RBC North American Value Fund

Transcription

RBC North American Value Fund
Printed on October 23, 2014
RBC North American Value Fund
Fund Category
North American Equity
No. of Funds in Category
48
Morningstar Rating™
QQQQ
Investment Objective
Portfolio Analysis as of September 30, 2014
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
11.1
Fixed Income
0.1
Canadian Equity
40.4
US Equity
47.7
International Equity 0.0
Other
0.8
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
Equity Style
Equity Statistics
P/B Ratio
P/E Ratio
2.1
16.1
Avg. Mkt Cap. $Bil
39.9
Small
Load Structure
A
Adv
Adv
Adv
Adv T5
Adv T5
T5
H
F
FT5
I
Large Mid
Series
Value Blend Growth
Global Equity Sectors
Inception Date
Total Fund Assets $Mil
Series A NAV $
Series A MER %
Benchmark
April 1998
2,163.4
21.18
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
% Equity
Financials
Energy
Health Care
Industrials
Consumer Discretionary
Information Technology
Consumer Staples
Materials
Telecommunication Services
Utilities
Unclassified
30.2
16.5
10.1
9.6
9.3
8.5
8.1
4.6
2.0
1.0
0.0
Top 25 Holdings
% Assets
Royal Bank Of Canada
Bank of Nova Scotia
Toronto-Dominion Bank
Suncor Energy Inc
Canadian Natural Resources Ltd
3.3
2.9
1.9
1.9
1.8
Brookfield Asset Management Inc Class A
Enbridge Inc
Manulife Financial Corp
Berkshire Hathaway Inc Class B
Microsoft Corp
1.7
1.5
1.4
1.3
1.3
Loblaw Companies Ltd
Bank of America Corporation
Power Corporation Of Canada
Apple Inc
Brookfield Property Partners LP
1.1
1.1
1.1
1.0
1.0
Goldcorp Inc
Cenovus Energy Inc
Potash Corp of Saskatchewan Inc
TELUS Corp
CIBC
1.0
1.0
1.0
1.0
1.0
Imperial Oil Ltd
Schlumberger NV
Foot Locker Inc
Canadian National Railway Co
Husky Energy Inc
0.9
0.9
0.9
0.8
0.8
Total % of Top 25 Holdings
Total Number of Stock Holdings
Total Number of Bond Holdings
Total Number of Other Holdings
Total Number of Holdings
33.7
124
1
3
128
Performance Analysis as of September 30, 2014
30
26
Management Company
Web Site
RBC Global Asset
Management Inc.
www.rbcgam.com
22
18
14
10
Notes
6
Fund’s investment objective and name changed July 4,
2006. Fund was previously known as RBC Canadian
Value Fund.
Minimum investment for Series I and Series H units of
the Fund is $200,000. Minimum additional investment is
$5,000.
Growth of $10,000
Series A
$27,167
30
15
Calendar Returns %
Series A
0
-15
-30
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
YTD
13.4
2nd
17.5
1st
17.5
1st
4.6
1st
-22.7
1st
28.7
2nd
15.3
2nd
-3.6
2nd
11.8
1st
23.0
4th
9.2
3rd
Fund
Quartile
1 Mth
3 Mth
6 Mth
1 Yr
3 Yr
5 Yr
10 Yr
Since Incep. Trailing Return %
-1.6
3rd
81
0.7
3rd
76
4.9
2nd
70
18.6
4th
68
16.4
3rd
48
11.6
2nd
38
9.9
1st
21
7.7
—
—
Fund
Quartile
No. of Funds in Category
©2014. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure
page.
Printed on October 23, 2014
RBC North American Value Fund
Management Overview
Manager Bios
Performance Analysis Cont'd as of September 30, 2014
Stuart Kedwell
Distributions ($)/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.
Doug Raymond
RBC Global Asset Management Inc.
Doug Raymond is Senior Vice President and Co-Head,
Canadian Equity Committee. He has been in the
investment industry since 1985.
Best/Worst Periods %
YTD*
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
—
—
—
—
—
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
—
0.65
—
—
0.65
—
—
—
—
—
—
Ended
1 Yr
Ended
2-2010
3-2006
Best
38.2
2-2009
2-2009
Worst
-24.6
Average
9.5
No. of Periods
186
Pct. Positive
73.7
* Distributions are characterized into income type at year-end.
3 Yr
Ended
5 Yr
Ended
10 Yr
21.3
-5.4
8.3
162
90.1
2-2014
4-2003
16.8
0.6
8.3
138
100.0
3-2013
8-2010
10.4
5.7
8.1
78
100.0
Quarterly Commentary as at September 30, 2014
RBC North American Value Fund (Series A) gained
0.7% in Q3, compared to 2.8% for its benchmark.
The top performing sectors were Consumer
Staples, Industrials and Health Care.
During the quarter, underweight exposure to the
Canadian Materials sector contributed positively
to the Fund’s relative performance. The Fund also
benefitted from underweight exposure to Barrick
Gold as the price of gold declined during the
quarter. Underweight exposure to Agnico Eagle
Mines and Teck Resources also proved beneficial.
Above benchmark exposure to the Financials
sector in the U.S. also added value to Fund
performance driven by overweight positions in ETrade Financial and Berkshire Hathaway.
The Consumer Staples sector in Canada benefitted
from an overweight position in Loblaw. The
company delivered better-than-expected samestore-sales amidst improving conditions in the
grocery industry.
Overweight exposure to the underperforming
Energy sector in Canada dragged on Fund
performance. Within the sector, overweight
positions in underperformers Gear Energy and
Trican Well Service were specific detractors.
The Health Care sector in the U.S. weighed on
relative Fund performance. Detracting from
performance was a lack of exposure to Gilead
Sciences, which was up 35% in the quarter. An
above benchmark position in underperforming St.
Jude Medical also detracted from performance.
Strong Canadian equity-market returns should be
met with some caution, in the view of the portfolio
manager, as relatively slow labour-market growth
and ever-rising house prices are causes for
concern. However, prospects for exports should
improve as the U.S. economy strengthens, and the
U.S. Federal Reserve has indicated that it will
complete its bond-buying program soon and that it
will begin raising short-term interest rates next
year.
©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 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 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.