Insights Into Wealth

Today, Kevin Van Dyk, BULLWEALTH’s Managing Director, is joined by David Matheson, Principal and Co-Chief Investment Officer of RPIA Capital Management and Lead Portfolio Manager of the RPIA Debt Opportunities Fund. In their discussion, David shares his perspective on the evolving bond market, highlighting how changing interest rates, credit spreads, and market structure have created new opportunities for active fixed-income strategies. He also explains how RPIA manages money on behalf of its clients, focusing on identifying inefficiencies in the bond market, balancing income generation with capital appreciation, and actively trading to capture value while preserving capital. David discusses the fund’s use of leverage and short positions, explaining how these tools are employed selectively to enhance returns, manage risk, and express both positive and negative market views when opportunities arise. Finally, the conversation also explores the lessons learned during the market turmoil of March 2020, including how RPIA strengthened its risk management framework, enhanced portfolio stress testing, refined its approach to leverage, and established a more robust independent risk oversight process designed to help the firm navigate future periods of market volatility.

Today, Randy Gunn, BULLWEALTH's VP and Portfolio Manager, concludes his three-part podcast series on Artificial Intelligence with Jason Shim, a technology strategist, not-for-profit innovation leader, and Chief Digital Officer at the Canadian Centre for Nonprofit Digital Resilience (CCNDR). In this episode, Randy and Jason explore how artificial intelligence is being adopted across Canada's not-for-profit sector and why many organizations see AI as an opportunity to strengthen their impact, improve efficiency, and better serve their communities. Together, they discuss the current state of AI adoption, the opportunities and challenges organizations face as they integrate new technologies, and the importance of governance, training, and responsible implementation. Their conversation also examines how AI capabilities continue to evolve, what the future may hold for not-for-profit organizations, and why keeping people, purpose, and mission at the centre of decision-making remains critical as AI becomes increasingly embedded in everyday work.

Today, Randy Gunn, BULLWEALTH’s VP and Portfolio Manager, continues his podcast series on Artificial Intelligence with Michael Page, Senior Director of Data Science & Advanced Analytics at Unity Health Canada, one of Canada’s largest Catholic healthcare networks serving patients, residents, and clients spanning St. Michael’s Hospital, Providence Healthcare, and St. Joseph’s Health Centre. Michael joins Randy to discuss how artificial intelligence is already being used in healthcare settings and where it may have the greatest impact in the years ahead. Together, they explore how AI can help relieve pressure on an increasingly strained healthcare system by reducing administrative burden, improving efficiency, and allowing clinicians to focus more on patient care. Their conversation also examines why healthcare organizations must be thoughtful about how AI tools are selected, trained, and governed, the importance of keeping human judgment firmly at the centre of decision-making, and how the best uses of AI can make healthcare more human, rather than less. Overall, they offer a practical and timely discussion on how Canada can use AI to strengthen healthcare delivery, support healthcare professionals, and help build a more effective and responsive system.

Today, Randy Gunn, BULLWEALTH’s VP and Portfolio Manager, launches the first episode in a new podcast series on Artificial Intelligence with Nabil Beitinjaneh, Faculty Lecturer at McGill University’s School of Continuing Studies and Coordinator of its Data Science and Data Analytics programs. With more than 25 years of experience in systems and process engineering across both corporate and entrepreneurial settings, Nabil joins Randy for his first podcast discussion on this topic. Together, they explore how AI is not replacing professionals but reshaping how professional work is performed by increasing speed, processing power, and reach, while leaving accountability, judgment, and responsibility firmly in human hands. Their conversation also examines why human judgment becomes even more valuable in an AI-enabled world, how polished AI output can still be wrong, the risks to junior-level training and apprenticeship, the importance of governance and human oversight in high-stakes decisions, and why trust will continue to depend on context, empathy, and human understanding rather than speed alone. Overall, they offer a thoughtful and practical discussion on how AI can improve productivity and support better work when used with care, discipline, and sound judgment.

Today, Kevin Van Dyk, BULLWEALTH’s Managing Director is joined by Paul Chin, Chief Investment Officer of Centurion Real Estate. Paul joined Centurion roughly 14 months ago following Chairman and Founder Greg Romundt’s decision to step back from day-to-day operations and focus more on the firm’s strategic direction. In their discussion, Kevin and Paul review other recent leadership changes, including the appointments of John McKinley as CEO and Carl Gomez as Chief Economist, while noting that Centurion’s core suburban and exurban multi-residential strategy remains unchanged. Paul also highlights Centurion’s vertically integrated model, spanning asset management and property management, which supports stronger net operating income, faster rental pricing decisions and greater leasing efficiency, as well as Centurion’s regional diversification outside of Canada’s major centres such as Toronto, Vancouver, and Montreal. Paul also notes that the real estate market has undergone a repricing and is likely to remain challenging over the next 12 months. We hope today’s podcast provides further insight into one of the investment strategies our clients have held for some time and that has delivered long-term outperformance.

Today, Randy Gunn, BULLWEALTH’s VP and Portfolio Manager, is joined by Savva Cherdantsev, BULLWEALTH’s Managing Director, Research & Investments, to discuss our approach to oversight and due diligence of your investment managers. Due diligence has been a cornerstone of BULLWEALTH’s investment process for over 25 years, and while our approach continues to evolve, it remains grounded in a disciplined quarterly review of each investment manager’s performance, including the key drivers and attributes behind these results. In today’s discussion, Randy and Savva outline our due diligence framework, the insights generated from our ongoing oversight, and the enhanced sell discipline we have developed over the past year to better determine when a manager should be replaced. We hope today’s podcast provides greater insight into how we oversee your investment managers and enhances your transparency of your investment portfolio.

Today, Randy Gunn, BULLWEALTH’s VP and Portfolio Manager, sits down with Mike Werbowecki, Senior Vice President at NFP Canada, who brings more than 35 years of experience in the insurance industry, primarily within group pension plans at firms such as Clarica, Equitable Life, and Manulife. Their discussion focuses on employer-sponsored pension plans in Canada, with particular attention to Defined Benefit and Defined Contribution plans, including the current state of these plans, their limitations, the responsibilities of plan sponsors, and best practices for achieving strong outcomes for plan members. Mike also highlights the challenges both plan sponsors and members are likely to face in the years ahead, particularly as the shift from Defined Benefit to Defined Contribution plans continues. Together, Randy and Mike offer a thoughtful and insightful conversation that provides practical guidance for navigating employer-sponsored pension plans.

Today, BULLWEALTH brings together its portfolio management team, along with Savva Cherdantsev, Managing Director of Research & Investments, for our second annual Lessons Learned podcast. Following the strong reception to last year’s inaugural episode, where we discussed key challenges and successes from 2024, we have reconvened to reflect on the lessons learned throughout 2025. These insights span a wide range of topics, including whether market breadth is broadening or remains concentrated among mega-cap technology companies, how to construct portfolios amid strong global capital markets and slowing economic fundamentals, what clients can expect from BULLWEALTH’s enhanced Watch List process for evaluating and changing investment managers, and how we manage portfolio liquidity when certain securities cannot be readily sold. We hope this wide-ranging discussion provides useful perspective and helps inform decision-making for your portfolio in 2026 and beyond.

Today, Randy Gunn, BULLWEALTH’s VP & Portfolio Manager, speaks with Michael Kulbak of Kulbak Trust Solutions about terminal tax returns—often the single largest tax liability an individual will face—and why proactive planning and expert guidance are essential. Their discussion covers what terminal returns are, how deemed disposition works, and the use of optional returns, marginal tax rates, and available credits to minimize taxes and maximize benefits for heirs. A key message is the importance of working with professionals experienced in these filings, as many accountants may miss valuable elections or nuances. They also outline common executor pitfalls, including managing estate liquidity, meeting filing deadlines, canceling benefits, reporting registered accounts correctly, and obtaining CRA clearance certificates before distributing assets. Since estate distribution is the moment when a client’s lifelong wealth is ultimately allocated, thoughtful guidance during this stage is critical.

In today’s podcast, Kevin Van Dyk, Managing Director at BULLWEALTH, speaks with Adam Burns, Vice President of Investments at Fulcra Asset Management, to explore the firm’s distinctive approach to fixed income investing. Adam explains how Fulcra, founded in 2009, applies a bottom-up process that evaluates companies across the capital structure—from senior secured loans to subordinated debt. He highlights how Fulcra differentiates itself from traditional fixed income managers by avoiding index constraints, instead targeting mispriced securities in small to mid-sized North American companies. Adam also discusses Fulcra’s barbell strategy, combining government and investment-grade securities with tactical and special situation opportunities to enhance yield, while managing risk. Finally, Adam outlines how the investment team leverages due diligence, credit rating arbitrage, and event-driven strategies such as merger arbitrage to identify value and drive both income and capital appreciation for investors.