PH&N High Yield Bond Fund
|
|
- Roxanne Johns
- 6 years ago
- Views:
Transcription
1 PH&N High Yield Bond Fund November 25, 2014 Presented by: Hanif Mamdani Lead Manager PH&N High Yield Bond Fund Head of Alternative Investments, RBC Global Asset Management
2 Why Did We Re-Open PH&N High Yield Bond Fund? +150 basis point sell-off in yield meaningfully improved risk/reward of asset class Supply/demand imbalance creating opportunity in secondary market New issues coming with much better concessions Changing liquidity of fixed income markets argues for larger cash buffer >150 bps Sell Off Source: Bloomberg, BoA/Merrill Lynch 11/20/2014 2
3 High Yield Credit Cycle Where are We Now? Peak? Strong GDP growth Robust M&A Low credit standards Expansion Increasing GDP growth Growing deal backlog Moderate credit standards Credit Cycle Contraction Contracting GDP growth Growing concern over credit problems Limited access to capital markets Trough Negative GDP Illiquid markets Forced selling 3
4 HY New Issuance Quality So Far This Cycle Much Better Source: Bloomberg 4
5 Increasing Dispersion in HY Market Late Cycle Behaviour 2013 Taper Tantrum 2014 End-of-QE Sell-Off 2013 Taper Tantrum = Period from May 9, 2013 to June 25, 2013, 2014 Sell-Off = Period from September 1, 2014 to October 15, 2014 Sources: Bloomberg, RBC GAM 5
6 Compensation for Credit Risk Still at Mid-Cycle Levels Source: BoA/Merrill Lynch 6
7 PH&N High Yield Risk Management Philosophy Losses from Default 7
8 Portfolio Construction Tilt Towards Quality at Good Price Quality/Value Sizing Grid Position Size Poor Overall Quality of Name Blue Chip Rich Relative Cheapness Cheap 0% 0% 0-1% 0% 1-2% 1-3% 0-1% 1-3% 3-5% Adjustments/Constraints Max Industry Exposure ~ 25% Bias to more liquid names Bias to Canadian names Favour larger underwriting groups Final Portfolio 8
9 PH&N High Yield Bond Fund Portfolio Structure as of November 20, 2014 Rating Distribution Industry Distribution Maturity Distribution Sector Distribution Effective Yield: 5.05% Effective Duration: 2.8 yrs Effective Spread: +390 bps AUM: $3.6 bill Yields are reported on a pre-fee basis, Series O, standard performance data available in the Appendix. Effective duration and effective yield have been calculated in BondLab, by utilizing a proprietary option-adjusted model. Other metrics are available upon request. 9
10 Managing Default Risk Current Vulnerable Sectors Sector Why Vulnerable? ML Master II Index* % MV PH&N HYBF % MV Energy Significant issuance Typically negative FCF Capital constrained sector Oil prices 15.2% 15.4% (recently adding) Metals, Mining, Basic Industry Significant issuance Typically negative FCF Capital constrained sector Commodity prices 12.4% 0.3% Retailing Changing consumer dynamics Adjusted leverage higher (operating leases) Typically low recovery rates 4.4% 0.3% Total 32.0% 16.0% *BoA/ML Master II High Yield Index. Data as at November 20,
11 Drilling Down into Energy Exposure Quality Names Baytex Energy 3.0% Gibson Energy 1.8% PH&N High Yield Bond Fund Ratings: Ba3/BB Ratings: Ba2/BB Market Cap: $5.2 B Market Cap: $3.9 B Debt/Capital: 41% Net Debt/EBITDA 1.7x Ent. Value/EBITDA 5.6x Debt/Capital: 45% Net Debt/EBITDA 2.3x Ent. Value/EBITDA 11.1x Savanna Energy Services 1.2% Trilogy Energy 2.7% Ratings: B/B high Market Cap: $472 M Debt/Capital: 26% Net Debt/EBITDA 2.1x Ent. Value/EBITDA 5.3x Ratings: B/B Market Cap: $1.9 B Debt/Capital: 47% Net Debt/EBITDA 2.1x Ent. Value/EBITDA 7.4x Western Energy Services 1.9% Canadian Energy Services 1.4% Ratings: B2/B+ Market Cap: $536 M Debt/Capital: 30% Net Debt/EBITDA 1.4x Ent. Value/EBITDA 4.6x Ratings: B/B high Market Cap: $1.9 B Debt/Capital: 39% Net Debt/EBITDA 2.2x Ent. Value/EBITDA 15.7x Source: Bloomberg, PH&N IM; As at November 20,
12 Finding Better Bargains in High-Quality Energy Bonds Baytex 6.625% 22 (Spread to 2020 Call Date) Western Energy 7.875% 19 (Spread to 2018 Call Date) +110 bps +90 bps Trilogy Energy 7.25% 19 (Spread to 2018 Call Date) Wajax Corp 6.125% 20 (Spread to 2019 Call Date) +144 bps +93 bps Sources: Bloomberg 12
13 Single-B Exposure Heavily Front-Loaded Term Structure Profile Based on Ratings Source: PH&N IM, As at November 20,
14 PH&N High Yield Bond Fund Taking Less Risk than HY Index or Peers Interest Rate Risk (Duration) Quality Risk ( CCC Content ) Realized Volatility (Last 5 Years) Drawdown Risk * 2013 Taper Tantrum = Period from May 9, 2013 to June 25, 2013, 2014 Sell-Off = Period from September 1, 2014 to October 15, 2014 Sources: Bloomberg, RBC GAM 14
15 PH&N High Yield Bond Fund Emphasis on Risk-Adjusted Returns Performance as of September 30, Year Risk-Return Profiles (Oct Sep 2014) Return Annualized to Sep 30, Yrs (%) 5 Yrs (%) 10 Yrs (%) Universe Bond Index PH&N High Yield Bond Fund* ML HY Master II Index Risk Annualized to Sep 30, Yrs St.Dev. (%) Max Drawdown (%) Universe Bond Index PH&N High Yield Bond Fund* ML HY Master II Index * Series O returns. Total returns are gross-of-fee and reported in Canadian dollars Standard deviation is calculated on a monthly basis. Universe Bond Index stands for FTSE TMX Canada Overall Universe Bond index 15
16 PH&N High Yield Bond Fund Recognized Leader in High Yield Bonds Fund Achievements/Awards Canadian Investment Awards (Morningstar) High Yield Bond Fund of the Year 2006 Canadian Investment Awards (Morningstar) High Yield Bond Fund of the Year 2007 Canadian Investment Awards (Morningstar) High Yield Bond Fund of the Year 2008 Canadian Investment Awards (Morningstar) High Yield Bond Fund of the Year 2009 Canadian Investment Awards (Morningstar) High Yield Bond Fund of the Year 2011 Lipper Fund Awards Canadian High Yield Fixed Income Award 2009 (1-, 3-, 5-year) Lipper Fund Awards Canadian High Yield Fixed Income Award 2010 (3-, 5-year) Lipper Fund Awards Canadian High Yield Fixed Income Award 2011 (5-, 10-year) Lipper Fund Awards Canadian High Yield Fixed Income Award 2012 (10-year) Lipper Fund Awards Canadian High Yield Fixed Income Award 2013 (10-year) Lipper Fund Awards Canadian High Yield Fixed Income Award 2014 (10-year) Canada s Fund Manager of the Year 2011 (Investment Executive) 16
17 Disclosures This information has been provided by RBC Global Asset Management Inc. (RBC GAM) and is for informational purposes only. It is not intended to provide legal, accounting, tax, investment, financial or other advice and such information should not be relied upon for providing such advice. RBC GAM takes reasonable steps to provide up-to-date, accurate and reliable information, and believes the information to be so when printed. Due to the possibility of human and mechanical error as well as other factors, including but not limited to technical or other inaccuracies or typographical errors or omissions, RBC GAM is not responsible for any errors or omissions contained herein. RBC GAM reserves the right at any time and without notice to change, amend or cease publication of the information. Any investment and economic outlook information contained in this report has been compiled by RBC GAM from various sources. Information obtained from third parties is believed to be reliable, but no representation or warranty, express or implied, is made by RBC GAM, its affiliates or any other person as to its accuracy, completeness or correctness. RBC GAM and its affiliates assume no responsibility for any errors or omissions. This report may contain forward-looking statements about the Fund, its future performance, strategies or prospects, and possible future Fund action. The words may, could, should, would, suspect, outlook, believe, plan, anticipate, estimate, expect, intend, forecast, objective and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance. Forward-looking statements involve inherent risks and uncertainties, both about the Fund and general economic factors, so it is possible that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution you not to place undue reliance on these statements as a number of important factors could cause actual events or results to differ materially from those expressed or implied in any forward-looking statement made in relation to the Fund. These factors include, but are not limited to, general economic, political and market factors in Canada, the United States and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological changes, changes in laws and regulations, judicial or regulatory judgments, legal proceedings and catastrophic events. The above list of important factors that may affect future results is not exhaustive. Before making any investment decisions, we encourage you to consider these and other factors. / Trademark(s) of Royal Bank of Canada. Used under licence. RBC Global Asset Management Inc
RBC Quant Dividend Leaders ETFs. Presented by: Trevor Cummings Head of Business Development, Exchange Traded Funds
RBC Quant Dividend Leaders ETFs Presented by: Trevor Cummings Head of Business Development, Exchange Traded Funds Why RBC ETFs? Expanding Our Line up Innovative, high quality and professionally managed
More informationFixed Income Investing in a Low Yield World: High Yield Bonds Still Part of the Solution. Fall 2012
Fixed Income Investing in a Low Yield World: High Yield Bonds Still Part of the Solution Fall 2012 U.S. 10-Year Treasury Yields October 5, 2012 16 14 12 10 8 6 4 2 1.74% 0 Jan-82 Feb-86 Mar-90 May-94 Jun-98
More informationRBC Dominion Securities Inc. Festive Lunch November 12 th, 2015
RBC Dominion Securities Inc. Festive Lunch November 12 th, 2015 2012 Total Returns Paul Alofs President & CEO 2 A peek inside the Economics Department 2012 Total Returns 3 Focus on Four Themes The U.S.
More informationRBC Balanced Growth & Income Fund
RBC Balanced Growth & Income Fund September 2014 For Advisor Use Only Markets were unpredictable. And we made the grade. An outstanding first year Smooth returns: 12 consecutive months of positive performance.
More informationCapital markets update. April 2017
Capital markets update April 2017 Avg % change on previous year The economy Economic growth has improved in both developed and emerging market, with most countries managing some improvement in recent months.
More informationBuilding Efficient Return Seeking Portfolios Reassessing the Equity Allocation
Building Efficient Return Seeking Portfolios Reassessing the Equity Allocation Paul M. Martin, CFA Vice President & Portfolio Manager Phillips, Hager & North Investment Management Sources of Risk in a
More informationCustomized Approaches to Multi-Asset Portfolios
Customized Approaches to Multi-Asset Portfolios The Investment Landscape Has Changed New Challenges Require New Solutions Institutional investors are facing increasingly challenging economic, regulatory
More informationWhat new investment products are on the horizon?
WORKSHOP 3 What new investment products are on the horizon? Philip Falls, Practice Leader and Senior Investment Consultant, PBI Actuarial Andrew Sweeney, Vice President & Institutional Portfolio Manager,
More informationInvesting in a Low Yield Environment: Looking Beyond Interest Rate Anticipation
Investment Insights Investing in a Low Yield Environment: Looking Beyond Interest Rate Anticipation In the context of historically low interest rates, the future prospects for bond yields and the impact
More informationRBC TARGET 2023 CORPORATE BOND INDEX ETF
FIXED INCOME ETF RBC TARGET 2023 CORPORATE BOND INDEX ETF December 31, 2018 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved
More informationNOTICE TO UNITHOLDERS OF RBC TARGET 2017 CORPORATE BOND INDEX ETF (TSX: RQE)
NOTICE TO UNITHOLDERS OF (TSX: RQE) You are receiving this notice because you hold units of the RBC Target 2017 Corporate Bond Index ETF. On November 17, 2017 ( maturity date ), the RBC Target 2017 Corporate
More informationImplementing Portable Alpha Strategies in Institutional Portfolios
Expected Return Investment Strategies Implementing Portable Alpha Strategies in Institutional Portfolios Interest in portable alpha strategies among institutional investors has grown in recent years as
More informationInvestment-grade and high-yield credit interest rates, spreads, defaults and liquidity keep
Investment-grade and high-yield credit interest rates, spreads, defaults and liquidity keep arry lpha iquidity anaged September 2016 Macro outlook Continued muddle-through global economic growth, no recession
More informationRBC TARGET 2017 CORPORATE BOND INDEX ETF
FIXED-INCOME ETF RBC TARGET 2017 CORPORATE BOND INDEX ETF December 31, 2016 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved
More informationWells Fargo Short-Term High Yield Bond Fund
All information is as of 12-31-17 unless otherwise indicated. General fund information Ticker: STYIX Portfolio manager: Thomas Price, CFA; Kevin Maas, CFA; Michael Schueller, CFA Subadvisor: Wells Capital
More informationPhillips, Hager & North Investment Management Joins Forces with RBC
Phillips, Hager & North Investment Management Joins Forces with RBC February 21, 2008 Financial information is in Canadian dollars and is based on Canadian GAAP, unless otherwise indicated. Caution regarding
More information2016 Semi-Annual Management Report of Fund Performance
2016 Semi-Annual Management Report of Fund Performance for the period ended June 30, 2016 Marret High Yield Strategies Fund This semi-annual management report of fund performance contains financial highlights
More informationSOCIAL HOUSING CANADIAN SHORT-TERM BOND FUND
FIXED-INCOME FUND SOCIAL HOUSING CANADIAN SHORT-TERM BOND FUND June 30, 2017 The Board of Directors of Encasa Financial Inc. approved this interim management report of fund performance on August 15, 2017.
More informationRoyal Bank of Canada RBC Facts. September 2008
Royal Bank of Canada RBC Facts September 2008 1 Caution regarding forward-looking statements From time to time, we make written or oral forward-looking statements within the meaning of certain securities
More informationDiversified Growth Funds IIES 2017
Diversified Growth Funds IIES 2017 Agenda Background Overview of Diversified Growth Funds (DGFs) DGF Example & Comparison Appendix 1 Background A Challenging Environment Has Led to New Investor Realities
More informationGLOBAL FIXED INCOME MARKETS
SUMMER 2017 GLOBAL FIXED INCOME MARKETS Direction of rates Soo Boo Cheah, MBA, CFA Senior Portfolio Manager RBC Global Asset Management (UK) Limited Suzanne Gaynor V.P. & Senior Portfolio Manager RBC Global
More informationRBC INSTITUTIONAL CASH FUNDS Semi-Annual Report
RBC INSTITUTIONAL CASH FUNDS 2013 Semi-Annual Report TABLE OF CONTENTS Management Report of Fund Performance RBC Institutional Government Plus Cash Fund 2 RBC Institutional Cash Fund 9 RBC Institutional
More informationRBC MONTHLY INCOME FUND
BALANCED FUND December 31, 2017 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved this annual management report of fund
More informationRBC CANADIAN GOVERNMENT BOND INDEX FUND
FIXED-INCOME FUND RBC CANADIAN GOVERNMENT BOND INDEX FUND June 30, 2017 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved
More informationThoughts on Recent Market Volatility
Monthly Market Snapshot AUGUST 2016 Portfolio Strategy Global Portfolio Advisory Group Thoughts on Recent Market Volatility October 11, 2018 Hold Steady Recent market volatility is attributable to several
More informationPHILLIPS, HAGER & NORTH TOTAL RETURN BOND FUND
FIXED-INCOME FUND PHILLIPS, HAGER & NORTH TOTAL RETURN BOND FUND December 31, 2017 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc.
More informationSOCIAL HOUSING CANADIAN EQUITY FUND
CANADIAN EQUITY FUND SOCIAL HOUSING CANADIAN EQUITY FUND June 30, 2018 The Board of Directors of Encasa Financial Inc. approved this interim management report of fund performance on August 20, 2018. A
More informationIncome Solutions Beyond Investment Grade Bonds
October 2017 Income Solutions Beyond Investment Grade Bonds Multiple Fixed Income Approaches Direction of interest rates Reduce Duration Limit Duration to Near Zero with: Floating rate notes (FRNs) for
More informationTD Managed Maximum Equity Growth Portfolio
TD Managed Maximum Equity Growth Portfolio 525562 (03/18) TD Managed Assets Program for the period ended This contains financial highlights, but does not contain the complete annual financial statements
More informationRBC QUBE Market Neutral World Equity Fund (CAD Hedged)
RBC QUBE Market Neutral World Equity Fund (CAD Hedged) Q3 2017 Quarterly Report Performance As of September 30, 2017 Three Month Year to Date One Year Three Year Since Inception* RBC QUBE Market Neutral
More informationTD Managed Income & Moderate Growth Portfolio
TD Managed Income & Moderate Growth Portfolio 525556 (03/18) TD Managed Assets Program for the period ended This contains financial highlights, but does not contain the complete annual financial statements
More informationNORREP SHORT TERM INCOME FUND
NORREP SHORT TERM INCOME FUND For the six months ended June 30, 2017 MANAGEMENT REPORT OF FUND PERFORMANCE NORREP SHORT TERM INCOME FUND This interim management report of fund performance contains financial
More informationSOCIAL HOUSING CANADIAN EQUITY FUND
CANADIAN EQUITY FUND SOCIAL HOUSING CANADIAN EQUITY FUND December 31, 2017 The Board of Directors of Encasa Financial Inc. approved this annual management report of fund performance on March 19, 2018.
More informationOpportunities in Turbulent Markets:
Opportunities in Turbulent Markets: Risk and Reward Budgeting in Below-Investment Grade Ty Anderson Global Head of High Yield Strategies When the tide goes out, we get to see who s not wearing a bathing
More informationQuarterly High Yield Market Summary
Quarterly High Yield Market Summary As of December 31, 2013 Aside from a brief respite in October, risk free rates trended higher in Q4 2013 (up 42 basis points in the 10 Year and 36 bps in the 5 Year),
More informationTD Canadian Money Market Fund
TD Canadian Money Market Fund 525424 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund.
More informationTD Managed Index Maximum Equity Growth Portfolio
TD Managed Index Maximum Equity Growth Portfolio 526298 (08/18) TD Managed Assets Program for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does
More information2018 Interim Management Report of Fund Performance
PHILLIPS, HAGER & NORTH FUNDS 2018 Interim Management Report of Fund Performance Phillips, Hager & North Investment Management is a division of RBC Global Asset Management Inc., the Manager of the Funds
More informationTD Managed Income Portfolio
525554 (03/18) TD Managed Assets Program for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund. You can get a copy
More information2015 Annual Management Report of Fund Performance
2015 Annual Management Report of Fund Performance for the year ended December 31, 2015 This annual management report of fund performance contains financial highlights but does not contain the complete
More informationFinding the sweet spot between risk and return. Sandy McIntyre President and Chief Executive Officer
Finding the sweet spot between risk and return Sandy McIntyre President and Chief Executive Officer Updated on May 4, 2012 Disclaimer Commissions, trailing commissions, management fees and expenses all
More informationRBC VISION CANADIAN EQUITY FUND
CANADIAN EQUITY FUND December 31, 2017 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved this annual management report of
More informationTD Retirement Conservative Portfolio
TD Retirement Conservative Portfolio 534048 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment
More informationDefensive Floating Rate Loans
Specialists in Complete Capital Structure Analysis David Jackson, CFA Senior Portfolio Manager, Senior Partner Randall Braunfeld Senior Research Analyst, Partner Matthew Bogdan Quantitative Research Analyst
More informationTD Retirement Balanced Portfolio
TD Retirement Balanced Portfolio 534046 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment
More informationIdentifying a defensive strategy
In our previous paper Defensive equity: A defensive strategy to Canadian equity investing, we discussed the merits of employing a defensive mandate within the Canadian equity portfolio for some institutional
More informationTD Managed Index Income Portfolio
TD Managed Index Income Portfolio 526290 (08/18) TD Managed Assets Program for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either
More informationRBC SHORT TERM INCOME CLASS
FIXED-INCOME FUND Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Corporate Class Inc. approved this annual management report of fund performance on June 13,
More informationCocos: Not to be ignored
Cocos: Not to be ignored Cocos have performed positively this year, however, risk premiums have room to decline and carry remains a powerful driver of returns going forward. Cocos are no longer a niche
More informationCounsel North American High Yield Bond
Counsel North American High Yield Bond annual management report of fund performance For the year ended March 31, 2018 Fund Manager Counsel Portfolio Services Inc. Sub-Advisor Putnam Investments Canada
More informationThe trend to customization in Liability Driven Investing
The trend to customization in Liability Driven Investing Rachna de Koning, FCIA, FSA, Vice-President and Director, TD Asset Management Michael Augustine, CFA, FCIA, FSA, Vice-President and Director, TD
More informationUnderstanding Real Return Bonds
Monthly Market Snapshot AUGUST 2016 Fund Research Global Portfolio Advisory Group Understanding Real Return Bonds February 2, 2017 Joel Beriault / (416) 863-5912 joel.beriault@scotiawealth.com After years
More informationRBC GLOBAL BALANCED FUND
BALANCED FUND December 31, 2017 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) Sub-Advisor: RBC Global Asset Management (UK) Limited, London, England (for the European equity portion of
More informationRBC STRATEGIC INCOME BOND FUND
FIXED-INCOME FUND RBC STRATEGIC INCOME BOND FUND June 30, 2018 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved this interim
More informationInvestors Canadian High Yield Income Fund
Investors Canadian High Yield Income Fund Annual Management Report of Fund Performance FOR THE PERIOD ENDED MARCH 31, 218 CAUTION REGARDING FORWARD-LOOKING STATEMENTS This report may contain forward-looking
More informationTD Emerald Canadian Treasury Management Fund
TD Asset Management TD Emerald Canadian Treasury Management Fund 525666 (03/18) TD Emerald Funds for the period ended This contains financial highlights, but does not contain the complete annual financial
More informationGlobal Fixed Income Opportunities Amidst Emerging Divergence
Global Fixed Income Opportunities Amidst Emerging Divergence Benefits Canada Defined Benefit Summit December 2014 Jim Cole Phillips Hager & North Investment Management 2000 2001 2002 2003 2004 2005 2006
More informationTD Canadian Bond Index Fund
525512 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual
More informationRBC Global Asset Management Daniel E. Chornous, CFA Chief Investment Officer RBC Global Asset Management
RBC Global Asset Management Daniel E. Chornous, CFA Chief Investment Officer RBC Global Asset Management November 212 % Global Investment Outlook PMIs swing upward 65 Global Purchasing Manager's Indices
More informationTD FundSmart Managed Aggressive Growth Portfolio
TD FundSmart Managed Aggressive Growth Portfolio 525590 (03/18) TD Managed Assets Program for the period ended This contains financial highlights, but does not contain the complete annual financial statements
More informationTD Tactical Monthly Income Fund
TD Tactical Monthly Income Fund 533278 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund.
More informationRBC CANADIAN SMALL & MID-CAP RESOURCES FUND
CANADIAN EQUITY FUND RBC CANADIAN SMALL & MID-CAP RESOURCES FUND June 30, 2018 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc.
More informationAdditional series available. Morningstar TM Rating. Funds in category 987. Fixed inc style Credit quality %
Sun Life MFS Monthly Income Fund Investment objective Series A $10.3431 CAD Net asset value per security (NAVPS) as of November 14, 2018 $-0.0079-0.08% Benchmark Blended benchmark Fund category Global
More informationTD U.S. Monthly Income Fund C$
TD U.S. Monthly Income Fund C$ 534054 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund.
More informationAdditional series available. Morningstar TM Rating. Funds in category. Equity style Fixed inc style. of fixed income allocation
Sun Life Granite Conservative Class Series A Additional series available NOTE: This Fund is a class of mutual fund shares of Sun Life Global Investments Corporate Class Inc. $11.5381 Net asset value per
More informationTD Canadian Corporate Bond Fund
TD Canadian Corporate Bond Fund 535312 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund.
More informationRBC VISION GLOBAL EQUITY FUND
GLOBAL EQUITY FUND June 30, 2018 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) Sub-Advisor: RBC Global Asset Management (UK) Limited, London, England The Board of Directors of RBC Global
More informationTD FundSmart Managed Balanced Growth Portfolio
TD FundSmart Managed Balanced Growth Portfolio 526304 (08/17) TD Managed Assets Program for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not
More informationTD Emerald Canadian Short Term Investment Fund
TD Asset Management TD Emerald Canadian Short Term Investment Fund 525650 (03/18) TD Emerald Funds for the period ended This contains financial highlights, but does not contain the complete annual financial
More informationTD Retirement Conservative Portfolio
TD Retirement Conservative Portfolio 534076 (08/17) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the
More informationKDP INVESTMENT ADVISORS, INC.
INVESTMENT ADVISORS, INC. High Yield Review Data as of 11/3/218 Investment Advisors, Inc. 24 Elm Street Montpelier, Vermont 82.229.544 kdp@kdpyield.com Default Risk Ranking Net Changes 2 15% 1 1% 5% DRR
More informationDefensive Short Duration High Yield Bonds An Overlooked and Underutilized Source of Durable Alpha
Specialists in Complete Capital Structure Analysis Peter Duffy, CFA Senior Portfolio Manager, Senior Partner Matthew Bogdan Quantitative Research Analyst Defensive Short Duration High Yield Bonds An Overlooked
More informationTD Canadian Diversified Yield Fund
TD Canadian Diversified Yield Fund 535280 (08/18) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the
More informationConvertibles. To convexity... and beyond! November Key investment themes in 2014 could prove beneficial for convertible bonds.
Insights Convertibles To convexity... and beyond! November 2013 Convertible bonds can provide investors with the upside potential of equities with added benefits of lower price volatility and protection
More informationAdditional series available. Morningstar TM Rating. Funds in category Fixed income % of fixed income allocation
Sun Life Granite Moderate Portfolio Series A $12.0677 CAD Net asset value per security (NAVPS) as of January 15, 2019 $0.0353 0.29% Benchmark Blended benchmark Fund category Global Neutral Balanced Additional
More informationRBC RETIREMENT INCOME SOLUTION
PORTFOLIO SOLUTION December 31, 2017 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved this annual management report of
More informationA More Conservative Approach to High Yield Opportunities
FUND performance Analysis APRIL 2010 www.calamos.com Calamos Financial Services LLC, Distributor High Yield Fund Fund Ticker Symbols A Shares B Shares C Shares I Shares CHYDX CAHBX CCHYX CIHYX > Performance
More informationTD Emerald Canadian Short Term Investment Fund
TD Asset Management TD Emerald Canadian Short Term Investment Fund 526368 (08/18) TD Emerald Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights,
More informationRBC $U.S. MONEY MARKET FUND
MONEY MARKET FUND December 31, 2017 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved this annual management report of fund
More informationRBC SHORT TERM INCOME CLASS
FIXED-INCOME FUND Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Corporate Class Inc. approved this interim management report of fund performance on November
More informationTD Advantage Balanced Income Portfolio
TD Advantage Balanced Income Portfolio 529832 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment
More informationRBC SELECT VERY CONSERVATIVE PORTFOLIO
PORTFOLIO SOLUTION RBC SELECT VERY CONSERVATIVE PORTFOLIO December 31, 2017 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved
More informationPHILLIPS, HAGER & NORTH
Fixed-income Fund PHILLIPS, HAGER & NORTH Short Term Bond & ember 31, Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved
More informationTD Precious Metals Fund
525504 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual
More informationTD Canadian Blue Chip Dividend Fund
TD Canadian Blue Chip Dividend Fund 535284 (08/17) TD Mutual Funds for the period ended This Interim Management Report of Fund Performance contains financial highlights, but does not contain either the
More informationInvestors Income Plus Portfolio
Annual Management Report of Fund Performance FOR THE PERIOD ENDED MARCH 31, 18 CAUTION REGARDING FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Portfolio Fund,
More informationAdditional series available. Morningstar TM Rating. Funds in category Fixed income % of fixed income allocation
Sun Life Granite Moderate Portfolio Series A $12.2384 CAD Net asset value per security (NAVPS) as of December 20, 2018 $-0.0639-0.52% Benchmark Blended benchmark Fund category Global Neutral Balanced Additional
More informationRBC SELECT BALANCED PORTFOLIO
PORTFOLIO SOLUTION June 30, 2018 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) The Board of Directors of RBC Global Asset Management Inc. approved this interim management report of fund
More informationPractical De-Risking Solutions: Low Volatility Equity Strategies
Investment Strategies 2015 Practical De-Risking Solutions: Low Volatility Equity Strategies With significant returns generated by equity markets over the past five years, institutional portfolios are generally
More informationAsset allocation and goals-oriented solutions
Asset allocation and goals-oriented solutions James Dutkiewicz, CFA Chief Investment Strategist and Senior Portfolio Manager Disclaimer Commissions, trailing commissions, management fees and expenses all
More informationTD Comfort Balanced Income Portfolio
TD Comfort Balanced Income Portfolio 529100 (03/18) TD Mutual Funds for the period ended This contains financial highlights, but does not contain the complete annual financial statements of the investment
More informationAdditional series available. Morningstar TM Rating. Funds in category 321. Fixed income % of fixed income allocation
Sun Life Granite Conservative Portfolio Investment objective Series A $11.4092 Net asset value per security (NAVPS) as of August 21, 2018 $-0.0023-0.02% Benchmark Blended benchmark Fund category Global
More informationDAC Short Term: $10,000 Growth from Inception
DAC Short Term: $10,000 Growth from Inception $10,900 $10,909 $10,800 $10,700 $10,600 $10,500 $10,400 $10,300 $10,200 $10,100 $10,000 11/2014 02/2015 05/2015 08/2015 11/2015 02/2016 05/2016 08/2016 11/2016
More informationInvesting and investments
Investing and investments CHF Canada Niagara Falls, June 2017 Investing (n-vsting) The act of committing money or capital to an endeavor with the expectation of obtaining an additional income or profit.
More informationTD Emerald Canadian Treasury Management Government of Canada Fund
TD Asset Management TD Emerald Canadian Treasury Management Government of Canada Fund 525664 (03/18) TD Emerald Funds for the period ended This contains financial highlights, but does not contain the complete
More informationMACKENZIE UNCONSTRAINED BOND ETF
Interim Management Report of Fund Performance For the Six-Month Period Ended September 30, This Interim Management Report of Fund Performance contains financial highlights but does not contain either the
More informationRBC U.S. SMALL-CAP CORE EQUITY FUND
U.S. EQUITY FUND RBC U.S. SMALL-CAP CORE EQUITY FUND June 30, 2018 Portfolio Manager RBC Global Asset Management Inc. ( RBC GAM ) Sub-Advisor: RBC Global Asset Management (U.S.) Inc., Minneapolis, Minnesota
More informationRoyal Bank of Canada RBC Facts
Royal Bank of Canada RBC Facts December 2008 1 Caution regarding forward-looking statements From time to time, we make written or oral forward-looking statements within the meaning of certain securities
More informationInvestors Short Term Capital Yield Class
Annual Management Report of Fund Performance FOR THE PERIOD ENDED MARCH, CAUTION REGARDING FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Fund, including its strategy,
More informationRoyal Bank of Canada Third Quarter Results August 26, 2015
Royal Bank of Canada Third Quarter Results August 26, 2015 All amounts are in Canadian dollars and are based on financial statements prepared in compliance with International Accounting Standard 34 Interim
More information