Printed on April 21, 2015
BlueBay Global Convertible Bond Class (Canada)
No. of Funds in Category
203
Fund Category
High Yield Fixed Income
Morningstar Rating™
N/A
Investment Objective
Portfolio Analysis as of March 31, 2015
To provide total returns comprised of interest income and
modest capital appreciation. The fund invests primarily in
global convertible bonds issued by entities domiciled or
carrying out their business activities anywhere in the
world, either directly or indirectly through investment in
other mutual funds managed by RBC GAM or an affiliate.
Asset Mix
% Assets
Cash
5.4
Fixed Income
90.6
Canadian Equity
0.1
US Equity
0.7
International Equity 2.6
Other
0.6
Fund Details
Series
Load Structure
Currency
Fund Code
D
No Load
CAD
RBF3522
Inception Date
Total Fund Assets $Mil
Series D NAV $
Series D MER %
Benchmark
January 2014
131.6
10.98
1.47
Thomson Reuters
Convertible Global Focus
Index (CAD Hedged)
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
Web Site
Fixed Income Breakdown
% Fixed Income
Government Bonds
Corporate Bonds
Other Bonds
Mortgage Backed Securities
ST Investments (Cash & Other)
Asset Backed Securities
Bond Rating
%
Cash / Cash Equiv.
AAA
AA
A
BBB
Below BBB
Mortgages
NR/NA
0.4
1.4
94.3
0.0
3.9
0.0
%
Term to Maturity
3.9
0.0
1.3
17.8
15.7
57.9
0.0
3.4
13.2
58.3
23.7
4.8
Under 1 Yr
1 - 5 Yrs
5 - 10 Yrs
Over 10 Yrs
4.8
Avg. Term to
maturity (Yrs)
Duration (Yrs)
Yield to Maturity
Geographic Allocations
3.7
1.3
% Assets
Canada
United States
International (ex-Emerging Markets)
Emerging Markets
0.0
37.0
40.1
22.9
Top 25 Holdings
% Assets
Aabar Investments Cv 0.2954% 27-03-2020
Aabar Invest Pjsc Cv Eur 1% 27-03-2022
Cahaya Cap Cv 18-09-2021
Steinhoff Fin Cv 4% 30-01-2021
Salesforce Com Cv 0.25% 01-04-2018
2.1
2.0
1.9
1.7
1.7
Billion Express Invest 0.75% 18-10-2015
Microchip Tech 144A Cv 5.045% 15-02-2025
Yahoo Cv 01-12-2018
Nvidia Cv 1% 01-12-2018
Cemex Sab De Cv Cv 3.75% 15-03-2018
1.7
1.6
1.6
1.5
1.4
Sandisk Cv 0.5% 15-10-2020
Sunedison 144A Cv 2.375% 15-04-2022
Marine Harvest Asa Cv 0.875% 06-05-2019
Linkedin 144A Cv 0.5% 01-11-2019
Olam Intl Cv 6% 15-10-2016
1.4
1.4
1.3
1.3
1.2
Nxp Semiconductors N V Cv 1% 01-12-2019
Priceline Grp Cv 1% 15-03-2018
Liberty Media Delaw Cv 1.375% 15-10-2023
Intel Cv 3.25% 01-08-2039
Tesla Mtrs Cv 1.25% 01-03-2021
1.2
1.2
1.1
1.1
1.1
Cardtronics Cv 1% 01-12-2020
Paladin Engy Cv 3.625% 04-11-2015
Lixil Group Corp Cv Jpy 0.00% 04-03-2022
Jarden Cv 0.2826% 15-03-2034
Capitaland Cv 1.85% 19-06-2020
1.1
1.1
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
34.9
20
8
145
173
Performance Analysis as of March 31, 2015
15
14
13
Growth of $10,000
Series D
$10,978
12
11
10
9
10.0
7.5
Calendar Returns %
Series D
5.0
2.5
0.0
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
YTD
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5.0
1st
Fund
Quartile
1 Mth
3 Mth
6 Mth
1 Yr
3 Yr
5 Yr
10 Yr
Since Incep. Trailing Return %
0.4
1st
472
5.0
1st
461
7.3
1st
451
7.9
1st
405
—
—
203
—
—
97
—
—
43
8.2
—
—
Fund
Quartile
No. of Funds in Category
©2015. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure
page.
Printed on April 21, 2015
BlueBay Global Convertible Bond Class (Canada)
Management Overview
Manager Bios
Performance Analysis Cont'd as of March 31, 2015
Michael Reed
Distributions ($)/Unit
BlueBay Asset Management LLP
Total Distributions
Interest
Dividends
Capital Gains
Return Of Capital
Michael joined BlueBay Asset Management LLP in
October 2007 from Pendragon where, as a Partner, he
ran the company's convertible arbitrage strategies. Prior
to that, he was a Managing Director at Salomon
Brothers, responsible for international convertible bond
trading from 1994 to 2002. Michael joined the Japanese
Warrant Arbitrage desk at Salomon in 1989 and spent
two years trading in Tokyo. Michael holds a B.Eng. from
Southampton University.
Pierre-Henri de Monts de Savasse
BlueBay Asset Management LLP
Pierre-Henri joined BlueBay in July 2014 as a Portfolio
Manager within the Convertible Bonds Investment Team
and has been working in asset management for over 15
years. He began managing convertible bonds in 2005,
first for Credit Suisse Asset Management and later
Aberdeen Asset Management. He holds an MSc from
École Centrale de Lyon and a degree (DEA) in Models
and Mathematical Methods in Economics from
Université Paris I. He is also a CFA charterholder.
Best/Worst Periods %
YTD*
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Ended
1 Yr
Ended
3-2015
—
Best
7.9
1-2015
—
Worst
6.1
Average
6.8
No. of Periods
3
Pct. Positive
100.0
* Distributions are characterized into income type at year-end.
3 Yr
Ended
5 Yr
Ended
10 Yr
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Quarterly Commentary as at March 31, 2015
Global equity markets posted a positive Q1 albeit
with periods of volatility. The long awaited arrival
of quantitative easing in the Eurozone was
welcomed by the markets, spurring European
equities to stage a sharp rally and yields on
European government bonds to fall further.
On an individual basis there was a broad range of
individual contributors to performance. The shares
of South African based furniture manufacturer,
Steinhoff International, reached new highs on the
back of the stronger outlook for European growth.
German residential property developer, Grand City
Properties, received an investment grade rating
from Moody’s. This follows the company’s upgrade
to investment grade by Standard & Poor’s in
November 2014, affirming our analyst’s positive
view on the company’s credit profile. Many of the
Fund’s Biotech and Technology investments added
to performance in the quarter. Global chip designer
NXP Semiconductor launched a takeover bid for
competitor Freescale, which received a positive
reaction from the rating agencies. The combined
entity is forecast to be the world’s 4th largest nonmemory semiconductor supplier with a dominant
position in the automotive segment.
Although global convertibles have rallied from
mid-October lows, we continue to believe that
valuations remain at attractive levels. Default
predictions remain low and equity markets are
being underpinned by rising M&A activity and a
benign rate environment. European and Japanese
exporters are likely to benefit from the relative
weakness of their currency against the U.S. dollar
and the lower oil price is helping keep inflation
subdued. We believe convertibles will generate
strong positive returns again this year.
©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
BlueBay Global Convertible Bond Class (Canada)
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.