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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.

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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
  • A disciplined bottom-up security selection process
  • We seek well-managed low-cost producers with rising returns on invested capital, sound financial positions, and an ability to finance future growth plans
  • Valuations are considered under a broad range of commodity price scenarios to identify undervalued companies
  • We position the portfolio to capture undiscounted upside optionality such as higher than expected grades and production growth
  • Information inefficiencies in the market are especially evident in less-followed mid- and small-cap companies where our industry expertise, management knowledge and research capabilities are critical

High quality

  • Management, strategy, geology of deposit, infrastructure and political risk
  • Ability to finance future growth plans

Growth at a reasonable price

  • Value creators grow per share reserves, production, and free cash flow
  • Outperformers typically exceed expectations while enjoying a rising return on invested capital

Upside optionality

  • Undiscounted production/reserves growth
  • Takeout valuation and attractiveness

Leverage craft knowledge to identify market inefficiencies

  • Small-cap discounts decline as companies grow
  • Discounts decline as project, mine risk declines

Asset Quality

Strong technical knowledge provides the ability to evaluate & assess assets at an early stage.

Management

Experience and strong relationships provide an advantage in identifying high quality, trustworthy management.

Financial Health & Valuation

Companies are evaluated on a number of metrics in order to benchmark management assumptions and understand the stability, direction & allocation of free cash flow. The team will also use scenario analysis (low, base and high case) to identify upside potential and downside risk relative to what the market is pricing in.

ESG Analysis

The team integrates ESG factors into security analysis, accounting for material impact to risk and return. This includes thoughtful proxy voting, engagement with management teams and regulatory bodies, and collaboration with other like-minded investors.

“Barbell Approach” of blending recognized industry leaders combined with small- to mid-cap emerging growth companies designed to provide exceptional alpha-generating opportunities

Time-tested investment team

  • Highly experienced team
  • Specialist geology, engineering and investment expertise

Bottom-up stock picking

  • Focus on generating sustainable alpha from bottom-up stock picking
  • Scenario-based reward-to-risk analysis
  • No major macro calls on commodity prices

Small- and mid-cap expertise

  • Early identification of attractive small- and mid-cap investment opportunities
  • Need for craft expertise makes this an inefficient segment of the market

Size advantage

  • Among largest specialty global resource managers
  • Enviable access to companies, industry experts, liquidity

Our strategies