RBC Global Asset Management US Inc

Item 7 – Types of Clients                                             analysis and interpretation of basic company and
                                                                      industry data) and quantitative analysis (i.e., the analysis
We provide portfolio management services (directly or
                                                                      and interpretation of numerical, measurable
through Pooled Investment Vehicles ) to corporations,
                                                                      characteristics). See The Investment Strategies
public and private pension plans, Taft-Hartley and union
                                                                      Appendix for additional information.
plans, charitable institutions, foundations, endowments,
municipalities, registered mutual funds, private                        I.    Investment Strategies
investment funds, CLOs, trust programs, foreign funds
such as UCITS funds, individuals (including high net                  We employ various investment strategies through our
worth individuals), family offices, insurance companies,              investment mandates and based on the objectives and
sovereign wealth funds, fiduciary consultants,                        strategies of the clients involved. Client portfolios with
distribution channels, wrap program sponsors and other                similar investment mandates, strategies and guidelines
institutions.                                                         are generally managed similarly. Long-term and short-
                                                                      term strategies could be used, if permitted by the

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© RBC Global Asset Management Inc. 2025

                                                                                              Advisory Brochure – Part 2A of Form ADV
                                                                                              RBC Global Asset Management (U.S.) Inc.

applicable client investment guidelines. Investing in                  made and the actions taken will be subject to various
securities involves risk and clients should be willing to              market, liquidity, currency, economic, political and other
bear such risks, including incurring losses. More                      risks, and investments could lose value.
frequent trading can positively or negatively affect
performance and increase transactional costs.                            II.   Methods of Analysis
RBC GAM-US’s investment approach with respect to                       The Investment Strategies Appendix illustrates the
fixed income strategies is governed by a style                         general descriptions of the RBC GAM-US investment
incorporating the following investment principles:                     strategies, including the primary methods of security
                                                                       analysis (security research process) and the material
     • Focus on absolute returns – both our long-only                  risks associated with each strategy. More detailed
       and alternative strategies use short exposures                  information regarding risks can be found in the Risk
       (either directly or via credit derivatives) as one of           Disclosures Appendix.
       a number of techniques designed to deliver
       absolute-style returns                                          Clients who invest in Pooled Investment Vehicles
                                                                       managed by RBC GAM-US should carefully read the
     • Strong emphasis on capital preservation – the use               relevant Fund Documentation for specific information
       of credit derivatives helps us to maximize portfolio            applicable to that particular vehicle.
       efficiency
                                                                        III.   Fixed Income Research Process
     • Dynamic, research-driven approach
                                                                       Our buy, hold and sell decisions are based on each
     • Disciplined, risk-controlled environment                        security’s expected risk/return profile, fundamentals,
     • Active management – our investment approach                     valuation and the ability for a considered transaction to
       draws on both top-down and bottom-up inputs,                    support the portfolio in prudently attaining the client’s
       resulting in an active style of management                      specific objectives. In addition, some insurance and
                                                                       other clients also have accounting-driven objectives
Finally, credit analysis is the fundamental aspect of                  related to portfolio yields and gains/losses, which we
RBC GAM-US’s fixed income investment approach and                      include in our decision to trade securities. All investment
is designed to identify existing market inefficiencies at all          decisions are based on our investment philosophy and
stages of the investment processes as well as drive                    process that consider quantitative, qualitative, technical
security selection using RBC GAM-US’s credit expertise                 and client-specific factors.
and proprietary research.
                                                                       The Fixed Income Investment Team spans RBC GAM-
Each investment team at RBC GAM-US maintains key                       US and RBC GAM-UK and operates with a collaborative
research personnel who are responsible for researching                 approach across both firms. In providing investment
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