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Welcome to the RBC Global Asset Management site for Institutional Investors

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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.

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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.

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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.

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The Canadian Income & Growth Equity strategy is a diversified, actively managed portfolio that aims to provide long-term capital growth and income by investing in a well-diversified portfolio of dividend income-producing Canadian securities that have relatively high yield. Companies chosen will primarily be mature but growing businesses. To achieve the strategy’s investment objectives, the PH&N Canadian Equity team generally focuses on securities that offer an attractive current yield combined with superior management, industry leadership, a high level of profitability compared to their competitors, a sound financial position, strong earnings and dividend growth, and a reasonable valuation. The small capitalization, resource, technology and communication sectors will typically be under-represented within the strategy, as compared to broader equity market indices.

Strategy overview

  • Large cap Canadian equity portfolio, primarily mature but growing businesses.
  • Invests in income-producing securities with a relatively high yield.
  • Fundamental research presents risk/reward outlook for stocks, guiding conviction and positioning.
  • The team integrates material ESG factors into its investment decisions.
  • Team of sector specialists led by experienced portfolio managers.

Our approach

Investment philosophy and style

  • The investment philosophy underlying the PH&N Canadian Equity team’s approach to Canadian equities is centered on the belief that higher quality companies outperform over the long-term, that growth is key to long-term value creation, and that the price paid for a stock matters to long-term returns. The team believes that long-term value creation is more important than near-term valuations.
  • The team’s investment process is primarily bottom-up.
  • Integrates material ESG factors into its investment decisions.

Investment process

  • The PH&N Canadian Equity team’s research process is facilitated by a number of proprietary tools, including their templates, sector playbooks, and dashboard guides.
  • In addition to identifying investment opportunities, a related function of the team’s research process is to develop conviction in those opportunities.
  • The team has developed checklists to assist them in establishing conviction around the quality of businesses as well as the drivers of the returns that they expect.
  • The resulting conviction establishes a risk/reward outlook and helps guide their positioning in individual holdings.
  • Integrates material ESG factors into its investment decisions.

Portfolio construction

  • The objective of the PH&N Canadian Equity team’s portfolio management process is to translate the research findings into a portfolio. It can be thought of as comprising two components: portfolio construction and risk management.
  • The team builds the portfolio to optimally blend 1) taking enough risk to meet the objectives for value added, 2) ensuring that their highest conviction investment ideas are expected to have the biggest impact on performance, and 3) measuring and monitoring risks for deliberate calibration.
  • As a result, two-thirds of the portfolio comprises the team’s highest conviction (quality) companies, while the remaining one-third of the portfolio helps control for any unintended style or sector risks.
  • As with the team’s research process, portfolio management decisions are assisted by proprietary fundamental and quantitative tools.
  • ESG considerations are a component of the team’s overall fundamental analysis. The team engages with companies’ management and boards to better understand potential material ESG risks and opportunities, as well as the underlying processes the companies have in place to manage these risks and opportunities.

Additional information

January 1993
Primary benchmark
RBC Canadian Dividend Custom Index
Canadian Investment Fund

Investment team

PH&N Canadian Equity team

​A collaborative, disciplined investment process focused on deep fundamental research

Connect with our team to learn more

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