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How Our Strategies Are Performing

An overview of all our strategies including their performance, portfolio characteristics, fund facts, and any relevant documents all in one place.

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RP Alternative Global Bond Fund

January 2024

In this note, we highlight how RP Alternative Global Bond Fund has provided investors with positive returns every calendar year since its inception and how we believe the fund is well-positioned to provide compelling relative and absolute performance in 2024.

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.

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.

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.

InvestED - Investor Education Videos

A collection of short educational videos aimed at helping investors understand intricate investment concepts. Some topics include bonds 101, alternative fixed income strategies, and more.

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Our Approach

For more than a decade, we have helped Canadian investors achieve their investment objectives by providing innovative fixed income solutions focused on corporate bonds. We firmly believe that there is a better way to manage bond portfolios than a passive “coupon-clipping” approach. We employ a highly active approach that focuses on generating steady returns and preserving capital during volatile markets. There are a number of aspects to our approach which mark us out as a unique investment manager.

We have assembled a team with deep expertise in managing bond portfolios, and paired this team with institutional quality risk management systems. We have committed to investing in proprietary technology and have been incorporating ESG factors in our decision-making process long before it became fashionable to do so. Finally, we have designed thoughtful investment solutions for our clients that provide them with a better risk-adjusted return from fixed income.

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How We Invest

At RPIA, we have a collaborative team that prioritizes in-depth industry, country, and company analysis. Group discussions of our analyses are at the core foundation of all our investments. We use a wide range of investment tools and proprietary technology that are often unavailable to more traditional fixed income investors.

Our Investment Committee and portfolio construction groups drive the bigger picture. Our investment team is empowered to maximize the credit research, quantitative analysis, and risk management tools to generate the ideas that fuel all our different strategies.

We are your local partner that has built specialized expertise across global markets. We pride ourselves on having a team with complementary skills and experiences and some members joining us with insights from working abroad. The ability to invest across global markets differentiates us from others, especially as we hedge the currency risk across our funds. It also helps attract and retain what is, in our view, the best investment team for our investors.

Flexibility is an underappreciated asset but one that we value highly. Our investment team is experienced in seeking the best relative value and is not bound by indices. We constantly reevaluate the original thesis for adding a particular company to the portfolio and can influence change quickly when needed.

Our skilled team, our process, and our investment tools provide us with the right combination of strengths to realize value for our investors through flexibility and a global investment universe.

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How We Manage Risk

At RPIA, we are keenly aware that when it comes to managing our investors’ fixed income investments, prudent risk management and capital preservation in difficult markets is essential. In our view this starts with the quality, strength and experience of the people who are managing the capital day-in-day-out, backed up by continued investment in systems and technology.

We believe active management plays a key risk management role, as it enables us to assess market liquidity and quickly detect when market conditions change. It allows us to take action early to protect our portfolios. It also means that when conditions do stabilize, we can act quickly to capture opportunities.

RPIA has made a significant investment in building an institutional-quality risk management team and infrastructure. Advanced technology allows for effective real-time analysis of exposures and concentrations in the portfolios. This is complemented by a suite of analytics that are used for stress testing of the portfolios, as well as scenario testing and liquidity analysis. Experienced leadership ensures proper interpretation of the analytics and appropriate responses to market conditions as they evolve in real time.

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Why Go Active In Credit

In today’s low-rate environment with increasing valuations, it is challenging for investors to effectively manage a portfolio. We believe that a traditional 60% equity and 40% fixed income portfolio cannot generate quality returns for the risks that investors face today, so alternatives need to be considered to help achieve investment goals.

There is much research that supports credit as a distinct and unique asset class. The corporate bond market offers a wider investment universe that can help balance equity risk and provide opportunities due to inefficiencies and mispriced securities that active managers can identify to generate additional “active” returns.

RPIA’s approach is to apply a highly active, dynamic investment process that enables us to consistently extract value from the global credit market, driven by security selection. Investors do not need to compromise on credit quality or sacrifice liquidity to improve their portfolio returns. We offer a variety of credit-focused solutions to augment your fixed income allocation.

A simple rethink of your fixed income portfolio by introducing truly active credit strategies can be an effective solution for investors to consider reaching their yield and income objectives.

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Our Strategies

RPIA offers a range of investment strategies reflecting our investors' diverse risk and return objectives.

1. Mutual Funds

RP Strategic Income Plus Fund
RP Alternative Global Bond Fund

2. Alternative Credit & Fixed Income

RP Debt Opportunities
RP Select Opportunities
RP Fixed Income Plus

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Strategy Performance

An overview of all our strategies including their performance, portfolio characteristics, and any relevant documents all in one place.

Strategy Performance Snapshot

RP Strategic Income Plus Fund

RP Strategic Income Plus Fund seeks to generate stable risk-adjusted absolute returns consisting of dividends, interest income and capital gains by investing primarily in investment grade corporate debt and debt-like securities, with a focus on capital preservation.

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RP Alternative Global Bond Fund

RP Alternative Global Bond Fund seeks to generate attractive risk-adjusted returns with an emphasis on capital preservation. The Fund will invest primarily in investment grade debt and debt-like securities of corporations and financial institutions.

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Market Commentary

Are Bonds Dead?

February 2021 Newsletter

Warren Buffett commented "Bonds are Dead" in his annual Berkshire Hathaway newsletter. We do not believe "Bonds are Dead" but the traditional approach to bonds must adapt to new investor needs.Warren Buffett commented "Bonds are Dead" in his annual Berkshire Hathaway newsletter. We do not believe "Bonds are Dead" but the traditional approach to bonds must adapt to new investor needs.

Credit Market Themes in 5 Charts - Q4 2023

Highlighting Key Drivers for 2024

Test

Expedia: When the Stars Align

Opportunity in the travel sector during COVID-19

The travel sector was arguably the hardest hit sector by COVID-19, and as an online travel agency (OTA), Expedia’s business was severely impacted. Here is an update on one of our high conviction positions – Expedia – as the company returns to the debt markets, this time to repurchase debt and issue it.

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.

Market Update Videos

Creating a More Resilient Bond Portfolio

RP Alternative Global Bond Fund 3YR Anniversary Video

August 2022

Matthew Hunter, Director, Client Portfolio Management, speaking in the video

With RP Alternative Global Bond Fund reaching its 3-year anniversary in July, we reflect on its track record of offering investors the ability to help create a more resilient fixed income portfolio.

Market Update with Richard Pilosof & Alex Evis

Webinar Replay

June 2022

Richard Pilosof, Alex Evis, and Kripa Kapadia in the RPIA boardroom speaking on a webinar

On Wednesday, June 22nd, 2022, Richard Pilosof, Chief Executive Officer, and Alex Evis, Chief Risk Officer, provided an update on the uncertainty we are seeing in the markets recently. They covered the uncertain macroeconomic backdrop and its implications on asset prices, recent activity and potential risks throughout broad bond markets, and an update on opportunities in credit markets.

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InvestED Videos

The Power of a Global Opportunistic Credit Strategy During Uncertain Times

Investor Education: Our Products

November 2023

RP Select Opportunities (RP SOF) combines our carefully selected investment ideas with a highly active and flexible approach, delivering positive calendar returns for investors every year for almost a decade. In this video, Kripa Kapadia highlights how an unconstrained credit strategy like RP SOF can potentially enhance performance while increasing diversification and downside protection for an investment portfolio.

Calibrating Interest Rate Exposure

Investor Education: Bonds 101

October 2023

Interest rates are the common factor used to discount an investment's expected future cash flows, and, therefore, they are the backbone of all asset class valuations. Consequently, a traditional investment portfolio is inherently exposed to interest rate risk in several explicit and implicit ways. In this video, Brendon provides an overview on interest rate exposures and how utilizing strategies that manage interest rate risk can provide potential benefits.

Uncovering Hidden Risks: Reinvestment Risk

Investor Education: Bonds 101

September 2023

Given the rise in risk-free rates over the past few years, investors can now capture yields through high-quality bonds, GICs, or money market funds. However, although opting for shorter-term options is appealing, it's crucial to assess reinvestment risk and its long-term impact on the portfolio. In this video, Carly discusses two primary ways investors can combat reinvestment risk using an actively managed fixed income solution.

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