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Voices of RPIA | 2022 Edition

The 2022 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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The Art of Legacy

On October 13th, 2022, we hosted an event at the Art Gallery of Ontario focusing on family legacy, featuring Patricia Saputo from Crysalia and RPIA’s Kripa Kapadia.

Patricia Saputo, a next-generation member of one of Canada’s most successful families and the Co-Founder and Executive Chairperson of Crysalia, shared her views and ideas on how family members can grow as individuals, connect as a family, and live purposefully for generations. The evening also included a session by the RPIA team on navigating corporate bond markets.

It was an insightful event that inspired timely conversations about family dynamics and how to successfully create a legacy that can be sustained for generations to come.

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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

Credit Market Themes in 5 Charts

2022 was a challenging year for the markets, but we believe there are a number of reasons to be optimistic about fixed income and credit in 2023. Through a series of charts, we highlight the credit market themes and opportunities we are focused on today.

Ready for Takeoff: The Opportunity in Bonds

We believe interest rates are now sufficiently restrictive to slow the economy and the income opportunity is very compelling while providing significant safety for investors today.

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The Hurdles Facing Foundations Have Never Been Higher

Responding to a higher disbursement obligation in a lower return 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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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 $170 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.

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Our Investment Process

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. Our active approach can be distilled into four steps:

The Investment Committee uses their expertise and experience to collaborate and identify a key theme based on prevailing macroeconomic conditions.
The Credit Research Team conducts deep-dive research to determine the most compelling companies, drawing from their knowledge of the sectors each team member covers.
We utilize our proprietary technology and expertise to identify the most attractively priced bond within that issuer's capital structure.
The Portfolio Management Team sizes the position accordingly within the strategy based on factors such as conviction level, existing exposures, and liquidity considerations to name a few.

The entire process is overseen by our independent Risk Management Team and Committee who analyze policy constraints, stress testing, and concentrations across strategies.

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

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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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The Paradigm Shift and the Case for Credit

By increasing credit allocations and reducing equity exposure, investors can make their portfolios more resilient to continued market volatility. They can also capture value from the fact that fixed income yields are much more attractive today than equity earnings yield by historical standards.

The Great Wealth Transfer: The Future is Female

Understanding the incoming wave of female investors

For years, businesses have been discussing the changes in consumer behaviour as younger generations become decision-makers; the same is true for wealth and investment management. We are in the midst of the largest wealth transfer in history – by 2030, American women will likely control $30 trillion of inherited financial assets from baby boomers. What does this mean for those helping families manage their wealth?

Ready for Takeoff: The Opportunity in Bonds

The Opportunity for a Core Bond Position

Following the softening in policy stance from the Bank of Canada, domestic bond yields have moved lower in recent weeks, and we see signs of potential stabilization at home. South of the border, the US market raised its overnight rate by 75pbs on November 2nd and has now priced in another 125bps of rate hikes by early 2023, increasing the expected terminal rate to over 5.25%. We believe interest rates are now sufficiently restrictive to slow the economy and the income opportunity is very compelling while providing significant safety for investors today.

Bonds vs. GICs in a Higher Yield Environment

Considering the different roles bonds and GICs play in a portfolio

Given the recent market volatility, YTD 2022 has been an extremely challenging period for fixed income as central banks began tighter monetary regimes. As a result, bond yields spiked, sending bond prices plummeting. This created an opportunity for fixed income investors to purchase bonds and GICs at the most attractive yield levels, and many are now wondering if they should use GICs instead of bonds as a source of safe income.

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Newsletters

The Fed Will Keep Going... Until Something Breaks

February 2023 Newsletter

2023 has been a year marked by extremes. In early March, the market was fixated on the possibility of central banks having to increase the “terminal rate,” but the collapse of Silicon Valley Bank and the potential financial contagion risks that emerged from it, resulted in the quickest interest rate repricing in nearly 40 years. We discuss our views on the impact on the financials sector specifically and the market environment broadly.

Nearing the Other Side of the Tightrope

January 2023 Newsletter

As the year begins on a hopeful note, the shift away from artificially low interest rates and liquidity-flushed markets is making this a credit-pickers market once again. In this newsletter, we discuss how our game plan is evolving and the emphasize need to be flexible, selective, and targeted in this environment.

Credit Market Themes in 5 Charts

Q4 2022

Finding the Silver Lining in a Cloudy Bond Market

Q3 2022 Newsletter

Market volatility, inflation, and geopolitical developments have all made for a cloudy bond market. However, we are seeing the silver lining from an attractive running yield, dislocation across sectors and geographies, and improved opportunities in security selection.

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