Printed on April 21, 2015
RBC Life Science and Technology Fund
No. of Funds in Category
502
Fund Category
US Equity
Morningstar Rating™
QQQQQ
Investment Objective
Portfolio Analysis as of March 31, 2015
To provide long-term capital growth by investing
primarily in equity securities of U.S. companies whose
businesses relate to life sciences and technology and are
expected to benefit from scientific and technological
advances.
Asset Mix
% Assets
Cash
1.5
Fixed Income
0.0
Canadian Equity
0.6
US Equity
90.5
International Equity 7.4
Other
0.0
Fund Details
Series
Load Structure
Currency
Fund Code
D
No Load
CAD
RBF1030
Equity Style
Income Distribution
Capital Gains Distribution
Annually
Annually
Sales Status
Min. Investment $
Subsequent Investment $
Open
500
25
Management Company
RBC Global Asset
Management Inc.
www.rbcgam.com
Web Site
Equity Statistics
P/B Ratio
P/E Ratio
4.3
23.6
Avg. Mkt Cap. $B
38.1
Small
July 2007
202.7
14.51
1.20
50% S&P 500 Health Care
50% S&P 500 Info Tech
(measured in C$)
Large Mid
Inception Date
Total Fund Assets $Mil
Series D NAV $
Series D MER %
Benchmark
Value Blend Growth
Global Equity Sectors
% Equity
Health Care
Information Technology
Consumer Discretionary
Utilities
Telecommunication Services
Unclassified
Financials
Industrials
Materials
Energy
Consumer Staples
49.5
49.2
1.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Top 25 Holdings
% Assets
Apple Inc
Google Inc Class A
Facebook Inc Class A
AmerisourceBergen Corp
Palo Alto Networks Inc
8.7
2.4
2.2
1.7
1.5
Waters Corp
Aetna Inc
Cognizant Technology Solutions Crp Cl A
Pfizer Inc
Avago Technologies Ltd
1.5
1.5
1.5
1.5
1.5
Medtronic PLC
Actavis PLC
Twitter Inc
Salesforce.com Inc
Bristol-Myers Squibb Company
1.5
1.4
1.4
1.4
1.4
Texas Instruments Inc
Cigna Corp
Monolithic Power Systems Inc
PerkinElmer Inc
Boston Scientific Inc
1.3
1.3
1.3
1.3
1.3
Hologic Inc
Amazon.com Inc
Laboratory Corp of America Hldgs
Cavium Inc
TE Connectivity Ltd
1.3
1.3
1.2
1.2
1.2
Total % of Top 25 Holdings
Total Number of Stock Holdings
Total Number of Bond Holdings
Total Number of Other Holdings
Total Number of Holdings
43.9
98
0
1
99
Performance Analysis as of March 31, 2015
30
26
22
Growth of $10,000
Series D
$24,735
18
14
10
6
50
25
Calendar Returns %
Series D
0
-25
-50
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
YTD
—
—
—
—
—
—
-28.6
3rd
27.4
1st
12.6
1st
-2.2
3rd
8.3
4th
50.6
1st
28.1
1st
16.6
1st
Fund
Quartile
1 Mth
3 Mth
6 Mth
1 Yr
3 Yr
5 Yr
10 Yr
Since Incep. Trailing Return %
1.8
1st
1029
16.6
1st
989
28.9
1st
951
36.2
1st
825
27.9
1st
502
21.7
1st
377
—
—
176
12.1
—
—
Fund
Quartile
No. of Funds in Category
©2015. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure
page.
Printed on April 21, 2015
RBC Life Science and Technology Fund
Management Overview
Manager Bios
Performance Analysis Cont'd as of March 31, 2015
Ray Mawhinney
Distributions ($)/Unit
RBC Global Asset Management Inc.
Total Distributions
Interest
Dividends
Capital Gains
Return Of Capital
Ray Mawhinney is Senior Vice President, U.S. and Global
Equities. He has been in the investment industry since
1984.
Best/Worst Periods %
YTD*
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Ended
1 Yr
Ended
2-2014
2-2015
Best
57.0
11-2008
8-2010
Worst
-29.7
Average
13.4
No. of Periods
81
Pct. Positive
79.0
* Distributions are characterized into income type at year-end.
3 Yr
Ended
5 Yr
Ended
10 Yr
29.7
-5.1
13.1
57
91.2
2-2014
10-2012
22.3
0.7
13.4
33
100.0
—
—
—
—
—
—
—
Quarterly Commentary as at March 31, 2015
Health Care outperformed Information Technology
over this period and the Fund was favourably
weighted relative to the benchmark. Health Care
continued to lead the market with all sub-sectors
outperforming the broader market. Health insurers
were the leaders, benefitting from a number of
factors including limited foreign currency risk and
improving market fundamentals, particularly within
the Medicare market. Information Technology
slightly underperformed the broader market. Aside
from currency trends, an important theme recently
has been weaker PC sales after a very strong
refresh cycle in 2014. Additionally, IT Services
companies generally outperformed over the past
quarter on improving demand trends.
to areas including cloud, security and Internet of
Things particularly continuing to stand out as
strong investment themes. In Health Care, we
remain positive on the fundamental outlook over
the next 12-months despite the relative
outperformance for the group over the past several
years.
We remain positive on the outlook for the
Technology sector, with companies with exposure
The portfolio manager remains cautiously
optimistic for U.S. equities over the remainder of
2015. The outlook for earnings growth is a little
murky for the market as a whole, though visibility
does improve when isolating non-Energy stocks
from the picture. Valuations for U.S. equities are
no longer inexpensive and likely closer to fairly
valued which contributes to more moderate
returns expectations for the overall market.
Major Buys
Major Sells
Boston Scientific
Mylan NV
Puma Biotechnology
Salesforce.com
Twitter
C.R. Bard
EMC Corp
Hewlett-Packard
Abbvie
Amgen
©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 April 21, 2015
RBC Life Science and Technology Fund
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.