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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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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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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.

Decline

As a longstanding partner to numerous Canadian institutional investors, we understand that each entity faces unique investment challenges. Consequently, all institutional clients have access to the Institutional Portfolio Solutions (IPS) team, a specialized group dedicated to providing portfolio analytics and quantitative risk modelling to help stakeholders assess the risk/reward impact of different strategic investment decisions and make informed, prudent choices.

Since the formal establishment of the team in 2015, they have worked extensively with institutional investors of all sizes, spanning an array of different entities such as pension plans, foundations, endowment funds, Indigenous trusts, and family offices.

About the Institutional Portfolio Solutions team

The analyses produced by IPS are supported by their proprietary modelling tools, all developed and maintained internally to allow for maximum flexibility when working with clients. Team members bring with them specialized experience from backgrounds in investment consulting, risk management, financial engineering, and actuarial science, all of which are additive to the client advisory experience that supports decision making.

Modelling & analytics

Proprietary, leading-edge modelling tools provide meaningful and actionable information.

Consulting

Custom-designed decision frameworks assist objective-oriented investors with strategic investment policy decisions.

Innovation

Ongoing R&D and thought leadership bring new and innovative approaches to tackling investor challenges.

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Portfolio analysis & solution design

The team’s tried and tested approach to portfolio analysis and solution design when working with clients on investment policy strategy is depicted below. While IPS follows the same process with every investor, the scope and complexity at each step will vary by situation, tailored to each client's specific circumstances.

Define investment goals to enable informed decision making and positive outcomes.

Different types of investors

Insurance

Indigenous trust

Pension plan

Family office

Endowment & foundation

Distinct institutional goals

Meet spending commitments

Minimize funding volatility

Long-term capital growth

Generate stable income

Maintain purchasing power

Preserve multi-generational weath

Unique investment trade-off

Risk tolerance

Reward metric

Constraints

Customized portfolio solution

Strategic asset allocation

Asset classes should align with investment objectives and fiduciaries should be comfortable with all potential exposures.

Investment opportunity set

Fixed income

Money market
Government
Investment grade corporate
High yield
Emerging market
Multi-asset global credit
Etc.

Equities

Large cap
Small cap
Developed market
Emerging market
Low volatility
Etc.

Alternatives

Absolute return
Commercial mortgages
Private debt
Private equity
Real estate
Infrastructure
Etc.

Proprietary modelling tools help identify the balance of risk and reward opportunities.

Define the appropriate analysis

Asset-only
Asset-liability
Market value/spending

Specify the correct risk/
reward trade-off

Return vs. volatility
Excess return vs. surplus risk
Spending vs. capital preservation

Identify portfolio candidates with superior risk/reward profiles

*Chart is for illustration purpose only

Adapt the solution to market realities and practical considerations to increase the odds of success.

Optimized

Optimization is driven by best-estimate assumptions that can sometimes lead to impractical or concentrated portfolios

Add allocation to foreign fixed income.

Reduce home country bias in equities.

Increase liquidity in alternatives.

Proposed

A portfolio that is sufficiently close to the theoretical frontier but with qualitative adjustments could be preferable

Domestic fixed income
Domestic equities
Liquid alternatives
Foreign fixed income
Foreign equities
Private alternatives

*Charts is for illustration purpose only. Asset mix is subject to change.

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Connect with our team to learn more

The IPS team's analytics and advisory services are available to all PH&N Institutional clients, reflecting our commitment to their long-term success and partnership.