RBC Global Corporate Bond Fund
RBC QUBE US Equity Fund
RBC US Equity Fund
20.2
7.7
7.1
5.5
5.5
RBC Canadian Dividend Fund
RBC Private Canadian Equity Pool Fund
PH&N US Multi-Style All-Cap Equity Fund
PH&N Total Return Bond Fund
PH&N Canadian Underlying Equity Fund
5.3
5.3
5.0
4.4
4.3
Total % of Top 10 Holdings
Total Number of Portfolio Holdings
Total Number of Stock Holdings
Total Number of Bond Holdings
Total Number of Other Holdings
Total Number of Underlying Holdings
70.1
28
1,122
2,426
185
3,733
% Equity
Financials
Consumer Discretionary
Information Technology
Industrials
Energy
25.9
12.2
11.2
11.1
10.9
Fixed Income Breakdown
% Fixed Income
Government Bonds
Corporate Bonds
Other Bonds
Mortgage Backed Securities
ST Investments (Cash & Other)
Asset Backed Securities
39.9
50.7
0.9
0.1
8.4
0.0
Performance Analysis as of May 31, 2015
20
18
16
Growth of $10,000
Series A
$17,355
14
12
Web Site
10
8
20
10
Calendar Returns %
Series A
0
-10
-20
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
YTD
10.5
1st
11.0
2nd
2.4
1st
-18.4
3rd
12.6
4th
6.6
4th
-1.7
2nd
7.7
3rd
14.0
2nd
10.0
1st
6.2
2nd
Fund
Quartile
1 Mth
3 Mth
6 Mth
1 Yr
3 Yr
5 Yr
10 Yr
Since Incep. Trailing Return %
1.2
2nd
1065
-0.5
3rd
1043
6.1
2nd
1021
11.8
1st
940
12.2
2nd
609
8.9
2nd
439
5.4
2nd
90
6.7
—
—
Fund
Quartile
No. of Funds in Category
©2015. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure
page.
Printed on June 9, 2015
RBC Select Balanced Portfolio
Management Overview
Manager Bios
Performance Analysis Cont'd as of May 31, 2015
Sarah Riopelle
Distributions ($)/Unit
RBC Global Asset Management Inc.
Total Distributions
Interest
Dividends
Capital Gains
Return Of Capital
Sarah Riopelle is Vice President and Senior Portfolio
Manager, Investment Solutions. Sarah began her
investment career in 1996. She is a member of the RBC
Investment Strategy Committee and is responsible for
the firm’s Portfolio Solutions. Sarah has a Bachelor of
Commerce in Finance and International Management
from the University of Ottawa and is a CFA charterholder.
Best/Worst Periods %
YTD*
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
—
—
—
—
—
2.02
0.09
0.10
1.83
—
0.50
0.07
0.13
0.30
—
0.30
0.06
0.12
0.12
—
0.42
0.03
0.10
0.30
—
0.23
0.05
0.09
0.09
—
0.24
0.14
0.07
0.03
—
0.18
0.14
0.04
—
—
1.04
0.41
0.01
0.61
—
0.98
0.65
0.03
0.30
—
0.49
0.45
0.03
—
—
Ended
1 Yr
Ended
7-1997
4-1998
Best
25.8
2-2009
2-2009
Worst
-19.8
Average
7.0
No. of Periods
289
Pct. Positive
79.2
* Distributions are characterized into income type at year-end.
3 Yr
Ended
5 Yr
Ended
10 Yr
15.0
-5.2
6.5
265
84.9
9-1997
5-2012
11.9
-0.7
6.2
241
97.9
8-2000
8-2010
10.5
2.1
5.8
181
100.0
Quarterly Commentary as at March 31, 2015
RBC Select Balanced Portfolio (Series A) returned
6.5% in Q1 vs. 6.6% for its benchmark.
The global economy continued to face
considerable uncertainty during the period, as
energy prices remained volatile, and the U.S.
Federal Reserve contemplated their first rate hike
in many years as central banks in Europe and
Japan eased monetary policy.
The Fund’s overweight position in equities and
underweight position in fixed income were
positive for performance. Global bond yields
remain low. Subdued inflation, modest global
growth and continued bond buying from the Bank
of Japan and European Central Bank are keeping
yields low throughout the developed world. RBC
Bond Fund had a significant positive impact on the
Fund’s relative performance. RBC Global Corporate
Bond Fund also contributed positively to returns.
Global stock markets have been volatile since the
beginning of the year and, while the U.S. market is
slightly above fair value, our aggregate measure of
global stocks remains below our measure of
equilibrium. The S&P 500 Index was virtually flat
in the first quarter while other global markets
trended higher. Among equity funds in the
portfolio, RBC European Equity Fund, RBC U.S.
Equity Fund and RBC QUBE U.S. Equity Fund
contributed positively to portfolio performance.
Our long term outlook is for growth to improve and
inflation to normalize. In this scenario, yields are
likely to move gradually higher. In a rising-yield
environment, bondholders could experience low or
even negative total returns as capital losses offset
coupon income. While we have lowered our totalreturn expectations for stocks, our outlook for
equities remains positive. We expect that equities
will continue to outperform bonds. As a result, we
have maintained our underweight in bonds and
overweight in stocks.
©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 9, 2015
RBC Select Balanced Portfolio
Disclosure
RBC Funds, PH&N Funds and RBC Corporate
Class Funds are offered by RBC Global Asset
Management Inc. and distributed through
authorized dealers.
Commissions, trailing commissions,
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.
For money market funds, there can be no
assurances that the fund will be able to
maintain its net asset value per unit at a
constant amount or that the full amount of
your investment in the fund will be returned
to you. The value of mutual funds change
frequently and past performance may not be
repeated.
This document has been compiled by RBC
Global Asset Management Inc. (RBC GAM)
from sources believed to be reliable, but no
representations or warranty, express or
implied, are made by RBC GAM, its affiliates
or any other person as to its accuracy,
completeness or correctness. All opinions
and estimates constitute RBC GAM's
judgment as of the date of this document, are
subject to change without notice and are
provided in good faith but without legal
responsibility. 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 and PH&N Funds is
based on actual expenses for the full-year
period, January 1 to December 31, 2014,
expressed on an annualized basis.
MER (%) for RBC Corporate Class Funds is
based on actual expenses for the full-year
period April 1, 2014 to March 31, 2015,
expressed on an annualized basis.
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.
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.
Quartile rankings are determined by
Morningstar Research Inc., an independent
research firm, based on categories
maintained by the Canadian Investment
Funds Standards Committee (CIFSC). Quartile
rankings are comparisons of the performance
of a fund to other funds in a particular
category and are subject to change monthly.
The quartiles divide the data into four equal
segments expressed in terms of rank (1, 2, 3
or 4). This is the Morningstar quartile ranking
of Series A units of the Fund as of March 31,
2015. Morningstar ratings are overall ratings
reflecting risk adjusted performance as of
March 31, 2015. The ratings are subject to
change every month. The ratings are
calculated for funds with a minimum of 3
years of performance, calculated from the
funds' 1 and 3 year average annual returns
measured against a 91-day Treasury Bill
return with appropriate fee adjustments. The
top 10% of the funds in a category receive 5
stars (high); if the funds fall in the next
22.5%,they receive 4 stars (above average); a
place in the middle 35% earns a fund 3 stars
(neutral or average); those in the next 22.5%
receive 2 stars (below average); and the
lowest 10% get 1 star (low). Ratings are just
one factor to consider when investing. For
more information, please see www.
morningstar.ca.
® / ™ Trademark(s) of Royal Bank of Canada.
Used under licence. © RBC Global Asset
Management Inc. 2015
©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.