RBC Global Energy Fund

Transcription

RBC Global Energy Fund
Printed on October 23, 2014
RBC Global Energy Fund
Fund Category
Energy Equity
No. of Funds in Category
52
Morningstar Rating™
QQ
Investment Objective
Portfolio Analysis as of September 30, 2014
To provide long-term capital growth by investing
primarily in equity securities of companies throughout
the world involved directly or indirectly in the
exploration, development, production or distribution of
energy and energy-related products, or in activities in the
Energy sector.
Asset Mix
% Assets
Cash
0.9
Fixed Income
0.0
Canadian Equity
36.1
US Equity
54.5
International Equity 8.3
Other
0.2
Fund Details
Series
Load Structure
Currency
Fund Code
D
No Load
CAD
RBF1037
Income Distribution
Capital Gains Distribution
Annually
Annually
P/B Ratio
P/E Ratio
2.3
18.7
Avg. Mkt Cap. $Bil
21.6
Small
July 2007
357.4
55.23
1.25
MSCI World - Energy (C$)
Equity Statistics
Large Mid
Inception Date
Total Fund Assets $Mil
Series D NAV $
Series D MER %
Benchmark
Equity Style
Value Blend Growth
Sales Status
Min. Investment $
Subsequent Investment $
Open
500
25
Management Company
RBC Global Asset
Management Inc.
www.rbcgam.com
Web Site
Top 5 Sectors
% Equity
Energy
Materials
Industrials
Information Technology
Telecommunication Services
98.1
1.4
0.5
0.0
0.0
Geographic Allocations
% Assets
United States
Canada
France
United Kingdom
Colombia
55.1
36.5
5.1
2.7
0.5
Top 25 Holdings
% Assets
Suncor Energy Inc
Halliburton Co
Total SA
Anadarko Petroleum Corp
Canadian Natural Resources Ltd
5.9
5.7
5.1
4.8
4.5
Exxon Mobil Corporation
EOG Resources Inc
Williams Companies Inc
Pioneer Natural Resources Co
BG Group PLC
4.1
3.7
3.4
3.0
2.7
Chevron Corp
EQT Corp
Veresen Inc
Paramount Resources Ltd Class A
Spectra Energy Corp
2.6
2.4
2.3
2.3
2.2
Keyera Corp
Concho Resources Inc
Range Resources Corp
Cenovus Energy Inc
Continental Resources Inc
2.2
2.1
2.1
2.0
2.0
Cabot Oil & Gas Corp Class A
Whiting Petroleum Corp
Phillips 66
Enbridge Inc
Cimarex Energy Co
1.9
1.8
1.6
1.6
1.5
Total % of Top 25 Holdings
Total Number of Stock Holdings
Total Number of Bond Holdings
Total Number of Other Holdings
Total Number of Holdings
73.5
71
0
2
73
Performance Analysis as of September 30, 2014
16
14
12
Growth of $10,000
Series D
$10,400
10
8
6
4
50
25
Calendar Returns %
Series D
0
-25
-50
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
YTD
—
—
—
—
—
—
—
—
-48.5
3rd
42.1
2nd
20.5
3rd
-4.4
2nd
-12.7
4th
21.1
2nd
12.7
3rd
Fund
Quartile
1 Mth
3 Mth
6 Mth
1 Yr
3 Yr
5 Yr
10 Yr
Since Incep. Trailing Return %
-7.2
1st
57
-7.9
1st
56
2.1
3rd
56
19.9
3rd
55
10.6
3rd
52
8.3
3rd
37
—
—
12
0.3
—
—
Fund
Quartile
No. of Funds in Category
©2014. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure
page.
Printed on October 23, 2014
RBC Global Energy Fund
Management Overview
Manager Bios
Performance Analysis Cont'd as of September 30, 2014
Chris Beer
Distributions ($)/Unit
RBC Global Asset Management Inc.
Total Distributions
Interest
Dividends
Capital Gains
Return Of Capital
Chris Beer is Vice President and Senior Portfolio
Manager, Canadian and Global Equities. He has been in
the investment industry since 1993.
Brahm Spilfogel
RBC Global Asset Management Inc.
Brahm Spilfogel is Vice President and Senior Portfolio
Manager, Canadian and Global Equities. He has been in
the investment industry since 1991.
Best/Worst Periods %
YTD*
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
5.50
—
—
5.50
—
4.58
—
—
4.58
—
—
—
—
—
—
—
—
—
—
—
4.20
—
—
4.20
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Ended
1 Yr
Ended
2-2010
2-2012
Best
50.9
6-2009
7-2010
Worst
-53.9
Average
4.1
No. of Periods
75
Pct. Positive
60.0
* Distributions are characterized into income type at year-end.
3 Yr
Ended
5 Yr
Ended
10 Yr
23.6
-10.0
3.3
51
66.7
2-2014
6-2013
15.2
-9.4
3.8
27
48.1
—
—
—
—
—
—
—
Quarterly Commentary as at September 30, 2014
The Energy sector underwent considerable
volatility during the quarter as both crude oil and
natural gas prices declined over 10%. Oil prices
fell sharply, weighed down by abundant supplies
and further indications of slowing global economic
and oil–demand growth.
Extreme weather has impacted natural gas prices
this year. A cold winter early in the year drew
inventory levels to record lows and pushed prices
higher, however a relatively mild summer reduced
demand for cooling adding to storage.
Additionally, surging production from tight gas in
the U.S. built inventories faster than expected,
driving prices in the quarter from $4.40 to $4.00
per mcf.
The commodity price uncertainty was reflected
swiftly in the share prices of energy producers. As
the crude price fell, companies with the highest
costs of production or transportation tended to be
impacted the most. The Fund’s overweight
exposure to unconventional oil-growth companies,
EOG Resources, Diamondback and Continental
weighed on performance. Production from tight oil
formations in the Permian and Eagleford areas in
Texas, or the Bakken in North Dakota rely on solid
crude oil prices to drive the development
economics. Canadian oil sands producers Suncor,
Cenovus and Canadian Natural Resources were
also negative contributors.
Natural gas prices will largely be determined by
the impact of weather in the near term. With
inventories still below 5 year averages, a record
cold winter like last year will certainly drive prices
higher. However, with current forecasts calling for
normal winter weather, current inventories should
satisfy demand and expectations for
unconventional production to continue to outpace
demand, natural gas prices could be challenged
through the winter.
©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 23, 2014
RBC Global Energy 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 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.