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Market Insights

January 2021 Newsletter

Having a disciplined and selective approach is very important as global credit markets continue to adapt and evolve. One question remains - how will corporations manage all the liquidity they raised last year?
A historical social media driven short squeeze | Commentary by Mike Quinn & Aaron Young

How social media influenced the market and what this means for corporate bonds and the future.
Q4 2020 Market Commentary

Corporations are better positioned to deal with this round of COVID-lockdowns.  But what will they do with all the cash they have stockpiled as economies start to re-open?
November 2020 Market Commentary

Positive news from three pharmaceutical companies on vaccine treatments drove market sentiment through most of November. Investors are focusing on the “light at the end of the tunnel” despite the rising number of COVID-19 cases.
October 2020 Market Commentary

A Biden victory and new vaccine information have given the corporate bond market a boost, but what does it mean for credit longer term?
Q3 2020 Quarterly Commentary

September was a welcome reminder of the valuable role credit can play in dampening portfolio volatility. Despite a strong market during the summer, elevated dispersion means plenty of attractive opportunities in global corporate bonds.
August 2020 Newsletter

Financial markets ended the summer on a high note but are pricing volatility ahead. We are focused on the November election and the implications across sectors and issuers we own in the portfolios – with a focus on balancing exposures for a Trump or Biden win.
July 2020 Newsletter

Financial markets continued to recover with strong performance in corporate bonds. The focus continues to be conservative core positioning with selective exposure to areas of the market where the Federal Reserve is not an active participant
Q2 2020 Newsletter

After markets delivered better returns in Q2, we review how our portfolios re-positioned against a different market backdrop. We also highlight two sectors where we are seeing interesting opportunities: aircraft leasing and real estate.
May 2020 Newsletter

Positive performance continued in May as markets looked past short-term pain to the gradual re-opening of the economy. While there are many roads on the path to recovery, we continue to think a Federal Reserve backstop, income and further spread compression make credit an ideal asset class versus equities.
April 2020 Newsletter & Webinar

Corporate bonds bounced back in April - but there was significant dispersion in performance across sectors and companies. We believe this represents an opportunity for us in the coming weeks and months.
Q1 2020 Commentary

After a violent repricing of markets, Central banks have acted quickly to backstop credit markets in an unlimited fashion. This has created a unique opportunity for us to invest in quality, defensive businesses that will exist post-COVID-19 at levels not seen in over a decade.
February 2020 Commentary

In February, we saw heightened uncertainty as COVID-19 cases spread beyond China, and dramatically repriced risk across all asset classes in the market. Through this volatile time, we continue to reduce risk in the portfolios while also finding selective opportunities.
While sustainability is the destination, transition is the way to get there.

As ESG factors become increasingly important to investment decisions, the focus has moved away from the binary distinction between brown and green bonds, to concentrating on incentivizing the transition from brown to green at the company level.
January 2020 Commentary

While the new year started strong thanks to improving macroeconomic data, exogenous shocks such as Iranian-U.S. aggressions and the novel Coronavirus reintroduced volatility into the market.
Q4 2019 Commentary

Given our flexible and highly active approach to investing, we are excited about the opportunities for the coming year – and we welcome the opportunity to differentiate ourselves from more traditional managers.