PH&N LifeTime Funds. Frequently Asked Questions
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- Lillian Hicks
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1 Frequently Asked Questions
2 PH&N LIFETIME FUNDS Your One-Fund Retirement Solution 1. What are target date funds? Target date funds offer a single-fund investment solution to help investors manage their retirement portfolio over the course of their employment. Each fund is designed for a model investor with a specific time horizon to retirement. Investing in a target date fund implies that you believe your needs and expectations do not differ meaningfully from those of the model investor. With target date funds, you just have to choose the fund whose date most closely matches your own expected retirement date. The fund s asset mix is automatically adjusted over time by its management team to reflect the investment needs of the model investor progressing through different stages of life. Target date funds are gaining in popularity with investors as they are: easy to select, structured to adjust the asset mix automatically to reflect the diminishing time to retirement, effectively diversified at all times, and professionally managed and rebalanced automatically to help meet long-term objectives. 1
3 2. What is special about the PH&N LifeTime Funds? The PH&N LifeTime Funds have the following distinctive features: Lifetime focus Each PH&N LifeTime Fund remains active through the working years and for 25 years after the fund s retirement date. This supports ongoing investment and income withdrawal well into your retirement years. PH&N LifeTime Funds Support Investment and Income Withdrawals Before and After Retirement EQUITIES Canadian equities (growth) Canadian equities (value) Global equities (fundamental) Global equities (quantitative) Global equities (low volatility) Emerging market equities Real estate FIXED INCOME Long inflation-linked bonds Inflation-linked bonds High yield bonds Universe bonds Short-term bonds & mortgages 100% High yield bonds 90% Long inflation-linked bonds Inflation-linked bonds Universe bonds Short-term bonds & mortgages 80% Real estate 70% Emerging market equities ASSET MIX 60% 50% 40% Global equities (quantitative) 30% 20% 10% Global equities (fundamental) Canadian equities (value) Retirement Global equities (low volatility) 0% Canadian equities (growth) ACCUMULATION PHASE (40-11 YEARS BEFORE RETIREMENT DATE) TRANSITION PHASE (10 YEARS BEFORE AND AFTER RETIREMENT DATE) DECUMULATION PHASE (11+ YEARS INTO RETIREMENT) Source: Phillips, Hager & North Investment Management As Source: at June Phillips, 2015 Hager & North Investment Management Inception date for LifeTime Funds is January Inception date for LifeTime 2050 Fund is August
4 Emphasis on minimizing the effects of inflation PH&N LifeTime Funds aim to lessen the impact of inflation on your long-term savings by: incorporating exposure to asset classes that have been traditionally somewhat insulated from the effects of inflation, such as real estate; including a high allocation to inflation-linked bond funds in the earlier phases of the investment timeline when investors are most exposed to the impact of inflation; and matching the sensitivity to inflation of the fixed income holdings with future retirement income needs by shifting from long-term bonds to short-term bonds over time. Effective diversification In addition to traditional asset classes of high-quality government and corporate bonds and large capitalization equities, the funds incorporate varying allocations to alternative asset groups. These include real return bonds, real estate, and U.S. small- and mid-capitalization equities. Since the performance of these types of investments tends not to be linked to the performance patterns of traditional asset classes, they allow the funds to pursue enhanced returns and reduced risk. In addition, the funds are diversified across equity investment strategies to help offset any negative impact on performance that may be attributed to a given strategy during a particular stage of a market cycle. PH&N LifeTime Funds Aim to Protect Your Purchasing Power ACCUMULATION PHASE TRANSITION PHASE DECUMULATION PHASE PH&N Long Inflation-Linked Bond Fund PH&N High Yield Bond Fund PH&N Inflation-Linked Bond Fund PH&N Bond Fund PH&N Short Term Bond & Mortgage Fund > Over 60% of fixed income allocation is to inflation-linked bonds > Meaningful allocation to high yield bonds > High allocation to inflation-linked bonds continues > More moderate high yield bond allocation > No allocation to high yield bonds > Higher short-term bond allocation in later years Source: Phillips, Hager & North Investment Management Source: Phillips, Hager & North Investment Management 3
5 3. Who invests in the PH&N LifeTime Funds? Investors in these funds are of all ages, with various degrees of investment knowledge. They appreciate the simplicity of investing in a single fund and they seek to minimize the time they spend managing their retirement savings. Investing in a target date fund implies that you believe your needs and expectations do not differ meaningfully from those of the model investor for whom the funds are designed. 4. How do I choose the right fund for me? Since the PH&N LifeTime Funds offer a one-fund investment solution, you just need to select the right fund for you. This is easy. First, determine the date you plan to retire. Then, use the table below to select the corresponding PH&N LifeTime Fund. Each PH&N LifeTime Fund targets retirement in a specific year (the year in its name) and is suitable for investors planning to retire close to that date. For example, if you plan to retire in 2039, you should select the PH&N LifeTime 2040 Fund as its asset mix will accommodate investors who want to begin withdrawing income as early as What year do you plan to retire? Select the corresponding PH&N LifeTime Fund: 2 0 YOUR PLANNED RETIREMENT DATE Now-2017 YOUR PH&N LIFETIME FUND PH&N LifeTime 2015 Fund PH&N LifeTime 2020 Fund PH&N LifeTime 2025 Fund PH&N LifeTime 2030 Fund PH&N LifeTime 2035 Fund PH&N LifeTime 2040 Fund PH&N LifeTime 2045 Fund PH&N LifeTime 2050 Fund New PH&N LifeTime Funds will be launched every five years to accommodate new entrants into the workforce (i.e., PH&N IM will launch the 2055 fund in 2020, etc.). 4
6 5. What happens when my PH&N LifeTime Fund reaches its retirement date? One of the innovative features of the PH&N LifeTime Funds is that each fund remains active for 25 years past its retirement date. This means that even after you retire, your fund s asset mix will continue to reflect your diminishing time horizon and continuing need for income. While a small allocation to equities is maintained, the emphasis will shift to fixed income holdings. 6. Do I need to buy more than one PH&N LifeTime Fund? No. Each PH&N LifeTime Fund is designed to be a complete retirement savings solution that meets the retirement needs of a typical investor with your time horizon. If your expected retirement date changes, due to significant life events for example, you can sell the existing fund and buy into the PH&N LifeTime Fund that corresponds to your new expected retirement date at the market price. 7. Do I need to buy additional investment funds for my retirement portfolio? No, you do not need to supplement your investment in a PH&N LifeTime Fund with any other investment fund. This is because each PH&N LifeTime Fund is designed to meet typical investment and withdrawal needs over time and is suitably diversified along the way. 8. Can I lose money in the PH&N LifeTime Funds? The funds are intended as a long-term investment, and aim to minimize risk and deliver consistent performance over time. No mutual funds are guaranteed, so it is always possible that the amount you invest will decline in value and that the full value of your investment will not be returned to you. We expect, however, that while the PH&N LifeTime Funds may experience short-term fluctuations in value, they will meet investors investment and income objectives over the long term. 5
7 9. What impact does inflation have on my savings? Inflation can be described as an increase in the costs of goods and services over time. It is a big concern for retirement savers because, as the graph below illustrates, inflation erodes the purchasing power of today s dollar over time. A distinctive feature of the PH&N LifeTime Funds is their use of three methods that aim to lessen the impact of inflation on your long-term savings, described on page 3. The Impact of Inflation Impact of varying inflation rates on the purchasing power of $1 in 60 years: 1% inflation 2% inflation 3% inflation 4% inflation $1.20 PURCHASING POWER OF TODAY S DOLLAR $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 $0.82 $0.67 $0.67 $0.55 $0.46 $0.45 $0.31 $0.52 $0.28 $0.21 $0.15 $ TIME (YEARS) Source: Phillips, Hager & North Investment Management 6
8 10. Will the performance of the PH&N LifeTime Funds match the performance of other target date funds with the same retirement date? Not necessarily, since all target date funds are structured with their own program of asset classes and allocations. The PH&N LifeTime Funds have a proprietary asset allocation glide path that is the result of extensive research done by the PH&N IM analytical teams. 12. Can I switch out of my PH&N LifeTime Fund? Yes. Significant life changes such as marriage, divorce or job loss may require you to change your retirement date, which in turn may require you to sell the existing fund and buy into the PH&N LifeTime Fund that corresponds to your new expected retirement date at the market price. If you find that the target date funds no longer suit your needs, you may also change your investment approach altogether. 11. How can I find out about the performance of my PH&N LifeTime Fund? You will receive quarterly statements to keep you updated on your fund s performance and investments. Bear in mind that while these statements provide a useful snapshot of your fund at a given moment in time, the fund s management team is focused on long-term savings and income objectives. As a result, you should not be too preoccupied with short-term fluctuations in value. If you do have concerns over time about the performance of your PH&N LifeTime Fund, please consult a financial advisor. 7
9 Commissions, trailing commissions, management fees and expense all may be associated with mutual fund investments. Please read the prospectus or Fund Facts document before investing. Mutual funds are not covered by the Canadian Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurance that the funds will be able to maintain their net asset value per security at a constant amount or that the full amount of your investment will be returned to you. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. No securities are being offered under this document and under no circumstances is this document to be construed as a prospectus, offering circular, offering memorandum or other offering document related to a distribution of units of PH&N Funds. This document may contain forward-looking statements about PH&N Funds, their future performance, strategies or prospects, and possible future Fund action. The words may, could, should, would, suspect, outlook, believe, plan, anticipate, estimate, expect, intend, forecast, objective and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance. Forward-looking statements involve inherent risk and uncertainties, both about the Fund and general economic factors, 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 made about or by the Fund. These factors include, but are not limited to, general economic, political and market factors in Canada, the United States and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological changes, changes in laws and regulations, judicial or regulatory judgments, legal proceedings and catastrophic events. Before making any investment decisions, we encourage you to consider these and other factors carefully. All opinions in forward-looking statements are subject to change without notice and are provided in good faith but without legal responsibility. Phillips, Hager & North Investment Management (PH&N IM) is a division of RBC Global Asset Management Inc. (RBC GAM), an indirect, wholly-owned subsidiary of Royal Bank of Canada. PH&N Funds are offered by RBC GAM and distributed through authorized dealers. / TM Trademark(s) of Royal Bank of Canada. Used under licence. RBC Global Asset Management Inc., (05/2015)
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