• Our team process brings the expertise of each manager into the strategy
• Our strong fundamental credit research is focused on safety first
• We employ a diverse cross-section of high quality money market securities
• Core Cash portfolios are positioned across the money market curve in a laddered fashion, while seeking opportunities to enhance yield through a strategic placement along the curve.

Investment Process
RBC believes the appropriate role of fixed income investing in most portfolios is to preserve principal, generate yield, and maintain adequate liquidity to cover liabilities. For cash management accounts, these goals are often stated as "safety first, liquidity second, and yield third." In other words, our goal is to deliver consistent value-added returns that will result in superior longer-term returns on both an absolute and risk-adjusted basis. We actively invest fixed income portfolios within a risk management framework to protect principal while providing value-added returns.

These returns are realized primarily through sector emphasis and individual security selection using both fundamental and state-of-the-art proprietary quantitative valuation models and analysis. Earning an above-average yield is a focus and is the primary source of excess return. RBC minimizes positioning based on interest rate movements or a particular technical view because it introduces unacceptable risk and does not contribute to our overall goal of a superior alpha or a superior information ratio (risk-adjusted return).

Investment Universe
Portfolios are well diversified among high quality money market securities including U.S. Treasuries, agencies, commercial paper, corporate bonds, bankers acceptance and certificates of deposit. Performance is typically measured against the Citigroup 3 Month T-Bill.