This document provides an overview of investment allocation and risk management strategies. It discusses asset allocation models for different investor lifecycles, including sample portfolios with varying risk profiles. Historical return and risk data is presented for the sample portfolios. The document also reviews relationship types with investment managers, such as advisory vs. fiduciary duty relationships. Timeless risk management strategies like sector and position limits are covered as well.
Gwen Becker, RBC and Allison Maher, Family Wealth Coach lead you through the critical questions to empower you to take ownership of your financial future.
Week One material for Wealth Management course.
The information contained in this presentation is for illustrative and informational purposes only and should not be considered investment advice.
Asset allocation is an investment strategy. It helps to keep a balance between risk and return of any particular asset class. Asset allocation refers to investing a certain percentage of your investible surplus in respective asset classes, such as equity, debt, gold and real estate. Read to understand asset allocation in detail.
Gwen Becker, RBC and Allison Maher, Family Wealth Coach lead you through the critical questions to empower you to take ownership of your financial future.
Week One material for Wealth Management course.
The information contained in this presentation is for illustrative and informational purposes only and should not be considered investment advice.
Asset allocation is an investment strategy. It helps to keep a balance between risk and return of any particular asset class. Asset allocation refers to investing a certain percentage of your investible surplus in respective asset classes, such as equity, debt, gold and real estate. Read to understand asset allocation in detail.
How do investors achieve financial freedom? How do you establish your financial goals? Understand the benefits of diversification and following an asset allocation strategy.
www.Quantumamc.com
Principal Retirement Advisors offers a first-of-its-kind one-stop solution to help you achieve your key financial goals and attain a financially independent and secured retirement. We offer advisory services on a wide range of products including Mutual funds, Fixed-income products, Gold ETFs and insurance for individual investors across all life stages.
Pep Talk: Choosing the Best Pooled Employer Plan (PEP)Ron Surz
There are approximately 150 PEPs from which to choose so it’s complicated, but the most important differentiator narrows the search considerably. The best PEP has the safest Qualified Default Investment Alternative (QDIA). A safe QDIA is not the most popular because the most popular QDIAs are risky.
A PEP with a safe QDIA is an asset. A PEP with a risky QDIA could become a liability.
How do investors achieve financial freedom? How do you establish your financial goals? Understand the benefits of diversification and following an asset allocation strategy.
www.Quantumamc.com
Principal Retirement Advisors offers a first-of-its-kind one-stop solution to help you achieve your key financial goals and attain a financially independent and secured retirement. We offer advisory services on a wide range of products including Mutual funds, Fixed-income products, Gold ETFs and insurance for individual investors across all life stages.
Pep Talk: Choosing the Best Pooled Employer Plan (PEP)Ron Surz
There are approximately 150 PEPs from which to choose so it’s complicated, but the most important differentiator narrows the search considerably. The best PEP has the safest Qualified Default Investment Alternative (QDIA). A safe QDIA is not the most popular because the most popular QDIAs are risky.
A PEP with a safe QDIA is an asset. A PEP with a risky QDIA could become a liability.
Many of us have the habit of editing ourselves, particularly when facing tough and/or sensitive issues. We replay in our heads (over and over) what we’re going to say and how we’re going to say it, and we anticipate exactly what the right moment looks like to speak up. This is called “careful communication” in Fierce Conversations®. Further to that, we play out what the other party is going to say and how they’re going to feel and react, and for the most part this picture is quite the opposite of empowering. We are so focused on being perfect and doing it right that we get in our own way that we become thwarted in our expression and in some cases we are stopped. This is referred to as a “missing conversation” in Fierce Conversations®. Research shows that the missing conversation is the biggest threat to the health of a relationship, family, or business. Fierce Conversations® offers transformational tools that will enable you to discover your voice and talk through tough and sensitive issues.
It is essential for women to develop effective negotiation skills. Learn what can derail your negotiations, how to recognize negotiation opportunities, discover your silent negotiation partner, and strategic moves to enhance your negotiation.
le chéile Group Income and Growth Investment Seminar 05.11.13le chéile Group
'Credit Union Investments - Income and Growth' Seminar 05.11.13
Speakers on the day:
Mark Dunn, Sales Director, Carmignac Gestion
Aidan Ryan, Retail Deposits, Investec Bank
John Calvert, CEO, BCP Asset Management
www.lecheilegroup.ie
A description of the impact the recession has had on investment decisions, disclosure and macro ecnomic factors, by Stephen Whalen, Liberty Mutual Group. Part of Current Topics in Tax-Exempt Finance 10/29/2010.
Jai prakash Associate Court Order For Fixed Deposit Repayment atul baride
This the court case order in Case of Fixed Deposit Investor Refund of the Investment. Jaiprakash Associate and others are old players in company FD Market. The Few Percentile of higher interest attracted many investor
How to Encourage Your Kids to Save MoneyMoney Chutney
Encouraging kids to save money is an important thing parents should consider in their parenting plan. Although, it is not easy to make your kids learn all the money saving techniques, you can at least teach them few basic things that can make them disciplined money savers. The earlier you start, the better off they will be in saving and managing their finances.
Information to help you and your family manage your inheritance questions, plan your retirement and ensure you have sustainable cash flow to see you through your twilight years.
On Thursday, April 27th, 2017, we heard from Windham's own client consultant, Jon Kazarian about best methods and practices for the portfolio construction and evaluation process.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
7. 7
Simply Your Life – Pension Style PortfoliosExpectedReturn
Risk Profiles
The focus is long term capital appreciation with a secondary focus on wealth preservation. The majority of the portfolio
will typically be invested in a blend of growth assets. The investor in this category has a higher tolerance for risk over
their investment horizon.
The focus is capital preservation. The portfolio will typically be invested mainly in fixed income and other low volatility
instruments. The investor in this category has a low tolerance for loss over their investment horizon.
The focus is the wealth preservation which includes an element of growth to retain the real (inflation – adjusted) value of
the portfolio. The portfolio will typically include fixed income instruments as well as some exposure to growth assets.
The investor in this category has some tolerance for loss over their investment horizon.
The focus is a balance between capital appreciation and wealth preservation. The portfolio may include exposure to all
asset classes and carries moderate risk of loss over the investment horizon.
Very Conservative
Expected Volatility
Conservative
Balanced
Growth
Aggressive Growth
The focus is the maximization of long term capital appreciation. The portfolio will be invested mainly in growth assets
and may have a higher proportion of higher risk investments and possible concentrations. The investor in this category
has a high tolerance for risk over their investment horizon.
Very Conservative
Conservative
Balanced
Growth
Aggressive Growth
Efficient
Frontier
Cash
Fixed Income
Equities
Asset Allocation Profiles are based on RBC's Strategic Asset Allocation Framework and tradditional asset classes.
Expected Risk & Return and the Efficient Frontier are illustrative based on long term (5-10 Year) time horizon.
RBC Dominion Securities Inc. | 18 January 2016
Boomers
Gen X
Millennials
Boomers
Gen X
Millennials
Source: RBC Dominion Securities
8. 8
Asset Allocation – Index Descriptions
Asset Allocation Model: Balanced Profile
Sub Asset Class Index Name Geography Allocation
Cash 5.0%
Cash - Money Market DEX Canadian Trsury Bill 30 Day Canada 5.0%
Fixed Income 40.0%
FI - Government Bonds DEX Government Bond TR Canada 14.0%
FI - Corporate Bonds DEX Universe Corporate Bond TR Canada 16.0%
FI - High Yield Bonds Merrill Lynch US High Yield Master II USD US 5.0%
FI - Emerging Markets JP Morgan EMBI Global Diversified TR USD Emerging Markets 5.0%
Equity 55.0%
Eq - Cap/Style: Large Cap S&P/TSX Composite TR Canada 20.0%
Eq - Cap/Style: Large Cap S&P 500 Total Return US 20.0%
Eq - Cap/Style: Large Cap MSCI EAFE Int'l ex. US 10.0%
Eq - Region: Emerging Markets MSCI Emerging Markets (Net) Emerging Markets 5.0%
For modelling purposes, the indices used to represent the indicated asset classes are described on Page 28 under the heading "Index Descriptions".
Reference Currency: CAD. It is not possible to invest directly in an index. Past performance does not guarantee future results.
RBC Dominion Securities Inc. | 18 January 2016
Source: RBC Dominion Securities
9. 9
Asset Allocation – Portfolio Composition
Asset Class Very Conservative Conservative Balanced Growth Aggressive Growth
Cash 5% 5% 5% 5% 5%
Canadian Cash 5% 5% 5% 5% 5%
Fixed Income 75% 60% 40% 25% -
Government 40% 26% 14% 5% -
Corporate - Investment Grade 35% 26% 16% 10% -
Corporate - High Yield - 4% 5% 5% -
Emerging Markets - 4% 5% 5% -
Equities 20% 35% 55% 70% 95%
Canadian Domestic 10% 15% 20% 24% 30%
US 5% 10% 20% 24% 30%
International (EAFE) 5% 10% 10% 15% 25%
Emerging Markets - - 5% 7% 10%
RBC Dominion Securities Inc. | 18 January 2016
Gen XBoomers Millennials
Source: RBC Dominion Securities
10. 10
Historical Performance
Very Conservative Conservative Balanced Growth Aggressive Growth
Annualized Return: Ending September 2015
1 Year 4.2% 5.2% 5.6% 5.5% 4.4%
3 Year 4.6% 7.3% 10.0% 11.7% 13.6%
5 Year 5.0% 6.6% 8.2% 9.0% 9.7%
10 Year 5.0% 5.5% 6.0% 6.2% 5.9%
20 Year 6.7% 7.0% 7.3% 7.2% 6.8%
Max Common History: Jan 1994 To Sep 2015 6.6% 7.0% 7.3% 7.3% 7.0%
Distribution of Returns January 1994 To September 2015
Best 12 Month Rolling Return 22.0% 24.2% 29.3% 31.9% 35.0%
Median 12 Month Rolling Return 7.0% 8.0% 9.7% 10.8% 11.9%
Worst 12 Month Rolling Return -5.6% -11.3% -18.8% -24.3% -32.8%
% Positive Calendar Years 90.5% 90.5% 85.7% 76.2% 76.2%
% Negative Calendar Years 9.5% 9.5% 14.3% 23.8% 23.8%
Max Consecutive Calendar Yrs (+) 13 8 7 6 6
Max Consecutive Calendar Yrs (-) 1 1 2 3 3
Risk Measures: January 1994 To September 2015
Volatility of Returns (St. Dev.) 4.4% 5.5% 7.5% 9.2% 11.7%
Average Drawdown -1.6% -2.3% -3.3% -4.0% -5.9%
Average Recovery Period (# Months) 3.3 4.4 5.0 5.0 7.4
Max Drawdown -9.2% -13.9% -22.2% -29.2% -39.0%
Max Drawdown Date Feb-94 Jul-08 Jul-07 Jul-07 Sep-00
Longest Recovery Period Length 13 34 41 53 67
Longest Recovery Period Start Date Feb-94 Oct-00 Oct-00 Oct-00 Jun-07
For modelling purposes, the indices used to represent the indicated asset classes are described on Page 28 under the heading "Index Descriptions".
Reference Currency: CAD. It is not possible to invest directly in an index. Past performance does not guarantee future results.
RBC Dominion Securities Inc. | 18 January 2016
Gen XBoomers Millennials
Source: RBC Dominion Securities
11. 11
Calendar Year Performance – Best to Worst
Very Conservative
Conservative
Balanced
Growth
Aggressive Growth
More Conservative
More Aggressive
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
EM FI
(JPM EMBI Gbl
Div)
16.58%
EM FI
(JPM EMBI Gbl
Div)
12.17%
Em Eq
(MSCI EM)
28.57%
Em Eq
(MSCI EM)
16.33%
Em Eq
(MSCI EM)
29.54%
Em Eq
(MSCI EM)
32.62%
Em Eq
(MSCI EM)
19.34%
Can FI
(DEX Govt)
9.03%
Em Eq
(MSCI EM)
54.26%
Can Eq
(SP/TSX TR)
17.61%
Can FI
(DEX Govt)
10.2%
Em Eq
(MSCI EM)
14.86%
US Eq
(SP 500 TR)
41.75%
US Eq
(SP 500 TR)
24.34%
US FI
(ML US HY)
11.03%
Can FI
(DEX Govt)
8.78%
Can Eq
(SP/TSX TR)
26.73%
Can Eq
(SP/TSX TR)
14.49%
Can Eq
(SP/TSX TR)
24.13%
Intl Eq
(MSCI EAFE)
26.77%
Can Eq
(SP/TSX TR)
9.84%
EM FI
(JPM EMBI Gbl
Div)
7.38%
US FI
(ML US HY)
36.12%
Em Eq
(MSCI EM)
12.65%
EM FI
(JPM EMBI Gbl
Div)
9.77%
EM FI
(JPM EMBI Gbl
Div)
14.09%
Intl Eq
(MSCI EAFE)
31.47%
EM FI
(JPM EMBI Gbl
Div)
17.53%
Can FI
(DEX Univ Corp)
9.28%
Can FI
(DEX Univ Corp)
8.58%
Aggressive
Growth
16.29%
Intl Eq
(MSCI EAFE)
11.42%
Aggressive
Growth
12.98%
Aggressive
Growth
20.21%
Can FI
(DEX Govt)
4.45%
Can Cash
(DEX 30D Tbill)
2.57%
Can Eq
(SP/TSX TR)
35.06%
Aggressive
Growth
9.85%
Can FI
(DEX Univ Corp)
8.25%
Intl Eq
(MSCI EAFE)
13.97%
Aggressive
Growth
24.07%
US FI
(ML US HY)
12.14%
Can FI
(DEX Govt)
7.71%
Very
Conservative
3.12%
Intl Eq
(MSCI EAFE)
14.35%
Aggressive
Growth
9.82%
Growth
10.88%
Can Eq
(SP/TSX TR)
17.27%
Can Cash
(DEX 30D Tbill)
4.27%
Can FI
(DEX Univ Corp)
0.24%
Aggressive
Growth
21.81%
Growth
9.67%
US FI
(ML US HY)
6.74%
US Eq
(SP 500 TR)
12.68%
Growth
17.57%
Growth
12.11%
Can Cash
(DEX 30D Tbill)
4.37%
Can Cash
(DEX 30D Tbill)
2.38%
Growth
13.57%
Growth
8.58%
Balanced
9.78%
Growth
16.26%
Very
Conservative
2.88%
Very
Conservative
-2.99%
Growth
20.48%
Balanced
9.29%
Very
Conservative
5.79%
US FI
(ML US HY)
12.28%
US FI
(ML US HY)
15.02%
Aggressive
Growth
12.06%
Very
Conservative
4.13%
Conservative
-1.27%
Balanced
12.06%
Balanced
8.07%
Intl Eq
(MSCI EAFE)
9.75%
US Eq
(SP 500 TR)
16.18%
Can FI
(DEX Univ Corp)
1.8%
Conservative
-8.95%
Balanced
18.04%
US FI
(ML US HY)
9.16%
US Eq
(SP 500 TR)
4.39%
Aggressive
Growth
11.09%
Balanced
13.18%
Balanced
11.68%
Em Eq
(MSCI EM)
3.49%
US FI
(ML US HY)
-3.17%
Conservative
10.24%
Conservative
7.76%
Conservative
8.36%
Balanced
13.52%
Conservative
0.95%
US FI
(ML US HY)
-10.14%
Can FI
(DEX Univ Corp)
16.26%
US Eq
(SP 500 TR)
9.06%
Conservative
3.55%
Growth
10.16%
Can Eq
(SP/TSX TR)
13%
Can Eq
(SP/TSX TR)
10.56%
Conservative
1.5%
Balanced
-6.41%
Very
Conservative
9.22%
Very
Conservative
7.7%
Very
Conservative
7.83%
US FI
(ML US HY)
12.15%
Aggressive
Growth
0.78%
Balanced
-16.26%
Conservative
14.09%
Conservative
8.2%
Can Cash
(DEX 30D Tbill)
0.91%
Balanced
8.96%
Conservative
7.44%
Conservative
9.98%
Balanced
-1.05%
Em Eq
(MSCI EM)
-7.39%
Can FI
(DEX Univ Corp)
8.5%
Can FI
(DEX Univ Corp)
7.3%
Can FI
(DEX Govt)
6.63%
EM FI
(JPM EMBI Gbl
Div)
10.24%
Balanced
0.43%
Growth
-21.47%
Intl Eq
(MSCI EAFE)
13.88%
Very
Conservative
7.64%
Balanced
0.83%
Conservative
7.23%
Em Eq
(MSCI EM)
4.29%
Can FI
(DEX Govt)
9.3%
Growth
-3.84%
Growth
-10.06%
US Eq
(SP 500 TR)
6.17%
Can FI
(DEX Govt)
7.09%
EM FI
(JPM EMBI Gbl
Div)
6.58%
Conservative
10.06%
Growth
0.04%
US Eq
(SP 500 TR)
-23.08%
EM FI
(JPM EMBI Gbl
Div)
12.18%
Can FI
(DEX Univ Corp)
7.34%
Growth
-1.6%
Can Eq
(SP/TSX TR)
7.19%
Very
Conservative
2.06%
Very
Conservative
8.87%
US Eq
(SP 500 TR)
-6.35%
Can Eq
(SP/TSX TR)
-12.43%
Can FI
(DEX Govt)
6.05%
EM FI
(JPM EMBI Gbl
Div)
3.42%
Can FI
(DEX Univ Corp)
6.02%
Very
Conservative
7.12%
Intl Eq
(MSCI EAFE)
-4.82%
Aggressive
Growth
-28.81%
Very
Conservative
10.83%
Can FI
(DEX Govt)
6.52%
Aggressive
Growth
-5.49%
Can FI
(DEX Univ Corp)
6.22%
EM FI
(JPM EMBI Gbl
Div)
1.46%
Can FI
(DEX Univ Corp)
7.59%
Aggressive
Growth
-9.15%
Aggressive
Growth
-15.58%
US FI
(ML US HY)
5.74%
US FI
(ML US HY)
2.73%
Can Cash
(DEX 30D Tbill)
2.58%
Can FI
(DEX Univ Corp)
4.4%
EM FI
(JPM EMBI Gbl
Div)
-9.11%
Intl Eq
(MSCI EAFE)
-30.88%
US Eq
(SP 500 TR)
9.29%
EM FI
(JPM EMBI Gbl
Div)
6.36%
Can Eq
(SP/TSX TR)
-8.71%
Very
Conservative
5.39%
Can Cash
(DEX 30D Tbill)
0.11%
Em Eq
(MSCI EM)
7.01%
Can Eq
(SP/TSX TR)
-12.57%
Intl Eq
(MSCI EAFE)
-17.03%
Can Cash
(DEX 30D Tbill)
2.86%
US Eq
(SP 500 TR)
2.73%
US Eq
(SP 500 TR)
1.41%
Can Cash
(DEX 30D Tbill)
3.94%
US Eq
(SP 500 TR)
-9.68%
Can Eq
(SP/TSX TR)
-33%
Can FI
(DEX Govt)
1.57%
Intl Eq
(MSCI EAFE)
2.11%
Intl Eq
(MSCI EAFE)
-10.16%
Can FI
(DEX Govt)
2.65%
Can FI
(DEX Govt)
-2.9%
Intl Eq
(MSCI EAFE)
4.03%
Intl Eq
(MSCI EAFE)
-16.52%
US Eq
(SP 500 TR)
-23.11%
EM FI
(JPM EMBI Gbl
Div)
0.84%
Can Cash
(DEX 30D Tbill)
2.25%
US FI
(ML US HY)
-0.68%
Can FI
(DEX Govt)
3.92%
US FI
(ML US HY)
-12.5%
Em Eq
(MSCI EM)
-43.03%
Can Cash
(DEX 30D Tbill)
0.37%
Can Cash
(DEX 30D Tbill)
0.43%
Em Eq
(MSCI EM)
-16.58%
Can Cash
(DEX 30D Tbill)
0.91%
Can FI
(DEX Univ Corp)
-3.48%
Can Cash
(DEX 30D Tbill)
0.81%
Asset Allocation Models are described on Page 4. Indices used to calculate the performance are described on Page 28 under the heading "Index Descriptions".
Reference Currency: CAD. It is not possible to invest directly in an index. Past performance does not guarantee future results.
RBC Dominion Securities Inc. | 18 January 2016
Source: RBC Dominion Securities
12. 12
Cumulative Portfolio Growth
Analysis Period: January 1994 To September 2015
The Asset Allocation Model is described on Page 13. Indices used to calculate the performance are described on Page 28 under the heading "Index Descriptions".
Reference Currency: CAD. It is not possible to invest directly in an index. Past performance does not guarantee future results.
Asset Allocation Model: Balanced Profile - Canadian International Model
CAD Cash DEX Canadian Trsy Bill 30 Day
CAD Fixed Income DEX Universe (%Total Return)
CAD Equities S&P/TSX Composite TR Index (Canada)
RBC Dominion Securities Inc. | 18 January 2016
Source: RBC Dominion Securities
13. 13
Balanced Model - Calendar Year Return Distribution
Analysis Period: 1994 To 2014
2014
2013
2012 2009
2011 2006
2010 2003
2007 1999
2005 1998
2004 1997
2002 2000 1996
2008 2001 1994 1995
-50% to -40% -40% to -30% -30% to -20% -20% to -10% -10% to -0% 0% to 10% 10% to 20% 20% to 30% 30% to 40% 40% to 50% > 50 %
AssetAllocation
Model
Asset Allocation Model: Balanced Profile - Canadian International Model
Legend
1990+
2000+
2010+
Most Recent
The Asset Allocation Model is described on Page 13. Indices used to calculate the performance are described on Page 28 under the heading "Index Descriptions".
Reference Currency: CAD. It is not possible to invest directly in an index. Past performance does not guarantee future results.
RBC Dominion Securities Inc. | 18 January 2016
Source: RBC Dominion Securities
17. 17
1. Control Sector Exposure
No more than > 20% in any one sector
2. Control Single Stock Exposure
No more than > 5% in any one stock
3. CAD vs. USD exposure (Global Diversification)
When in commodity super cycle, overweight CAD and CAD equities
When NOT in a commodity super cycle, overweight USD and US
equities
Buy USD when CAD close to or above parity
Hedge USD exposure below $0.70/USD – 0.65/USD
Timeless Risk Management Strategies
RBC Dominion Securities Inc. | 18 January 2016
19. The Long Term – Stocks vs. Commodity Super Cycle
Source: Ned Davis
19RBC Dominion Securities Inc. | 18 January 2016
20. 20
Past Oil Corrections - Peak to Trough Bottoms
Average oil correction
(peak to trough) is -57%
Current correction -70%
Oil should be close to a
bottom but from a
secular perspective,
many headwinds still
persist
On an inflation adjusted
basis, oil looking like
it’s nearing a bottom
(next page)
February 18, 2016
21. 21
Long Term Oil Prices (inflation adjusted)
Source: MacroTrends.NET - As of January 14, 2016
February 18, 2016
22. The Long Term - Canadian Dollar (CAD/USD) Cycles
22RBC Dominion Securities Inc. | 18 January 2016
Source: Fidelity
23. House Fire (Recession) vs. Kitchen Fire (Correction)?
Source: Ned Davis
23RBC Dominion Securities Inc. | 18 January 2016
24. Trend is your Friend – Put the Sector Odds in your Favor
Source: Morningstar CPMS
24RBC Dominion Securities Inc. | 18 January 2016
25. Opportunity – Dividend Growth
7 Fed tightening cycles since 1973 – all stocks were weak in the initial 3 months post-tightening
However, dividend growers and payers outperformed non-payers for the 24 month period after the
beginning of each tightening cycle
25RBC Dominion Securities Inc. | 18 January 2016
26. Risk Management & Strategy in Current Environment
Higher cash reserves in-lieu of bonds & stocks
• Strategically look to re-invest cash once
Bond yields higher
Market valuations more appealing
Core Weighting in Investment Grade Bonds (Defense)
• Don’t be tempted by higher rate junk bonds at this stage of cycle
Neutral stocks relative to bonds
• Will begin reducing stock exposure once
Money becomes tight or yield curve inverted
Valuations become excessive
Global diversification matters in current environment
• Exposure to US dollar remains favorable
Hedge below $0.70 CAD/USD to locking in currency gains
• Minimal exposure to commodity heavy countries, sectors and companies
26RBC Dominion Securities Inc. | 18 January 2016
28. 28
Index Descriptions
Index Name Sub Asset Class Description Data Start Date
Cash
DEX Canadian Trsury
Bill 30 Day
Cash - Money Market
The DEX Canadian Trsury Bill 30 Day Index consists of 30-day Treasury Bills issued by the Canadian
Government.
06/30/1973
Fixed Income
DEX Universe
Corporate Bond TR
FI - Corporate Bonds
The DEX Univ Corp TR Index consists of a held-to-maturity portfolio consisting of, primarily, Canadian dollar-
denominated investment grade corporate bonds with effective maturities in the applicable Maturity Year. The
effective maturity of an eligible corporate bond is determined by its actual maturity or the anticipated maturity of
the security as determined in accordance with a rules-based methodology developed by PC-Bond.
01/31/1986
DEX Universe Bond
TR
FI - Aggregate Bonds
The DEX Universe Bond TR Index consists of the broad Canadian investment-grade fixed income market. As of
December 31, 2010, the Universe Index consisted of 1,103 securities, with a total market value of approximately
$1.031 Trillion. The Universe Index has been published since 1979.
12/31/1979
JP Morgan EMBI
Global Diversified TR
USD
FI - Emerging Markets
The JP Morgan EMBI Global Diversified TR Index consists of external-currency-denominated Brady bonds, loans,
Eurobonds and dollar-denominated local market debt instruments with a minimum credit rating of BBB+/Baa1.
01/31/1994
Merrill Lynch US High
Yield Master II USD
FI - High Yield Bonds
The Merrill Lynch US High Yield Master II Index consists of USD- denominated, below investment grade rated
corporate debt publically issued in the US domestic market.
09/30/1986
DEX Government
Bond TR
FI - Government Bonds
The DEX Government Bond TR Index consists of selected constituents of the DEX Universe Bond Index
laddered into different term buckets in years. Index constituents are rebalanced annually, on June 30 each year.
01/31/1980
Data Sources: Bloomberg, Zephyr, Morningstar, HFRI/HFRX, Cambridge Associates
It is not possible to invest directly in an index.
RBC Dominion Securities Inc. | 18 January 2016
29. 29
Index Descriptions
Index Name Sub Asset Class Description Data Start Date
Equity
S&P 500 Total Return
Eq - Cap/Style: Large
Cap
The S&P 500 Total Return Index consists of the 500 leading companies in leading industries of the U.S.
economy, capturing 75% coverage of U.S. equities.
01/31/1963
MSCI EAFE
Eq - Cap/Style: Large
Cap
The MSCI EAFE Index (Europe, Australasia, Far East) consists of the equity markets of developed markets,
excluding the US & Canada. The MSCI EAFE Index consists of the following 22 developed market country
indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel,
Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the
United Kingdom. It is a free float-adjusted market capitalization index.
01/31/1970
MSCI Emerging
Markets (Net)
Eq - Region: Emerging
Markets
The MSCI Emerging Markets Index (Net) consists of equity indices from 26 emerging market countries in Europe,
Latin America, Africa, Asia and Middle East. The index is capitalization-weighted and excludes closed markets,
as well as those shares in otherwise free markets that are not purchasable by foreigners. The benchmark is
widely used as a measure of overall developing market stock performance around the world.
01/31/1989
S&P/TSX Composite
TR
Eq - Cap/Style: Large
Cap
The S&P/TSX Composite Index consists of stocks of the largest companies on the Toronto Stock Exchange
(TSX) as measured by market capitalization. The Toronto Stock Exchange listed companies in this index
comprise about 70% of market capitalization for all Canadian-based companies listed on the TSX. It replaces the
earlier TSE 300 index.
01/31/1963
Data Sources: Bloomberg, Zephyr, Morningstar, HFRI/HFRX, Cambridge Associates
It is not possible to invest directly in an index.
RBC Dominion Securities Inc. | 18 January 2016
31. 31
Data and Report Disclosures
Asset Allocation is the process of determining the relative weight of various asset types
and strategies within a portfolio. An appropriate asset allocation model forms the basis for
effective portfolio construction, and enforces investment management discipline consistent
with your objectives and risk preferences. Comparing different asset allocation models can
help you better understand the potential risk and return trade-off and validate that a
proposed strategy is consistent with your expectations.
Base Currency. For analysis purposes, available indices are converted into a common
base currency. As a result, indices denominated in a currency other that the base currency
will be impacted by changes in the relative currency valuation over the Analysis Time
Horizon. This will affect total portfolio returns and volatility.
Risk and Return. Unless otherwise specified, return and risk figures have been
annualized. The reported risk and return figures presented in the report are indicative,
based on index data, and do not represent any individual or aggregate set of actual
portfolios. Actual risk and return for your portfolio may be impacted by rebalancing
frequency, transaction costs, execution valuations, and additional management fees that
differ from the assumptions used in this report. No assurance can be given as to the
actual return on any portfolio.
Allocation (%) represents the target percentage weight of the indicated index within the
asset allocation model. The report reflects the periodic rebalancing back to the target
allocation weights of the model on a monthly basis; however, in between rebalancing
dates, the actual portfolio weights will vary based on changes in the market value of the
indices.
Asset Allocation Model represents the primary investment strategy under consideration.
When selected, a Comparison Model may also be included as an alternative investment
strategy, asset allocation, or blended benchmark. The Asset Allocation Profile page
provides details on the specific model and indices used.
Customized Asset Allocation Your advisor may customize or tailor an asset allocation
model to better meet your specific needs and preferences. In this case, the Asset Allocation
Model or Comparison Model will be labelled as a “Customized Asset Allocation” and the
Asset Allocation Profile page provides details on the specific model and indices used. If you
have any questions about the use of a customized asset allocation model, please be sure to
discuss them with your Investment Advisor or Portfolio Manager.
Rebalancing For analysis purposes, the Asset Allocation Model and the Comparison Model
are rebalanced monthly back to the target allocation percentages for each index. Monthly
returns are calculated on a calendar basis and rebalancing is assumed to occur at the end
of each month.
Transaction Costs The analysis relies on index data and does not incorporate any
transaction costs that may be incurred during the initial purchase of investment products,
during the periodic rebalancing of the portfolio, or during liquidation of the investments.
Management Fees The analysis relies on index data and does not incorporate any ongoing
product fees, advisory or management fees, or any other costs that may be incurred in an
actual investment portfolio.
Historical Analysis. Throughout this report, the hypothetical return of the Asset Allocation
Model is used to illustrate the historical performance of the strategy, the historical
relationship between risk and return and, if specified, the differences between the Asset
Allocation Model and the Comparison Model. Past performance does not guarantee future
performance and there is no guarantee that historical relationships between risk and return
will continue to hold in the future.
The information contained in this report is updated regularly; however, the report may not reflect changes recently made to source data or material and the information, data and
calculations contained in the report are provided on a commercial efforts basis only. There is no assurance that the data including prices, weightings, ratios, ratings, or recommended
securities will remain the same over time. None of RBC Dominion Securities Inc., its affiliates or any other person makes any representations or warranties, express or implied, as to, or
accepts any responsibility for, the accuracy, completeness or correctness of this information. RBC Dominion Securities Inc. and its affiliates assume no liability for errors or omissions.
RBC Dominion Securities Inc. | 18 January 2016
32. 32
Data and Report Disclosures (continued)
Standard Deviation is a statistical measure of how much variability there is in observed
returns. A lower standard deviation indicates that the asset class or asset allocation strategy
has been more predictable historically, while a higher standard deviation indicates an
increased likelihood of very high or very low returns. Past performance does not guarantee
future performance.
Sharpe Ratio is a risk-adjusted performance measure that is calculated as the ratio of the
portfolio’s excess return over cash to the standard deviation of returns. A higher value
indicates a higher realized return per unit of risk taken within the strategy. Past performance
does not guarantee future performance.
Trailing Returns are indicated as relating to a relative period of time (Year To Date/YTD, 1
Month, 1 Year, 3 Year, etc.) and are measured relative to the final date in the analysis
period.
Calendar Year Returns are indicated as relating to a specific year (2009, 2010, etc.).
Comparative Indices. Certain graphs show various asset class indices to provide
context and the ability to compare the asset allocation model to representative
benchmarks. The most appropriate indices to include in the analysis changes with your
objectives, preferences, and investment knowledge; and the specific indices used have
been selected by your advisor to be appropriate and representative. If you have any
questions about the specific indices included, please be sure to discuss them with your
Investment Advisor or Portfolio Manager.
Rolling Returns are calculated by computing the holding period returns over a specified
window (usually 12 or 36 months) and then moving this window through time over the
entire analysis period in order to calculate the range of holding period returns
experienced. The best and worst rolling return represents the highest or lowest
cumulative 12 or 36 month return that would have resulted from following the asset
allocation strategy throughout the analysis period; while the distribution of returns
provides an indication of how likely achieving a target rate of return or falling below a
minimum rate of return has been in the past. Past performance does not guarantee future
performance.
Drawdown is calculated as the maximum loss in portfolio value from a historical high-
watermark to a subsequent minimum. The drawdown measures the severity of the loss in
portfolio value and extends until the initial portfolio value has been fully recovered. A
related concept is the Recovery Period which measures the length of time from when
the drawdown begins until the initial portfolio value is fully recovered. Maximum
Drawdown represents the largest peak to trough loss that would have resulted over the
analysis period while the Longest Recovery Period represents the longest time to
recover the portfolio’s high-watermark value. The maximum drawdown and the longest
recovery period may occur at different points in time. Both metrics are very useful and
intuitive ways of measuring the historical downside risk of the strategy. Past performance
does not guarantee future performance.
RBC Dominion Securities Inc. | 18 January 2016
33. 33
Investment Risks
Market Risk Any investment is subject to market fluctuations and thus there can be no
assurance that an investment will return its value or that appreciation will occur.
Concentration Risk Where significant percentages of a portfolio are held in a single
security or asset class or highly correlated securities, volatility may be very high relative to
broader market indices. Concentrations may occur with counterparties (issuer), asset
class, issuer, industry, or currency.
Credit risk This risk is typically associated with fixed income instruments, but applies to
any instrument where repayment depends on the ability of an entity to settle an obligation.
The risk borne is that the issuer may default on their obligation.
Counterparty Risk Conceptually the same as ‘Credit Risk’, but generally used to describe
the risk of less direct exposures such as the issuer on a structured product, some
Exchange Traded Funds (ETFs), or the entity behind a derivatives contract.
Transparency / Complexity Risk Some products such as hedge funds, structured
products, fund of funds, and private equity may not give clients full or real-time
transparency on holdings or have complex underlying positions. Investors should take
particular care in understanding the structure of these holdings and the nature of the
product prior to investing.
Leverage Risk Where lending is either secured by a portfolio or is embedded in a
product, investors may be particularly exposed to increased market risk and liquidity risk in
adverse markets.
Currency Risk Currency can either directly or indirectly affect an investment. The value
of a holding will be directly affected by foreign exchange movements where the investor’s
reference currency is different from the investment currency. For investments such as
equities, the value of the underlying investment may also be indirectly affected by
currency where foreign exchange movements influence the market economy and
competitiveness of companies.
Liquidity Risk There are two types of ‘liquidity risk’. Firstly, by design a structure may
render funds inaccessible to the investor over certain periods of time as a result of lockups
or redemptions leaving the investor open to market risk during these interim periods.
Secondly, if market volumes in an investment are low, an investor may be unable to find a
buyer or seller to match their position or may only be able to buy or sell at
disadvantageous prices.
Political Risk Countries with political instability or where political bodies can exert a
strong influence on markets and business practices may be subject to greater volatility.
Political risk is present if the potential returns on an investment could be significantly
affected by a political entity’s decisions rather than by predominantly economic and
market factors. Political risk may include potential for currency controls, expropriation and
insufficient legal or regulatory infrastructure.
Rollover Risk Rollover risk is faced by countries and companies when their debt is close
to maturity and must be ‘rolled over’ into new debt. If conditions for the issuer have
deteriorated since the issue to be refinanced, the costs of the new financing may be
considerably higher, or it may not even be possible to find new buyers to provide
refinancing for maturing debt.
Inflation Risk Erosion of real capital value relative to its future purchasing power.
The following represents some of the key portfolio risks investors should consider; however, it is not intended to be an exhaustive catalogue of all potential risks, nor is every risk listed
necessarily applicable to every investment product or security.
RBC Dominion Securities Inc. | 18 January 2016
Editor's Notes
Highly dependent on risk tolerance (ability and willingness to take risk) and more importantly, emotional capacity to take risk…
Negative Returns – think about dollars not %s, also remember that a -50% takes a +100% to get back to even…
Predicting asset class and stock winners very difficult – take a balanced or balanced approach
Look at Green & Gold which are Balanced & Balanced Growth vs. Red (Aggressive Growth)
Emotional cycle typically sabotages investors from meeting their long term goals
Gut check – right here with the commodity markets
Professional Sober 2nd Thought
Blue line is commodity index
Red line is US stock market back to 1900
Commodity bull markets run opposite to US stock bull markets
2000 – 2007 was a commodity bull market = Canada did very well
2011 to current, the US Market has dramatically outperformed Canada
Why? Because they run opposite!
Back to 1970’s – CAD vs. US$
Long term trends generally take hold
TSX currently -20% from peak ($15.5K)
S&P500/Global Markets ~ -10%
Current bear market not as a result of tight monetary conditions >> we don’t think this is a global recession bear market.
House Fire = Recession ~ -30-50% downside vs. Kitchen Fire (mkt correction) = ~-20% mkt correction (not a recession)
Non-Payers = don’t pay dividend
Growers = pay dividend + grow dividends (staples, telcos, banks)
Payers = pay dividend but don’t typically grow due to paying out most of cash flow (REIT, utilities, Energy, Materials)