Printed on May 16, 2017
RBC Private U.S. Large-Cap Core Equity Pool
Investment Objective
Portfolio Analysis as of April 30, 2017
To provide long-term total returns primarily consisting of
capital appreciation. The Fund invests primarily in
common stocks and equivalent securities of U.S.
corporations.
Asset Mix
25
34
33
3
4
1
0
0
0
2.6
P/B Ratio
21.0
P/E Ratio
> 50
11.2
25 - 50 P/FCF
2.4
10 - 25 P/S
0 - 10
Avg. Mkt Cap. $B 132.9
1.7
Dividend Yield
Weight %
Value Blend Growth
Series
Currency
Fund Code
O
O
CAD
USD
RBF10257
RBF10258
Inception Date
Total Fund Assets $Mil
Benchmark
Equity Statistics
Large
Fund Details
Equity Style
Small Mid
The investment team seeks large-cap companies that
exhibit lower price-to-earnings, price-to-book and priceto-cash flow ratios than those of the S&P 500 Index.
Attractive investment candidates are viewed as subject
to an improvement in fundamental characteristics, such
as company restructuring, management changes, new
product cycles and secular changes in the balance of
supply and demand. The portfolio typically invests in 60–
80 holdings across all economic sectors of the market.
% Assets
Cash
1.4
Fixed Income
0.0
Canadian Equity
0.0
US Equity
96.6
International Equity 2.0
Other
0.0
October 2008
2,139.0
S&P 500 Total Return
Index (CAD)
Top 5 Equity Sectors
Top 10 Holdings
% Assets
Apple Inc
Alphabet Inc C
Microsoft Corp
Amazon.com Inc
Bank of America Corporation
3.9
3.4
3.3
2.9
2.0
JPMorgan Chase & Co
Honeywell International Inc
Pioneer Natural Resources Co
Johnson & Johnson
Facebook Inc A
2.0
1.9
1.9
1.8
1.7
Total % of Top 10 Holdings
Total Number of Stock Holdings
Total Number of Bond Holdings
Total Number of Other Holdings
Total Number of Holdings
24.7
274
0
3
277
% Equity
Information Technology
Financials
Health Care
Industrials
Consumer Discretionary
% in Top 5 Equity Sectors
23.2
15.5
14.1
11.7
11.6
76.1
Notes
Risk Measures
Fund
Benchmark
Fund name changed effective August 19, 2013. Fund was
previously known as RBC Private U.S. Large Cap Equity
Pool.
3 Year Std Dev
5 Year Std Dev
12.2
10.7
11.2
9.8
Performance Analysis as of April 30, 2017
350
Performance Analysis is in CAD and for CAD series O
fund (RBF10257).
300
250
Growth of $100,000
Series O
$305,754
200
150
100
50
60
45
Calendar Returns %
Series O
30
15
0
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
YTD
—
—
—
—
5.2
9.3
7.3
9.2
1.7
4.3
14.3
13.1
39.2
41.6
25.2
24.3
19.4
20.7
4.1
8.6
10.2
8.9
Fund
Benchmark
1 Mth
3 Mth
6 Mth
1 Yr
3 Yr
5 Yr
10 Yr
Since Incep. Trailing Return %
4.4
3.7
11.0
10.3
15.5
15.3
28.5
28.3
17.5
18.9
20.1
21.3
—
—
15.0
—
Fund
Benchmark
©2017. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure
page.
Printed on May 16, 2017
RBC Private U.S. Large-Cap Core Equity Pool
Management Overview
Manager Bios
Performance Analysis Cont'd as of April 30, 2017
Stuart Kedwell
Distributions ($)/Unit
YTD*
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
RBC Global Asset Management Inc.
Total Distributions
Interest
Dividends
Capital Gains
Return Of Capital
0.09
0.09
—
—
—
0.43
0.43
—
—
—
1.29
0.28
—
1.01
—
1.83
0.26
—
1.57
—
1.22
0.31
—
0.91
—
0.39
0.19
—
0.20
—
0.18
0.18
—
—
—
0.19
0.15
—
0.04
—
0.16
0.16
—
—
—
0.00
0.00
—
—
—
—
—
—
—
—
Stuart Kedwell is Senior Vice President and Co-Head,
North American Equities. 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,
North American Equities. He has been in the investment
industry since 1985.
Best/Worst Periods %
Ended
1 Yr
Ended
12-2013
7-2015
Best
39.2
2-2016
Worst
-4.0 10-2011
Average
15.6
No. of Periods
91
Pct. Positive
93.4
* Distributions are characterized into income type at year-end.
3 Yr
Ended
5 Yr
Ended
10 Yr
29.0
2.9
17.7
67
100.0
7-2015
10-2013
21.5
10.7
17.7
43
100.0
—
—
—
—
—
—
—
Quarterly Commentary as at March 31, 2017
The U.S. stock market continued to surge higher in
the first quarter, extending the rally that began a
little over a year ago. Similar to the fourth quarter
of 2016, the most recent three-month period
featured strong rotations in sectors and style. The
start of 2017 has been highlighted by strength in
growth over value and a general reversal in sector
performance, as Technology and Consumer
Discretionary led the way, and Energy and
Telecommunication Services lagged.
Energy dragged down index performance due to
weaker oil prices. Concern about OPEC compliance
and rising rig counts contributed to weakness. We
continue to believe in the long-term success of
energy companies with strong, sustainable
balance sheets, while also exhibiting healthy
levels of free cash flow.
The Fund outperformed its benchmark in the first
quarter, and the majority of returns were
generated via strong security selection. A
diversified set of security positions within
Technology resulted in this sector being the
largest contributor to relative returns. The Fund’s
overweight position in leading global diversified
semiconductor company Broadcom was the
leading contributor to relative returns, with a
promising outlook given healthy product demand.
Within Internet Software & Services, the Fund’s
position in Facebook was among the largest
contributors to relative performance, as the
company successfully monetized user engagement
through advertising revenue.
Market performance going forward will depend on
tangible evidence in the form of increased
economic activity and better-than-expected
corporate earnings. While some of the market’s
advance must be attributed to anticipation of progrowth policy action, the fundamentals are also
doing their part to drive the market higher.
©2017. 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 May 16, 2017
RBC Private U.S. Large-Cap Core Equity Pool
Disclosure
RBC Private Pools are offered and distributed
by RBC Global Asset Management Inc. and
are also distributed by other authorized
dealers.
RBC Funds, BlueBay Funds, PH&N Funds and
RBC Corporate Class Funds are offered by
RBC Global Asset Management Inc. and
distributed through authorized dealers.
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. The value of
mutual funds change frequently and past
performance may not be repeated.
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, 2016,
expressed on an annualized basis.
can continue to make additional investments
into the same series of the funds they hold.
PH&N Funds Series A formerly known as
Series C.
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.
Adjusted MER is provided for funds with
management fee changes effective June 30,
2016. The Adjusted MER represents what the
reported MER would have been had
management fee changes been in effect
throughout 2016.
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.
Series H and Series I are not available for
purchase by new investors. Existing
investors who hold Series H or Series I units
® / ™ Trademark(s) of Royal Bank of Canada.
Used under licence. © RBC Global Asset
Management Inc. 2017
MER (%) for RBC Corporate Class Funds is
based on actual expenses for the half-year
period, April 1, 2016 to September 30, 2016,
expressed on an annualized basis.
©2017. 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.