Fund Evaluator:
RBC BlueBay Ultra-Short Fixed Income A (RULFX)
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Fund Details
RBC BlueBay Ultra-Short Fixed Income A Overview
RBC BlueBay Ultra-Short Fixed Income A (RULFX) is an actively managed Taxable Bond Ultrashort Bond fund. RBC Global Asset Management. launched the fund in 2014.
The investment seeks to achieve a high level of current income consistent with preservation of capital. The fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets in fixed income securities. The fixed income securities in which the fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related and asset-backed securities, and obligations of U.S. and foreign governments and their agencies.
About RBC BlueBay Ultra-Short Fixed Income A (RULFX)
There are 2 members of the management team with an average tenure of 7.52 years: Brian Svendahl (2013), Eric Hathaway (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE BofA US 1-Y Trsy Bill TR LOC index with a weighting of 100%. RBC BlueBay Ultra-Short Fixed Income A has 117 securities in its portfolio. The top 10 holdings constitute 21.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
RBC BlueBay Ultra-Short Fixed Income A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. RBC BlueBay Ultra-Short Fixed Income A has 7.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 84.7% (77.8% domestic bond, 7.0% foreign bond and 0.0% convertible bond). RBC BlueBay Ultra-Short Fixed Income A has 15.3% of the portfolio in cash.
Assets Under Management
The fund has $17 million in total assets, which is below the $950 million average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
RULFX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The RBC BlueBay Ultra-Short Fixed Income A expense ratio is below average compared to funds in the Ultrashort Bond category. RBC BlueBay Ultra-Short Fixed Income A has an expense ratio of 0.39%, which is 13% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. RBC BlueBay Ultra-Short Fixed Income A has a portfolio turnover rate of 49%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 77% for the Ultrashort Bond category.
Recently, in the month of July 2026, RBC BlueBay Ultra-Short Fixed Income A returned 0.3%, which earned it a grade of D, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
RBC BlueBay Ultra-Short Fixed Income A has a trailing yield of 4.19%, which is below the 4.21% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
RBC BlueBay Ultra-Short Fixed Income A Grades
Year to date, the fund has returned 1.9%, 0.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 3.6% over the past year (grade of F), 5.4% over the past three years (grade of B) and 3.7% per year over the past five years (grade of C) and 2.9% per year over the past 10 years (grade of B).
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RULFX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RULFX Return (NAV) | 0.3% | 0.9% | 3.6% | 5.4% | 3.7% | 2.9% |
| RULFX Grade | D | D | F | B | C | B |
| +/- Category | -0.0% | -0.1% | -0.5% | 0.2% | 0.1% | 0.2% |
| Ultrashort Bond Avg | 0.3% | 0.9% | 4.1% | 5.2% | 3.6% | 2.7% |
| RULFX Tax Cost Ratio | na | na | 1.7% | 1.8% | 1.5% | 1.1% |
RULFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RULFX Return (NAV) | 1.9% | 4.4% | 6.5% | 7.7% | -1.4% | -0.0% | 2.4% | 4.2% | 1.5% | 1.7% | 2.0% |
| RULFX Grade | D | F | A | A | F | D | A | A | D | B | B |
| +/- Category | -0.2% | -0.4% | 0.7% | 1.8% | -1.2% | -0.1% | 0.8% | 1.1% | -0.2% | 0.2% | 0.5% |
| Ultrashort Bond Avg | 2.1% | 4.9% | 5.9% | 5.9% | -0.2% | 0.1% | 1.5% | 3.1% | 1.7% | 1.6% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 0.8% |
| Total Risk Index: | 0.07 - Low |
| Category Risk Index: | 1.48 - High |
| Category Risk Grade: | F (92% Rank) |
| Beta: | 0.08 |
| R-Squared: | 36% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.2% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $59 Mil |
| Fund Total Assets: | $ 18 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 49% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 12.6 years | |||
| Average Tenure: 7.5 years | |||
| Managers (Year): Svendahl Brian (2013), Hathaway Eric (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 117 |
| % in Top 10 Holdings: | 21.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 77.8% |
| Foreign Bond: | 7.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 15.3% |
Purchase Information
| Fund Family: | RBC Global Asset Management. |
| Phone Number: | 800-422-2766 |
| Website: | www.rbcgam.us |
| Status: | Open |
| Inception Date: | March 3, 2014 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 250 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.10% |
Expenses and Fees | |
| Expense Ratio (%): | 0.39% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | RBC BlueBay Ultra-Short Fixed Income I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
