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Please read the following terms and conditions carefully. By accessing 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.

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

Working collaboratively with our clients and their consultants, we are able to provide institutional investors with custom portfolios of pooled funds tailored to their specific needs. Our clients have access to a full spectrum of asset classes and investment strategies managed by dedicated teams across RBC Global Asset Management's (RBC GAM) global network of 18 investment teams. Our institutional portfolio managers provide these clients with education, advice, reporting, compliance monitoring and other services, depending on their specific needs.

Our approach

We have extensive experience providing strategic asset mix and allocation guidance to institutional investors.

Broad set of capabilities

Our expertise spans equities, fixed income, and alternatives in private and public markets.


In balanced products managed by the RBC Portfolio Solutions Team.
(As of 12.31.23)


In balanced mandates managed by PH&N Institutional on behalf of Canadian institutional investors.
(As of 12.31.23)


Years of experience working with institutional investors

Tactical asset allocation

Disciplined approach to add value while controlling risk.

Risk monitoring

Dedicated risk management professionals both at an investment team and oversight level.

ESG integration

At RBC GAM, our approach to responsible investment is comprised of 3 pillars: environmental, social, and governance (ESG) integration, active stewardship, and client-driven solutions and reporting.1


Engagements completed in 2023


Total proposals voted in 2023

Strategic advice & portfolio modelling

Thoughtful investment policy design informed by quantitative portfolio modelling and a collaborative approach.


Average distinct client projects per year


Data set variables included in our modelling framework to create unlimited custom scenarios

Capabilities Asset allocation Risk monitoring ESG integration Strategic advice Customized solution with ongoing support
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Custom balanced solutions are developed to deliver the most relevant aspects of RBC GAM investment allocation expertise to each institutional client, leveraging expertise in equities, fixed income and alternatives in private and public markets.

For investors who prefer the simplicity of a pre-set multi-asset solution:

Our Investment Portfolio Solutions (IPS) group provides portfolio analytics and quantitative risk modelling to help stakeholders assess the risk/reward impact of different strategic investment decisions and make informed choices.

Learn more

Institutional client case study

We were hired by a client seeking a manager for three separate portfolios, each held for a different purpose. Based on a discussion with the client that covered their objectives, time horizon, risk tolerance, investment beliefs, liquidity needs, and other considerations, we proposed the following three portfolios. Each portfolio is comprised of a custom mix of actively managed pooled funds.

Our Institutional Portfolio Managers helped the client re-write their investment policy statement for these portfolios. In subsequent meetings with their investment committee, we dove deeper into each of the components, how they complement one another, and how the portfolio should be expected to perform in different market environments.

Portfolio opportunity set and efficient frontier

Opportunity set


Core plus universe bonds

Portfolio A

Portfolio B

Portfolio C


Multi-asset global credit


Canadian equities

Proposed portfolios Proposed portfolios Proposed portfolios


Canadian low volatility equities


Global equities


Global low volatility equities


Emerging market equities


Commercial mortgages


Real estate












Modeled expectations (as of September 30, 2022)6      
Long term expected return (gross) 6.9% 8.2% 8.9%
Annual downside risk5 -7.4% -11.9% -16.7%
Annual volatility 5.1% 7.7% 10.0%
Sharpe ratio 0.9 0.7 0.6

Portfolio breakdown

Fixed income 55.0% 30.0% 20.0%
Core plus universe bonds 55.0% 25.0% 10.0%
Multi-asset global credit 0.0% 5.0% 10.0%
Equities 25.0% 55.0% 70.0%
Canadian equities 5.0% 12.5% 20.0%
Canadian low volatility equities 5.0% 10.0% 10.0%
Global equities 7.5% 15.0% 20.0%
Global low volatility equities 7.5% 12.5% 10.0%
Emerging market equities 0.0% 5.0% 10.0%
Private market alternatives 20.0% 15.0% 10.0%
Commercial mortgages 10.0% 0.0% 0.0%
Real estate 5.0% 10.0% 5.0%
Infrastructure 5.0% 5.0% 5.0%

Capital market assumptions

As of September 30, 2022
Asset classes Representative Data Series Expected Long Term Return Expected Annual Volatility Expected Annual Downside Risk
Universe Bonds FTSE Canada Universe Bond Index 4.0% 4.4% -6.0%
Core Plus Universe Bonds Custom Index7 5.5% 7.1% -7.4%
Multi-Asset Global Credit Custom Index8 8.0% 8.5% -16.4%
Canadian Equities S&P/TSX Composite Index 9.4% 17.0% -27.0%
Canadian Low Volatility Equities RBC QUBE Low Volatility Canadian Equity Strategy 8.5% 11.8% -15.7%
Global Equities MSCI World Index (CAD) 8.8% 14.4% -24.5%
Global Low Volatility Equities RBC QUBE Low Volatility Global Equity Strategy (CAD) 7.9% 11.0% -15.2%
Emerging Market Equities MSCI Emerging Markets (EM) Index (CAD) 10.8% 22.3% -33.2%
Commercial Mortgages Custom Index9 7.3% 3.6% -7.6%
Real Estate6 MSCI RealPac Canada Property Index 6.5% 9.6% -12.9%
Infrastructure6 EDHEC Infra 300 Index (USD) 7.0% 11.5% -16.1%

Note that the Capital market assumptions used and presented in this case study are from the time of analysis (Q3 2022). PH&N Institutional’s capital market assumptions are updated on a regular basis.

Capital market assumptions represent the views of PH&N Institutional for the purposes of illustrating and understanding the potential risk-reward trade-off of different portfolio decisions and are established by considering a variety of qualitative and quantitative sources of information including: different forecasting models; internal and external research; existing and implied future conditions aspriced by capital markets; and internal views of our fund managers. Expected long term annualized returns are for a 10 year forecast time horizon. Volatilities, downside risk and correlations are estimated from historical data and adjusted as required to reflect future market conditions. Investors should be aware of the limitations using forward-looking assumptions in that there is absolutely no guarantee that future performance will occur according to any ex-ante expectation.

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  1. Certain investment strategies or asset classes do not integrate ESG factors, including but not limited to money market, passive and certain third-party sub-advised strategies. Custom multi-asset solutions may invest in third-party funds not managed by RBC GAM. Please refer to funds’ offering documents.
  2. The engagement figure includes engagements for all of RBC GAM’s investment teams and does not include externally managed subadvised funds. This figure includes instances where our investment teams engaged with the same issuer multiple times. It is calculated on a best efforts basis, and may not capture every ESG-related engagement.
  3. The proxy voting statistics include voting for all of RBC GAM with the exception of portfolios managed by BlueBay fixed income teams, externally managed subadvised funds, and certain institutional accounts. Voting statistics account for proxy votes submitted by RBC GAM and may include instances where RBC GAM’s proxy votes were rejected at the time of meeting, which may occur due to proxy voting administration issues. Voting statistics exclude instances where RBC GAM intentionally did not vote due to shareblocking restrictions or other logistical impediments.
  4. Refer to appendix for modelling assumptions and disclosures.
  5. CVaR95 which represents the expected loss during the worst 5% of return outcomes. Hypothetical performance analyses are for illustrative purposes only and there is no guarantee that hypothetical returns or projections will be realized.
  6. Expected return assumed to be net of fees.
  7. 7.5% FTSE Canada Federal Bond Index, 20% FTSE Canada Provincial Bond Index, 40% FTSE Canada All Corporate Bond Index, 7.5% PH&N Mortgage Strategy, 5% ICE BofAUS High Yield Master II (CAD-H), 5% ICE BofA Global High Yield Index (CAD-H),10% J.P. Morgan Emerging Market Bond Index (CAD-H) and 5% PH&N Private Placement Corporate Debt Strategy
  8. 7.5% ICE BofA 3 Month US T-Bills (CAD-H), 3.5% ICE BofA Global High Yield Index (CAD-H),11.25% J.P. Morgan Emerging Market Bond Index (CAD-H), 11.25% J.P. Morgan Corporate Emerging Markets Bond Index (CAD-H), 7.5% J.P. Morgan Government Bond Index-Emerging Markets (GB I-EM), (CAD-H), 7.5% Credit Suisse Leveraged Loan Index (CAD-H) and 20% Thomson Reuters Convertible Global Focus Index (CAD-H).
  9. 39% PH&N Mortgage strategy and 61% PH&N High Yield Mortgage Strategy

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