BlueBay Global Convertible Bond Class
Transcription
BlueBay Global Convertible Bond Class
Printed on April 21, 2015 BlueBay Global Convertible Bond Class (Canada) No. of Funds in Category 203 Fund Category High Yield Fixed Income Morningstar Rating™ N/A Investment Objective Portfolio Analysis as of March 31, 2015 To provide total returns comprised of interest income and modest capital appreciation. The fund invests primarily in global convertible bonds issued by entities domiciled or carrying out their business activities anywhere in the world, either directly or indirectly through investment in other mutual funds managed by RBC GAM or an affiliate. Asset Mix % Assets Cash 5.4 Fixed Income 90.6 Canadian Equity 0.1 US Equity 0.7 International Equity 2.6 Other 0.6 Fund Details Series Load Structure Currency Fund Code D No Load CAD RBF3522 Inception Date Total Fund Assets $Mil Series D NAV $ Series D MER % Benchmark January 2014 131.6 10.98 1.47 Thomson Reuters Convertible Global Focus Index (CAD Hedged) Income Distribution Capital Gains Distribution Quarterly Annually Sales Status Min. Investment $ Subsequent Investment $ Open 500 25 Management Company RBC Global Asset Management Inc. www.rbcgam.com Web Site Fixed Income Breakdown % Fixed Income Government Bonds Corporate Bonds Other Bonds Mortgage Backed Securities ST Investments (Cash & Other) Asset Backed Securities Bond Rating % Cash / Cash Equiv. AAA AA A BBB Below BBB Mortgages NR/NA 0.4 1.4 94.3 0.0 3.9 0.0 % Term to Maturity 3.9 0.0 1.3 17.8 15.7 57.9 0.0 3.4 13.2 58.3 23.7 4.8 Under 1 Yr 1 - 5 Yrs 5 - 10 Yrs Over 10 Yrs 4.8 Avg. Term to maturity (Yrs) Duration (Yrs) Yield to Maturity Geographic Allocations 3.7 1.3 % Assets Canada United States International (ex-Emerging Markets) Emerging Markets 0.0 37.0 40.1 22.9 Top 25 Holdings % Assets Aabar Investments Cv 0.2954% 27-03-2020 Aabar Invest Pjsc Cv Eur 1% 27-03-2022 Cahaya Cap Cv 18-09-2021 Steinhoff Fin Cv 4% 30-01-2021 Salesforce Com Cv 0.25% 01-04-2018 2.1 2.0 1.9 1.7 1.7 Billion Express Invest 0.75% 18-10-2015 Microchip Tech 144A Cv 5.045% 15-02-2025 Yahoo Cv 01-12-2018 Nvidia Cv 1% 01-12-2018 Cemex Sab De Cv Cv 3.75% 15-03-2018 1.7 1.6 1.6 1.5 1.4 Sandisk Cv 0.5% 15-10-2020 Sunedison 144A Cv 2.375% 15-04-2022 Marine Harvest Asa Cv 0.875% 06-05-2019 Linkedin 144A Cv 0.5% 01-11-2019 Olam Intl Cv 6% 15-10-2016 1.4 1.4 1.3 1.3 1.2 Nxp Semiconductors N V Cv 1% 01-12-2019 Priceline Grp Cv 1% 15-03-2018 Liberty Media Delaw Cv 1.375% 15-10-2023 Intel Cv 3.25% 01-08-2039 Tesla Mtrs Cv 1.25% 01-03-2021 1.2 1.2 1.1 1.1 1.1 Cardtronics Cv 1% 01-12-2020 Paladin Engy Cv 3.625% 04-11-2015 Lixil Group Corp Cv Jpy 0.00% 04-03-2022 Jarden Cv 0.2826% 15-03-2034 Capitaland Cv 1.85% 19-06-2020 1.1 1.1 1.1 1.0 1.0 Total % of Top 25 Holdings Total Number of Stock Holdings Total Number of Bond Holdings Total Number of Other Holdings Total Number of Holdings 34.9 20 8 145 173 Performance Analysis as of March 31, 2015 15 14 13 Growth of $10,000 Series D $10,978 12 11 10 9 10.0 7.5 Calendar Returns % Series D 5.0 2.5 0.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD — — — — — — — — — — — — — — — — — — — — 5.0 1st Fund Quartile 1 Mth 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since Incep. Trailing Return % 0.4 1st 472 5.0 1st 461 7.3 1st 451 7.9 1st 405 — — 203 — — 97 — — 43 8.2 — — Fund Quartile No. of Funds in Category ©2015. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure page. Printed on April 21, 2015 BlueBay Global Convertible Bond Class (Canada) Management Overview Manager Bios Performance Analysis Cont'd as of March 31, 2015 Michael Reed Distributions ($)/Unit BlueBay Asset Management LLP Total Distributions Interest Dividends Capital Gains Return Of Capital Michael joined BlueBay Asset Management LLP in October 2007 from Pendragon where, as a Partner, he ran the company's convertible arbitrage strategies. Prior to that, he was a Managing Director at Salomon Brothers, responsible for international convertible bond trading from 1994 to 2002. Michael joined the Japanese Warrant Arbitrage desk at Salomon in 1989 and spent two years trading in Tokyo. Michael holds a B.Eng. from Southampton University. Pierre-Henri de Monts de Savasse BlueBay Asset Management LLP Pierre-Henri joined BlueBay in July 2014 as a Portfolio Manager within the Convertible Bonds Investment Team and has been working in asset management for over 15 years. He began managing convertible bonds in 2005, first for Credit Suisse Asset Management and later Aberdeen Asset Management. He holds an MSc from École Centrale de Lyon and a degree (DEA) in Models and Mathematical Methods in Economics from Université Paris I. He is also a CFA charterholder. Best/Worst Periods % YTD* 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Ended 1 Yr Ended 3-2015 — Best 7.9 1-2015 — Worst 6.1 Average 6.8 No. of Periods 3 Pct. Positive 100.0 * Distributions are characterized into income type at year-end. 3 Yr Ended 5 Yr Ended 10 Yr — — — — — — — — — — — — — — — — — — — Quarterly Commentary as at March 31, 2015 Global equity markets posted a positive Q1 albeit with periods of volatility. The long awaited arrival of quantitative easing in the Eurozone was welcomed by the markets, spurring European equities to stage a sharp rally and yields on European government bonds to fall further. On an individual basis there was a broad range of individual contributors to performance. The shares of South African based furniture manufacturer, Steinhoff International, reached new highs on the back of the stronger outlook for European growth. German residential property developer, Grand City Properties, received an investment grade rating from Moody’s. This follows the company’s upgrade to investment grade by Standard & Poor’s in November 2014, affirming our analyst’s positive view on the company’s credit profile. Many of the Fund’s Biotech and Technology investments added to performance in the quarter. Global chip designer NXP Semiconductor launched a takeover bid for competitor Freescale, which received a positive reaction from the rating agencies. The combined entity is forecast to be the world’s 4th largest nonmemory semiconductor supplier with a dominant position in the automotive segment. Although global convertibles have rallied from mid-October lows, we continue to believe that valuations remain at attractive levels. Default predictions remain low and equity markets are being underpinned by rising M&A activity and a benign rate environment. European and Japanese exporters are likely to benefit from the relative weakness of their currency against the U.S. dollar and the lower oil price is helping keep inflation subdued. We believe convertibles will generate strong positive returns again this year. ©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 April 21, 2015 BlueBay Global Convertible Bond Class (Canada) 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 full-year period April 1, 2014 to March 31, 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 March 31, 2015. Morningstar ratings are overall ratings reflecting risk adjusted performance as of March 31, 2015. 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.