Printed on April 23, 2015
RBC Canadian Equity Class
No. of Funds in Category
341
Fund Category
Canadian Equity
Morningstar Rating™
QQQ
Investment Objective
Portfolio Analysis as of March 31, 2015
To provide long-term capital growth. The fund invests
primarily in equity securities of major Canadian
companies either directly or indirectly through
investment in other mutual funds managed by RBC GAM
or an affiliate.
Asset Mix
% Assets
Cash
4.3
Fixed Income
0.0
Canadian Equity
94.7
US Equity
0.9
International Equity 0.0
Other
0.0
Fund Details
Series
Load Structure
Currency
Fund Code
D
No Load
CAD
RBF3506
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
1.8
17.8
Avg. Mkt Cap. $B
20.2
Small
December 2011
15.9
13.01
1.19
S&P/TSX Capped
Composite Total Return
Index
Large Mid
Inception Date
Total Fund Assets $Mil
Series D NAV $
Series D MER %
Benchmark
Value Blend Growth
Global Equity Sectors
% Equity
Financials
Energy
Industrials
Materials
Consumer Discretionary
Telecommunication Services
Information Technology
Consumer Staples
Utilities
Health Care
Unclassified
37.9
24.4
10.4
9.7
5.1
3.4
3.3
2.6
2.2
1.0
0.0
Top 25 Holdings
% Assets
Royal Bank Of Canada
Toronto-Dominion Bank
Bank of Nova Scotia
Canadian National Railway Co
Enbridge Inc
6.4
4.7
4.3
3.4
3.0
Manulife Financial Corp
Bank of Montreal
Canadian Natural Resources Ltd
CIBC
Suncor Energy Inc
3.0
2.8
2.7
2.7
2.6
TransCanada Corp
Magna International Inc Class A
Brookfield Asset Management Inc Class A
Canadian Pacific Railway Ltd
Sun Life Financial Inc
2.5
2.1
1.8
1.7
1.6
Agrium Inc
TELUS Corp
Cenovus Energy Inc
Potash Corp of Saskatchewan Inc
Pembina Pipeline Corp
1.6
1.5
1.5
1.3
1.3
Alimentation Couche-Tard Inc
ARC Resources Ltd
BCE Inc
Husky Energy Inc
Encana Corp
1.2
1.2
1.1
1.0
1.0
Total % of Top 25 Holdings
Total Number of Stock Holdings
Total Number of Bond Holdings
Total Number of Other Holdings
Total Number of Holdings
58.1
149
0
1
150
Performance Analysis as of March 31, 2015
15
14
13
Growth of $10,000
Series D
$13,719
12
11
10
9
20
15
Calendar Returns %
Series D
10
5
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
YTD
—
—
—
—
—
—
—
—
—
—
—
—
—
—
6.2
3rd
14.7
3rd
11.1
2nd
1.3
3rd
Fund
Quartile
1 Mth
3 Mth
6 Mth
1 Yr
3 Yr
5 Yr
10 Yr
Since Incep. Trailing Return %
-1.8
3rd
525
1.3
3rd
504
-0.1
3rd
501
6.2
3rd
473
10.3
2nd
341
—
—
253
—
—
112
10.2
—
—
Fund
Quartile
No. of Funds in Category
©2015. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure
page.
Printed on April 23, 2015
RBC Canadian Equity Class
Management Overview
Manager Bios
Performance Analysis Cont'd as of March 31, 2015
Marcello Montanari
Distributions ($)/Unit
YTD*
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
RBC Global Asset Management Inc.
Total Distributions
Interest
Dividends
Capital Gains
Return Of Capital
0.19
—
0.19
—
—
0.32
0.00
0.32
—
—
0.14
—
0.14
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Marcello Montanari is Vice President and Senior
Portfolio Manager, Canadian Equities. He has been in the
investment industry since 1999.
Martin Paleczny
Ended
1 Yr
Ended
RBC Global Asset Management Inc.
Best/Worst Periods %
Martin Paleczny is Vice President and Senior Portfolio
Manager, Asset Allocation and Derivatives. He has been
in the investment industry since 1994.
8-2014
Best
28.9 12-2014
1-2013
1-2015
Worst
6.0
Average
14.1
No. of Periods
28
Pct. Positive
100.0
* Distributions are characterized into income type at year-end.
3 Yr
Ended
5 Yr
Ended
10 Yr
10.6
9.4
10.2
4
100.0
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Quarterly Commentary as at March 31, 2015
Holdings in the Financials sector had a positive
impact on performance, but this was offset by
positions in the Health Care and Industrials
sectors.
In Financials, an overweight position in Brookfield
Property Partners aided returns. The company and
a consortium of partners were successful in their
bid to acquire Songbird Estates, the majority
owner of a large portfolio of properties in London’s
Canary Wharf district with an array of
development opportunities that could provide
meaningful returns to the company in the future.
An underweight position in small- and mid-cap
resources companies contributed to performance,
as declining commodity prices had a negative
impact on these companies in the Materials and
Energy sectors.
In Health Care, an underweight position in Valeant
Pharmaceutics hindered performance. The stock
gained 50% over the quarter, as the company
acquired Salix Pharmaceuticals. In the Industrials
sector, an overweight allocation to Newalta
detracted from performance as the company’s
stock has suffered from the large decline in
commodity prices.
Expectations for Canadian equity-market returns
should remain modest until energy prices
convincingly bottom. Oil prices are difficult to
forecast in the short run, and it now appears that
prices will be lower on average and more volatile
than seen in the recent past. A recovery in the
price of oil could prompt a rally in the Canadian
dollar, but we remain of the view that a weaker
Canadian dollar is probably with us for some time.
The U.S. Federal Reserve is likely to raise interest
rates before the Bank of Canada, as energy
markets and a fully valued housing market will
remain lingering concerns in Canada.
©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 23, 2015
RBC Canadian Equity Class
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.