We are thrilled to announce a new investment from The Atmospheric Fund (TAF) in our RP Broad Corporate Bond (Fossil Fuel Exclusion) strategy. This marks a significant step forward for both TAF and RPIA, underscoring our commitment to providing solutions that meet the financial goals of clients like TAF while promoting sustainability.
In a recent announcement, TAF emphasized the growing importance of socially and environmentally responsible investments, highlighting how these investments can generate commercial returns while driving positive change. With this new allocation, TAF is demonstrating their continued commitment to impact-aligned investing, prioritizing solutions that align with their organizational values and impact goals.
About RP Broad Corporate Bond (Fossil Fuel Exclusion)
The launch of the Fossil Fuel Exclusion (FFE) strategy was driven by our mission to understand the evolving needs of our institutional clients. We partnered with an existing client that was in search of a solution that aligned with their long-term investment and ESG objectives. This collaboration enabled us to support their carbon reduction goals and create a product that not only meets financial objectives but also aligns with our clients' values. Uniquely, the FFE strategy aims to deliver on dual goals: over 100bps (net) of outperformance in addition to a lower weighted average carbon intensity than the already-carbon-reduced Index.
Learn more about the strategy’s launch
This strategy was borne out of our mission to partner with our clients and growing with them as needs evolve, and in filling those gaps in the market, we continue to be able to support new investors fulfill their missions as well. In this case, the FFE strategy helps TAF fulfill their mission to generate positive environmental outcomes while also achieving the desired level of diversification within their portfolio.
Building Longstanding Partnerships
A comment from Simon Segall, a board member on TAF’s Investment Committee, stood out to us:
“The number one thing I like about our new [fund manager] is that they enable us to better align our fixed income allocation with TAF’s values – something that was not possible in the fixed income arena just a few years ago.”
We are proud of this new partnership and the ability to offer innovative solutions to investors that align with their values – a testament to our own mission. We look forward to building a longstanding relationship with TAF as we partner together on this journey.
Important Information
The information herein is presented by RP Investment Advisors LP (“RPIA”) and is for informational purposes only. It does not provide financial, legal, accounting, tax, investment, or other advice and should not be acted or relied upon in that regard without seeking the appropriate professional advice. The information is drawn from sources believed to be reliable, but the accuracy or completeness of the information is not guaranteed, nor in providing it does RPIA assume any responsibility or liability whatsoever. The information provided may be subject to change and RPIA does not undertake any obligation to communicate revisions or updates to the information presented. Unless otherwise stated, the source for all information is RPIA. The information presented does not form the basis of any offer or solicitation for the purchase or sale of securities. Products and services of RPIA are only available in jurisdictions where they may be lawfully offered and to investors who qualify under applicable regulation. The RPIA managed investment strategies discussed herein may be available to qualified Canadian investors through private and/or publicly offered investment funds. Eligibility and suitability of investing in these funds must be determined by registered dealing representatives of RPIA or third-party dealers.
“Forward-Looking” statements are based on assumptions made by RPIA regarding its opinion and investment strategies in certain market conditions and are subject to a number of mitigating factors. Economic and market conditions may change, which may materially impact actual future events and as a result RPIA’s views, the success of RPIA’s intended strategies as well as its actual course of conduct.
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Steady Through the StormA disciplined approach amid tariff uncertaintyMarket reaction to the April 2nd tariff announcements was swift and negative. While uncertainty runs high, we remain committed to a disciplined and steady approach to balance capital preservation and value generation.Read post
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A Tug-of-War Economic PictureNotes from the Trading Desk - Q3 2023In this new series, we summarize notes from the trading desk to provide a brief overview of the macroeconomic environment and examples of our positioning in our strategies. This past quarter, contradicting economic data sparked a tug-of-war between inflation and growth, and markets priced in the projected "higher-for-longer" environment as we navigate continued uncertainty.Read post
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The Tax Efficiency of Discount BondsInvestor Education: Bonds 101The 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.Read post
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The Great Wealth Transfer: The Future is FemaleUnderstanding the incoming wave of female investorsFor 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?Read post
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Seeking Opportunity in Rising YieldsApril 2022 NewsletterSince the beginning of 2021, bond holdings have posted double-digit losses and weighed down portfolio performance. However, as is often the case in markets, with pain comes opportunity. Despite the potential for continued short-term volatility, we believe the time to increase bond allocations for intermediate and long-term investors is now.Read post
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The Fed Will Keep Going... Until Something BreaksFebruary 2023 Newsletter2023 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.Read post
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ESG Deep Dive: Rethinking Safety Metrics in MiningA Closer Look at the Culture of Harassment in Remote Mining SitesOur Credit Research Team recently conducted an important analysis on the Mining sector, which revealed challenging gaps in ESG metrics and standards for the industry. This paper takes a closer look at the culture of harassment in remote mining sites and analyzes the challenges and gaps regarding diversity targets and safety metrics in the industry from an ESG investing perspective.Read post
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Bumpy or Smooth: What This Landing Might Look LikeQ2 2022 NewsletterLiving in unprecedented times has become the norm since the pandemic took hold in early 2020, and just when the light at the end of the tunnel begins to shine through, another set of obstructions materialize. We are familiar with the current impediments – inflation running at four-decade highs, escalating geopolitical risks, and a harsh monetary policy regime purposely restricting economic growth. Altogether, we believe this may be a recipe for a recession – but what kind of recession?Read post
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Locked in on Generating AlphaThe benefits of actively managed credit strategies in the current rate environmentWe believe the continued dislocation across global markets offers an excellent opportunity to generate alpha by actively allocating to what we view as the best risk-reward opportunities. The RPIA Investment Team is currently focusing on several themes that we believe can lead to superior risk-adjusted returns.Read post
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Lots of Supply, Lots More DemandFebruary 2024 NewsletterThe all-in yield backdrop in corporate fixed income remains unequivocally attractive, especially considering global central bankers are likely on our side going forward. With demand outweighing abundant supply, there is no shortage of opportunities in fixed income.Read post
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Active Bonds vs. GICs in a Higher Rate EnvironmentIn response to the unprecedented speed of rate hikes and tumbling bond valuations, many investors have turned to GICs for their attractive yields and capital preservation. However, with inflation moderating, we believe investors should consider looking beyond GICs and pivot back to bonds, particularly Active Credit, which can offer higher yields, capital preservation, and portfolio diversification.Read post
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Credit Market Themes in 5 Charts - Q3 2023Q3 2023The third quarter ushered in a broad-based selloff, as central bank projections of a higher-for-longer interest rate environment, fiscal deficit concerns, and unfavorable supply-demand dynamics reignited interest rate volatility. While this may make fixed income investors weary of what's to come, in a series of charts, we highlight why we believe high-quality credit is more attractive than it has been in a long time.Read post
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Why It's Time to Re-think Your Preferred Share AllocationIn the 2023 Federal Budget released in late-March, a surprising tax measure was proposed, where Canadian insurers will be expected to pay the full tax rate for common and preferred share dividends, treating them as ordinary business income. We believe losing the tax advantage of these instruments gives insurance companies another good reason to rethink their preferred share allocations. We believe actively managed fixed income solutions can deliver better risk-adjusted returns for P&C firms, with a much lower capital requirement.Read post
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A Holistic Approach to Managing RiskStaying on Top of Risk in an Ever-Changing Market EnvironmentAt 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.Read post
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The Future of Sustainability-Related DisclosuresInsights from the IFRS Sustainability Symposium 2024The IFRS Sustainability Symposium 2024 provided valuable insights into the future landscape of sustainability-related financial disclosures and our own ESG integration approach.Read post
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Waking the Sleeping GiantQ2 2023 NewsletterBond markets are extremely attractive from an all-in-yield perspective, and we genuinely believe the current opportunity set in fixed income provides investors with an excellent entry point. Nonetheless, the valuation dispersion across and within asset classes requires a tactical approach to identify and exploit the best risk-adjusted opportunities.Read post
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Goldilocks OptimismNotes from the Trading Desk - Q3 2024Fixed income continues to be in vogue as we head into the end of the year. We remain cautiously optimistic, mindful of potential volatility given global geopolitical risks and the political and inflationary risks associated with the US election.Read post
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Certain of UncertaintyNotes from the Trading Desk - Q1 2025The first quarter of 2025 brought renewed volatility as trade tensions escalated with the latest U.S. tariff announcement. While prolonged uncertainty may be challenging, having an active and disciplined investment approach enables us to continue adding value.Read post
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Weathering the StormNavigating tariff risks and protecting portfoliosIn this letter, our CEO outlines our approach to navigating geopolitical risks and the opportunities still available in global bond markets.Read post
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RPIA Develops a Bespoke Fossil Fuel Exclusion Strategy for Institutional InvestorsIntroducing RP Broad Corporate Bond (Fossil Fuel Exclusion)We are pleased to announce the launch of our new strategy, RP Broad Corporate Bond (Fossil Fuel Exclusion), designed in partnership with our client, University of Toronto Asset Management (UTAM), and in collaboration with FTSE Russell. Learn more about the strategy and how the first-of-its-kind screening approach was developed!Read post
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Waves of Opportunity Amid VolatilityFinding Value in Non-Bank FinancialsCentral bank policies and their effect on economic activity and growth is continually creating dislocations in credit markets. Our research team highlights how we are opportunistically acquiring high-quality bonds in less understood areas of the financials sector and realizing profits through highly active tactical management.Read post
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Taking Advantage of an Issuer’s Capital StackExamining Corporate Hybrids and Bank AT1 CapitalIn this newsletter, we highlight the growth of Hybrids and AT1s and how their unique characteristics have benefited issuers and investors alike. We also share examples of how we have capitalized on recent new issue opportunities in this space within our portfolios.Read post
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Credit Makes a ComebackNotes from the Trading Desk - Q4 2023The final quarter of 2023 provided much-welcomed relief for fixed income investors, but there are a few things to look out for in 2024.Read post
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Is Do-It-Yourself Bond Investing Worth It?4 Key Themes Investors Should Consider When Getting Back into BondsAlthough the independence of DIY investing can seem appealing, we believe that investors should reflect on these key themes and potential challenges that exist with achieving diversification, managing, and maintaining bond portfolios cost, and the potential impact of taxes. A qualified investment manager that specializes in bond portfolios can help investors navigate this established asset class in a way that can help achieve investor objectives across market environments.Read post
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Deconstructing the Volatility in Bond ReturnsFinding the Right Balance Between Credit Exposure and Interest Rate RiskThere is no denying that the income is back in fixed income. Investors may feel compelled to lock in attractive bond yields by overweighting portfolios to certain securities. However, we believe the still uncertain market backdrop calls for a more balanced approach when constructing a bond portfolio.Read post
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4 Hidden Risks of Do-It-Yourself Bond InvestingAlthough buying individual bonds may seem compelling in the current environment, understanding these under-the-surface risks is essential to choosing the right investment solution and ensuring investment portfolios can generate the best value, especially for long-term investors.Read post
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Thoughts on Private CreditIn light of the booming growth of capital allocated to private credit over the past decade, our CEO shares his views on the different dynamics of private and public credit, drawing on his experience and insights to highlight the potential impact on investor portfolios.Read post
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Credit Market Themes in 5 Charts - Q2 2024Q2 2024As we head into the third quarter of 2024, we have compiled five charts that we think highlight some of the key themes and opportunities we see in the current market environment.Read post
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Less is MoreAugust 2024 NewsletterIn this newsletter, we discuss what we expect will occur in credit markets in the coming months, highlighting the key themes and opportunities that will matter to investors.Read post
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A Clearer Picture for Bond InvestorsJuly 2022 NewsletterJuly saw central banks continue their fastest and most aggressive monetary tightening in recent history. However, we believe some of the volatility that we saw during the first half of the year may be beginning to dissipate and signs of improvement may be on the horizon for fixed income investors. Against this improving backdrop, we have seen credit spread volatility fall and believe there are interesting opportunities that didn't exist at the beginning of 2022 that can deliver strong returns for our portfolios.Read post
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Announcing TAF’s Impact Investment in Our Fossil Fuel Exclusion StrategyThe Atmospheric Fund: Value-Aligned InvestingWe are thrilled to announce a new investment from The Atmospheric Fund (TAF) in our RP Broad Corporate Bond (Fossil Fuel Exclusion) strategy. This partnership underscores our commitment to providing solutions that meet the financial goals of clients like TAF while promoting sustainability.Read post
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ESG Trends: Swapping debt for sustainability-linked financingD4N swaps are re-emerging as a potential solution to economic and climate crisesDebt-for-nature (D4N) swaps are re-emerging as a promising solution for developing countries to reduce foreign debt while committing to environmental conservation. Since 1987, more than 140 such agreements have been made. However, despite their significant potential, D4N swaps still face ongoing challenges that could hinder their overall effectiveness.Read post
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The Wind at Our BacksNotes from the Trading Desk - Q1 2024Slowing issuance, combined with the high inflows into fixed income, lends for a significant tailwind where investors can take advantage of the compelling opportunities in active credit.Read post
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Safeguarding the GainsA Dynamic Liability-Driven Approach in a Post-Pandemic MarketDespite disappointing recent performance for bonds, pension plans find themselves in an overfunded position for the first time in years. As many plan managers look to safeguard these gains through liability-driven investing, we believe fixed income - and active credit strategies in particular - can play a role in de-risking portfolios further.Read post
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What's liquidity worth to you?Letter from the CEOOur CEO discusses the recent challenges in the private debt space and how they have changed the way investors evaluate liquidity and transparency within their portfolios.Read post
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Credit Market Themes in 5 Charts - Q4 2024Q4 2024As we head into the first quarter of 2025, we have compiled five charts that we think highlight some of the key themes and opportunities we see in the current market environment.Read post
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Creating Efficiency in an Inefficient MarketWhere portfolio management meets technologyOur proprietary trading tool, "SANTA," helps optimize our investment process by facilitating portfolio structuring, identifying mispriced securities, and improving execution efficiency.Read post
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Avoiding the Capital DragHow P&C Insurers Can Optimize Their Asset MixP&C firms face more complex investment decisions than most institutions due to regulatory capital guidelines, but now must re-evaluate their investment playbook in the context of today’s market volatility and weaker macroeconomic outlook. Based on the three P&C investment dimensions: return, risk, and capital charge, we believe P&C insurers can benefit from the relative opportunity in high-quality Active Credit, providing a better risk-reward profile.Read post
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The Tide Has TurnedBonds vs. GICs in a Falling Rate EnvironmentAs central banks cut rates, market dynamics shift for different types of assets. In this article, we explain why corporate bond funds can be more appealing than GICs in a falling rate environment.Read post
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Nearing the Other Side of the TightropeJanuary 2023 NewsletterAs 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.Read post
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Credit Market Themes in 5 Charts - Q4 2023Highlighting Key Drivers for 2024As we head into 2024, we gathered some key themes and observations we believe will define the year ahead. Given the current economic outlook and valuation levels, we believe there is an opportunity for investors to de-risk portfolios by adding to active credit strategies. These strategies can act as an effective yet simple solution in a potentially choppy environment.Read post
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Credit Market Themes in 5 Charts - Q1 2024Will 2024 finally be the Year of the Bond?As we head into Q2, we gathered some of the key themes and opportunities we see in the current market environment.Read post
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Bond Investors Receive an Early PresentIn this month’s newsletter, we take a step back and assess the market’s restored optimism that led to a sharp and broad-based rally in November. We discuss how the swift market moves could be an overshoot in sentiment and valuations, leading us to taper our positioning and proceed more cautiously. Nevertheless, we argue that there are still plenty of opportunities for active managers like ourselves to capitalize on the dispersion in credit valuations and dynamically allocate to what we view as the most promising risk-adjusted opportunities.Read post
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Election FrenzyNotes from the Trading Desk - Q2 2024As central banks work to balance rate cutting cycles with inflation risks, politics took centre stage toward the latter end of Q2. In this note, we summarize our views on the current environment and highlight our outlook as we head into the third quarter.Read post
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Policy OdysseyNotes from the Trading Desk - Q4 20242024 was marked by slowing inflation, interest rate cuts, and elections impacting global bond markets. With looming inflation risks and trade uncertainties tied to Trump's policies, we are focused on tactical trades while balancing capturing value with risk management.Read post
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Ready for Takeoff: The Opportunity in BondsThe Opportunity for a Core Bond PositionFollowing 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.Read post
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Credit Market Themes in 5 ChartsQ1 2025As we head into the second quarter of 2025, we have compiled five charts that we think highlight some of the key themes and opportunities we see in the current market environment.Read post
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Sifting for GemsQ1 2023 NewsletterFinancial 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.Read post
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Bonds vs. GICs in a Higher Yield EnvironmentConsidering the different roles bonds and GICs play in a portfolioGiven 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.Read post
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Finding the Silver Lining in a Cloudy Bond MarketQ3 2022 NewsletterMarket 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.Read post
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Credit Market Themes in 5 Charts - Q3 2024Q3 2024As we head into the final quarter of 2024, we have compiled five charts that we think highlight some of the key themes and opportunities we see in the current market environment.Read post
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Setting the Course2025 OutlookWith uncertainty around the US election now in the rearview and year-end fast approaching, we discuss what lies ahead for fixed income markets in 2025.Read post
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Rates, Inflation & Strategy PositioningNotes from the trading deskPeter Metcalfe summarizes the number or rate hikes baked into bond markets and provides examples of areas of opportunity in this environment.Watch video
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Understanding Bond YieldsInvestor Education: Bonds 101The 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.Watch video
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Creating a More Resilient Bond PortfolioRP Alternative Global Bond Fund 3YR Anniversary VideoWith 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.Watch video
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How CIOs Are Responding to the Current MarketInstitutional Perspectives - Q1 2022Many institutional investors have had to re-think their approach to fixed income in this challenging environment. Our Institutional Perspectives recording shares three possible solutions.Watch video
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Understanding Credit's Role in Your PortfolioInvestor Education: Bonds 101RPIA was founded on the belief that corporate credit is a unique asset class that can play an essential role in enhancing and diversifying broad investment portfolios. In this investor education video, Carly Plate highlights what makes Credit unique and effective in your portfolio.Watch video
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Happy Holidays from RPIA!This holiday season, we are delighted to announce a donation to Red Door Family Shelter, an organization dedicated to helping the most vulnerable in our community. Hear from Red Door's Annual Giving and Community Engagement Manager and a Former Resident to learn more about the organization and its impact.Watch video
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Revisiting Core PlusInstitutional Perspectives - Q3 2023Core Plus has been a popular choice for institutional investors over the past decade, but the modest returns they delivered net of fees have been driven mostly by taking more risk than the comparable index. We believe actively managed corporate bond strategies can offer a better way to extract value from your fixed income allocation without having to allocate to riskier areas of the market.Watch video
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An Update On High YieldNotes from the trading deskPeter Metcalfe summarizes the number or rate hikes baked into bond markets and provides examples of areas of opportunity in high yield.Watch video
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The Power of a Global Opportunistic Credit Strategy During Uncertain TimesInvestor Education: Our ProductsRP Select Opportunities (RP SOF) combines our carefully selected investment ideas with a highly active and flexible approach, delivering positive calendar returns for investors every year for almost a decade. In this video, Kripa Kapadia highlights how an unconstrained credit strategy like RP SOF can potentially enhance performance while increasing diversification and downside protection for an investment portfolio.Watch video
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Uncovering Hidden Risks: Reinvestment RiskInvestor Education: Bonds 101Given the rise in risk-free rates over the past few years, investors can now capture yields through high-quality bonds, GICs, or money market funds. However, although opting for shorter-term options is appealing, it's crucial to assess reinvestment risk and its long-term impact on the portfolio. In this video, Carly discusses two primary ways investors can combat reinvestment risk using an actively managed fixed income solution.Watch video
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Market Update with Richard Pilosof & Alex EvisWebinar ReplayOn 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.Watch video
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L'avantage d'une stratégie de crédit opportuniste et mondiale en période d'incertitudeRPIA InvestED : Nos produitsOccasions Sélect RP (RP SOF) combine nos idées d'investissement soigneusement sélectionnées avec une approche très active et flexible, délivrant des rendements calendaires positifs aux investisseurs chaque année depuis près de dix ans. Dans cette vidéo, Kripa Kapadia explique comment une stratégie de crédit sans contrainte telle que RP SOF peut potentiellement améliorer la performance tout en augmentant la diversification et la protection contre les baisses d'un portefeuille d'investissement.Watch video
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Understanding Discount BondsInvestor Education: Bonds 101The 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.Watch video
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Are We There Yet? Exploring the Opportunity in BondsWebinar ReplayOn Thursday, November 17, 2022, in a discussion moderated by Ann Glazier Rothwell, Mike Quinn discussed the dramatic move in rates and what is unfolding in fixed income markets. He also reviewed how RPIA is thinking about opportunities and risks in this market environment and what it means for your portfolio. There was a time for Q&A at the end of the discussion where live attendees were able to ask Mike their questions.Watch video
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Une stratégie obligataire de base conçue pour la volatilitéRPIA InvestED : Nos produitsLe Fonds de revenu stratégique plus RP est une stratégie de fonds communs de placement obligataires de base. Il s'agit d'un fonds obligataire de qualité supérieure qui intègre notre style de négociation flexible et très actif, avec une discipline de qualité de crédit stricte, pour offrir aux investisseurs des rendements attrayants et diversifiés sans prendre de risque de taux d'intérêt. intérêt excessif. Cette vidéo met en lumière les facteurs clés de succès et les perspectives d'avenir du fonds.Watch video
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A Core Bond Strategy Built for VolatilityInvestor Education: Our ProductsRP 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.Watch video
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The Paradigm Shift and the Case for CreditWebinar ReplayLiam O’Sullivan and industry veteran, Bill Moriarty, discuss the ever-changing macro-economic environment's impact on fixed income going forward.Watch video
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Calibrating Interest Rate ExposureInvestor Education: Bonds 101Interest rates are the common factor used to discount an investment's expected future cash flows, and, therefore, they are the backbone of all asset class valuations. Consequently, a traditional investment portfolio is inherently exposed to interest rate risk in several explicit and implicit ways. In this video, Brendon provides an overview on interest rate exposures and how utilizing strategies that manage interest rate risk can provide potential benefits.Watch video
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Monetary Policy, Fiscal Policy & Tariffs: Collision Course or a New Paradigm?A fireside chat with David Rosenberg & Derek HoltWatch video
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Weathering the StormNotes from the trading deskAlex Evis, Chief Risk Officer, summarizes the current market conditions in the context of the crisis in Europe, and how we are managing risk and positioning our portfolios to preserve investors' capital during this storm.Watch video
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A High-Quality Alternative Global Bond StrategyInvestor Education: Our ProductsCarly Plate outlines what makes RP AGB unique as it continues to provide investors with compelling returns and diversification during turbulent times.Watch video
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Withstanding Inflationary Pressures and a Slowing EconomyTaking refuge in resilient sectors in uncertain markets
Credit Research Team
The rate of volatility in the first five months of 2022 has driven us to take a conservative approach in our sector positioning year-to-date.Read publication -
The Paradigm Shift & the Case for CreditDuring 2022, we witnessed a paradigm shift in markets.
Bill Moriarty
Senior AdvisorLiam O'Sullivan
Principal, Co-Head of Client Portfolio ManagementInvestors may want to think twice before “buying the dip” in equities due to the new environment and valuation levels.Read publication -
BBB, the Rising Star of CreditJuly 2024The BBB segment's market share has grown over time and presents many opportunities for active and tactical credit selection. We believe this segment is incredibly attractive for generating additional value for investor portfolios.Read publication
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Addressing the Foundation Return ChallengeMeeting Return Targets in a Changing EnvironmentIn light of recent changes in tax rules as well as a changing market environment and lower forward-looking returns, foundations face even more pressure to meet their return goals in a risk-controlled way. This paper outlines active fixed income’s role in addressing this challenge and offers a case study for consideration.Read publication
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Overcoming the Complexity BiasBuilding a Portfolio that can Withstand the Test of TimeInvestors have embraced more complex portfolio models in recent years, but studies show that more complexity doesn't necessarily equal better outcomes. In this paper, we discuss how a simpler 'Total Portfolio Approach' may make it easier to manage risk, generate returns, and make better governance decisions.Read publication
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Credit Market Themes in 5 Charts - Q2 2023Financial stability fears recede as economies prove more resilientThese five charts highlight some of the themes and trends we are seeing in global credit markets.Read publication
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Re-positioning the Foundation PortfolioSolutions for the New Environment
Liam O'Sullivan
Principal, Co-Head of Client Portfolio ManagementZachary Barsky
Director, Client Portfolio ManagementFoundation executives and trustees should be taking stock of the new environment and reevaluating their asset allocation with fresh eyes.Read publication -
Foundations Face an Uphill Battle, But Active Credit Can HelpMarch 2024Due to the higher disbursement quota, we believe foundations should consider active credit strategies as a better, more liquid alternative to private investments.Read publication
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Credit Market Themes in 5 Charts - Q4 2022A new chapter for fixed incomeWe believe these 5 charts sum up our market perspectives from 2022 and our outlook for 2023. We hope you will find them thought-provoking.Read publication
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Extracting Value from GSIBs Following a Banking CrisisInvestment Case StudyThis case study illustrates how our active investment process enabled us to adeptly navigate the banking crisis that followed the collapse of SVB.Read publication
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Credit Market Themes in 5 Charts - Q1 2023These five charts highlight some of the themes and trends we are seeing in global credit markets.Read publication
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Credit Market Themes in 5 Charts - Q3 2022These five charts highlight some of the themes and trends we are seeing in global credit markets.Read publication
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Putting the 'G' Back in ESGThe Importance of ESG Engagement by Fixed Income InvestorsThe recent failure of California-based Silicon Valley Bank (SVB) was the largest US banking failure (by assets) since the 2008 financial crisis.Read publication
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Credit Market Themes in 5 Charts - Q3 2023Challenges and opportunities in a "“higher for longer” interest rate environmentWe continue to believe this is a market where caution is warranted and having a resilient portfolio is paramount.Read publication
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How Issuer Engagements Inform Portfolio PositioningCredit Research Case StudyFelicia Daryonoputri
Associate, Sustainable InvestingAt RPIA, our belief is that engaging with issuers is a valuable part of our role as stewards of capital. In this case study, we showcase how ESG factors are integrated into our investment decision-making through active engagement with issuers.Read publication -
IntroCap Podcast: David Kaufman Interviews Mike QuinnMike Quinn, Principal & Senior Advisor (former CIO) on IntroCap Podcast Episode 30Mike Quinn speaks with Westcourt Capital’s David Kaufman on the IntroCap Interviews podcast.Visit link
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How 'liquid alternative' bond funds are helping investors nowThis Wealth Professional article features Imran Dhanani's insight on how long-short credit strategies can play an important role in investor portfolios, functioning as a mid-way between public and private assets.Visit link
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Fixed Income Redux – Forward To The Past?Mike Quinn, Principal & Senior Advisor (Former CIO) on Calgary Connects (CFA Society Calgary) - June 1, 2022Mike Quinn speaks about how the industry and fixed rate environment have changed since November 2020.Visit link
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Why pensions & institutions should consider liquidity cost in private assetsIn this Benefits & Pensions Monitor article, Liam O'Sullivan shared his views on the liquidity issues institutions may face with some private debt investments.Visit link
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Alternative Thinking: Both Sides of the Investment CoinIlias Lagopoulos speaks on CAASA's podcast "Alternative Thinking: Both Sides of the Investment Coin."Visit link
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Value vs. ValuesThe Evolution of ESG Considerations for Pension Plan InvestmentsOver the past several years, pension funds have been thrust into the center of the ESG debate.Visit link
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The Ripple Effect: Long-Term Implications of the SVB CollapseBMO Capital Markets WebinarLiam O'Sullivan and Rob Poole discuss the recent market events, providing some background to both the Silicon Valley Bank and Credit Suisse fallout.Visit link
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Why advisors should factor the cost of liquidity into their alts allocationsIn this Wealth Professional article, Liam O'Sullivan shared his views on the liquidity issues advisors may face with some private asset allocations.Visit link
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Why some advisors are turning to alternatives in tricky bond environmentIn this Globe and Mail article, Imran Dhanani shared his views on the bond market and why some advisors are allocating capital to active managers in the alternative credit space.Visit link
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Looking Under the Hood of the UK’s LDI CrisisLessons Learned in the UK and CanadaThe UK's LDI crisis highlighted significant risks for UK DB pension plans pursuing a leveraged LDI approach. We've outlined how Canada's domestic plans can learn from the UK.Visit link