RBC Monthly Income Fund - Mutual Funds
RBC Monthly Income Fund
Printed on November 19, 2019
Investment Objective
To provide relatively tax efficient monthly distributions consisting of dividend income, interest income and capital gains, as well as the potential for modest capital growth. The fund aims to provide as high a regular monthly income as possible.
Fund Details
Series A Adv Adv
Load Structure No Load Front End Low Load
Currency CAD CAD CAD
Fund Code RBF448 RBF763 RBF115
Inception Date Total Fund Assets $Mil Series A NAV $ Series A MER % Benchmark
August 1997
7,564.9
14.61
1.20
55% FTSE Canada Universe Bond Index 43% S&P/TSX Capped Composite Total Return Index 2% FTSE Canada 30 Day Tbill Index
Income Distribution
Monthly
Capital Gains Distribution Annually
Monthly Distribution (?/unit) 4.25
Current Payout Rate (%)* 3.49
*Assuming 12 consecutive months at the monthly distribution set out above. The estimate does not include any year-end capital gains distributions paid in addition to the regular monthly distribution nor should it be confused with performance or rates of return.
Sales Status
Open
Min. Investment $
500
Subsequent Investment $ 25
Fund Category
Canadian Neutral Balanced
Management Company Web Site
RBC Global Asset Management Inc.
Notes
Units of this fund are no longer available for purchase in registered plans or TFSAs except through a preauthorized investment plan established prior to December 9, 2005.
Portfolio Analysis as of October 31, 2019
Asset Mix
% Assets
Cash
2.6
Fixed Income
51.8
Canadian Equity 35.8
US Equity
9.3
International Equity 0.4
Other
0.0
Equity Style
Statistics
P/B Ratio
1.8
P/E Ratio
14.7
Avg. Mkt Cap. $B 49.7
Large Mid Small
Value Blend Growth
Top 10 Holdings Royal Bank of Canada The Toronto-Dominion Bank Canada (Government of) 2.75% 01-12-2048 Bank of Nova Scotia Enbridge Inc
Brookfield Asset Mgmt Inc Cl A Canadian National Railway Co Ontario (Province Of) 4.6% 02-06-2039 Ontario (Province Of) 4.65% 02-06-2041 Ontario (Province Of) 3.45% 02-06-2045
Total % of Top 10 Holdings Total Number of Stock Holdings Total Number of Bond Holdings Total Number of Other Holdings Total Number of Holdings
% Assets 3.0 2.6 2.2 2.1 1.8
1.7 1.6 1.4 1.4 1.3
19.1 426 397 18 841
Top 5 Sectors Financials Energy Industrials Communication Services Consumer Staples
% Equity 35.2 13.8 12.2 6.8 5.7
Income-Generating Asset-Class Common Shares Government Bonds Investment-Grade Corporate Bonds Other High Yield Bonds Preferred Shares
% Assets 45.5 32.1 18.3 2.8 1.3 0.0
Performance Analysis as of October 31, 2019
20 Growth of $10,000
18
Series A
16 $19,699
14
12
10
8
21 Calendar Returns %
14
Series A
7
0
-7
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD
15.4 9.9 2.9 6.8 5.9 9.0 -3.4 11.7 5.3 -3.2 11.3
3rd
2nd 1st
2nd 4th
2nd 4th
1st
3rd
2nd 2nd
Fund Quartile
1 Mth
3 Mth
6 Mth
1 Yr
3 Yr
5 Yr
10 Yr Since Incep. Trailing Return %
-0.4
1.2
2.1
10.4
4.8
4.3
5.8 6.6
3rd
2nd
1st
1st
2nd
3rd
3rd
--
626
620
620
604
554
415
142 --
Fund Quartile No. of Funds in Category
?2019. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the disclosure page.
Printed on November 19, 2019
RBC Monthly Income Fund
Management Overview
Manager Bios
Performance Analysis Cont'd as of October 31, 2019
Suzanne Gaynor RBC Global Asset Management Inc. Suzanne Gaynor is Vice President and Senior Portfolio Manager, Global Fixed Income and Currencies. She has been in the investment industry since 1988.
Distributions ($)/Unit Total Distributions Interest Dividends Capital Gains Return Of Capital
YTD* 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 0.43 0.51 0.51 0.51 0.51 0.51 0.56 0.51 0.57 0.57 0.57 0.43 0.14 0.14 0.15 0.14 0.15 0.14 0.15 -- 0.30 0.43
-- 0.17 0.17 0.20 0.22 0.19 0.20 0.17 0.17 0.15 0.14 -- 0.03 0.13 0.13 0.12 -- 0.22 0.19 0.18 -- -- -- 0.17 0.07 0.03 0.04 0.17 -- -- 0.22 0.11 --
Irene Fernando RBC Global Asset Management Inc. Irene Fernando is Portfolio Manager and Senior North American Equities Research Analyst. She earned a Commerce degree from University of Toronto and is a CFA charterholder.
Sarah Neilson RBC Global Asset Management Inc. Sarah Neilson is Portfolio Manager and Senior North American Equities Research Analyst. Sarah earned a Bachelor of Science in Mechanical Engineering at Queens University, and an MBA from McGill University. Sarah is a CFA charterholder.
Best/Worst Periods %
Ended
1 Yr
Ended
3 Yr
Ended
Best
2-2001
25.7 3-2006
16.1 2-2005
Worst
2-2009 -16.0 2-2009
-2.9 5-2012
Average
6.7
7.1
No. of Periods
255
231
Pct. Positive
85.1
97.8
* Distributions are characterized into income type at year-end.
5 Yr 13.3
3.1 7.1 207 100.0
Ended 2-2010 2-2016
10 Yr 9.3 4.2 6.8 147
100.0
Commentary as at September 30, 2019
The S&P/TSX Composite posted a return of 2.5% last quarter, as the intensification of global trade tensions between China and the U.S., combined with moderating economic indicators, have weighed on global equity markets.
Throughout the quarter, relative performance of the fund was aided by sector allocation which primarily stemmed from an overweight position in Financials. Additionally, we profited from an overweight position in Brookfield Asset Management as shares in the company reached an all-time high bolstered by falling interest rates, which have spurred demand for alternative investments.
In fixed income, Canadian bonds joined global fixed-income markets in posting gains in the third quarter of 2019. Concerns about the global economy, weakening consumer confidence, and escalating trade tensions prompted some major central banks to pivot to monetary stimulus. An
above-benchmark allocation to Canadian investment-grade bonds aided performance as non-government bonds performed particularly well over the quarter.
Looking forward, investors continue to monitor global economic and financial conditions for signs of a recession. The Fed has been at pains to assert that its recent rate reductions do not signify an imminent recession, but geopolitical risks and U. S.-China trade developments could lead to increases in financial-market volatility. Economic growth within Canada may be hindered over the next year, however there are a few scenarios that could lead to a different outcome. For instance, improvements in global economic growth or a resolution to the U.S.-China trade conflict would certainly boost the outlook. There is still the risk of further downside if trade tensions were to intensify, consumer confidence weaken and/or global economic data deteriorate.
?2019. 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.
RBC Monthly Income Fund Disclosure
Printed on November 19, 2019
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.
Commissions, trailing commissions, 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. 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 and other information about the underlying investment funds are available at .
MER (%) for RBC Funds, PH&N Funds and BlueBay Funds is based on actual expenses for the preceding calendar year or most recent half-year period ended June 30 expressed on an annualized basis, depending on availability of data at the time of publication.
MER (%) for RBC Corporate Class Funds is based on actual expenses for the preceding full year period ended March 31 or half-year period ended September 30 expressed on an annualized basis, depending on availability of data at the time of publication.
Series H and Series I are not available for purchase by new investors. Existing investors who hold Series H or Series I units can continue to make additional investments into the same series of the funds they hold.
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).
? / TM Trademark(s) of Royal Bank of Canada. Used under licence. ? RBC Global Asset Management Inc. 2019
?2019. 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.
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