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Printed on March 17, 2015
RBC Managed Payout Solution - Enhanced Plus
No. of Funds in Category
428
Fund Category
Canadian Neutral Balanced
Morningstar Rating™
QQQ
Investment Objective
Portfolio Analysis as of February 28, 2015
To provide as high a regular monthly distribution as
possible, including dividends, realized capital gains,
other income and a return of capital, without continuing
significant erosion of the net asset value of the fund. To
provide a potential for modest capital growth.
Asset Mix
% Assets
Cash
3.8
Fixed Income
52.4
Canadian Equity
37.3
US Equity
6.0
International Equity 0.2
Other
0.2
Fund Details
Load Structure
Currency
Fund Code
A
Adv
Adv
Adv
F
No Load
Deferred Sales
Front End
Low Load
No Load
CAD
CAD
CAD
CAD
CAD
RBF578
RBF870
RBF760
RBF108
RBF635
April 2002
2,260.9
7.74
1.92
40% FTSE TMX CUB
40% S&P/TSX Capped
Composite Total Return
Index
15% S&P 500 Total Return
Index (C$)
5% FTSE TMX Canada 30
Day T-Bill Index
Income Distribution
Monthly
Capital Gains Distribution Annually
Monthly Distribution (¢/unit) 4.35
Current Payout Rate (%)* 6.74
*Assuming 12 consecutive months at the monthly
distribution set out above. The estimate does not include
any year-end capital gains distributions paid in addition
to the regular monthly distribution nor should it be
confused with performance or rates of return.
Sales Status
Min. Investment $
Subsequent Investment $
Open
500
25
Management Company
RBC Global Asset
Management Inc.
www.rbcgam.com
Statistics
%
P/B Ratio
P/E Ratio
1.9
18.3
Avg. Mkt Cap. $B
28.7
Small
Inception Date
Total Fund Assets $Mil
Series A NAV $
Series A MER %
Benchmark
Equity Style
Large Mid
Series
Value Blend Growth
Top 5 Sectors
% Equity
Financials
Energy
Materials
Industrials
Consumer Discretionary
Top 10 Holdings
% Assets
RBC Bond Fund
RBC Canadian Short -Term Income Fund
The S&P 500 Mini Index Future 20-03-2015
RBC Global High Yield Bond Fund
The S&P/Tsx 60 Index Future, March 2015
19-03-2015
United Kingdom New Ftse 100 Future
20-03-2015
Royal Bank Of Canada
Toronto-Dominion Bank
Canadian National Railway Co
Bank of Nova Scotia
18.0
12.0
10.1
8.2
3.2
2.8
2.3
2.1
2.0
1.7
Total % of Top 10 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
62.5
165
238
1,461
40
1,739
32.4
19.7
10.4
8.8
7.4
% Assets
Income-Generating Asset-Class
43.6
22.4
15.3
14.7
4.0
0.0
Common Shares
High Yield Bonds
Government Bonds
Investment-Grade Corporate Bonds
Other
Preferred Shares
Performance Analysis as of February 28, 2015
20
18
16
Growth of $10,000
Series A
$16,887
14
12
10
Web Site
8
20
10
0
Notes
-10
Fund name changed effective June 27, 2008. Fund was
previously known as RBC Tax Managed Return Fund.
The fund's investment objective changed June 23, 2014.
Calendar Returns %
Series A
-20
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
YTD
11.8
2nd
9.5
3rd
3.2
1st
-18.8
3rd
14.8
3rd
9.4
2nd
-0.1
2nd
5.8
3rd
8.7
4th
9.1
2nd
4.6
3rd
Fund
Quartile
1 Mth
3 Mth
6 Mth
1 Yr
3 Yr
5 Yr
10 Yr
Since Incep. Trailing Return %
2.7
1st
632
4.5
3rd
622
4.2
3rd
605
10.8
2nd
592
8.1
3rd
428
7.5
3rd
266
5.1
3rd
108
5.9
—
—
Fund
Quartile
No. of Funds in Category
©2015. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure
page.
Printed on March 17, 2015
RBC Managed Payout Solution - Enhanced Plus
Management Overview
Manager Bios
Performance Analysis Cont'd as of February 28, 2015
Martin Paleczny
Distributions ($)/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
0.09
0.09
—
—
—
0.62
0.12
0.05
0.44
—
0.52
0.17
0.08
0.14
0.13
0.52
0.11
0.07
0.08
0.26
0.56
—
0.03
—
0.53
0.55
0.10
0.07
—
0.38
0.54
—
—
—
0.54
0.72
—
—
—
0.72
0.72
0.03
0.07
0.17
0.44
0.72
0.04
0.08
0.39
0.21
0.72
—
0.05
0.10
0.57
Martin Paleczny is Vice President and Senior Portfolio
Manager, Asset Allocation and Derivatives. He has been
in the investment industry since 1994.
Suzanne Gaynor
Ended
Best/Worst Periods %
Suzanne Gaynor is Vice President and Senior Portfolio
Manager, Global Fixed Income and Currencies. She has
been in the investment industry since 1988.
2-2004
3-2006
Best
25.7
2-2009
2-2009
Worst
-23.1
Average
7.0
No. of Periods
143
Pct. Positive
88.1
* Distributions are characterized into income type at year-end.
Ray Mawhinney
RBC Global Asset Management Inc.
Ray Mawhinney is Senior Vice President, U.S. and Global
Equities. He has been in the investment industry since
1984.
1 Yr
Ended
RBC Global Asset Management Inc.
3 Yr
Ended
5 Yr
Ended
10 Yr
16.3
-5.9
6.0
119
79.0
9-2007
2-2009
12.1
0.3
5.0
95
100.0
9-2012
12-2014
6.6
4.9
5.6
35
100.0
Quarterly Commentary as at December 31, 2014
RBC Managed Payout Solution – Enhanced Plus
(Series A) rose 1.4% in Q4 compared to 1.8% for
its benchmark.
The quarter was themed by the relentless move
higher in the USD against most global currencies,
and the collapse in Energy prices. Without OPEC
support, the price of oil headed lower, having a
negative influence on Canadian energy related
securities. The strong USD was supported by the
relatively robust U.S. economy versus a sluggish at
best global economy. The Fund benefitted from the
outperformance of its Canadian stocks versus the
TSX.
The Canadian bond market gained 2.7% for the
quarter, as global bond yields continued to move
steadily lower. With European and Japanese
yields pressing to new secular lows, North
American yields also stayed suppressed. The Fund
held its bond positioning just under a neutral
setting, while being overweight stocks.
The USD gained 3.7% versus the Canadian Dollar.
Despite its decline against the USD, the loonie
actually traded higher versus the Euro and Yen.
Ongoing quantitative easing in Japan and
anticipated quantitative easing in Europe were the
driving forces.
Increased volatility is most likely here to stay.
With the U.S. Fed potentially raising rates later in
2015, and the decoupling of global economies,
global markets are set on an uneven course.
Despite the recent strain from the commodity
markets, corporations generally remain in good
financial shape and continue to grow earnings in
this not-so-hot / not-so-cold environment. Yields in
North America, although prone to an uptick from
these levels with the potential Fed action, should
see any rise contained with the global and macro
backdrop as is.
Major Buys
Major Sells
Spartan Energy (Cda)
Precision Drilling (Cda)
Unitedhealth Grp (U.S.)
Tim Hortons (Cda)
DH Corp (Cda)
Walt Disney (U.S.)
©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 March 17, 2015
RBC Managed Payout Solution - Enhanced Plus
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 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 December
31, 2014. Morningstar ratings are overall
ratings reflecting risk adjusted performance
as of December 31, 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. 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.