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Razorbill Investment Process Insight

We position our products according to our vision of the market. This vision is reassessed continuously using our quantitative screening tools and fundamental analysis. Our strategic positioning is disclosed yearly through our Outlook document. We often disclose strategic shifts through our monthly newsletters. Finally our daily comments containing mostly our tactical positioning, at times will indicate a strategic shift in our positioning.

Razorbill Advisors 2018 Outlook

By the Investment Team

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We position our products according to our vision of the market. This vision is reassessed continuously and our strategic vision is disclosed yearly through our Outlook document. This document present our outlook for the year 2018.

Razorbill Advisors Monthly Newsletters

By the Investment Team

We position our products according to our vision of the market. As part of our Investment Process we update our strategic positioning monthly. These are disclosed in our Monthly Newsletter. You can find the archive of our Monthly newsletters by clicking on the link below.

Razorbill Monthly Newsletters »

Razorbill Advisors Daily Report | RAD R

By the Investment Team

We issue a daily comment that expresses our tactical views and our strategic positioning. It also includes a fear index representing our perception of market sentiment at the time the comment is made.

Razorbill Daily Report »

Razorbill Advisors Debt/Equity relative value indices

Razorbill Advisors Debt/Equity relative value indices (RZBA D/E Indices) are based on Razorbill Advisors proprietary models and provides an insight into our opinion as to how rich, or cheap we think the credit markets in Canada and the U.S. are with respect to their equity markets. The richness/cheapness is measured in credit basis point differential to fair value, with 0 being fair value. For example a -10bps index would indicate that the constituents of our index are on average 10bps too wide to where we think they should be. Our algorithms look at each credit and pick the maximum variance in the 0 to 11 year sector in each credit. Generally, as the debt market cheapens versus equity, the maturity of the index lengthens while it tend to shorten when credit markets get more expensive. More information can be found on our research paper on credit indices.

Our Debt/Equity indices show corporate debt in both countries as cheap to equity but U.S. credits being more expensive than Canadian credits.  We see corporate spreads narrowing the value gap in both countries even though the move in the United States is more pronounced.

RZBA D/E US index

Razorbill Advisors D/E US Index

The RZBA D/E US index has a target of 100 reference entities, rebalanced monthly. For more information please refer to our research paper on Credit Indices.

RZBA D/E CAN index

Razorbill Advisors D/E CAN

The RZBA D/E CAN index has a target of 20 reference entities, rebalanced monthly. For more information please refer to our research paper on Credit Indices.