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Printed on October 24, 2014
RBC Select Choices Growth Portfolio
Fund Category
Global Equity Balanced
No. of Funds in Category
468
Morningstar Rating™
QQQ
Investment Objective
Portfolio Analysis as of September 30, 2014
To provide long-term capital growth by investing
primarily in equity mutual funds for higher growth
potential, with some exposure to fixed-income mutual
funds for diversification. The portfolio invests in a
diversified mix of Canadian, U.S. and international funds.
Asset Mix
% Assets
Cash
Fixed Income
Canadian Equity
US Equity
International Equity
Other
Fund Details
Load Structure
Currency
Fund Code
A
Adv
Adv
Adv
No Load
Deferred Sales
Front End
Low Load
CAD
CAD
CAD
CAD
RBF568
RBF845
RBF745
RBF105
Income Distribution
Capital Gains Distribution
June 2000
253.7
12.88
2.37
30% FTSE TMX CUB
25% S&P/TSX Capped
Composite Total Return
25% S&P 500 Total Return
(C$)
20% MSCI EAFE Total
Return Net (C$)
Annually
Annually
Sales Status
Min. Investment $
Subsequent Investment $
Open
500
25
Management Company
RBC Global Asset
Management Inc.
www.rbcgam.com
Web Site
Statistics
%
P/B Ratio
P/E Ratio
2.2
16.5
Avg. Mkt Cap. $Bil
21.0
Small
Inception Date
Total Fund Assets $Mil
Series A NAV $
Series A MER %
Benchmark
Equity Style
Large Mid
Series
4.3
24.4
22.1
26.7
22.1
0.4
Value Blend Growth
Top 5 Sectors
% Equity
Financials
Industrials
Energy
Consumer Discretionary
Information Technology
23.1
13.0
12.8
12.7
12.1
Fixed Income Breakdown
Top 25 Holdings
% Assets
RBC Bond Fund
PH&N US Multi-Style All-Cap Equity Fund
RBC Canadian Equity Fund
Fidelity Canadian Disciplined Eq Fund
TD US Mid-Cap Growth Fund
15.1
9.8
8.7
8.3
7.6
Invesco International Growth Fund
RBC Emerging Markets Fund
PH&N Total Return Bond Fund
CI American Value
PH&N High Yield Bond Fund
6.3
6.2
5.0
5.0
5.0
RBC O'Shaughnessy US Value Fund
Invesco European Growth Cl Fund
PH&N Canadian Growth Fund
Renaissance International Equity Fund
TD Asian Growth Fund
4.9
4.2
3.6
3.2
3.1
IA Clarington Canadian Small Cap Fund
RBC Canadian Money Market Fund
3.0
0.5
Total % of Top 25 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
99.4
18
983
882
188
2,053
% Fixed Income
Government Bonds
Corporate Bonds
Other Bonds
Mortgage Backed Securities
ST Investments (Cash & Other)
Asset Backed Securities
36.6
49.7
-1.7
0.0
15.0
0.3
Performance Analysis as of September 30, 2014
20
18
16
Growth of $10,000
Series A
$15,753
14
12
10
8
30
15
Calendar Returns %
Series A
0
-15
-30
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
YTD
7.9
2nd
8.5
3rd
13.9
2nd
-3.6
3rd
-27.6
4th
17.1
3rd
9.4
2nd
-4.0
2nd
8.9
2nd
17.5
3rd
7.5
1st
Fund
Quartile
1 Mth
3 Mth
6 Mth
1 Yr
3 Yr
5 Yr
10 Yr
Since Incep. Trailing Return %
-1.7
3rd
770
0.8
2nd
760
3.1
2nd
746
14.7
2nd
666
12.7
2nd
468
8.0
2nd
386
4.5
4th
120
2.6
—
—
Fund
Quartile
No. of Funds in Category
©2014. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure
page.
Printed on October 24, 2014
RBC Select Choices Growth Portfolio
Management Overview
Manager Bios
Performance Analysis Cont'd as of September 30, 2014
Sarah Riopelle
Distributions ($)/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*
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
0.35
—
—
0.35
—
—
—
—
—
—
—
—
—
—
—
0.17
0.17
—
—
—
Ended
1 Yr
Ended
2-2010
3-2006
Best
29.7
2-2009
2-2009
Worst
-30.5
Average
3.4
No. of Periods
160
Pct. Positive
63.8
* Distributions are characterized into income type at year-end.
3 Yr
Ended
5 Yr
Ended
10 Yr
14.2
-11.3
3.2
136
68.4
2-2014
2-2009
12.7
-4.5
2.8
112
67.0
8-2014
8-2010
4.7
-0.5
2.6
52
94.2
Quarterly Commentary as at September 30, 2014
RBC Select Choices Growth Portfolio (Series A)
posted a 0.8% third-quarter return versus 1.5% for
the benchmark.
A new consensus appears to be emerging that
global growth will remain slower than previously
thought. While the U.S. economy seems to be on
solid footing, other parts of the world are facing
challenges and new threats have surfaced. The
most critical relate to military conflicts in Ukraine
and Iraq, and public-health emergencies such as
the Ebola virus of West Africa.
The Fund’s overweight position in equities and
underweight position in fixed income were
positive for performance. The broader U.S. equity
market rose during the quarter, while markets in
most other parts of the world declined. The PH&N
U.S. Multi-Style All-Cap Equity Fund, the CI
American Value Fund and the TD U.S. Mid Cap
Growth Fund had a positive impact on
performance. The Invesco European Growth Class
had a negative impact on returns.
Developed-world bond markets climbed during the
period. European fixed income outperformed on
speculation that steps by the European Central
Bank to further ease monetary policy would push
up bond prices in the region. The RBC Bond Fund
had a positive impact on returns.
We have maintained our view that, in the context
of an ongoing and broadening global recovery,
sovereign bond yields should rise and are
underweight as a result. In fact, we feel that the
near-term risk to bond holders has increased
following the rally in fixed income markets since
the start of the year. For stocks, prospective total
returns have moderated, but remain attractive.
Valuations are not yet excessive, the global
economy and corporate profits remain supportive
and relative valuations favour stocks over bonds by
a significant margin. Therefore, we have
maintained our overweight exposure to equities.
©2014. 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 October 24, 2014
RBC Select Choices Growth 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 half-year
period, January 1 to June 30, 2014,
expressed on an annualized basis.
MER (%) for RBC Corporate Class Funds is
based on actual expenses for the half-year
period April 1, 2014 to September 30, 2014,
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 September
30, 2014. Morningstar ratings are overall
ratings reflecting risk adjusted performance
as of September 30, 2014. 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. 2014
©2014. 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.