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Updated as of September 21, 2020 

We continue to aim to strike an appropriate balance between our commitment to the health and safety of all our employees, and our obligation as a firm and individuals to continue providing essential services to our clients. To that end, and in line with Federal, Provincial, and Municipal recommendations for businesses, we have implemented a Return To Work Plan that, with appropriate and reasonable safeguards to protect them, will see employees work on site and from home on a rotational basis. We have enacted standard health and safety measures such as: avoiding non-essential travel outside of Canada, maintaining physical distancing between workstations, frequent hand washing, and wearing  a  mask whenever physical distancing is not possible. In addition to these standard health and safety measures, we have enhanced the air filtrations system in our offices by adding air purifiers and high grade filters to our HVAC system to boost the air quality throughout the building. RPIA will endeavour to update these efforts as the pandemic evolves and new expert advice becomes available.

Market Conditions & Opportunities Ahead

COVID-19 has and will continue to reshape the global economic landscape. Six months on from the liquidity crisis of March 2020, investors are faced with a difficult challenge. Equity markets have rebounded strongly and valuations sit at elevated levels by historical standards. In contrast, fixed income securities provide a very low yield, with little margin of safety if interest rates rise. A 60/40 blend of equities and bonds may not deliver the return individuals and institutions are looking for.

We believe investors should be looking to credit strategies as a way of addressing this challenge. Credit is often referred to as “equity light” – a way of generating a reasonable return without the downside risk of equity investments. The performance of credit investments has been strong since March 2020. Looking forward, we continue to be excited by the opportunity to invest in corporate bonds at attractive levels. Uncertainty in the market generally leads to volatility, which we believe represents an opportunity for actively managed credit strategies.

Please contact a member of the Client Portfolio Management team if you would like to discuss our market views or strategies in more detail.

Market Insights

Update: Our Response to COVID-19

March, 2020

To our valued clients and partners:

As COVID-19 becomes widespread, we have given careful consideration to the impact of the virus on our business continuity and have prepared for the possibility of a more serious outbreak in the GTA. We are committed to keeping our employees and their families safe and healthy, while continuing to manage portfolios and maintaining service to our clients without interruption. We have long had emergency protocols in place, and are set up remotely, so that trading and regular business can continue undisturbed.

As of March 16th, we have issued a company-wide ban of public transportation and non-essential travel. All non-core staff are now working remotely from home. Our core risk management, credit research and trading teams, are working both remotely from home and from the office to ensure continuity in managing the portfolios. We have the appropriate technology in place, such as, secure networks, remote workstations, webcams and collaboration tools to facilitate the arrangement with minimal disruption to the business. Mike Quinn, our CIO, and Richard Pilosof, our CEO, have been and will continue to work separately to ensure continuity of business leadership at all times. With our focus on maintaining a strong workforce and investing in technology, we are prepared for the challenges presented by COVID-19.

There has been no change to the contact information for our staff, including telephone numbers. We are available as always. If you have any questions, please feel free to reach out to our Client Portfolio Management team at any time. 

 

Let's start a conversation

Please submit all your inquiries regarding our COVID-19 Response, below. You can also email your questions to COVID19.info@rpia.ca.