The document discusses the recovery of the U.S. housing market and economy over the past few years after the financial crisis. It also notes that Cardinal's U.S. portfolios have performed well, returning about 11% over the past year compared to a 13.2% gain in the S&P 500, due to strong growth at companies like IBM, Stryker, and Honeywell. The document also provides an overview of Royal Bank of Canada, highlighting its diversified business lines and record earnings in 2012 that supported dividend increases.