Printed on February 18, 2016
RBC North American Value Fund
No. of Funds in Category
54
Fund Category
North American Equity
Morningstar Rating™
QQQ
Investment Objective
Portfolio Analysis as of January 31, 2016
To provide long-term capital growth by investing
primarily in equity securities of Canadian and/or U.S.
companies priced below their true value and offering
long-term opportunities for growth.
Asset Mix
% Assets
Cash
6.1
Fixed Income
0.0
Canadian Equity
49.6
US Equity
42.6
International Equity 1.1
Other
0.5
Fund Details
Currency
Fund Code
No Load
Deferred Sales
Front End
Low Load
Front End
Low Load
No Load
No Load
No Load
No Load
No Load
CAD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
CAD
RBF554
RBF857
RBF766
RBF130
RBF6504
RBF033
RBF504
RBF2554
RBF608
RBF666
RBF8554
Inception Date
Total Fund Assets $Mil
Series A NAV $
Series A MER %
Benchmark
April 1998
2,273.9
20.02
2.10
50% S&P/TSX Capped
Composite Total Return
Index
50% S&P 500 Total Return
Index (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
Web Site
Equity Style
Equity Statistics
P/B Ratio
P/E Ratio
1.5
15.4
Avg. Mkt Cap. $B
37.7
Small
Load Structure
A
Adv
Adv
Adv
Adv T5
Adv T5
T5
H
F
FT5
I
Large Mid
Series
Top 10 Holdings
% Assets
Toronto-Dominion Bank
Royal Bank Of Canada
Bank of Nova Scotia
Brookfield Asset Management Inc Class A
Suncor Energy Inc
3.6
3.3
2.7
2.6
2.1
BCE Inc
Alphabet Inc C
Microsoft Corp
Canadian Natural Resources Ltd
Apple Inc
1.7
1.7
1.5
1.4
1.4
Total % of Top 10 Holdings
Total Number of Stock Holdings
Total Number of Bond Holdings
Total Number of Other Holdings
Total Number of Holdings
22.1
150
0
2
152
Value Blend Growth
Global Equity Sectors
% Equity
Financials
Energy
Health Care
Industrials
Information Technology
Consumer Discretionary
Consumer Staples
Telecommunication Services
Materials
Utilities
Unclassified
Performance Analysis as of January 31, 2016
32.5
14.7
11.5
9.4
8.9
8.0
5.8
3.8
3.4
1.9
0.0
25
22
19
Growth of $10,000
Series A
$20,372
16
13
10
7
Notes
30
Fund’s investment objective and name changed July 4,
2006. Fund was previously known as RBC Canadian
Value Fund.
15
Calendar Returns %
Series A
0
-15
Minimum investment for Series I and Series H units of
the Fund is $200,000. Minimum additional investment is
$5,000.
-30
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
YTD
17.5
1st
4.6
1st
-22.7
2nd
28.7
2nd
15.3
1st
-3.6
2nd
11.8
1st
23.0
4th
12.9
3rd
-0.3
4th
-3.1
2nd
Fund
Quartile
1 Mth
3 Mth
6 Mth
1 Yr
3 Yr
5 Yr
10 Yr
Since Incep. Trailing Return %
-3.1
2nd
96
-3.9
3rd
94
-6.0
2nd
84
-3.7
3rd
82
9.1
4th
54
7.2
3rd
30
6.9
1st
17
7.1
—
—
Fund
Quartile
No. of Funds in Category
©2016. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure
page.
Printed on February 18, 2016
RBC North American Value Fund
Management Overview
Manager Bios
Performance Analysis Cont'd as of January 31, 2016
Stuart Kedwell
Distributions ($)/Unit
RBC Global Asset Management Inc.
Total Distributions
Interest
Dividends
Capital Gains
Return Of Capital
Stuart Kedwell is Senior Vice President and Co-Head,
Canadian Equity Committee. He has been in the
investment industry since 1997.
YTD*
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
—
—
—
—
—
0.23
—
0.04
0.19
—
0.95
—
—
0.95
—
1.07
—
—
1.07
—
0.62
—
0.01
0.61
—
0.21
—
—
0.21
—
1.26
—
—
1.26
—
0.58
—
—
0.58
—
—
—
—
—
—
1.80
—
—
1.80
—
1.70
—
—
1.70
—
Doug Raymond
Ended
1 Yr
Ended
RBC Global Asset Management Inc.
Best/Worst Periods %
Doug Raymond is Senior Vice President and Co-Head,
Canadian Equity Committee. He has been in the
investment industry since 1985.
2-2010
3-2006
Best
38.2
2-2009
2-2009
Worst
-24.6
Average
9.3
No. of Periods
202
Pct. Positive
74.3
* Distributions are characterized into income type at year-end.
3 Yr
Ended
5 Yr
Ended
10 Yr
21.3
-5.4
8.9
178
91.0
2-2014
4-2003
16.8
0.6
8.6
154
100.0
3-2013
8-2010
10.4
5.7
8.3
94
100.0
Quarterly Commentary as at December 31, 2015
RBC North American Value Fund (Series A)
returned 4.0% in Q4 vs. 4.8% for its benchmark.
positions in Ross Stores and Carnival Corp aided
relative performance.
The Canadian Health Care sector posted negative
returns due to a negative quarter for Valeant
Pharmaceuticals. All 10 U.S. sectors posted
positive absolute performance during the quarter,
helped by a weakening Canadian dollar.
Underweight exposure to the U.S. Consumer
Staples sector hindered performance. A lack of
exposure to both Coca-Cola and Philip Morris
International detracted relative performance, as
both companies had positive performance over the
quarter.
An underweight position in Valeant
Pharmaceuticals aided relative returns in the
Canadian Health Care sector, as the company's
stock came under pressure from increased
regulatory scrutiny over its drug pricing practices
and its partnership with mail-order pharmacy
Philidor RX Services.
Asset weighting in the U.S. and Canadian
Consumer Discretionary sectors aided
performance. Underweight exposure to the sector
in Canada along with overweight exposure in the
U.S. aided returns. In the U.S., overweight
An improvement in the performance of Canadian
equity markets will require a bigger contribution
from stocks in the Financials and Energy sectors.
For that to happen energy prices will have to move
higher, in the view of the portfolio manager. For
growth, Canada also depends on the U.S., where a
stronger labour market and improving housing
market indicate an improving economy. The
interest rate policy divergence between the U.S.
Federal Reserve and the Bank of Canada is likely
to widen if commodity prices remain weak, which
could add further pressure to the Canadian dollar.
©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 North American Value 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.