Printed on February 18, 2016
RBC Target 2025 Education Fund
No. of Funds in Category
27
Fund Category
2025 Target Date Portfolio
Morningstar Rating™
QQQQ
Investment Objective
Portfolio Analysis as of January 31, 2016
This fund is an asset allocation fund specifically
designed to meet the changing needs of investors who
are saving money for the purpose of funding a
postsecondary education that commences around 2025.
The fund gradually shifts its asset mix from an emphasis
on equity funds, in its early years, to an emphasis on
money market funds as its ""target"" date (2025)
approaches. Over the life of the fund, its portfolio will
shift from a focus on funds with growth potential to a
focus on funds that will preserve capital.
Asset Mix
% Assets
Cash
Fixed Income
Canadian Equity
US Equity
International Equity
Other
Equity Style
Large Mid
Fund Details
Series
Load Structure
Currency
Fund Code
A
No Load
CAD
RBF595
July 2007
826.2
9.97
1.83
51.1% FTSE TMX CUB
17.8% S&P/TSX Capped
Composite Total Return
17.8% S&P 500 Total
Return (C$)
10.6% MSCI EAFE Total
Return Net (C$)
2.7% MSCI Emerging
Markets Total Return (C$)
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
Statistics
%
P/B Ratio
P/E Ratio
2.0
15.9
Avg. Mkt Cap. $B
30.8
Small
Inception Date
Total Fund Assets $Mil
Series A NAV $
Series A MER %
Benchmark
4.2
47.1
17.4
17.4
13.5
0.4
Value Blend Growth
Top 5 Sectors
Top 10 Holdings
% Assets
RBC Bond Fund
RBC Canadian Equity Fund
RBC Canadian Short -Term Income Fund
RBC European Equity Fund
PH&N Total Return Bond Fund
30.8
9.0
7.5
7.0
6.8
RBC High Yield Bond Fund
RBC Canadian Dividend Fund
RBC QUBE Low Volatility Cdn Equity Fund
RBC O'Shaughnessy US Value Fund
RBC US Equity Fund
5.0
4.7
4.6
4.3
3.6
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
83.3
17
2,858
1,716
50
4,624
% Equity
Financials
Consumer Discretionary
Information Technology
Industrials
Consumer Staples
25.6
12.8
11.1
10.9
10.2
Fixed Income Breakdown
% Fixed Income
Government Bonds
Corporate Bonds
Other Bonds
Mortgage Backed Securities
ST Investments (Cash & Other)
Asset Backed Securities
41.7
51.1
-0.9
0.0
8.2
0.0
Performance Analysis as of January 31, 2016
18
Web Site
16
14
Growth of $10,000
Series A
$12,931
12
10
8
6
10
0
Calendar Returns %
Series A
-10
-20
-30
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
YTD
—
—
—
—
-21.3
2nd
14.5
3rd
7.6
4th
-2.3
4th
6.7
2nd
14.1
1st
9.5
3rd
4.0
2nd
-1.7
4th
Fund
Quartile
1 Mth
3 Mth
6 Mth
1 Yr
3 Yr
5 Yr
10 Yr
Since Incep. Trailing Return %
-1.7
4th
30
-1.4
4th
30
-3.7
4th
30
-1.6
2nd
30
7.7
1st
27
5.7
1st
24
—
—
5
2.9
—
—
Fund
Quartile
No. of Funds in Category
©2016. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure
page.
Printed on February 18, 2016
RBC Target 2025 Education Fund
Management Overview
Manager Bios
Performance Analysis Cont'd as of January 31, 2016
Sarah Riopelle
Distributions ($)/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*
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
—
—
—
—
—
0.43
0.07
0.05
0.30
—
0.75
0.04
0.19
0.52
—
0.40
0.05
0.06
0.28
—
0.12
0.03
0.06
0.03
—
0.17
0.02
0.03
0.12
—
0.13
0.08
—
0.06
—
0.11
0.04
0.03
0.04
—
0.07
0.05
0.02
—
—
0.26
0.06
—
0.20
—
—
—
—
—
—
Ended
1 Yr
Ended
2-2010
5-2015
Best
23.5
2-2009
7-2010
Worst
-24.3
Average
4.4
No. of Periods
91
Pct. Positive
74.7
* Distributions are characterized into income type at year-end.
3 Yr
Ended
5 Yr
Ended
10 Yr
11.5
-3.5
5.8
67
88.1
2-2014
7-2012
10.4
-0.6
5.7
43
88.4
—
—
—
—
—
—
—
Quarterly Commentary as at December 31, 2015
RBC Target 2025 Education Fund (Series A)
returned 2.7% in Q4 vs. 1.0% for its benchmark.
The U.S. economy added jobs during Q4,
suggesting that the expansion was continuing, if
not in robust fashion. However, economic growth
in China, Europe and elsewhere remained uneven.
Concerns about the pace of global growth
appeared to increase somewhat, as the U.S.
Federal Reserve raised interest rates for the first
time in almost a decade.
Government bond yields generally rose in
developed markets, with Canada and Japan being
the notable exceptions. However, spreads on many
types of non-government bonds widened
significantly, especially in the high yield sector,
which is hypersensitive to profit and balance sheet
threats. RBC Bond Fund and PH&N Total Return
Bond Fund were among fixed income investments
that contributed positively to portfolio returns.
Canadian equities were hurt by commodity price
declines, oil stocks in particular, while equity
markets in the U.S. and Europe gained modestly.
RBC European Equity Fund, RBC Private U.S. Large
-Cap Core Equity Pool and PH&N U.S. Multi-Style
All-Cap Equity Fund all contributed positively to
the Fund's returns.
While we recognize both the erosion in
fundamentals and increase in risks since early
2015, we continue to believe 2016 will see mild
but sustained growth in GDP globally, the
beginning of a recovery in inflation and enough
strength in corporate profits to move stocks in the
direction of fair value. Key indications of this
progress - or lack thereof - will come from credit
spreads, earnings, stock market breadth and
leading economic indicators as 2016 unfolds. We
will continue to closely monitor these signals.
©2016. 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 February 18, 2016
RBC Target 2025 Education 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 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 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, 2015,
expressed on an annualized basis.
MER (%) for RBC Corporate Class Funds is
based on actual expenses for the half-year
period, April 1 to September 30, 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 January
31, 2016. Morningstar ratings are overall
ratings reflecting risk adjusted performance
as of January 31, 2016. 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. 2016
©2016. 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.