P H & N M o n t h l y I n c o m e F u n d :
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- Janice Reynolds
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1 P H & N M o n t h l y I n c o m e F u n d : A dependable source of income in all markets
2 It s now been over two years since many investors fled to safety shifting their holdings into savings accounts, Government of Canada bonds, money market funds and other investments as crumbling stock markets sent shockwaves throughout the world s financial markets. Now, investors are suffering from the aftershocks. With short-term interest rates at stubbornly low levels, some investors assets can t produce enough income for basic living expenses. Others, those of whom stayed invested in riskier segments of the market, face a similar predicament: their retirement likely looks markedly different than it did several years ago. What can be done? There is no simple answer, but there are a number of areas where investors can find better yields while still limiting their risk. Investing in a low-yield environment There are a number of challenges facing investors as the global economy continues on a path to regain its footing. One of the most talked-about is the pursuit of yield in a low-rate environment. With the possibility of rates staying at low levels for an extended period of time, investors have to look to other avenues to find reliable investments with decent yields. At time of writing, for example, a three-year redeemable GIC was paying 1.4% per annum and a three-year government of Canada bond was yielding 1.8%. We believe that investors should think about the income they require whether in retirement, or to supplement current living expenses. It is also our belief that investors need to keep their assumptions modest when planning their retirement; for example, assuming an annual return of 5%, as opposed to an 8% return. This will force you to save more aggressively, but, additionally, gives the option that investors have the chance of being pleasantly surprised not unpleasantly shocked when they find themselves without a sufficient nest egg. What makes an income fund unique? While there are hundreds of investments that pay a regular income, there are notable differences between the many income solutions that exist across the Canadian landscape. For investors who require safe, predictable distributions for an extended period of time, income funds can offer an alternative to bonds and act as a supplement to investments that pay a guaranteed income stream, such as annuities and GICs. While income funds are sometimes assumed to be similar to bond funds, some income funds differ in that they can also hold a diversified mix of other securities, such as income-oriented stocks. This helps investors to achieve an additional element: the growth of their investment over time through capital appreciation. In this low-interest rate environment, investing in an income fund can be an excellent choice for investors who are 1) pre-retirement and have the need for some discretionary income, and 2) retired and hoping to supplement their retirement income. The PH&N Monthly Income Fund, which was launched in December 2009, holds about 45% of its portfolio in fixed income and about 55% in equities (as of September 30, 2010). It is a unique product in the PH&N line-up, as it is our only balanced product that focuses on generating monthly income for investors. Income comes from a wide range of sources, including government and corporate bonds, dividend-paying stocks, preferred shares, real estate investment trusts (REITs) and income trusts. At-a-glance: Asset mix targets/ranges for PH&N s income-oriented solutions PH&N PH&N PH&N Monthly Balanced Dividend Income Fund Fund Income Fund Bonds including cash & equivalents 40-60% 30-55% 0-15% Canadian equities 40-60% 30-40% % U.S. and International equities 0-10% 20-40% 0-10% Distribution Frequency Monthly Quarterly Quarterly Risk Level Moderate Moderate Moderate Gross Yield (as at September 30, 2010) 4.11% 2.94% 3.28% Phillips, Hager & North Investment Management Ltd. 1
3 The PH&N Monthly Income Fund has a significant weighting in fixed income, allowing clients to benefit from the active management applied by PH&N s fixed income team. Approximately 10% of the Fund is allocated to high-yield corporate bonds. Traditionally, the high-yield bond asset class has a lower correlation to other fixed income asset classes, which serves as a source of additional yield and diversification for the Fund. In the Fund s equity component, we focus on Canadian income-oriented stocks and preferred shares. Many of the stocks are blue-chip companies with stable and growing earnings that drive above-average dividend yields. Although the Fund has no foreign component today, we may invest up to 10% in non-canadian securities for additional flexibility. Why Canadian income-producing investments? The Canadian bond market is globally competitive and offers attractive investment opportunities without incurring the currency risk, or complexities of hedging associated with global fixed income markets. Canada offers an excellent mix of income-paying stocks. It boasts the strongest financial system in the world, with many high-quality, dividend-paying financial services businesses in which to invest. Canada also offers a rich supply of well-managed income properties in REITs, utilities and natural resources. A level of income that s sustainable The annual target distribution rate of the PH&N Monthly Income Fund is 5%. Based on our research, a 5% distribution provides a higher probability of providing a sustainable level of income while preserving capital and providing the potential for growth of your investment than by setting higher rates of distribution. If you need a different distribution rate, you can simply fine-tune your distribution rate with the help of your Investment Funds Advisor. For example, if you need less than 5%, you can reduce your holdings in the Fund. To simulate a 4% withdrawal rate, simply invest 80% of the account (4% / 5% = 80%) in the Fund and invest the remaining 20% in a product that does not distribute income. If you require more than 5%, you can add an automatic withdrawal plan to top-up the 5% distributions to reach the level of income that you require. Distribution levels are reviewed at the end of each year and may be modified to reflect changes in market value. Investment implications Income funds can meet a wide range of needs when planning for your future. You might live longer than expected; your family situation may change; and financial markets may continue to struggle for a lengthy time period. It s important to plan to have some discretionary income on hand to supplement the income you derive from guaranteed alternatives, such as GICs and Guaranteed Minimum Withdrawal Benefit (GMWB) plans, and potentially increase the market value of the investment that you plan to pass on to your heirs. For the investor that is seeking dependability and conservatism, income funds can provide a stable platform that can help to weather economic storms, but also serve as a source of supplementary income in the meantime. Even if you don t require income at the moment, a fund such as the PH&N Monthly Income Fund can help to build your wealth. For example, you can instruct us to automatically invest distributions back into the Fund. This way, you always have the option to take cash distributions later on. Fees matter, especially in a low-yield environment Fees play an important role in your investments. In a low-yield environment, lower fees mean that more of your capital is being put to work for you, which can amount to a significant sum over time. As always, PH&N is committed to low fees and, accordingly, the PH&N Monthly Income Fund is priced very competitively relative to comparable offerings. For example, the PH&N Monthly Income Fund has an estimated MER of 1.12%. 1 By comparison, the average MER for mutual funds that have a similar domestic balanced focus is 2.44% (Canadian Neutral Balanced category). Our clients can effectively gain access to high-quality active management in both fixed income and equities at a very reasonable cost. 1 This MER is estimated as the Fund has not yet been in operation for a full year. 2 Phillips, Hager & North Investment Management Ltd.
4 The PH&N Monthly Income Fund for income There are numerous different ways that the PH&N Monthly Income Fund (MIF) can be incorporated into an investment portfolio. Many of these choices depend on a number of factors: personal situation, age, retirement and risk tolerance. Let s take a look at an example. Situation: Mr. Lawrence is in his early 50s and is looking for an investment to replace the income he has received as an annuity that is coming due next year. He purchased the annuity 20 years ago with inheritance money. The annuity has been paying him $1,400 per month and Mr. Lawrence works part-time from home to supplement this income. Next year, he will have $435,000 available to invest and he would like to see some growth as well as income from this investment. He is comfortable with a moderate level of volatility. Solution: By investing in the PH&N Monthly Income Fund, Mr. Lawrence will come close to replacing his annuity income. The Fund s target distribution of 5% and the potential for some level of growth over time is a good alignment with his goals. Income paid/month (before taxes) Income paid/year (before taxes) Investment Breakdown Amount Invested: $435,000 Based on a 5% distribution, Mr. Lawrence would receive the following: $1,813 $21,750 Please note that we have not factored taxes into this illustration. We encourage clients to consult with their tax professional to discuss their personal tax situation. A tax-efficient choice What is return of capital? For mutual funds that pay a fixed monthly distribution, such as the PH&N Monthly Income Fund, return of capital (RoC) stabilizes the amount of cash flow an investor receives on a regular basis. RoC distributions typically occur when the interest, dividends and realized capital gains in the fund are less than the amount of the distribution. And, unlike other forms of investment income, RoC is not considered taxable in the year it is received, making it more tax-efficient for current cash flow needs than any other type of distribution. From a tax perspective, RoC distributions reduce the adjusted cost base of a unitholder s investment in a fund. This typically results in a taxable capital gain when units are eventually sold. RoC distributions can give you more control over when you pay tax on your cash flows, as taxes are payable only when the units are sold. Phillips, Hager & North Investment Management Ltd. 3
5 V A N C O U V E R Waterfront Centre 20th Floor 200 Burrard Street Vancouver, British Columbia Canada V6C 3N5 C A L G A R Y Bankers Hall West Tower Suite rd Street S.W. Calgary, Alberta Canada T2P 5C5 Required disclosures and warnings Rates of return and distributions are for Series D units of the Phillips, Hager & North investment funds. The rates of return published are used only to illustrate the effects of the compound growth rate and are not intended to reflect future values of the mutual fund or returns on investment in the mutual fund. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. 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. Phillips, Hager & North is a registered trademark of the Royal Bank of Canada ( Royal Bank ) licensed for use by name for Phillips, Hager & North Investment Management Ltd. ( PH&NIM ) and its wholly-owned subsidiary Phillips, Hager & North Investment Funds Ltd. ( PH&NIF ). PH&N Investment Services is a brand name used by PH&NIF and a trademark of Royal Bank of Canada used under license by PH&NIF. PH&NIM is the fund manager for all PH&N investment funds. PH&NIM is also the principal portfolio adviser for all PH&N funds. PH&NIF is the principal distributor of the units of the PH&N funds. PH&NIM and PH&NIF are wholly owned subsidiaries of Royal Bank. The management fees and operating expenses associated with the PH&N investment funds are paid by the respective fund. This document may contain forward-looking statements relating to anticipated future events, results, performance, decisions, circumstances, opportunities, risks or other matters. These statements require us to make assumptions and are subject to inherent risks and uncertainties. Our predictions and other forward-looking statements may not prove to be accurate, or a number of factors could cause actual events, results, performance, etc. to differ materially from the targets, expectations, estimates or intentions expressed or implied in the forward-looking statements. These factors could include, among others, market and general economic conditions, interest rates, regulatory and statutory developments, the effects of competition in the geographic and business areas in which the fund may invest, and the risks detailed from time to time in the fund s simplified prospectus. For these reasons, it is important that readers do not place undue reliance on our forward-looking statements. Due to the potential impact of these factors, the manager and the portfolio advisor do not undertake, and specifically disclaim, any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Publication date: October 12, 2010 T O R O N T O 155 Wellington St. West 22nd Floor Toronto, Ontario Canada M5V 3K7 M O N T R E A L Tour McGill College Suite McGill College Avenue Montreal, Quebec Canada H3A 3M8
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