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Voices of RPIA | 2023 Edition

The 2023 edition of our corporate magazine, Voices of RPIA, highlights the amazing things our team is doing within our firm, our work, and our community. Check out the publication to learn more about our culture and our latest initiatives!

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Credit Makes a Comeback

Notes from the Trading Desk - Q4 2023

The final quarter of 2023 provided much-welcomed relief for fixed income investors, but there are a few things to look out for in 2024.

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Credit Market Themes in 5 Charts - Q4 2023

Highlighting Key Drivers for 2024

As we head into 2024, we gathered some key themes and observations we believe will define the year ahead. Given the current economic outlook and valuation levels, we believe there is an opportunity for investors to de-risk portfolios by adding to active credit strategies. These strategies can act as an effective yet simple solution in a potentially choppy environment.

Abstract concept of change using butterfly evolution

Re-positioning the Foundation Portfolio

Solutions for the New Environment

In light of the Government of Canada's decision to increase the disbursement quota for foundations, we believe foundation executives and trustees should look to "Active Credit" to improve the return potential of their fixed income allocation.

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Giving Back to our Community

Giving back to the community is one of our core values at the firm, and we support several organizations that help advance causes that are near to the hearts of our employees and our clients.

Learn more about our core values and culture
Learn more about our charitable giving

UnCharitable

We recently had the pleasure of supporting the Power To Give Foundation in hosting the first-ever Canadian screenings of the highly anticipated documentary, UnCharitable. Based on the best-selling book and popular TED Talk by Dan Pallotta, the film not only challenges our views on the not-for-profit sector but also inspires us all to empower our nonprofit leaders.

Watch the trailer
View the Canadian/US theatre showing dates

Who We Are

RPIA is a specialized fixed income manager with deep expertise in corporate bonds and active interest rate management. The firm was founded in 2009 by a highly experienced team that previously ran the global fixed income arm of Canada’s largest bank. RPIA remains independent, privately owned by employees who have $200 million invested alongside our clients.

From our Portfolio Management and Client teams to Leadership and Risk Management experts, we actively collaborate across the firm, ensuring that our clients benefit from our shared expertise and that we are well-positioned to meet the challenges of a constantly changing market environment. Our clients often say the outstanding service we deliver is as important to them as the returns we achieve for them.

Meet Our Team
Read our corporate magazine, Voices of RPIA

Our Client Services

Our clients are at the forefront of everything that we do. Across all our teams, from client services to operations and portfolio management, we actively collaborate to ensure that clients benefit from our shared expertise. We aim to bring our firm’s core values to life by serving clients with excellence, partnership, integrity, transparency, and community.

RPIA employees and partners also have significant capital invested in the funds to ensure that our interests align with those of our clients – in true partnership. We strive to offer best-in-class service, transparency, and reporting, to ensure that our clients understand and feel comfortable with their investments and what we do.

Learn more about our client services

What Sets Us Apart

RPIA's highly active, dynamic approach enables us to consistently extract value from the global credit market. Investors do not need to compromise on credit quality or sacrifice liquidity to improve their portfolio returns. We generate value for our investors in three primary ways:

Truly Active Fixed IncomeWe have deep, longstanding relationships with dealer desks globally, allowing us to quickly identify and execute our best ideas. We can constantly reposition in response to changing market conditions to capture opportunities and add value for our investors.

Providing Global Diversification
We have the expertise to capture additional alpha and diversify portfolios beyond the limits of the Canadian market through global security selection.

Robust Risk Management
Our experienced Risk Management team is involved in every step of the investment process, engaging collaboratively with portfolio managers to manage implicit and explicit risks.

Engaging With Our Community

At RPIA we believe in giving back to the community. We hope to create meaningful change through philanthropic giving and promoting active volunteerism among our employees in support of community development, scientific research, environmental initiatives, education, global development, and arts and cultural programs. We support a wide variety of organizations that reflect the values of our clients, our employees, and our firm.

Learn more about our core values and culture

The RPIA ACE Program

RPIA’s Charitable Giving Summary 2022

Our Investment Strategies

We offer a range of investment strategies reflecting the diverse risk and return objectives of our investors. There is a consistent investment philosophy behind all the strategies we manage – the belief that global corporate bond markets are inefficient and that active management can deliver additional returns for our investors. Our solutions are grouped into mutual fund products offered via Prospectus and pooled strategies which are offered via Offering Memorandum.

Explore Our Strategies

RP Debt Opportunities

RP Debt Opportunities is a global investment-grade focused credit strategy that seeks to generate strong risk-adjusted returns without benchmark constraints. The strategy gains exposure to its underlying investment portfolio by holding units of its applicable master feeder fund structure. The underlying portfolio actively invests primarily in investment grade debt securities and has the flexibility to use leverage and short positions to help produce a return profile with low volatility and a focus on capital preservation.

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RP Select Opportunities

RP Select Opportunities is a multi-strategy credit strategy that seeks to generate strong risk-adjusted returns, preserve capital, and minimize volatility. The strategy gains exposure to its underlying investment portfolio by holding units of its applicable master feeder fund structure. The underlying portfolio invests globally in opportunities across credit asset classes including investment grade, high yield, and preferred shares. In the management of the portfolio, RPIA utilizes outright and relative value, alongside active trading.

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Explore our materials

ESG Deep Dive: Rethinking Safety Metrics in Mining

A Closer Look at the Culture of Harassment in Remote Mining Sites

Our Credit Research Team recently conducted an important analysis on the Mining sector, which revealed challenging gaps in ESG metrics and standards for the industry. This paper takes a closer look at the culture of harassment in remote mining sites and analyzes the challenges and gaps regarding diversity targets and safety metrics in the industry from an ESG investing perspective.

4 Hidden Risks of Do-It-Yourself Bond Investing

Although buying individual bonds may seem compelling in the current environment, understanding these under-the-surface risks is essential to choosing the right investment solution and ensuring investment portfolios can generate the best value, especially for long-term investors.

Active Bonds vs. GICs in a Higher Rate Environment

In response to the unprecedented speed of rate hikes and tumbling bond valuations, many investors have turned to GICs for their attractive yields and capital preservation. However, with inflation moderating, we believe investors should consider looking beyond GICs and pivot back to bonds, particularly Active Credit, which can offer higher yields, capital preservation, and portfolio diversification.

The Tax Efficiency of Discount Bonds

Investor Education: Bonds 101

The unprecedented volatility in bond markets over the past two years has resulted in many bonds trading at discounts to their par values. These bonds can offer a tax-efficient approach to generating returns for investors over the coming years. We explain this through a hypothetical scenario and by comparing the after-tax returns for discount bonds vs. GICs.

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Newsletters

Credit Market Themes in 5 Charts - Q4 2023

Highlighting Key Drivers for 2024

Test

Credit Makes a Comeback

Notes from the Trading Desk - Q4 2023

The final quarter of 2023 provided much-welcomed relief for fixed income investors, but there are a few things to look out for in 2024.

Bond Investors Receive an Early Present

In this month’s newsletter, we take a step back and assess the market’s restored optimism that led to a sharp and broad-based rally in November. We discuss how the swift market moves could be an overshoot in sentiment and valuations, leading us to taper our positioning and proceed more cautiously. Nevertheless, we argue that there are still plenty of opportunities for active managers like ourselves to capitalize on the dispersion in credit valuations and dynamically allocate to what we view as the most promising risk-adjusted opportunities.

A Tug-of-War Economic Picture

Notes from the Trading Desk - Q3 2023

In this new series, we summarize notes from the trading desk to provide a brief overview of the macroeconomic environment and examples of our positioning in our strategies. This past quarter, contradicting economic data sparked a tug-of-war between inflation and growth, and markets priced in the projected "higher-for-longer" environment as we navigate continued uncertainty.

Market Insight Videos

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Investor Education Videos