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Please read the following terms and conditions carefully. By accessing rbcgam.com and any pages thereof (the "site"), you agree to be bound by these terms and conditions as well as any future revisions RBC Global Asset Management Inc. ("RBC GAM Inc.") may make in its discretion. If you do not agree to the terms and conditions below, do not access this website, or any pages thereof. Phillips, Hager & North Investment Management is a division of RBC GAM Inc. PH&N Institutional is the institutional business division of RBC GAM Inc.

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The Funds are offered by RBC GAM Inc. and distributed through authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with the Funds. Please read the offering materials for a particular fund before investing. The performance data provided are historical returns, they are not intended to reflect future values of any of the funds or returns on investment in these funds. Further, the performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. The unit values of non-money market funds change frequently. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment in the fund will be returned to you. Mutual fund securities are not guaranteed by the Canada Deposit Insurance Corporation or by any other government deposit insurer. Past performance may not be repeated. ETF units are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns. RBC ETFs do not seek to return any predetermined amount at maturity. Index returns do not represent RBC ETF returns.

About RBC Global Asset Management

RBC Global Asset Management is the asset management division of Royal Bank of Canada ("RBC") which includes the following affiliates around the world, all indirect subsidiaries of RBC: RBC GAM Inc. (including Phillips, Hager & North Investment Management and PH&N Institutional), RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited, RBC Global Asset Management (Asia) Limited, BlueBay Asset Management LLP, and BlueBay Asset Management USA LLC.

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The BlueBay Global Credit Alpha Long Short Strategy aims to generate positive risk-adjusted returns by seeking to exploit dispersion, asymmetry and volatility in the market.

Strategy overview

  • The investment universe includes cash and derivative instruments, corporate, sovereign and rate markets primarily in the investment grade space.
  • Our rigorous, proprietary research of issuers and individual securities seeks inefficiencies in the market to identify where we believe the market has mispriced risk/return, indicating potential for asymmetric return profiles. By accessing our full toolkit of instruments, we have the ability to implement a range of long and short positions.
  • The strategy offers diversified and uncorrelated exposure in an environment of divergence in global rates and growth.

Our approach

Investment strategy

  • A long-short discretionary credit strategy investing in BlueBay Fixed Income Team's best ideas in liquid corporate and sovereign credit across global markets.
  • The strategy seeks to perform in all market conditions and adopts a beta-neutral long/short investment strategy. It uses a combination of bottom up investment ideas, macro thematic investments and relative value trades.
  • Targets a low correlation to credit, equity, emerging and developed markets
  • Strategy permitted to take short positions in order to capitalize on negative market views or exercise relative value pairs trades
  • Invests in smaller deal size opportunities
  • Concentrated portfolio, average position size varies between 5-15% of portfolio and held for 1-3 months
  • Very active and agile portfolio, with strong risk control framework
  • There is no natural bias to being long credit. Individual risk exposures are based on well-researched, medium-term structural investment decisions.
  • The BlueBay Fixed Income Team believes that taking into account environmental, social and governance (ESG) factors is an important aspect of the investment process. As such, ESG integration – the systematic review of material ESG investment risks – is applied across all our strategies.

Global investment grade expertise

  • Benchmark aware but benchmark agnostic – alpha focus
  • Very experienced team/analysts with a long/short investment mindset
  • Strong focus on capital preservation
  • Tends to perform best in negative risk markets, when issuer performance dispersion is high
  • Extensive users of credit default swaps - both index and single name - to most efficiently implement investment ideas
  • Hedge fund skills and tools within a disciplined investment process

Additional information

Inception
November 2011
Primary benchmark
No benchmark
Vehicle
Separate Account, Cayman

Investment team

BlueBay Fixed Income team

Fixed income specialist providing progressive investment solutions

Connect with our team to learn more

Contact us

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