RBC Model Portfolios RBC Expanded Model Portfolios Capital Market Assumptions
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1 RBC Wealth Management Asset Classes & Estimated Expected Return Rate Arithmetic Estimated Expected Return Rate Geometric Volatility Risk (Standard Deviation) Interest Dividends Cap Gain Turnover Cash and Money Market 3.00% 3.00% 0.90% 3.00% 0.00% 0.00% 100% US Taxable Fixed Income 4.70% 4.53% 5.95% 4.70% 0.00% 0.00% 100% US Tax Exempt Fixed Income 4.14% 3.94% 6.50% 4.14% 0.00% 0.00% 100% High Yield Fixed Income 6.80% 6.28% 10.56% 6.80% 0.00% 0.00% 100% International Fixed Income 4.45% 4.04% 9.30% 4.45% 0.00% 0.00% 100% US Large Cap Value Equities 9.85% 8.42% 17.88% 0.00% 1.97% 4.73% 60% US Large Cap Core Equities 9.40% 7.83% 18.72% 0.00% 1.41% 4.79% 60% US Large Cap Growth Equities 8.95% 6.89% 21.48% 0.00% 0.90% 4.83% 60% US Mid Cap Value Equities 10.38% 8.69% 19.56% 0.00% 1.76% 6.03% 70% US Mid Cap Core Equities 9.70% 7.81% 20.64% 0.00% 1.26% 5.91% 70% US Mid Cap Growth Equities 9.02% 6.03% 26.05% 0.00% 0.45% 6.00% 70% REITs 7.20% 5.13% 21.40% 0.00% 3.60% 2.52% 70% US Small Cap Value Equities 10.92% 9.02% 20.80% 0.00% 0.98% 7.95% 80% US Small Cap Core Equities 10.00% 7.50% 23.88% 0.00% 1.30% 6.96% 80% US Small Cap Growth Equtiies 9.10% 5.63% 28.20% 0.00% 0.36% 6.99% 80% International Equities 9.80% 7.85% 21.00% 0.00% 1.96% 5.49% 70% Emerging Markets Equities 12.92% 9.19% 29.76% 0.00% 2.19% 8.58% 80% Commodities 8.67% 7.08% 18.80% 0.00% 0.00% 8.67% 100% Hedge Funds 7.80% 7.47% 8.50% 0.00% 0.00% 7.80% 100% Managed Futures 9.20% 7.97% 16.50% 0.00% 0.00% 9.20% 100% Private Equity 11.20% 8.14% 26.63% 0.00% 0.00% 11.20% 20% Private Real Estate 6.84% 6.08% 12.84% 0.00% 4.10% 2.74% 20% Long/Short Equity 9.70% 9.25% 9.96% 0.00% 0.00% 9.70% 100% Page 1 of 5 WMPS-029 (10/09)
2 Ass e t Cl a s s De f i n i t i o n s Cash Cash and Money Markets Investments of high liquidity and safety with a known market value and a very short-term maturity. Examples are Treasury bills and money market funds. Money markets are not federally guaranteed, and you may lose money. If Treasury bills are sold prior to maturity, you may lose money. Fixed Income US Taxable Fixed Income Taxable bonds rated Baa3 (Moody s) or BBB- (Standard & Poor s) or higher. Considered to have adequate to high ability to pay principal or interest. These bonds may also be called investment grade bonds. US Tax Exempt Fixed Income Debt obligation of a state or local government entity. The funds may support general government needs or special projects. Exempt from federal income taxes, and from most state and local taxes. International Fixed Income Government and corporate bonds invested in developed countries throughout the world. Requires an investor to be alert to trends in foreign currencies as well as movements in foreign markets. High Yield Fixed Income Bonds rated Ba1 (Moody s) or BB+ (Standard & Poor s) or lower. These are considered to have a greater default risk than investment grade bonds and offer enhanced interest payments to compensate for the greater risk. These bonds may also be called speculative grade bonds, junk bonds, or non-investment grade bonds. US Equities US Large Cap Value Equities Equity securities of large capitalization companies which have value equity US Large Cap Core Equities Equities of large capitalization companies. Value and growth characteristics are similar in strength. US Large Cap Growth Equities Equity securities of large capitalization companies which have growth growth, high return on equity and low dividend payout. US Mid Cap Value Equities Equities of medium sized capitalization companies which have value equity US Mid Cap Core Equities Equity securities of medium-sized capitalization companies. Value and growth characteristics are similar in strength. US Mid Cap Growth Equities Equities of medium sized capitalization companies which have growth growth, high return on equity and low dividend payout. US Small Cap Value Equities Equity securities of small capitalization companies which have value equity Page 2 of 5 WMPS-029 (10/09)
3 US Small Cap Core Equities Equities of small capitalization companies. Value and growth characteristics are similar in strength. US Small Cap Growth Equities Equity securities of small capitalization companies which have growth growth, high return on equity and lowdividend payout. International Equity International Equities Equity securities invested in developed countries throughout the world. This requires an investor to be alert to trends in foreign currencies as well as movements in foreign markets. Emerging Equities Equity securities invested in developing (emerging) countries throughout the world. Requires an investor to be alert to illiquid markets and movements in foreign currencies. Other Real Estate Investment Trust (REIT) A company that manages a portfolio of real estate. Alternative Investments Commodities Physical substances, such as crude oil, agricultural crops, and metals, which are interchangeable with another product of the same type. Investments in commodities are commonly made through futures contracts, whereby the buyer of the contract agrees to purchase a commodity on a certain date for a specified price. arbitrage, and can invest in equity, debt, derivatives, real assets, and other securities. Managed Futures A hedge fund strategy, typically quantitative in nature, that invests long and short in a variety of future contracts, including contracts linked to interest rates, stock indices, currencies, and commodities. Private Equity Investments made in public or private companies that result in private ownership of a company. Private equity investments are commonly made through funds that are structured as limited partnerships. Private Real Estate Direct investments in a single property, or multiple properties; private real estate investments are commonly structured as limited partnerships. Contrast with public real estate (REITs). Long/Short Equities A hedge fund strategy, typically fundamental in nature, that invests long and short in global equity markets. Net positions vary from net long to net short. Hedge Funds Private pools of capital that are invested with the objective of earning a positive absolute return. Hedge funds pursue a variety of nontraditional strategies, such as shorting, leverage, and Page 3 of 5 WMPS-029 (10/09)
4 Key Terms Asset Allocation The process of determining what proportions of your portfolio holdings are to be invested in the various asset classes. Asset Class A standard term that broadly defines a category of potential investments. Asset Mix The percentage weightings (or mix) of different asset classes to be held in the portfolio. There may be separate asset mixes for the taxable and taxdeferred holdings in a portfolio. The composite asset mix represents the total combination of taxable and tax-deferred holdings. Current Dollars A forecast of the asset value stated in terms of the actual dollars held, not in terms of purchasing power. Inflation Dollars A forecast of the asset value measured in terms of purchasing power. Because of inflation, investment dollars will probably not be able to buy as much in the future as they can today. Total Return The combined return in current income and capital appreciation from investment in an asset class. Yield The current cash income received from investment in an asset class. Bonds provide yield in the form of interest payments and stock through dividends. Interest Rate paid to the investor, expressed as a percentage of the amount of the account. Dividend Distribution of a corporation s earnings to stockholders of cash, stock, or property. The company s board of directors declares all dividends. Capital Gain Estimated average annual capital growth. Volatility Risk (Standard Deviation) Volatility risk is the unpredictability of investment returns. Volatility risk is measured statistically using standard deviation, which is an estimate of the possible future variance of the actual returns of the asset class around its estimated expected return rate. Standard deviation for an asset class represents its estimated average annual investment risk. If it is less certain the asset class will be near its estimated expected return rate, the more risk is contained in that asset class and the higher standard deviation and volatility risk. Turnover Estimated average annual portion of the holdings in the asset class that are expected to be bought and sold each year. It is used to calculate capital growth and capital gains taxes in financial forecasts. Non-Qualified Assets Assets that are currently subject to federal, state and local taxes. Qualified Assets Asset that will be allowed to accumulate tax-deferred investment earnings until withdrawn at retirement. These assets are normally invested in a 401(k), 403(b), SEP, Keogh, IRA, 457 or Profit Sharing Plan. Page 4 of 5 WMPS-029 (10/09)
5 Arithmetic Return The simple average of a series of returns. This does not take into account the years of negative returns and the returns required to recover. If the arithmetic return is used in a straight-line forecast, the performance of a portfolio would be overstated because this return fails to account for compounding. Geometric Return The compound rate of return. This is calculated using the arithmetic return and the standard deviation, which takes into account years of negative returns and returns required to recover. Because the geometric return incorporates compounding, it is generally more appropriate for forecasting. From page 1: These Capital Market assumptions are subject to change. While historical returns have been used as part of the input to generate these assumptions, past performance may not reflect and does not guarantee future performance. Estimated expected return rates should not be construed as projecting actual returns of your specific investments. This information is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it should not be construed as advice designed to meet the particular investment needs of any investor. The expected return rates are forward looking projections based on current market conditions. The following components are considered when determining expected return rates: forward looking assumptions, historical returns, dividend yield, rate of corporate earning growth, and changes in the price/earnings ratio, projected inflation, asset class risk premiums and on more subjective considerations that involve economic forecasting. Any analysis is based on assumptions that can change. You and your Investment Professional should periodically review your financial situation to take into account changes in your objectives and your expectations of general economic conditions. International investing involves risks not typically associated with U.S. investing, including currency fluctuation, foreign taxation, political instability and different accounting standards. Investing in high yield bonds can involve significant credit risk, default risk and price volatility and may not be suitable for all investors. Payment of interest and principal is not assured, therefore, when appropriate, these bonds should only comprise a modest portion of your portfolio. Some of the investments discussed herein involve substantial risk and may not be suitable for everyone. Investors should seriously consider whether such trading is suitable in light or their individual financial situation. The valuation of these investments may fluctuate, and as a result, you may lose more than your original investment. RBC Capital Markets Corporation is not a tax advisor. All decisions regarding the tax implications of your investments should be made in connection with your independent tax advisor. RBC Correspondent Services and RBC Advisor Services, divisions of RBC Capital Markets Corporation, member NYSE/FINRA/SIPC, provide custody services for accounts managed by your Investment Professional. The referenced product or service is available through that relationship RBC Capital Markets Corporation. All rights reserved. Page 5 of 5 WMPS /09)
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