Private Investors

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Voices of RPIA | 2023 Edition

The 2023 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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Examining Stressed and Distressed Credit: Risk and Reward

Toronto | CAIF 2024

Ann Glazier Rothwell, Principal & Co-Head of Client Portfolio Management, moderated a thought-provoking panel on “Examining Stress and Distressed Credit: Risk and Reward” at the Canadian Alternative Investment Forum 2024, hosted by Introduction Capital in April. The panel featured three industry experts, including our Head of Credit Research, Derrick Jumper. We have summarized the takeaways from the panel, particularly the key themes in the distressed credit asset class and how they relate to our investment approach.

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The Wind at Our Backs

Notes from the Trading Desk - Q1 2024

Slowing 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.

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Credit Market Themes in 5 Charts - Q1 2024

Will 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.

Foundations Face an Uphill Battle, But Active Credit Can Help

Due to the higher disbursement quota, we believe foundations should consider active credit strategies as a better, more liquid alternative to private investments.

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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.

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Learn more about our charitable giving

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 $200 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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What Sets Us Apart

RPIA's highly active, dynamic approach enables us to consistently extract value from the global credit market. Investors do not need to compromise on credit quality or sacrifice liquidity to improve their portfolio returns. We generate value for our investors in three primary ways:

Truly Active Fixed Income
We have deep, longstanding relationships with dealer desks globally, allowing us to quickly identify and execute our best ideas. We can constantly reposition in response to changing market conditions to capture opportunities and add value for our investors.

Providing Global Diversification
We have the expertise to capture additional alpha and diversify portfolios beyond the limits of the Canadian market through global security selection.

Robust Risk Management
Our experienced Risk Management team is involved in every step of the investment process, engaging collaboratively with portfolio managers to manage implicit and explicit risks.

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.

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The RPIA ACE Program

RPIA’s Charitable Giving Summary 2022

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.

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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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Explore our materials

What's liquidity worth to you?

Letter from the CEO

Our 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.

4 Hidden Risks of Do-It-Yourself Bond Investing

Although 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.

Active Bonds vs. GICs in a Higher Rate Environment

In 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.

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.

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Newsletters

The Wind at Our Backs

Notes from the Trading Desk - Q1 2024

Slowing 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.

Credit Market Themes in 5 Charts - Q1 2024

Will 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.

Lots of Supply, Lots More Demand

February 2024 Newsletter

The 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.

Credit Market Themes in 5 Charts - Q4 2023

Highlighting Key Drivers for 2024

As 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.

Market Insight Videos

The Paradigm Shift and the Case for Credit

Webinar Replay

February 2023

The Paradigm Shift and the Case for Credit

Liam O’Sullivan and industry veteran, Bill Moriarty, discuss the ever-changing macro-economic environment's impact on fixed income going forward.

Are We There Yet? Exploring the Opportunity in Bonds

Webinar Replay

November 2022

Are we there yet? exploring the opportunity in bonds

On 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.

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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Investor Education Videos

The Power of a Global Opportunistic Credit Strategy During Uncertain Times

Investor Education: Our Products

November 2023

RP 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.

Uncovering Hidden Risks: Reinvestment Risk

Investor Education: Bonds 101

September 2023

Given 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.

A High-Quality Alternative Global Bond Strategy

Investor Education: Our Products

July 2023

Carly Plate in a boardroom with art in the background

Carly Plate outlines what makes RP AGB unique as it continues to provide investors with compelling returns and diversification during turbulent times.

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