Partnering with PH&N Institutional
Fixed income
Equities
Alternatives
Other links
Other links
  • See all results
  • See results in Products
  • See results in Insights

You are currently viewing the Canadian Institutional website. You can change your location here or visit other RBC GAM websites.
Welcome to the RBC Global Asset Management site for Institutional Investors
Français

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
#ri-nav { position: relative; } .dropdown-wrapper { padding: 0 30px; } .rbc-pinned::before { content: ""; position: absolute; top: 0; left: 50%; transform: translateX(-50%); width: 50%; height: 100%; background-color: #006ac3; z-index: -1; transition: all 0.5s ease; } .expand-menu::before { width:100%; } .rbc-nav-bar-link{ position:relative; color:#fff; font-size:16px; } .rbc-nav-bar-link::after { content: ''; position: absolute; left: 0; bottom: -3px; height: 1px; width: 100%; background: #fff; transform: scaleX(0); transform-origin: right; transition: transform 0.5s ease-in-out; } .rbc-nav-bar-link:hover::after, .active::after { transform-origin: left; transform: scaleX(1); } .mob-nav-link .active { border-bottom: 1px #fff solid; } #ri-nav-mob #ri-nav-mobButtonTrigger { align-items: center; justify-content: space-between; } .expandable-content-wrapper{ margin-top: 0 !important; } #ri-nav-mobButtonTrigger .expandable-arrow:before, #ri-nav-mobButtonTrigger .fa-angle-down:before { color: white; } #ri-nav-mob { background-color: #006ac3; padding-left: 30px; padding-right: 30px; display: none; z-index:99 } .mob-nav-item { list-style: none; padding-top: 15px; padding-bottom: 15px; } .mob-nav-link { color: white; padding: 16px 0; } .mob-nav-link:hover { color: white !important; } .rbc-pinned, .rbc-pinned-mob { position: sticky; top: 54px; margin-top:-35px; margin-bottom:35px; transition: all .3s ease-in-out; z-index:99; } #ri-nav { background-color: #006ac3; } .rbc-nav-bar-link { position:relative; color: #fff; font-size: 14px; } .rbc-nav-bar-item { padding-top: 15px; padding-bottom: 15px; flex-grow: 1; } .rbc-nav-bar-link:hover { color: #fff; text-decoration: none; border-bottom: none; } .rbc-nav-bar-link:focus { outline: 2px solid #fff; outline-offset: 1px; } #ri-nav .rbc-nav-bar-items { display: flex; list-style-type: none; } @media only screen and (max-width: 1199px) { #ri-nav .rbc-nav-bar-items { grid-template-columns: repeat(auto-fit, minmax(200px, 1fr)); } #ri-nav { display: none; } #ri-nav-mob { display: block; } }
.country { stroke: #fff; stroke-miterlimit: 10; stroke-width: 0.5px; fill: #c3d7df; opacity: 0.7; } .circle-inner { stroke: #fff; stroke-width: 2px; fill: none; } .circle-canada { fill: #003168; } .legend-circle-canada { background-color: #003168; } .circle-us { fill: #009ed3; } .legend-circle-us { background-color: #009ed3; } .circle-asia { fill: #d87d00; } .legend-circle-asia { background-color: #d87d00; } .circle-emerging{ fill:#ffc300; } .legend-circle-emerging { background-color:#ffc300; } .circle-europe { fill: #859e00; } .legend-circle-europe { background-color: #859e00; } .circle { opacity: 0.8; transition: 0.25s; } .circle.active { opacity: 1; transform: scale(1.175); } .caption{ margin-top: 0.75em; } .first-list-item{ border-top: none; }
gam-world-map
  • Canada

    Canada’s economy showed some improvement into the end of 2024, helped by rising consumer spending and better housing investment thanks to lower interest rates.

  • United States

    Consensus is for 10% profit growth for the S&P 500 in 2025. This bar is high but achievable without serious policy error.

  • Europe

    The eurozone faces headwinds, with the currency bloc’s economic performance continuing to trail the U.S. amid trade uncertainty and slack business confidence.

  • Asia

    We expect Asian equity volatility in 2025 as President Trump enacts his trade policies.

  • Emerging markets

    Earnings growth should become a key driver of emerging market equities returns in 2025.

Executive summary

Uncertainty abounds as the trade war threatens economic growth, complicates the outlook on inflation, and stokes financial-market volatility, causing investors to weigh a wide range of possible outcomes. In this environment, stocks are under pressure as investors shun expensive U.S. large-cap growth stocks in favour of those with more reasonable valuations.

Read more
stack of papers
.imp-bg-color { background-color: #003168 !important; color: #fff !important; } .imp-bg-color h1, .imp-bg-color h2, .imp-bg-color h3, .imp-bg-color h4, .imp-bg-color h5, .imp-bg-color h6 { color: #fff !important; }

Economy

The heightened activity and lack of clarity around U.S. policy threatens to temporarily slow economic growth as businesses and households opt to delay key decisions.

Fixed income

The key threat to fixed income investors would be an upside surprise to inflation caused by unfavourable trade policies, but that upward pressure could be offset by weaker growth conditions.

Equity markets

Our return estimates range from mid- to high-single digit returns over the year ahead depending on the region, but large error bands exist around our central forecasts.

Resources

Disclosure

This material is provided by RBC Global Asset Management (RBC GAM) for informational purposes only and may not be reproduced, distributed or published without the written consent of RBC GAM or its affiliated entities listed herein. This material does not constitute an offer or a solicitation to buy or to sell any security, product or service in any jurisdiction; nor is it intended to provide investment, financial, legal, accounting, tax, or other advice and such information should not be relied or acted upon for providing such advice. This material is not available for distribution to investors in jurisdictions where such distribution would be prohibited.

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

In Canada, this material is provided by RBC GAM Inc. (including PH&N Institutional) and/or RBC Indigo, each of which is regulated by each provincial and territorial securities commission with which it is registered. In the United States, this material is provided by RBC GAM-US, a federally registered investment adviser. In Europe this material is provided by RBC GAM-UK, which is authorised and regulated by the UK Financial Conduct Authority. In Asia, this material is provided by RBC GAM-Asia, which is registered with the Securities and Futures Commission (SFC) in Hong Kong.

Additional information about RBC GAM may be found at www.rbcgam.com.

This material has not been reviewed by, and is not registered with any securities or other regulatory authority, and may, where appropriate and permissible, be distributed by the above-listed entities in their respective jurisdictions.

Any investment and economic outlook information contained in this material 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 in such information.

Opinions contained herein reflect the judgment and thought leadership of RBC GAM and are subject to change at any time. Such opinions are for informational purposes only and are not intended to be investment or financial advice and should not be relied or acted upon for providing such advice. RBC GAM does not undertake any obligation or responsibility to update such opinions.

RBC GAM reserves the right at any time and without notice to change, amend or cease publication of this information.

Past performance is not indicative of future results. With all investments there is a risk of loss of all or a portion of the amount invested. Where return estimates are shown, these are provided for illustrative purposes only and should not be construed as a prediction of returns; actual returns may be higher or lower than those shown and may vary substantially, especially over shorter time periods. It is not possible to invest directly in an index.

Some of the statements contained in this material may be considered forward-looking statements which provide current expectations or forecasts of future results or events. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties. Do not place undue reliance on these statements because actual results or events may differ materially from those described in such forward-looking statements as a result of various factors. Before making any investment decisions, we encourage you to consider all relevant factors carefully.

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

© RBC Global Asset Management Inc., 2025