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The RBC Investment Strategy Committee The RBC Investment Strategy Committee consists of senior investment professionals drawn from individual client focused business units within RBC. The Committee regularly receives economic and capital markets related input from internal and external sources. Important guidance is provided by the Committee’s regional advisors (North America, Europe, Far East), from the Global Fixed Income & Currencies Subcommittee and from the global equity sector heads (financials and healthcare, consumer discretionary and consumer staples, industrials and utilities, energy and materials, telecommunications and technology). From this it builds a detailed global investment forecast looking one year forward. The Committee’s view includes an assessment of global fiscal and monetary conditions, projected economic growth and inflation, as well as the expected course of interest rates, major currencies, corporate profits and stock prices. From this global forecast, the RBC Investment Strategy Committee develops specific guidelines that can be used to manage portfolios. These include: • the recommended mix of cash, fixed income instruments, and equities • the recommended global exposure of fixed income and equity portfolios anSAMPLE • the optimal term structure for fixed income investments • the suggested sector and geographic make-up within equity portfolios • the preferred exposure to major currencies Results of the Committee’s deliberations are published quarterly in The Global Investment Outlook.
Contents Executive Summary 2 The Global Investment Outlook Sarah Riopelle, CFA – V.P. & Senior Portfolio Manager, RBC Global Asset Management Inc. Eric Lascelles – Chief Economist, RBC Global Asset Management Inc. Daniel E. Chornous, CFA – Chief Investment Officer, RBC Global Asset Management Inc. Economic & Capital Markets Forecasts 4 RBC Investment Strategy Committee Recommended Asset Mix 5 RBC Investment Strategy Committee Capital Markets Performance 8 Milos Vukovic, MBA, CFA – V.P. Investment Policy, RBC Global Asset Management Inc. Global Investment Outlook 11 Summer washout Eric Lascelles – Chief Economist, RBC Global Asset Management Inc. Daniel E. Chornous, CFA – Chief Investment Officer, RBC Global Asset Management Inc. John Richards – Investment Strategy Research Analyst, RBC Global Asset Management Inc. Global Fixed Income Markets 34 Soo Boo Cheah, CFA – Senior Portfolio Manager, RBC Asset Management UK Limited Suzanne Gaynor – V.P. & Senior Portfolio Manager, RBC Global Asset Management Inc. Currency Markets 43 Dagmara Fijalkowski, MBA, CFA – Head, Global Fixed Income and Currencies (Toronto and London), RBC Global Asset Management Inc. Regional Equity Market Outlook United States 54 Raymond Mawhinney – Senior V.P. & Senior Portfolio Manager, RBC Global Asset Management Inc. Brad Willock, CFA – V.P. & Senior Portfolio Manager, RBC Global Asset Management Inc. Canada 56 Stuart Kedwell, CFA – Senior V.P. & Senior Portfolio Manager, RBC Global Asset Management Inc. SAMPLE Europe 58 Dominic Wallington – Chief Investment Officer & Chief Executive Officer, RBC Asset Management UK Limited Asia 60 Yoji Takeda – Director & V.P., RBC Investment Management (Asia) Limited Emerging Markets 62 Philippe Langham – Senior Portfolio Manager, RBC Asset Management UK Limited RBC Investment Strategy Committee 64 The global investment outlook RBC INVESTMENT Strategy coMMITTEE Summer 2012 I 1
Page 1: The Global Investment Outlook RBC I
Page 5 and 6: Executive summary • Sarah Riopell
Page 7 and 8: Recommended Asset Mix Asset mix - t
Page 9 and 10: Recommended Asset Mix Balanced Asse
Page 11 and 12: Capital markets performance • Mil
Page 13 and 14: Global Investment Outlook Eric Lasc
Page 15 and 16: Global Investment Outlook • Eric
Page 37 and 38: Global Fixed income markets • Soo
Page 45 and 46: Currency Markets Dagmara Fijalkowsk
Page 47 and 48: Currency markets • Dagmara Fijalk
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Currency markets • Dagmara Fijalk
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Currency markets • Dagmara Fijalk
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Regional outlook - U.S. • Ray Maw
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Regional outlook - CANADA • Stuar
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Regional outlook - Europe • Domin
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Regional outlook - Asia • Yoji Ta
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Regional outlook - emerging markets
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Eric Lascelles Chief Economist RBC
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This report has been provided by RB
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