capital markets data - rbc gam

Capital markets dataMay 2022

Market performance

2

Index Returns are Total Return (TR), in Canadian dollars unless otherwise noted. Source: RBC Global Asset Management. As of April 30, 2022. Rates of return less than one year are simple rates of return. An investment cannot be made directly into an index. The above does not reflect transaction costs, investment management fees or taxes. If such costs and fees were reflected, returns would be lower. Past performance is not a guarantee of future results.

Equities Index Apr-22 3 Mo YTD 2021 2020 2019 2018Canadian Equities (Broad Market) S&P/TSX Composite TR -5.0% -0.9% -1.3% 25.1% 5.6% 22.9% -8.9%

Canadian Equities (Large Cap) S&P/TSX 60 TR -4.9% -1.4% -1.6% 28.0% 5.6% 21.9% -7.6%Canadian Equities (Small Cap) S&P/TSX SmallCap TR -6.4% 2.6% 1.4% 20.3% 12.9% 15.8% -18.2%

U.S. Equities (Large Cap) S&P 500 TR USD -8.7% -8.2% -12.9% 28.7% 18.4% 31.5% -4.4%U.S. Equities (Mid Cap) Russell Mid Cap TR USD -7.7% -6.0% -12.9% 22.6% 17.1% 30.5% -9.1%

U.S. Equities (Small Cap) Russell 2000 TR USD -9.9% -7.8% -16.7% 14.8% 20.0% 25.5% -11.0%U.S. Equities (Broad Market) Russell 3000 TR USD -9.0% -8.4% -13.8% 25.7% 20.9% 31.0% -5.2%

Global Equities MSCI World Net of Taxes TR -8.3% -8.2% -13.0% 20.8% 13.9% 27.7% -8.7%Global Developed Markets (ex U.S. & Can) MSCI EAFE Net of Taxes TR -4.3% -7.1% -11.0% 10.8% 6.4% 22.0% -13.8%

Emerging Markets Equities MSCI Emerging Markets TR -3.4% -10.0% -11.1% -3.1% 16.6% 12.9% -6.5%Fixed Income Index Apr-22 3 Mo YTD 2021 2020 2019 2018

Canadian Bonds FTSE Canada Universe Bond TR -3.5% -7.1% -10.2% -2.5% 8.7% 6.9% 1.4%U.S. Bonds Bloomberg U.S. Aggregate Bond Index TR -1.1% -6.5% -8.1% -2.2% 5.4% 8.7% 0.0%

U.S. High Yield Bonds ICE BofA US High Yield BB-B TR (CAD hedged) -3.7% -5.4% -8.1% 4.6% 5.1% 15.1% -2.0%Emerging Market Bonds JP Morgan EMBI Global Diversified (CAD hedged) -5.7% -12.7% -15.2% -2.0% 3.7% 15.0% -4.3%

Currencies (in Canadian Dollars) Spot (1 unit of foreign currency's worth in CAD) Apr-22 3 Mo YTD 2021 2020 2019 2018U.S. Dollar USD/CAD 1.28 2.8% 1.1% 1.6% -0.7% -2.0% -4.9% 8.6%

Euro EUR/CAD 1.36 -2.0% -5.1% -5.8% -7.5% 6.8% -6.9% 3.7%British Pound GBP/CAD 1.62 -1.6% -5.5% -5.6% -1.7% 1.2% -1.2% 2.5%

Japanese Yen (in JPY¥) JPY/CAD 0.010 -3.6% -10.4% -9.9% -10.9% 3.2% -4.1% 11.7%Commodities Spot Apr-22 3 Mo YTD 2021 2020 2019 2018

Gold (per ounce) Gold 1911.70 -2.2% 6.4% 4.5% -3.5% 24.4% 18.9% -2.1%Silver (per ounce) Silver 23.09 -8.1% 3.1% -1.1% -11.6% 47.4% 15.3% -9.4%

Copper (per pound) Copper 4.41 -7.2% 1.9% -1.2% 26.8% 25.8% 6.3% -20.3%Crude Oil (WTI per barrel) Crude Oil 104.69 4.4% 18.8% 39.2% 55.0% -20.5% 34.5% -24.8%

Natural Gas (per million btu) Natural Gas 7.36 30.4% 50.9% 106.8% 40.8% 15.4% -23.2% -3.5%

3

U.S. and Canada equities sector performance

S&P/TSX (In CAD) Apr-22 3 Mo YTD

Energy 2.7% 17.5% 32.2%

Materials -4.8% 18.3% 14.3%

Industrials -8.0% -1.6% -4.4%

Consumer Discretionary -2.8% -8.5% -10.3%

Consumer Staples 0.4% 8.7% 5.8%

Healthcare -17.7% -17.2% -24.7%

Financials -6.2% -7.9% -4.2%

Information Technology -19.9% -35.1% -48.3%

Communication Services -1.3% 5.6% 7.4%

Utilities -1.3% 5.8% 3.5%

Real Estate -6.0% -5.0% -10.5%

S&P 500 (In USD) Apr-22 3 Mo YTD

Energy -1.5% 14.9% 36.9%

Materials -3.5% 1.1% -5.8%

Industrials -7.5% -5.2% -9.7%


Consumer Staples 2.6% 2.9% 1.5%

Healthcare -4.7% -0.4% -7.2%

Financials -9.9% -11.3% -11.2%

Technology -11.3% -12.7% -18.7%

Communication Services -15.6% -20.8% -25.7%

Utilities -4.3% 3.7% 0.3%

Real Estate -3.6% -1.2% -9.6%

All returns are total return and as of April 30, 2022. Rates of return less than one year are simple rates of return. An investment cannot be made directly into an index. The above does not reflect transaction costs, investment management fees or taxes. If such costs and fees were reflected, returns would be lower. Past performance is not a guarantee of future results.

4

S&P/TSX and S&P 500 Sector Weights

Source: RBC GAM. As of April 30, 2022

31.2%

17.6%

13.3%

11.6%

5.7%

5.2%

4.8%

4.0%

3.3%

2.8%

0.6%

Financials

Energy

Materials

Industrials

Information Technolgy

Communication Services

Utilities

Consumer Staples

Consumer Discretionary

Real Estate

Health Care

S&P/TSX Composite Index

27.2%

14.2%

11.5%

11.0%

8.6%

8.0%

6.8%

4.2%

2.9%

2.9%

2.8%

Information Technology

Health Care


Financials


Industrials

Consumer Staples

Energy

Utilities

Real Estate

Materials

S&P 500 Index

5

EM and EAFE equities sector performance

MSCI EM (In USD) Apr-22 3 Mo YTD

Energy 0.3% -22.2% -20.6%

Materials -8.2% -4.7% -5.2%

Industrials -4.6% -2.7% -7.1%


Consumer Staples -2.6% -6.3% -10.3%

Healthcare -8.1% -9.7% -21.0%

Financials -4.9% -4.5% 0.5%

Technology -10.7% -15.9% -20.7%


Utilities 1.1% 2.3% 0.9%

Real Estate -1.3% -8.4% -3.1%

MSCI EAFE (In USD) Apr-22 3 Mo YTD

Energy -2.2% 2.9% 14.4%

Materials -7.0% -1.2% -3.9%

Industrials -8.7% -10.6% -18.5%


Consumer Staples -1.6% -4.1% -9.2%

Healthcare -3.6% 1.1% -7.2%

Financials -7.3% -9.5% -8.2%

Technology -11.6% -13.3% -25.8%


Utilities -2.5% -3.6% -6.5%

Real Estate -5.4% -5.3% -8.0%

All returns are total return and as of April 30, 2022. Rates of return less than one year are simple rates of return. An investment cannot be made directly into an index. The above does not reflect transaction costs, investment management fees or taxes. If such costs and fees were reflected, returns would be lower. Past performance is not a guarantee of future results.

6

MSCI EAFE Index country and sector weights

Source: RBC GAM as of April 30, 2022.

17.5%

15.0%

13.5%

11.2%

10.7%

8.2%

8.2%

4.9%

4.3%

3.5%

2.9%

Financials

Industrials

Health Care


Consumer Staples


Materials


Energy

Utilities

Real Estate

MSCI EAFE Sector Weight

21.8%15.7%

11.4%10.5%

8.1%8.2%

4.2%3.5%

2.9%2.8%

2.3%2.4%

1.4%1.0%1.0%0.8%0.7%0.6%

0.2%0.2%0.2%

JapanUnited Kingdom

FranceSwitzerland

GermanyAustralia

NetherlandsSweden

Hong KongDenmark

ItalySpain

SingaporeFinland

BelgiumNorway

IsraelIreland

PortugalNew Zealand

Austria

MSCI EAFE Country Weight

7

MSCI EM Index country and sector weights

Source: RBC GAM as of April 30, 2022

22.2%

20.5%

12.7%

10.3%

9.2%

6.0%

5.5%

5.0%

3.8%

2.7%

2.2%

Financials




Materials

Consumer Staples

Industrials

Energy

Health Care

Utilities

Real Estate

MSCI EM Sector weight

30.6%15.4%13.6%

12.5%5.3%

4.7%3.7%

2.2%1.9%1.9%1.5%1.5%1.0%0.8%0.8%0.6%0.5%0.2%0.3%0.2%0.2%0.2%0.2%0.1%

ChinaTaiwan, Province Of China

IndiaKorea, Republic Of

BrazilSaudi ArabiaSouth Africa

MexicoThailand

IndonesiaMalaysia

United Arab EmiratesQatar

KuwaitPhilippines

PolandChilePeru

TurkeyGreece

ColombiaHungary

Czech RepublicEgypt

MSCI EM Country Weight

8

April total returns in CAD

-6.20%

-7.42%

-5.16% -4.96% -4.85%

-6.43% -6.14%

-4.21%

-3.35% -3.49%

-1.14%

-3.65%

-5.72%

S&P 500 U.S. Small Cap U.S. Mid Cap S&P/TSX S&P/TSX LargeCap

S&P/TSX SmallCap

MSCI World MSCI EAFE MSCI EM Canada BondUniverse

U.S. InvestmentGrade Bonds

U.S. High Yield EM Bonds

Source: RBC GAM, Data for month ending April 30, 2022. S&P 500: S&P 500 Total Return Index; U.S. Small Cap: Russell 2000 TR Index; U.S. Mid Cap: Russell Mid Cap TR Index; S&P/TSX: S&P/TSX Total Return Index; S&P/TSX Large Cap: S&P/TSX 60 TR Index. S&P/TSX Small Cap: S&P/TSX SmallCap TR Index; MSCI World: MSCI World Net of Taxes TR Index; MSCI EAFE: MSCI EAFE Net of Taxes TR Index; MSCI EM: MSCI Emerging Markets Net of Taxes TR Index; Canada Bond Universe: FTSE Canada Bond Universe TR Index; U.S. Investment Grade Bonds: Bloomberg U.S. Aggregate Bond Index TR Index; U.S. High Yield: ICE BofA US High Yield BB-B TR (CAD hedged) Index; EM Bonds; JP Morgan EMBI Global Diversified (CAD hedged) Index. Rates of return less than one year are simple rates of return. An investment cannot be made directly into an index. The graph does not reflect transaction costs, investment management fees or taxes. If such costs and fees were reflected, returns would be lower. Past performance is not a guarantee of future results.

9

Investment growth in CAD

Source: RBC GAM, Data as of April 30, 2022. S&P 500: S&P 500 Total Return Index; U.S. Small Cap: Russell 2000 TR Index; U.S. Mid Cap: Russell Mid Cap TR Index; S&P/TSX: S&P/TSX Total Return Index; S&P/TSX Large Cap: S&P/TSX 60 TR Index. S&P/TSX Small Cap: S&P/TSX SmallCap TR Index; MSCI World: MSCI World Net of Taxes TR Index; MSCI EAFE: MSCI EAFE Net of Taxes TR Index; MSCI EM: MSCI Emerging Markets Net of Taxes TR Index; Canada Bond Universe: FTSE Canada Bond Universe TR Index; U.S. Investment Grade Bonds: Bloomberg U.S. Aggregate Bond Index TR Index; U.S. High Yield: ICE BofA US High Yield BB-B TR (CAD hedged) Index; EM Bonds; JP Morgan EMBI Global Diversified (CAD hedged) Index. Rates of return less than one year are simple rates of return. An investment cannot be made directly into an index. The graph does not reflect transaction costs, investment management fees or taxes. If such costs and fees were reflected, returns would be lower. Past performance is not a guarantee of future results.

10,474 8,688 9,814

11,156 11,339 10,673 10,067 9,589 8,513 9,210 9,562 9,483 8,528

17,851

13,350 15,617 15,476 15,978

13,496 15,565

12,087 11,754 10,289 9,989

11,506 9,721

46,829

33,918

40,361

22,803 24,415

16,222

35,586

23,756

17,830

12,394 15,445 16,121

12,993

S&P 500 U.S. SmallCap

U.S. Mid Cap S&P/TSX S&P/TSXLarge Cap

S&P/TSXSmall Cap

MSCI World MSCI EAFE MSCI EM Canada BondUniverse

U.S.Investment

Grade Bonds

U.S. HighYield

EM Bonds

Investment Growth of CAD 10,000 as of April 20221 Year 5 Years 10 Years

Index in CAD 1 Year (%) 5 Years (%) 10 Years (%)S&P 500 4.7% 12.3% 16.7%

U.S. Small Cap -13.1% 5.9% 13.0%

U.S. Mid Cap -1.9% 9.3% 15.0%

S&P/TSX 11.6% 9.1% 8.6%

S&P/TSX Large Cap 13.4% 9.8% 9.3%

S&P/TSX Small Cap 6.7% 6.2% 5.0%

MSCI World 0.7% 9.3% 13.5%

MSCI EAFE -4.1% 3.9% 9.0%

MSCI EM -14.9% 3.3% 6.0%

Canada Bond Universe -7.9% 0.6% 2.2%

U.S. Investment Grade Bonds -4.4% 0.0% 4.4%

U.S. High Yield -5.2% 2.8% 4.9%

EM Bonds -14.7% -0.6% 2.7%

10

Annualized total returns over 1, 5 and 10 years in CAD

Source: RBC GAM as of April 30, 2022. S&P 500: S&P 500 Total Return Index; U.S. Small Cap: Russell 2000 TR Index; U.S. Mid Cap: Russell Mid Cap TR Index; S&P/TSX: S&P/TSX Total Return Index; S&P/TSX Large Cap: S&P/TSX 60 TR Index. S&P/TSX Small Cap: S&P/TSX SmallCap TR Index; MSCI World: MSCI World Net of Taxes TR Index; MSCI EAFE: MSCI EAFE Net of Taxes TR Index; MSCI EM: MSCI Emerging Markets Net of Taxes TR Index; Canada Bond Universe: FTSE Canada Bond Universe TR Index; U.S. Investment Grade Bonds: Bloomberg U.S. Aggregate Bond Index TR Index; U.S. High Yield: ICE BofA US High Yield BB-B TR (CAD hedged) Index; EM Bonds; JP Morgan EMBI Global Diversified (CAD hedged) Index. Rates of return less than one year are simple rates of return. An investment cannot be made directly into an index. The above does not reflect transaction costs, investment management fees or taxes. If such costs and fees were reflected, returns would be lower. Past performance is not a guarantee of future results.

1 Month in USDValue Blend Growth

Large -5.6% -8.7% -12.1%Mid -5.9% -7.7% -11.3%

Small -7.8% -9.9% -12.3%

11

U.S. equities returns by investment style in U.S.D

YTD in USDValue Blend Growth

Large -6.3% -12.9% -20.0%Mid -7.7% -12.9% -22.4%

Small -10.0% -16.7% -23.3%

1 Year in USDValue Blend Growth

Large 1.3% 0.2% -5.3%Mid 0.0% -6.1% -16.7%

Small -6.6% -16.9% -26.4%


Large 9.6% 13.8% 16.7%Mid 10.2% 10.5% 8.7%

Small 8.4% 6.7% 4.1%


Large 9.1% 13.7% 17.3%Mid 8.6% 10.7% 12.1%

Small 6.7% 7.2% 7.1%


Large 11.2% 13.7% 15.6%Mid 11.4% 12.0% 12.2%

Small 9.8% 10.1% 9.9%

Source: RBC GAM. Data as of April 30, 2022. Large Value: Russell 1000 Value TR U.S.D. Large Blend: S&P 500 TR U.S.D. Large Growth: Russell 1000 Growth TR U.S.D. Mid Value: Russell Mid Cap Value TR U.S.D. Mid Blend: Russell Mid Cap TR U.S.D. Mid Growth: Russell Mid Cap Growth TR U.S.D. Small Value: Russell 2000 Value TR U.S.D. Small Blend: Russell 2000 TR U.S.D. Small Growth: Russell 2000 Growth TR U.S.D. Rates of return less than one year are simple rates of return. An investment cannot be made directly into an index. The above does not reflect transaction costs, investment management fees or taxes. If such costs and fees were reflected, returns would be lower. Past performance is not a guarantee of future results.

12

Market index update – 5 years normalized

All indices shown are total return in Canadian dollars. Data as of April 30, 2022. Source: Bloomberg, RBC GAM. An investment cannot be made directly into an index. The graphs do not reflect transaction costs, investment management fees or taxes. If such costs and fees were reflected, returns would be lower. Past performance is not a guarantee of future results.

5,000

10,000

15,000

20,000 S&P/TSX TR Index

5,000

10,000

15,000

20,000

25,000

30,000 S&P 500 TR Index

5,000

10,000

15,000

20,000 MSCI EM Index

5,000

10,000

15,000

20,000 MSCI EAFE Index

5,000

10,000

15,000

20,000 Bloomberg US Agg Total Return Value Index

5,000

10,000

15,000FTSE Canada Universe Bond Index

13

Equity market valuations

Source: Bloomberg, RBC GAM. Data as of April 30, 2022. Canadian Equities represented by S&P/TSX Index. U.S. Equities represented by S&P 500 Index. EM Equities represented by MSCI EM Index, EAFE Equities represented by MSCI EAFE Index.

5

10

15

20

25

30Canadian Equities

Trailing P/ECurrent level: 16.5

Forward P/ECurrent level: 13.0

10 Yr. Avg: 19.6

10 Yr. Avg: 16.6

7

12

17

22

27

32

U.S. Equities Trailing P/ECurrent level: 20.8


10 Yr. Avg: 20.1

10 Yr. Avg: 18.1

05

101520253035404550

EAFE Equities



10 Yr. Avg: 19.7

10 Yr. Avg: 15.1

5.0

10.0

15.0

20.0

25.0

30.0 EM Equities



10 Yr. Avg: 14.4

10 Yr. Avg: 12.7

Trailing P/E Ratio Forward P/E Ratio

0

10

20

30

40

50

60

70

80

90

Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22

14

U.S. equities 10-year volatility index

Source: COBE VIX® Index. Data as of April 30, 2022

15

25

35

Feb Mar Apr

Last 3 Months

15

1-Year Exchange RatesUpward slope: Foreign currency appreciates against CAD - more CAD to buy 1 unit of foreign currency (more expensive) Downward slope: Foreign currency depreciates against CAD - less CAD to buy 1 unit of foreign currency (less expensive)

Source: RBC GAM, Bloomberg. Data as of April 30, 2022.

1.14

1.16

1.18

1.20

1.22

1.24

1.26

1.28

1.30

1.32

Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22

USD/CAD Currency

1.30

1.35

1.40

1.45

1.50

1.55

1.60

1.65


EUR/CAD Currency

0.0080

0.0085

0.0090

0.0095

0.0100

0.0105

0.0110

0.0115

0.0120


JPY/CAD Currency

1.50

1.55

1.60

1.65

1.70

1.75

1.80


GBP/CAD Currency

0

500

1,000

1,500

2,000

2,500

Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22

Spre

ad (b

ps)

16

High-yield bond spreads over the last 10 years

Source: RBC GAM, Bloomberg. Data as of April 30, 2022.

300

325

350

375

400

425

450

475

Feb-22 Mar-22 Apr-22

Last 3 Months

17

10-year yields over the last 12 months

% Date

Peak 2.9 April 19, 2022

Trough 1.2 August 3, 2021

% Date

Peak 2.9 April 21, 2022

Trough 1.1 August 3, 2021

Source: RBC GAM, Bloomberg. Data as of April 30, 2022

2.8%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

10 Year U.S Treasury Yield %

2.8%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

10-Year Canadian Government Yield %

May 10, 2022

This has been provided by RBC Global Asset Management Inc. (RBC GAM) and is for informational purposes, as of the date noted only. It is not intended to provide legal, accounting, tax, investment, financial or other advice and such information should not be relied upon for providing such advice. RBC GAM takes reasonable steps to provide up-to-date, accurate and reliable information, and believes the information to be so when provided. Past performance is no guarantee of future results. Interest rates, market conditions, tax rulings and other investment factors are subject to rapid change which may materially impact analysis that is included in this document. You should consult with your advisor before taking any action based upon the information contained in this document. Information obtained from third parties is believed to be reliable but RBC GAM and its affiliates assume no responsibility for any errors or omissions or for any loss or damage suffered. RBC GAM reserves the right at any time and without notice to change, amend or cease publication of the information.

® / ™ Trademark(s) of Royal Bank of Canada. used under licence. © RBC Global Asset Management Inc. 2022

18

Disclosure

capital markets data - rbc gam

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