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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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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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A Holistic Approach to Managing Risk

Staying on Top of Risk in an Ever-Changing Market Environment

At RPIA, we believe risk management and hedging are critical elements of corporate credit investing. We seek to understand the varying risks in each underlying portfolio with precision, and then sell or hedge the specific sources of risk if our investors are not being adequately compensated for the cost of bearing them. In this paper, we review how we address explicit and unforeseen risks through our hedging program.

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Sifting for Gems

Q1 2023 Newsletter

Financial instability and uncertainty from the bank liquidity crisis ignited further volatility in bond yields in the first quarter of the year. As we continue to monitor the far-reaching implications of recent events on growth and markets, we’ve recognized some opportunities amid the credit risk repricing.

RP Alternative Global Bond Fund (Review | Outlook)

RP Alternative Global Bond Fund has provided investors with positive absolute returns and meaningful diversification in 2021 and 2022. We believe the Fund will be able to provide compelling relative and absolute performance in line with its stated long-run target return expectations in 2023.

RP Strategic Income Plus Fund (Review | Outlook)

RP Strategic Income Plus Fund has provided investors meaningful downside protection during the challenging bond environment since January 2021. We believe the Fund will be able to provide compelling relative and absolute performance in line with its stated long-run target return expectations.

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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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Captions are AI-generated | Published May 2021

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
RP SPAC

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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

A Holistic Approach to Managing Risk

Staying on Top of Risk in an Ever-Changing Market Environment

Sifting for Gems

Q1 2023 Newsletter

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.

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.

Market Update Videos

Using a Great Defense for a Better Offense

Q3 2022 Market Update

October 2022

By employing our dynamic hedging strategies, we believe that we’ve been able to provide our investors with the capital preservation they expect from an active manager, without sacrificing the upside. In this video, David Galica reviews the 3 Cs of employing a dynamic hedging strategy.

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

A Core Bond Strategy Built for Volatility

Investor Education: Our Products

April 2023

Imran Dhanani in a boardroom with plants in the background

RP Strategic Income Plus Fund is a core bond mutual fund strategy. It is an investment grade bond fund that incorporates our flexible and highly active trading style, with a strict discipline in terms of credit quality, to provide investors with attractive, diversified returns without taking undue interest rate risk. This video highlights the key factors to the fund's success and the outlook moving forward.

Understanding Discount Bonds

Investor Education: Bonds 101

March 2023

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. In this video, we explain how this works through a hypothetical example and by comparing discount bonds to GICs.

Understanding Bond Yields

Investor Education: Bonds 101

March 2023

Imran Dhanani sitting at a boardroom table

The unprecedented volatility in bond markets over the past two years has allowed investors to buy bonds at significantly higher yields and discounted prices. In this video, we explain why this happens and how it works through an example.

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