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Welcome to the RBC Global Asset Management site for Institutional Investors

In order to proceed to the site, please accept our Terms & Conditions.

Please read the following terms and conditions carefully. By accessing rbcgam.com and any pages thereof (the "site"), you agree to be bound by these terms and conditions as well as any future revisions RBC Global Asset Management Inc. ("RBC GAM Inc.") may make in its discretion. If you do not agree to the terms and conditions below, do not access this website, or any pages thereof. Phillips, Hager & North Investment Management is a division of RBC GAM Inc. PH&N Institutional is the institutional business division of RBC GAM Inc.

No Offer

Products and services of RBC GAM Inc. are only offered in jurisdictions where they may be lawfully offered for sale. The contents of this site do not constitute an offer to sell or a solicitation to buy products or services to any person in a jurisdiction where such offer or solicitation is considered unlawful.

No information included on this site is to be construed as investment advice or as a recommendation or a representation about the suitability or appropriateness of any product or service. The amount of risk associated with any particular investment depends largely on the investor's own circumstances.

No Reliance

The material on this site has been provided by RBC GAM Inc. for information purposes only and may not be reproduced, distributed or published without the written consent of RBC GAM Inc. It is for general information only and is not, nor does it purport to be, a complete description of the investment solutions and strategies offered by RBC GAM Inc., including RBC Funds, RBC Private Pools, PH&N Funds, RBC Corporate Class Funds and RBC ETFs (the "Funds"). If there is an inconsistency between this document and the respective offering documents, the provisions of the respective offering documents shall prevail.

RBC GAM Inc. takes reasonable steps to provide up-to-date, accurate and reliable information, and believes the information to be so when published. Information obtained from third parties is believed to be reliable, but no representation or warranty, express or implied, is made by RBC GAM Inc., its affiliates or any other person as to its accuracy, completeness, reliability or correctness. RBC GAM Inc. assumes no responsibility for any errors or omissions in such information. The views and opinions expressed herein are those of RBC GAM Inc. and are subject to change without notice.

About Our Funds

The Funds are offered by RBC GAM Inc. and distributed through authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with the Funds. Please read the offering materials for a particular fund before investing. The performance data provided are historical returns, they are not intended to reflect future values of any of the funds or returns on investment in these funds. Further, the performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. The unit values of non-money market funds change frequently. 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. Mutual fund securities are not guaranteed by the Canada Deposit Insurance Corporation or by any other government deposit insurer. Past performance may not be repeated. ETF units are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns. RBC ETFs do not seek to return any predetermined amount at maturity. Index returns do not represent RBC ETF returns.

About RBC Global Asset Management

RBC Global Asset Management is the asset management division of Royal Bank of Canada ("RBC") which includes the following affiliates around the world, all indirect subsidiaries of RBC: RBC GAM Inc. (including Phillips, Hager & North Investment Management and PH&N Institutional), RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited, RBC Global Asset Management (Asia) Limited, BlueBay Asset Management LLP, and BlueBay Asset Management USA LLC.

Forward-Looking Statements

This website may contain forward-looking statements about general economic factors which are not guarantees of future performance. Forward-looking statements involve inherent risk and uncertainties, 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. All opinions in forward-looking statements are subject to change without notice and are provided in good faith but without legal responsibility.

Accept Decline

The RBC Global Fixed Income and Currencies team manages a broad range of global fixed income products. The team evaluates opportunities in global bond and currency markets by utilizing a proven investment process with a robust risk-management culture. We aim to build resilient portfolios that seek to deliver consistent returns over the market cycle and preserve capital.

  • We take an active-management approach with a long-term investment horizon, aiming to deliver consistent returns and preserve capital over the market cycle.
  • We use a team-based approach in order to provide our clients with the full depth and breadth of our combined expertise and to ensure continuity in the event of management turnover.
  • We rely on intensive fundamental credit analysis from our credit team who also leverage the insights and capabilities of the firm’s equity teams.
  • We diversify globally in order to lower volatility and access more opportunities for earning excess returns (alpha).
  • We aim to outperform our funds’ benchmarks over a full market cycle through smart portfolio construction, tactical asset allocation, credit and security selection, as well as active currency and duration management.
  • We pay particular attention to portfolio construction and position sizing, making sure that risks taken are proportional to opportunities available in the market at any given time.
  • We de-emphasize forecasting as an investment tool in favour of building portfolios which are resilient in a range of economic and market scenarios.
  • We believe that hedging foreign-currency risk is essential in core investment grade global bond portfolios.
  • We incorporate the analysis of material environmental, social, and governance (ESG) factors into our investment process, for applicable types of investments, believing that these factors are relevant to a complete assessment of credit risk and security valuation.1

1Certain strategies do not integrate ESG factors, including but not limited to money market strategies, index strategies and certain third-party sub-advised strategies.

Multi-layered approach

We rely on a multi-layered approach that is methodical, consistent and empirical.

Top-down perspective

We consider global fiscal and monetary conditions in relation to regional economic growth and inflation projections.

Bottom-up security selection

The relative value of individual securities is assessed by a team of portfolio managers and credit analysts who incorporate in-depth industry/sector analysis.

Opportunistic credit use

We tactically manage allocations to various credit markets such as high yield and emerging market debt in line with the risk-reward opportunities available.

Scenario analysis

Rather than building portfolios for a single forecast, we conduct multiple scenario analyses in order to understand and compare potential outcomes and risk-return profiles of our strategies.

Foreign exchange

We manage foreign-currency risk by hedging passive currency exposures back into Canadian dollars, and actively managing overlay positions to enhance returns.

Extended time horizon

We evaluate market opportunities for an 18-36 month time horizon, which allows us to take advantage of market volatility.

Multiple strategies

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Tactical asset allocation

  • Government vs. credit
  • High Yield, Emerging market sovereign
  • Emerging market corporation
  • Preferred bonds
  • Provincials
  • Emerging market currency

Interest rates

  • Duration
  • Yield curve
  • Regional allocation
  • Cross-country trade
  • Inflation-linked bonds


  • Sector
  • Quality
  • Credit curve
  • Security selection


  • Hedging
  • Dynamic hedging
  • Overlay

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Our strategies