January 2026 Performance Commentary

RP Select Opportunities

Strategy Performance

	1 MON	3 MON	6 MON	YTD	1 YR	3 YR	5 YR	10 YR	Since Inception
RP Select Opportunities Strategy	0.79%	1.43%	3.80%	0.79%	4.50%	8.57%	7.78%	8.79%	8.03%

Source: RPIA. Data as of 1/31/2026. SOF = RP Select Opportunities. SI = 04/2014. RP Select Opportunities strategy performance presented above is a hypothetical illustration based on the weighted average composite return of a separately managed account utilizing a similar strategy from inception in April 2014 to May 2014, then linked to the returns of RP Select Opportunities Cayman Fund Ltd. – Class C Lead.

Performance Commentary

SOF returned +0.79% during the month, generating outsized returns from credit spread exposure on both an absolute and relative basis.

High-yield credit spreads underperformed investment-grade counterparts as concerns about private credit and software-related loans spilled over into public markets, widening high-yield spreads into month-end. The portfolio’s up-in-quality bias relative to passive high-yield strategies proved advantageous, as the Fund generated outsized returns from credit spread exposure on both an absolute and a relative basis.

The portfolio’s financial exposures drove the majority of returns, with diversification across domestically systemically important banks in multiple regions, select US super-regional banks, life insurance companies, and bespoke BB-rated specialty finance issuers offering compelling spread compensation. EUR-denominated real estate exposures were additive, driven by CPI Property Group, where continued asset monetization and deleveraging support a path to investment-grade status and meaningful spread compression versus peers. Additional upside was broad-based, with spread tightening observed in high-conviction positions in energy infrastructure and aviation sectors. More specifically, the portfolio’s position in Avianca, Colombia’s flag carrier, benefited from the issuer’s new debt issuance, which partially refinanced existing bonds and drove material spread compression across its credit curve. Dynamic hedges were modest net detractors over the month, but they helped mute volatility and enabled the team to confidently invest in high-conviction long exposures.

Top Contributors to Credit Return (Sector)
Financials
Real Estate
Industrials

Source: RPIA. Data as of 1/31/2026.

Top Contributors to Credit Return (Issuer)
Domtar Corp
Western Alliance Bank
CPI Property Group SA

Portfolio Commentary

Credit risk remained subdued during the quarter, opting to isolate unique opportunities rather than embed broad market exposure at expensive valuations. Geographically, the portfolio monetized well-performing US credit in favour of rotating into lower-beta domestic exposures and non-North American opportunities. Sector-wise, single-name shorts were implemented or added to within the more cyclical consumer discretionary and material sectors. The portfolio remains nearly 50% investment grade, and high yield exposure is fully concentrated in BB and B rated bonds, continuing to opt against diving into lower quality segments of the market. We believe the portfolio’s more conservative stance sets us up to take advantage of compelling opportunities as they emerge. In the meantime, we aim to continue providing investors with an effective alternative to traditional fixed income, equity, and private asset allocations.

Overall, the Strategy’s conservative yet active positioning provides flexibility to capitalize on compelling opportunities as they arise, while continuing to offer investors an effective alternative to traditional fixed income, equity, and private asset allocations.

	Jan 2026	Q4 2025
Effective Duration (Years)	4.8	4.0
Credit Duration (Years)	2.7	1.6
Net Credit Leverage	1.0x	0.8x
% Rated Investment Grade	48%	48%

Source: RPIA. Data as of 1/31/2026.

SOF Portfolio Positioning

Source: RPIA. Data as of 1/31/2026.

RP Debt Opportunities

Strategy Performance

	1 MON	3 MON	6 MON	YTD	1 YR	3 YR	5 YR	10 YR	Since Inception
RP Debt Opportunities	0.67%	0.47%	1.93%	0.67%	3.85%	6.47%	5.16%	5.86%	7.45%

Source: RPIA. Data as of 01/31/2026. DOF = RP Debt Opportunities. SI = 10/2009. RP Debt Opportunities strategy performance presented above represents a composite return of RP Debt Opportunities Fund LP Class A and RP Debt Opportunities Fund Ltd. Class A, from October 2009 to July 2011 and RP Debt Opportunities Fund Ltd. Class A. from August 2011 onwards.

Performance Commentary

DOF returned +0.67% during the month, generating positive returns from both credit spread and interest rate exposure.

Risk markets largely looked through a range of geopolitical and policy headlines, including developments around Venezuela and the Federal Reserve. Against this backdrop, credit spreads tightened (rallied) as robust demand continued to overwhelm record investment-grade bond supply, benefiting the Strategy’s long credit exposures. Active interest rate management - particularly the portfolio’s focus on the front end of the CAD and UK yield curve – also contributed meaningfully to performance.

High-quality EUR- and USD-denominated global systemically important banks and Yankee banks led credit returns. Within this theme, the portfolio increased exposure across the capital stack of French national banks through an active new-issue market and benefited from solid performance in its existing Crédit Agricole SA Tier 2 Maple position. Additional contributions came from select idiosyncratic positions backed by strong fundamental conviction, including exposures in technology (Foundry JV), real estate (CPI Property Group), and consumer discretionary (Gildan Activewear). While portfolio hedges were a net detractor during the period, they remain an important component of risk management given compressed index level spread valuations.

Top Contributors to Credit Return (Sector)
Financials
Real Estate
Consumer Discretionary

Source: RPIA. Data as of 1/31/2026.

Top Contributors to Credit Return (Issuer)
CPI Property Group SA
Credit Agricole SA
Foundry JV Holdco LLC

Portfolio Commentary

Interest rate exposure remained elevated for most of the month, with duration averaging roughly 4 years – well in excess of the portfolio’s long-run average. The Strategy continues to source the majority of its duration from the front end (≤5 years) of the Canadian yield curve, reflecting the view that the Bank of Canada may ultimately deliver more easing than is currently priced in.

On the credit side, the portfolio entered the year defensively positioned amid tight credit spreads and expectations for elevated supply. Capital deployment and spread exposure increased mid-month as opportunities emerged during a heavy issuance calendar, though overall credit risk remains moderate. The portfolio currently favours US and European markets for sourcing credit risk and remains underweight Canadian credit, with the intention to reduce this underweight opportunistically should technical-driven weakness create more attractive entry points. From a sector perspective, the portfolio remains favourable toward high-quality financials, reflected in an overweight to A-rated bonds. We also maintain a strong conviction in attractively priced hyperscaler debt, where recent underperformance has been driven by supply-related concerns.

The Strategy remains nearly 100% investment-grade exposures and carries a healthy amount of hedges that embed downside protection. We believe the Strategy is well-positioned to continue navigating ever-changing markets and generating strong risk-adjusted returns as we await more attractive entry points to increase credit exposure.

	Jan 2026	Q4 2025
Effective Duration (Years)	3.4	4.2
Credit Duration (Years)	3.3	0.8
Net Credit Leverage	0.5x	0.2x
% Rated Investment Grade	99%	99%

Source: RPIA. Data as of 1/31/2026.

DOF Portfolio Positioning

Source: RPIA. Data as of 1/31/2026.

RP Fixed Income Plus

Strategy Performance

	1 MON	3 MON	6 MON	YTD	1 YR	3 YR	5 YR	10 YR	Since Inception
RP Fixed Income Plus	0.42%	0.42%	2.22%	0.42%	4.18%	4.94%	2.86%	2.78%	3.65%
FTSE Canada Universe Short-Term Bond Index	0.45%	0.37%	2.18%	0.45%	3.43%	4.55%	1.92%	2.08%	2.36%
Added Value	-0.03%	+0.05%	+0.04%	-0.03%	+0.75%	+0.39%	+0.94%	+0.70%	+1.29%

Source: RPIA. FTSE Russell. Data as of 1/31/2026 and annualized for periods greater than one year. SI = 07/2010. RP Fixed Income Plus strategy performance presented above represents a weighted-average composite return of separately managed accounts utilizing a similar strategy from inception in July 2010 to April 2013 and linked to the returns of the RP Fixed Income Plus Fund, Series A thereafter.

Performance Commentary

FIP returned +0.42% during the month, performing roughly in line with the FTSE Canada Universe Short-Term Bond Index (the “Index”).

The Strategy generated positive returns from both interest rates and credit spreads, with credit contributing incremental alpha relative to the Index. Credit performance was driven by domestic systemically important banks and high-conviction positions in energy utilities, including South Bow USA (a former TC Energy spinoff) and Inter Pipeline. Additional alpha was generated from positions in short-dated, CAD-denominated Ford bonds, USD-denominated Hyundai bonds, and select USD-denominated technology issuers.

Top Contributors to Credit Return (Sector)
Financials
Energy
Utilities

Source: RPIA. Data as of 1/31/2026.

Top Contributors to Credit Return (Issuer)
Canada Imperial Bank of Commerce
Royal Bank of Canada
The Toronto Dominion Bank

Portfolio Commentary

On the credit side, the portfolio entered the year defensively positioned amid tight credit spreads, with above-average exposure to conservative government-related securities. Capital deployment and spread exposure increased mid-month as opportunities in short-dated credit emerged during a heavy issuance calendar. As a result, the portfolio trimmed government-related exposures and rotated into high-quality AA-rated credit and attractively priced BBB-rated opportunities.

The portfolio continues to source the majority of its interest rate exposure from CAD-denominated securities, where its government exposure is concentrated, while sourcing more idiosyncratic credit spread opportunities primarily from USD-denominated markets. We believe the Strategy continues to offer a compelling, high-quality value proposition, supported by a 38% allocation to government bonds and a healthy yield of 3.4% – nearly 50 basis points above the Index.

	Jan 2026	Q4 2025
Effective Duration (Years)	2.9	2.8
Credit Duration (Years)	2.0	1.7
Average Term (Years)	3.0	3.1
% Rated Investment Grade	100%	100%

Source: RPIA. Data as of 1/31/2026.

RP FIP Portfolio Positioning

Source: RPIA. Data as of 1/31/2026.

RP Strategic Income Plus Fund

Fund Performance

	1 MON	3 MON	6 MON	YTD	1 YR	3 YR	5 YR	Since Inception
RP Strategic Income Plus Fund (Class F)	0.44%	-0.14%	2.30%	0.44%	3.65%	4.88%	2.62%	3.81%

Source: RPIA. Data as of 01/31/2026. STIP Class F = RP Strategic Income Plus Fund Class F (RPD110). SI = 04/2016.

Performance Commentary

STIP returned +0.44% during the month, generating positive returns from both credit spread and interest rate exposure.

Risk markets largely looked through a range of geopolitical and policy headlines, including developments regarding Venezuela and the Federal Reserve. Against this backdrop, credit spreads tightened (rallied) as robust demand continued to overwhelm record investment-grade bond supply, benefiting the Fund’s long credit exposures. While risk-free yield performance varied across markets, the portfolio’s active duration management and preference for CAD rates contributed to returns.

CAD-denominated utility and energy infrastructure exposures drove credit returns during the period. The portfolio’s top holding – 5 to 10-year BPC Generation Infrastructure Trust bonds issued last September – continued to perform exceptionally well, with spreads tightening a further 10+ basis points during the month. Similarly, the Fund’s position in the Maple bonds of Électricité de France, the government-owned French multinational electric utility, tightened 15+ basis points and further compressed relative to the issuer’s GBP- and USD-denominated bonds of comparable maturities.

Domestic and global systemically important banks were strong contributors, with performance well diversified across banks’ capital stack and currency denominations. For instance, the Fund benefited from solid performance in its existing Crédit Agricole SA’s Tier 2 Maple position. Additional contributions came from select idiosyncratic holdings backed by strong fundamental conviction, including exposures in technology (Foundry JV), consumer discretionary (Gildan Activewear), and real estate (Choice Properties REIT). Canadian government-related exposures – including federal, agency, and provincial bonds – also contributed to total returns amid the rally in domestic risk-free yields.

Top Contributors to Credit Return (Sector)
Utilities
Financials
Energy Infrastructure

Source: RPIA. Data as of 1/31/2026.

Top Contributors to Credit Return (Issuer)
BPC Generation Infrastructure Trust
Electricite de France SA
Foundry JV Holdco LLC

Portfolio Commentary

Interest rate exposure remained elevated for most of the month, with portfolio duration ranging between 5.3-5.7 years – well in excess of the long-run average of 4.1 years. The Fund currently prefers to source the majority of its duration exposure via the Canadian yield curve, reflecting the view that the Bank of Canada may ultimately deliver more easing than is currently priced in.

On the credit side, the portfolio entered the year defensively positioned amid tight credit spreads, with above-average exposure to conservative government-related securities. Capital deployment and spread exposure increased mid-month as opportunities emerged during a heavy issuance calendar, though overall credit risk remains moderate. The portfolio modestly increased exposure to Yankee banks while maintaining strong conviction in attractively priced hyperscaler debt, where recent underperformance has been driven by supply-related concerns.

From a quality perspective, the portfolio remains nearly 100% investment grade, reflecting the view that current valuations do not adequately compensate for moving down the ratings spectrum. We believe the Fund is well-positioned to generate meaningful alpha from both interest rate and credit spread exposure, supported by elevated all-in yields and the potential for increased credit spread dispersion.

	Jan 2026	Q4 2025
Effective Duration (Years)	5.4	5.7
Credit Duration (Years)	4.3	3.4
% Rated Investment Grade	99%	99%

Source: RPIA. Data as of 1/31/2026.

RP STIP Portfolio Positioning

Source: RPIA. Data as of 1/31/2026.

RP Alternative Global Bond Fund

Fund Performance

	1 MON	3 MON	6 MON	YTD	1 YR	3 YR	5 YR	Since Inception
RP Alternative Global Bond Fund (Class F)	0.78%	0.66%	2.67%	0.78%	6.46%	7.48%	5.79%	6.47%

Source: RPIA. Data as of 01/31/2026. AGB Class F = RP Alternative Global Bond Fund Class F (RPD210). SI = 07/2019.

Performance Commentary

AGB returned +0.78% during the month, generating positive returns from both credit spread and interest rate exposure.

Risk markets largely looked through a range of geopolitical and policy headlines, including developments around Venezuela and the Federal Reserve. Against this backdrop, credit spreads tightened (rallied) as robust demand continued to overwhelm record investment-grade bond supply, benefiting the Fund’s long credit exposures. While risk-free yield performance varied across markets, the portfolio’s active duration management and preference for front-end CAD and UK rates contributed meaningfully to returns.

Top Contributors to Credit Return (Sector)
Financials
Real Estate
Technology

Source: RPIA. Data as of 1/31/2026.

Top Contributors to Credit Return (Issuer)
Credit Agricole SA
CPI Property Group SA
UBS Group AG

Portfolio Commentary

Interest rate exposure remained elevated for most of the month, with portfolio duration above 5 years – well in excess of the long-run average of 2.5 years. The Fund continues to source the majority of its duration from the front end (≤5 years) of the Canadian yield curve, reflecting the view that the Bank of Canada may ultimately deliver more easing than is currently priced in.

On the credit side, the portfolio entered the year defensively positioned amid tight credit spreads and expectations of elevated supply. Capital deployment and spread exposure increased mid-month as opportunities emerged during a heavy issuance calendar, though overall credit risk remains moderate. The portfolio currently favours US and European markets for sourcing credit risk and remains underweight Canadian credit, with the intention to reduce this underweight opportunistically should technical-driven weakness create more attractive entry points. From a sector perspective, the portfolio remains favourable toward high-quality financials, reflected in an overweight to A-rated bonds. We also maintain a strong conviction in attractively priced hyperscaler debt, where recent underperformance has been driven by supply-related concerns.

The portfolio remains nearly 100% investment grade and maintains a healthy level of hedging to embed downside protection. We believe the Fund is well-positioned to navigate an increasingly volatile market through its flexible, opportunistic approach.

	Jan 2026	Q4 2025
Effective Duration (Years)	4.5	5.7
Credit Duration (Years)	3.5	0.9
Net Credit Leverage	0.5x	0.2x
% Rated Investment Grade	97%	96%

Source: RPIA. Data as of 1/31/2026.

AGB Portfolio Positioning

Source: RPIA. Data as of 1/31/2026.

RP Alternative Credit Opportunities Fund

Performance Commentary

The portfolio’s financial exposures drove the majority of returns, with diversification across domestically systemically important banks in multiple regions, select US super-regional banks, and bespoke BB-rated specialty finance issuers offering compelling spread compensation. EUR-denominated real estate exposures were additive, driven by CPI Property Group, where continued asset monetization and deleveraging support a path to investment-grade status and meaningful spread compression versus peers. Additional upside was broad-based, with spread tightening observed in high-conviction positions in energy infrastructure and aviation sectors. More specifically, the portfolio’s position in Avianca, Colombia’s flag carrier, benefited from the issuer’s new debt issuance, which partially refinanced existing bonds and drove material spread compression across its credit curve. Dynamic hedges were modest net detractors over the month, but they helped mute volatility and enabled the team to confidently invest in high-conviction long exposures.

Top Contributors to Credit Return (Sector)
Financials
Real Estate
Industrials

Source: RPIA. Data as of 1/31/2026.

Top Contributors to Credit Return (Issuer)
Western Alliance Bank
Vivion Investments Sarl
CPI Property Group SA

Portfolio Commentary

Credit risk remained subdued during the month, as the portfolio continued to focus on idiosyncratic, high-conviction opportunities rather than embedding broad market exposure at elevated valuations. Overall exposure was modestly increased as more attractive opportunities emerged, particularly within USD- and EUR-denominated credit markets. The portfolio remains balanced between investment grade and high yield exposures, with high yield fully concentrated in BB- and B-rated bonds, reflecting our continued preference to avoid lower-quality segments of the market. We remain constructive on financials, select real estate, and industrial exposures, while continuing to deploy short positions in more vulnerable consumer discretionary issuers. We believe the portfolio’s more conservative stance positions it well to capitalize on compelling opportunities as they arise. In the interim, we aim to continue providing investors with an effective alternative to traditional fixed income, equity, and private asset allocations.

	Jan 2026	Q4 2025
Effective Duration (Years)	3.5	2.9
Credit Duration (Years)	2.8	1.9
Average Term (Years)	4.7	3.9
Net Credit Leverage	0.8x	0.6x
% Rated Investment Grade	55%	45%

Source: RPIA. Data as of 1/31/2026.

AGB Portfolio Positioning

Source: RPIA. Data as of 1/31/2026.