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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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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
Total Fund Assets as of March 31, 2023
Fund Name Benchmark Inception Date ($ millions)
Cash Management Solutions

PH&N Canadian Money Market Fund

FTSE Canada 30 Day T-Bill Index

Jul '86 $fund.totalFundAssets

PH&N Institutional S.T.I.F.

FTSE Canada 91 Day TBill Index

Jan '97 $fund.totalFundAssets
Fixed Income Solutions
Broad Market Funds

PH&N Short Term Bond & Mortgage Fund

FTSE Canada Short Term Overall Bond Index

Dec '93 $fund.totalFundAssets

PH&N Short Core Plus Bond Fund

FTSE Canada Short Term Overall Bond Index

Aug '20 $fund.totalFundAssets

PH&N Bond Fund

FTSE Canada Universe Bond Index

Dec '70 $fund.totalFundAssets

PH&N Total Return Bond Fund

FTSE Canada Universe Bond Index

Jul '00 $fund.totalFundAssets

PH&N Enhanced Total Return Bond Fund

FTSE Canada Universe Bond Index

Mar '08 $fund.totalFundAssets

PH&N Core Plus Bond Fund

FTSE Canada Universe Bond Index

Jun '13 $fund.totalFundAssets

PH&N Enhanced Long Bond Pension Trust

FTSE Canada Long Term Overall Bond Index

Aug '14 $fund.totalFundAssets

PH&N Long Core Plus Bond Fund

FTSE Canada Long Term Overall Bond Index

Jul '15 $fund.totalFundAssets
Specialty Funds

PH&N Infrastructure Debt Fund

No formal benchmark

Nov '11 $fund.totalFundAssets

PH&N Corporate Bond Trust

FTSE Canada All Corporate Bond Index

Jun '11 $fund.totalFundAssets

PH&N Long Corporate Bond Trust

FTSE Canada Long Corporate Bond Index

Jun '13 $fund.totalFundAssets

PH&N High Yield Bond Fund1

FTSE Canada Universe Bond Index

Jul '00 $fund.totalFundAssets

RBC High Yield Bond Fund

FTSE Canada Universe Bond Index

Sep '10 $fund.totalFundAssets

PH&N 20+ Strip Fund

FTSE Canada 20+ Strip Bond Index

Jun '13 $fund.totalFundAssets

BlueBay $U.S. Global High Yield Bond Fund (Canada)

No formal benchmark

Jan '21 $fund.totalFundAssets

PH&N Multi-Strategy Credit Fund

50% Bloomberg Barclays Global Aggregate Corporate Index (CAD Hedged),
50% FTSE Canada Short Corporate Bond Index

Oct '21 $fund.totalFundAssets

BlueBay Total Return Credit Fund (Canada)

FTSE Canada 91 Day T-Bill Index

May '21 $fund.totalFundAssets

RBC Emerging Markets Foreign Exchange Fund

JP Morgan ELMI+ Total Return Index

Nov '14 $fund.totalFundAssets

PH&N Private Placement Corporate Debt Fund

FTSE Canada Universe Bond Index

Jul '16 $fund.totalFundAssets

PH&N Enhanced Long Government Bond Fund

No formal benchmark

Jul '13 $fund.totalFundAssets

PH&N Long Private Placement Corporate Debt Fund

FTSE Canada Long Term Corporate Bond Index

Oct '23 $fund.totalFundAssets
Component Funds for Customized Portfolios

PH&N PRisM - Short

No formal benchmark

Apr '05 $fund.totalFundAssets

PH&N PRisM - Mid

No formal benchmark

Apr '05 $fund.totalFundAssets

PH&N PRisM - Long

No formal benchmark

Apr '05 $fund.totalFundAssets

PH&N PRisM Levered Government Bond Fund

No formal benchmark

Jan '17 $fund.totalFundAssets

PH&N Enhanced PRisM - Long

No formal benchmark

Apr '11 $fund.totalFundAssets

PH&N Enhanced Long Government Bond Fund

No formal benchmark

Jul '13 $fund.totalFundAssets

PH&N Investment Grade Corporate Bond Trust

No formal benchmark4

Dec '98 $fund.totalFundAssets

PH&N Long Investment Grade Corporate Bond Trust

No formal benchmark4

Jul '05 $fund.totalFundAssets

PH&N Municipal Plus Bond Fund

No formal benchmark

Nov '17 $fund.totalFundAssets

PH&N Long Municipal Plus Bond Fund

No formal benchmark

Nov '17 $fund.totalFundAssets

PH&N PRisM Long Corporate Bond Trust

FTSE Canada Long Term Corporate Bond Index

Jun '18 $fund.totalFundAssets
Equities Solutions
Canadian Equity Funds

PH&N Canadian Equity Value Fund

S&P/TSX Capped Composite Index

Dec '09 $fund.totalFundAssets

PH&N Canadian Equity Fund (or PH&N Canadian Equity Pension Trust $509.5 million)

S&P/TSX Capped Composite Index

Jun '71 $fund.totalFundAssets

RBC QUBE Canadian Equity Fund

S&P/TSX Capped Composite Index

Jun '13 $fund.totalFundAssets

PH&N Dividend Income Fund

S&P/TSX Capped Composite Index 5

Jun '77 $fund.totalFundAssets

PH&N Canadian Equity Plus Pension Trust

S&P/TSX Capped Composite Index

Feb '67 $fund.totalFundAssets
U.S. Equity Funds

PH&N U.S. Equity Fund

S&P 500 Index (C$)

Sep '64 $fund.totalFundAssets

PH&N Currency-Hedged U.S. Equity Fund

S&P 500 Index (CAD Hedged)

Jun '06 $fund.totalFundAssets

RBC QUBE U.S. Equity Fund

S&P 500 Index (C$)

Jun '13 $fund.totalFundAssets

RBC U.S. Mid-Cap Growth Equity Fund

Russell Midcap Growth Index C$

Sep '06 $fund.totalFundAssets

RBC U.S. Mid-Cap Value Equity Fund

Russell Midcap Value Index C$

Jan '12 $fund.totalFundAssets

RBC U.S. Small-Cap Core Equity Fund

Russell 2000 Index C$

Jan '12 $fund.totalFundAssets

RBC U.S. Small-Cap Value Equity Fund

Russell 2000 Value Index C$

Sep '15 $fund.totalFundAssets
International Equity Funds

PH&N Overseas Equity Fund

MSCI EAFE Index (C$)

Dec '00 $fund.totalFundAssets

PH&N Currency-Hedged Overseas Equity Fund

MSCI EAFE Index (100% Hedged to CAD)

Jun '06 $fund.totalFundAssets
Global Equity Funds

PH&N Global Equity Fund

MSCI World Net Index (C$)

Dec '00 $fund.totalFundAssets

RBC Global Equity Focus Fund

MSCI World Net Index (C$)

Apr '14 $fund.totalFundAssets

RBC Global Equity Focus Pension Trust

MSCI World Total Return Net Index (C$)

May '21 $fund.totalFundAssets

RBC Global Equity Leaders Fund

MSCI World Net Index Total Return (C$)

May '21 $fund.totalFundAssets

RBC QUBE Global Equity Fund

MSCI World Net Index (C$)

Jun '13 $fund.totalFundAssets
Emerging Markets Funds

RBC Emerging Markets Equity Fund

MSCI Emerging Markets Net Index (C$)

Dec '09 $fund.totalFundAssets

RBC Emerging Markets Equity Focus Fund

MSCI Emerging Markets Net Index (C$)

Oct '19 $fund.totalFundAssets

RBC Emerging Markets Dividend Fund

MSCI Emerging Markets Net Index (C$)

Jun '13 $fund.totalFundAssets

RBC Emerging Markets Small-Cap Equity Fund

MSCI Emerging Markets Small Cap (Net) Total Return Index (C$)

Jun '13 $fund.totalFundAssets
Objective-Oriented Funds

PH&N Conservative Equity Income Fund

S&P/TSX Composite High Dividend Index

Jun '15 $fund.totalFundAssets

RBC QUBE Low Volatility Canadian Equity Fund

Sharpe Ratio of the

Nov '12 $fund.totalFundAssets

RBC QUBE Low Volatility U.S. Equity Fund

Sharpe Ratio of the S&P 1500 Total Return Index (C$)

Nov '12 $fund.totalFundAssets

RBC QUBE Low Volatility Global Equity Fund

Sharpe Ratio of the MSCI World Net Total Return Index (C$)

Jan '13 $fund.totalFundAssets

RBC QUBE Low Volatility All Country World Equity Fund

Sharpe Ratio of the MSCI All Country World Net Index (C$)

Apr '14 $fund.totalFundAssets
Multi-Asset Class/Target Date Solutions

PH&N Conservative Pension Trust

FTSE Canada 30 Day T-Bill Index (1%)
FTSE Canada Universe Bond Index (59%)
13% S&P/TSX Capped Composite Total Return Index (13%)
MSCI World Total Return Net Index (CAD) (24%)
MSCI Emerging Markets Total Return Net Index (CAD) (3%)

Jul '19 $fund.totalFundAssets

PH&N Balanced Pension Trust

FTSE Canada 30 Day T-Bill Index (1%)
FTSE Canada Universe Bond Index (39%)
S&P/TSX Capped Composite Total Return Index (20%)
MSCI World Total Return Net Index (CAD) (36%)
MSCI Emerging Markets Total Return Net Index (CAD) (4%) 

Jul '01 $fund.totalFundAssets

PH&N Growth Pension Trust

FTSE Canada 30 Day T-Bill Index (1%)
FTSE Canada Universe Bond Index (24%)
S&P/TSX Capped Composite Total Return Index (25%)
MSCI World Total Return Net Index (CAD) (45%)
MSCI Emerging Markets Total Return Net Index (CAD) (5%)

Jul '19 $fund.totalFundAssets

PH&N PRisM Balanced Fund

FTSE Canada 30 Day T-Bill Index

Jun '07 $fund.totalFundAssets

PH&N LifeTime 2015 Fund

PH&N LifeTime Fund Proprietary Glidepath

Jan '11 $fund.totalFundAssets

PH&N LifeTime 2020 Fund

PH&N LifeTime Fund Proprietary Glidepath

Jan '11 $fund.totalFundAssets

PH&N LifeTime 2025 Fund

PH&N LifeTime Fund Proprietary Glidepath

Jan '11 $fund.totalFundAssets

PH&N LifeTime 2030 Fund

PH&N LifeTime Fund Proprietary Glidepath

Jan '11 $fund.totalFundAssets

PH&N LifeTime 2035 Fund

PH&N LifeTime Fund Proprietary Glidepath

Jan '11 $fund.totalFundAssets

PH&N LifeTime 2040 Fund

PH&N LifeTime Fund Proprietary Glidepath

Jan '11 $fund.totalFundAssets

PH&N LifeTime 2045 Fund

PH&N LifeTime Fund Proprietary Glidepath

Jan '11 $fund.totalFundAssets

PH&N LifeTime 2050 Fund

PH&N LifeTime Fund Proprietary Glidepath

Aug '14 $fund.totalFundAssets

PH&N LifeTime 2055 Fund

PH&N LifeTime Fund Proprietary Glidepath

Oct '18 $fund.totalFundAssets

PH&N LifeTime 2060 Fund

PH&N LifeTime Fund Proprietary Glidepath

Jul '20 $fund.totalFundAssets
RBC Vision™ Funds

RBC Vision Bond Fund

FTSE Canada Universe Bond Index

Sep '02 $fund.totalFundAssets

RBC Vision Fossil Fuel Free Bond Fund

FTSE Canada Universe Bond Index 

Jan '21 $fund.totalFundAssets

RBC Vision Fossil Fuel Free Short Term Bond Fund

FTSE Canada Short Term Overall Bond Index

Jan '21 $fund.totalFundAssets

RBC Vision Canadian Equity Fund

S&P/TSX Capped Composite Index

Jul '07 $fund.totalFundAssets

RBC Vision Fossil Fuel Free Emerging Markets Equity Fund

MSCI Emerging Markets Total Return Net Index (CAD)

Jan '22 $fund.totalFundAssets

RBC Vision QUBE Fossil Fuel Free Low Volatility Canadian Equity Fund

Sharpe ratio of the S&P/TSX Capped Composite Total Return Index

Apr '20 $fund.totalFundAssets

RBC Vision Global Equity Fund

MSCI World Net Index (C$)

Jul '07 $fund.totalFundAssets

RBC Vision Fossil Fuel Free Global Equity Fund

MSCI All Country World Index (C$)

Nov '16 $fund.totalFundAssets

RBC Vision Balanced Fund

S&P/TSX Capped Composite Index (30%),
MSCI World Net Index (C$) (30%),
FTSE Canada Universe Bond Index (38%),
FTSE Canada 30 Day T-Bill Index (2%)

Jul '07 $fund.totalFundAssets

RBC Vision Fossil Fuel Free Balanced Fund

2% FTSE Canada 30 Day T-Bill Index,
9% FTSE Canada Short Term Overall Bond Index,
29% FTSE Canada Universe Bond Index,
53% MSCI World Total Return (Net) Index (CAD),
7% MSCI Emerging Markets Total Return (Net) Index (CAD)

Jan '21 $fund.totalFundAssets

RBC Vision Future Solutions Bond Fund

FTSE Canada Universe Bond Index

Jul '22 $fund.totalFundAssets
Alternatives

Direct Lending Fund I 2

No formal benchmark

2012 $fund.totalFundAssets

Direct Lending Fund II 2

No formal benchmark

2015 $fund.totalFundAssets

Direct Lending Fund III 2

No formal benchmark

2019 $fund.totalFundAssets

Senior Loan Fund 2

No formal benchmark

2016 $fund.totalFundAssets

Senior Loan Fund II 2

No formal benchmark

2020 $fund.totalFundAssets

PH&N Mortgage Pension Trust

FTSE Canada Short Term Overall Bond Index

Nov '01 $fund.totalFundAssets

PH&N Conventional Plus Mortgage Fund 3

FTSE Canada Short Term Overall Bond Index

Mar '19 $fund.totalFundAssets

PH&N High Yield Mortgage Fund

FTSE Canada Short Term Overall Bond Index

Jun '15 $fund.totalFundAssets

PH&N Long Mortgage Pension Trust

No formal benchmark

Jul '05 $fund.totalFundAssets

RBC Commercial Mortgage Fund

FTSE Canada Short Term Overall Bond Index

Jun '22 $fund.totalFundAssets

RBC Canadian Core Real Estate Fund

Canadian CPI (non-seasonally adjusted) 1-month lag plus 4%

Oct '19 $fund.totalFundAssets

RBC QUBE Market Neutral World Equity Fund (CAD) Hedged

FTSE Canada 91 Day T-Bill Index

Aug '15 $fund.totalFundAssets

RBC QUBE Market Neutral World Equity Fund - $US

Citigroup 3 Month U.S. T-Bill Index (US$)

Aug '15 $fund.totalFundAssets

RBC Multi-Strategy Alpha Fund

FTSE Canada 91 Day T-Bill Index

Sep '13 $fund.totalFundAssets

RBC Global Infrastructure Fund LP

Canadian CPI (non-seasonally adjusted) 1-month lag plus 4%

Apr '23 $fund.totalFundAssets

1This fund is hard-closed

2This fund is soft-closed

3 Managed by Arcmont Asset Management Limited (previously by BlueBay Asset Management LLP). Direct lending funds’ inception dates reflect the fund vintage year and total fund assets reflect committed capital at date of final close in Euros.

4Committed capital

5In CAD as of March 31, 2023

6Previously named PH&N Strategic Mortgage Fund

7There is no benchmark as the Fund will not be managed on a ‘stand-alone’ basis.

8The benchmark for the fund is 2/3 S&P/TSX Dividend Index + 1/3 S&P/TSX Dividend Index (excluding Energy & Materials, but including Oil & Gas Refining & Marketing and Oil & Gas Storage & Transportation sub-industries). The S&P/TSX Capped Composite Total Return Index is used for performance comparisons, however, the fund is managed relative to the benchmark. There are differences which include security holdings and sector allocation that impact comparability. As a result, the fund may experience periods when its performance differs materially from the index.

**There are differences which include security holdings and sector allocation that impact comparability. As a result, the fund may experience periods when its performance differs materially from the index.


This material is intended for qualified investors only.

This material has been provided by PH&N Institutional for information purposes only and may not be reproduced, distributed or published without the written consent of PH&N Institutional. It is not intended to provide professional advice and should not be relied upon in that regard.

PH&N Institutional takes reasonable steps to provide up-to-date, accurate and reliable information, and believes the information to be so when produced. This information is not intended to be an offer or solicitation to buy or sell securities or to participate in or subscribe for any service. No securities are being offered, except pursuant and subject to the respective offering documents and subscription materials, which may be provided to qualified investors only, and not to any other category of investor. This material is for general information only and is not, nor does it purport to be, a complete description of an investment in any Phillips, Hager & North (PH&N), BlueBay, or RBC investment fund. If there is an inconsistency between this material and the respective offering documents, the provisions of the respective offering documents shall prevail.

Information obtained from third parties is believed to be reliable, but no representation or warranty, express or implied, is made by PH&N Institutional, its affiliates or any other person as to its accuracy, completeness or correctness. We assume no responsibility for any errors or omissions in such information.

Investments in alternative funds are speculative and involve significant risk of loss of all or a substantial amount of your investment. Alternative funds: (i) may engage in leverage and other speculative investment practices that may increase the risk of investment loss; (ii) can be highly illiquid; (iii) are not required to provide periodic pricing or valuation information to investors; and (iv) are not subject to the same regulatory requirements as prospectus-offered mutual funds. In assessing the suitability of these investments, investors should carefully consider their personal circumstances including time horizon, liquidity needs, portfolio size, income, investment knowledge and attitude toward price fluctuations. Investors should consult their professional advisors and consultants regarding any tax, accounting, legal or financial considerations before making a decision as to whether the funds mentioned in this material are a suitable investment for them.

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the fund’s offering documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. 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. Past performance may not be repeated.

PH&N Institutional is the institutional business division of RBC Global Asset Management Inc. (RBC GAM Inc.), an indirect, wholly-owned subsidiary of Royal Bank of Canada. RBC GAM Inc. is the manager and principal portfolio adviser of the PH&N, BlueBay and RBC investment funds.

RBC Global Asset Management is the asset management division of Royal Bank of Canada (RBC) which includes RBC GAM Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited, and RBC Global Asset Management (Asia) Limited, which are separate, but affiliated subsidiaries of RBC.

®/™ Trademark(s) of Royal Bank of Canada. Used under licence.

© RBC Global Asset Management Inc., 2023. Publication date: April 2023

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