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Printed on April 22, 2015
RBC Global Precious Metals Fund
No. of Funds in Category
40
Fund Category
Precious Metals Equity
Morningstar Rating™
QQQQ
Investment Objective
Portfolio Analysis as of March 31, 2015
To provide long-term capital growth by investing
primarily in equity securities of companies throughout
the world involved directly or indirectly in the
exploration, mining and production of precious metals
(gold, silver and platinum) and in bullion, coins, receipts
and certificates.
Asset Mix
% Assets
Cash
1.3
Fixed Income
0.0
Canadian Equity
90.6
US Equity
1.2
International Equity 7.0
Other
0.0
Fund Details
Series
Load Structure
Currency
Fund Code
D
No Load
CAD
RBF1038
Income Distribution
Capital Gains Distribution
Annually
Annually
P/B Ratio
P/E Ratio
1.1
28.6
Avg. Mkt Cap. $B
2.0
Small
July 2007
441.1
24.47
1.26
S&P/TSX Global Gold
Equity Statistics
Large Mid
Inception Date
Total Fund Assets $Mil
Series D NAV $
Series D MER %
Benchmark
Equity Style
Value Blend Growth
Sales Status
Min. Investment $
Subsequent Investment $
Open
500
25
Management Company
RBC Global Asset
Management Inc.
www.rbcgam.com
Web Site
Top 5 Sectors
% Equity
Materials
Information Technology
Financials
Utilities
Telecommunication Services
100.0
0.0
0.0
0.0
0.0
Geographic Allocations
% Assets
Canada
United Kingdom
United States
Australia
91.8
7.0
1.2
0.1
Top 25 Holdings
% Assets
Agnico Eagle Mines Ltd
Goldcorp Inc
Silver Wheaton Corp
Franco-Nevada Corp
Osisko Gold Royalties Ltd
9.4
8.6
6.5
6.2
5.0
Eldorado Gold Corp
Rio Alto Mining Ltd
Randgold Resources Ltd ADR
B2Gold Corp
Yamana Gold Inc
4.6
4.5
4.4
3.8
3.6
Mountain Province Diamonds Inc
Fortuna Silver Mines Inc
Semafo Inc
Primero Mining Corp
Detour Gold Corp
3.5
3.4
3.2
2.9
1.8
Romarco Minerals Inc.
Aureus Mining Inc
Richmont Mines Inc
Petra Diamonds Ltd
HudBay Minerals Inc
1.7
1.6
1.5
1.4
1.3
SilverCrest Mines Inc
OceanaGold Corp
Klondex Mines Ltd
Stillwater Mining Co
Torex Gold Resources Inc
1.2
1.2
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
84.9
68
0
1
69
Performance Analysis as of March 31, 2015
26
22
18
Growth of $10,000
Series D
$8,779
14
10
6
2
80
40
Calendar Returns %
Series D
0
-40
-80
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
YTD
—
—
—
—
—
—
-25.6
1st
67.0
2nd
76.6
1st
-27.4
3rd
-11.7
1st
-43.5
2nd
0.3
3rd
3.4
2nd
Fund
Quartile
1 Mth
3 Mth
6 Mth
1 Yr
3 Yr
5 Yr
10 Yr
Since Incep. Trailing Return %
-10.7
2nd
57
3.4
2nd
57
-5.8
2nd
57
-11.2
1st
51
-19.9
2nd
40
-7.7
1st
31
—
—
16
-1.4
—
—
Fund
Quartile
No. of Funds in Category
©2015. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure
page.
Printed on April 22, 2015
RBC Global Precious Metals Fund
Management Overview
Manager Bios
Performance Analysis Cont'd as of March 31, 2015
Chris Beer
Distributions ($)/Unit
RBC Global Asset Management Inc.
Total Distributions
Interest
Dividends
Capital Gains
Return Of Capital
Chris Beer is Vice President and Senior Portfolio
Manager, Canadian and Global Equities. He has been in
the investment industry since 1993.
YTD*
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
10.00
—
—
10.00
—
9.85
—
—
9.85
—
2.05
—
—
2.05
—
—
—
—
—
—
0.75
—
—
0.75
—
—
—
—
—
—
—
—
—
—
—
Brahm Spilfogel
Ended
1 Yr
Ended
RBC Global Asset Management Inc.
Best/Worst Periods %
Brahm Spilfogel is Vice President and Senior Portfolio
Manager, Canadian and Global Equities. He has been in
the investment industry since 1991.
10-2009
Best
107.8 10-2011
10-2008
Worst
-52.7 12-2013
Average
5.3
No. of Periods
81
Pct. Positive
40.7
* Distributions are characterized into income type at year-end.
3 Yr
Ended
5 Yr
Ended
10 Yr
53.5
-28.7
8.8
57
54.4
10-2013
11-2014
12.2
-9.0
2.2
33
66.7
—
—
—
—
—
—
—
Quarterly Commentary as at March 31, 2015
Gold and silver prices were volatile during the
period, but average quarterly prices improved 2%
and 1% respectively as oil prices stabilized. This
was offset by continued U.S. Dollar strength
whose performance was driven by robust
economic data, and speculation that the U.S.
Federal Reserve could soon begin raising interest
rates.
Average quarterly prices for platinum declined 3%
during Q1, while palladium prices were flat. The
continued weakening of the South African
currency has allowed mines which would have
otherwise been unprofitable to continue to
operate, clouding the long-term supply/demand
outlook.
In Q1, Precious Metal equities performed strongly
with senior and intermediate producers
outperforming developers and explorers. This
situation is not atypical in environments of volatile
commodity prices as investors favour more stable
cash flow producers. Mergers and acquisitions
remained active with notable transactions
including Tahoe Resources merging with Rio Alto,
Goldcorp acquiring Probe Mines, Timmins
acquiring Newstrike Capital and Silver Wheaton
acquiring a gold stream for Vale’s Salobo mine.
The Fund’s relative performance in Q1 was
negatively impacted by zero weight positions in
both Newmont Mining and Barrick Gold which
rose 15% and 11% respectively, which more than
offset strong performance from overweight names
including Agnico-Eagle, Kirkland Lake Gold and
SEMAFO.
The portfolio manager expects companies with
higher quality assets, robust balance sheets and
prospects of near term free cash flow to
outperform. The portfolio manager remains
cautiously optimistic that Precious Metal prices,
which have now successfully re-tested their lows
numerous times, will be relatively range bound
and supportive in 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.
Printed on April 22, 2015
RBC Global Precious Metals 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.