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Emerging Managers’ Board
Managers’ directory 2014
1 directory 40 ways to contribute to the growth & development of emerging managers
The Emerging Managers Board’s (EMB) mission is to promote and contribute to the growth of canadian emerging managers. It strives to educate asset allocators and investors about the benefits of inves@ng with emerging managers. Canada has an incredible pool of talanted emerging managers for its rela@vely small asset size. Its finacial sector is recognized as one of the most stable in the world. Its cultural biais toward conserva@ve investments is reflected in the managers’ investment approach and risk adjusted returns. Canada’s two main financial centers, Montreal and Toronto have the most CFAs per capita in the world. This high concentra@on of CFA charterholders has influenced its financial industry to answer to the highest standards of ethics in the asset management field. The EMB’s objec@ve is to promote its local talent to canadian and interna@onal clients. Canada has yet to develop an emerging managers programms. Our non-‐profit organiza@on tries to facilitate asset alloca@on towards our members. Finally, the EMB contributes to the improvement of the canadian financial sector and its sustainability by maintaining and aLrac@ng talented managers. We hope that our ditectory will prove to be a helpful tool to find and iden@fy canadian emerging managers. We have a diverse pool of innova@ve and performing investment strategies that are yours to discover! Geneviève Blouin President Altervest & EMB
Allard, Allard & Associés
Founded 1995
AUM $ 600 million
Strategies • Tradi.onal « long-‐only » Canadian equi.es and Tradi.onal « long-‐only » Forieng equi.es • Fixed income • Balanced (combina.ons of the other three strategies)
Philosophy • To outperform consistently, the investment process has to be ra.onal, rigorous and disciplined • Thorough understanding of companies, quality of balance sheets and healthy diversifica.on are the cornerstones of risk management • Market indices must be used solely as performance benchmarks
Approach • Concentrated equal weight porJolios • Value-‐Style, BoMom-‐up • Internal fundamental research
Managers Jean-‐Pierre Allard, Chairman of the Board Louis Allard, Eng., MBA, President Caroline Allard, CFA Vice-‐President Alexandre Legault, MBA, CFA, Vice-‐President
Contact : [email protected] 9001 Boul. de l’Acadie, bureau 401, Montréal (Québec) H4N 3H5 514 385 9001 • info@allard-‐allard.ca allard-‐allard.ca
Founded in Montreal nearly 20 years ago, Allard, Allard & Associés is emerging as a strong up-‐and-‐coming investment management firm in Quebec. Its strong track record can be aLributed to its rigorous and disciplined value-‐driven investment process and to its team-‐based entrepreneurial culture. The firm is wholly owned by its investment managers who, as owner operators, have a long term view that is well aligned with their clients’ objec@ves. The investment philosophy is to perform in-‐house fundamental research on profitable firms whose debt is small rela@ve to tangible assets and acquire these firms at a reasonable price. Over @me, this approach has provided superior returns while offering strong capital preserva@on in down markets.
ALTERVEST Ltd.
Founded 2010
AUM 30M $ as of december 2014
Strategies • Altervest Absolute Fund (L/S emerging markets equi.es and listed op.ons) • Emerging Markets Equi.es (GARY (Growth At Reasonable Yield) ) • Altervest Tac.cal Listed Op.ons • Tailor-‐made op.on strategies
Philosophy Conserva.ve alterna.ve investment approach. We believe that capital preserva.on in down markets results in long-‐term outperformance. We are experts in inneficient niche markets which, in our opinion, offer the greatest poten.al to capture alpha. We develop innova.ve products focused on capital preserva.on and risk adjusted returns.
Approach • Fundamental • Combining Top-‐Down and BoMom-‐Up • Tac.cal Listed Op.ons • Conserva.ve
Management Geneviève Blouin, CFA, President & Founder Keith Porter,ASIP, Emerging Markets Equi.es
Contact : Montreal Board of Trade, 300 St Sacrement, suite 420, Montreal (QC) H2Y 1X4 514-‐448-‐4029 • [email protected] www.altervest.ca
Altervest is a woman owned firm that provides alterna@ve investment products and solu@ons for high net worth individuals and ins@tu@ons. We develop investment strategies in niche markets where we have a specific exper@se. Our products aim to reduce vola@lity while improving porgolio diversifica@on. Our innova@ve investment process is focused on capital preserva@on and risk management. Our conserva@ve investment strategies seek to op@mize risk adjusted returns while increasing income.
Azur Capital
Start June 2013
Assets 14 million (September 30th, 2014)
Strategy • 8% priority annual return for investors• All loans guaranteed by first ranking mortgages on Canadian real estate
• Personal guarantees from borrowers always required• Qualified pre-sales required for construction financing
• Loan disbursed directly to subcontractors for even greater security• Diverse Loan portfolio further reduces risk
Mission Statement To offer investors a low risk, high return investment opportunity, while maintaining the same strict mechanisms and control processes as banks to protect capital.
Value proposition • Fulfill a market need which is underserved by banks• Win-win proposition for borrowers and investors
• Strong safeguards to protect capital, including first ranking mortgages on real estate and personal guarantees
Management Team Dan Charron - PresidentJonathan Dionne – Director of Operations
Daniel Boisvert– Chief Financial OfficerDenis Dansereau – Director of Credit & Risk Management
Sebastien Cliche – Director of Project Management
Contact : 505 Maisonneuve West, Suite 901Montreal, QC, H3A 3C2 • [email protected]
Azur Capital is a mortgage lending fund specialized in construc@on financing for small real estate projects, guaranteed by first ranking mortgages. Azur Capital is a financial partner that is fast, flexible, crea@ve, and that understands construc@on. We meet an important demand in the marketplace and provide a low risk, high yield investment opportunity. Our success has allowed us to gain the confidence of some of the largest ins@tu@onal investors in the country. We are proud to be one of the fastest mortgage lenders in Canada.
BT Global Growth Inc.
Founded 2006
AUM $130 million as of 31 March 2014
Strategies • Non-‐levered, Long/Short, return focused • Domes.c Fund • Offshore Fund (Parallel)
Philosophy The Fund is a value-‐oriented, non-‐leveraged, long/short equity and commodity specialized investment fund, created to provide an investment vehicle for high-‐net-‐worth investors to augment their porJolio returns, through long-‐term capital apprecia.on. The philosophy behind the Fund is to provide investors with a global investment approach via the Canadian equity markets and hedge their porJolios against the nega.ve effects of the unprecedented growth in money supply and subsequent devalua.on of paper currencies globally.
Approach • Global Growth Themes – All Cap • Cash Flow – Value Inves.ng • Long biased
Management Paul Beaie, MBA Co-‐Founder Jacques Lacroix, CFA Co-‐Founder, PorJolio Manager Stuart Dunn, Chief Compliance Officer Steven Chamandy, Director of Sales
Contact : 1001 De Maisonneuve Blvd. W. Suite 205, Montreal (Quebec) H3A 3C8 514-‐907-‐8070 www.btglobal.ca
A Montreal based firm founded in 2006 by two financing business execu@ves with over 20 years of Global investment experience. A highly cohesive team that understands how to manage money in the unique way of analyzing Global investment themes using cash flow/value style analysis while finding overlooked names at compelling entry prices. The firm is long biased but spends most of its @me looking for short/hedging opportuni@es. The firm has a disciplined buy/sell process and liquidity guidelines that are strictly enforced. The company has the philosophy of not using leverage to achieve performance and have delivered strong returns since incep@on.
Fonuded 2013
AUM <3M CAD on December 31
Strategies • -‐ Specula.ve transac.ons spot FX market • -‐ Op.ons • -‐ Futures
Philosophy Cape Cove investment philosophy is directed towards achieving superior capital apprecia.on through maximizing absolute and uncorrelated returns driven by investors’ capital preserva.on.
Approach • Long term trend following transac.ons • Clear iden.fied momentum • Entry point taking into account overdone movements • Strict risk management
Management Robert Audet, President et founder Donald Farley,
Cape Cove Cape Cove FX Porgolio Management is global macro FX focus. Its program is a hybrid (systema@c signals/ qualita@ve overlay) trend following product that operates a short-‐term quan@ta@ve investment strategy that engages strictly in the specula@ve trading of spot cash currencies, and short-‐term currency deriva@ves of selected OECD countries. The use of a superior trading technology with real-‐@me margining con@nuously enforced and systema@c pos@ng of take-‐profit and stop-‐loss orders translate into a safe and effec@ve risk management system. The investment methodology does not rely on favorable condi@ons in any markets and is achieved by employing a combina@on of technical analysis, mathema@cal analysis and unique qualita@ve overlay.
Contact : Robert Audet 514-‐296-‐5136 [email protected] www.capecove.ca
Chapados Couture Capital
Founded 2013
AUM $3 millions as of September 30 2014
Strategies • Tracking of equity style indices; • Semi-‐ac.ve management of factor-‐.lt porJolios; • Short gamma (vola.lity risk premium);
Philosophy • The Pareto principle applies to the division of labor between quan.ta.ve and qualita.ve investment management ac.vi.es; • Capital markets are an eco-‐system of compe.ng opportuni.es to be compensated for bearing a mul.tude of economic risks; • A sound theore.cal understanding is a preferred way to robus.fy forecasts against the effects of non-‐sta.onari.es; • The informa.on content of most investment edges eventually get diffused to other market agents via trading interac.ons; • The market consensus is the best star.ng point to obtain a synthesis of the trade-‐off between returns, risks, and search costs.
Approach • Top-‐down analysis of risk premia calibrated by market consensus; • Rigorous sta.s.cal simula.ons incorpora.ng realis.c market impact assessment; • Specifica.on and jus.fica.on of the economic ra.onale underlying risk premia; • Advanced sta.s.cal analysis – classical or machine learning.
Management Nicolas Chapados, Ph.D., CFA Eric-‐Paul Couture, M.Sc., CFA
Contact : 4200 Boul. St-‐Laurent bureau 408 438-‐384-‐3219 • epc@chapados-‐couture.com www.chapados-‐couture.com
C3 ("C-‐cube" for short) is an emerging quan@ta@ve manager of tradi@onal and alterna@ve equity-‐based or op@on-‐based investment strategies. We seek to combine a norma@ve understanding of the existence of risk premiums to a descrip@ve empirical valida@on of the opportuni@es to capture those premiums.
Founded 1998
AUM $175M as of September 30th 2014
Strategies The Amethyst Arbitrage Fund is a low vola.lity hedge fund dedicated to 3 specific strategies: • Event driven arbitrage (mainly Mergers & Acquisi.ons, private placements & other corporate events) • Conver.ble arbitrage (mainly ‘natural’ & synthe.c conver.bles, as well as warrants & conver.ble preferred) • Fixed income arbitrage (mainly rela.ve value on fixed income securi.es -‐ Canadian federal provincial, municipal and agency backed debt -‐ plus investment grade corporate bonds
Philosophy Crystalline’s core investment philosophy can be summarized by the following three basic values: • Integrity • Transparency • Exper.se
Approach Our conserva.ve approach is executed through inves.ng in arbitrage and hedging strategies designed to take advantage of pricing anomalies mainly found in Canadian capital markets. The objec.ve is to achieve a return of 5-‐10 % above 91 days Treasury Bonds with low vola.lity, low correla.on with tradi.onal asset classes and the protec.on of capital.
Management Marc Amirault, President & CIO Claude Perron, Chairman of the Board Jean-‐Pierre Langevin, Vice President & PorJolio Manager Bradley Semmelhaack, PorJolio Manager Mathieu Lachance, PorJolio Manager Bryan Nunnelley, Managing Director
Crystalline Management Inc. The company was founded in Montreal in early 1998 by Marc Amirault, President & Chief Investment Officer and Jean-‐Pierre Langevin, Vice President and Porgolio Manager joined the company in May of the same year. The Amethyst Arbitrage Fund, Crystalline’s flagship product is the con@nua@on of arbitrage strategies ini@ated by Marc four years earlier while at the Caisse de dépôt et placement du Québec. Launched with a modest amount of capital, Amethyst has won several awards in recogni@on of the quality of its results. With a highly skilled staff, an enviable client base, Crystalline’s management is commiLed to gradually increasing its presence on the alterna@ve investment scene with the development of new niche hedge fund strategies.
Contact : 1002 Sherbrooke Street West, Suite 2110, Montréal, Québec, Canada H3A 3L6 514.284.0248 – info@arbitrage-‐canada.com www.arbitrage-‐canada.com
CTI Capital
Founded 1987
AUM N/A
Strategies • Mul.Strategy Canadian Equity PorJolio • Mul.Strategy US Equity PorJolio • Global Tac.cal ETF PorJolio • Fixed Income Ac.ve PorJolio
Philosophy • The Mul.Strategy Canadian & US Equity PorJolio seeks to enhance its returns by engaging in sector rota.on, momentum, sta.s.cal arbitrage, risk management, value and other strategies.
• The Global Tac.cal ETF PorJolio is ac.vely managed and invests primarily in liquid ETFs covering major asset classes, countries and GICS 10 US sectors. It seeks to enhance its returns by opportunis.cally engaging in macro, momentum, sta.s.cal arbitrage, risk management, value and other strategies.
• The Fixed Income Ac.ve PorJolio is ac.vely managed and invests primarily in Canadian government, provincial and inv. grade corporate bonds. A careful selec.on of good credit rated bonds enables the investor to take advantage of the return spreads characteris.cs of various issuers categories.
Approach • Long Term Capital Apprecia.on / Preserve Clients Capital • Deliver Rela.ve Performance / Core Value • Broad Diversifica.on / Minimize Overall Risk • Fundamental Analysis using Top – Down approach supported with quan.ta.ve models
Management Viêt Buu, MBA, CFA, President , Chief Execu.ve Officer, PorJolio Manager Stephan Buu, CIM®, PorJolio Manager Pierre-‐Olivier Boulanger, MSc, Analyst Contact :
1 Place Ville-‐Marie, Suite 1635, Montréal, Quebec, H3B 2B6 (514) 861-‐3500 [email protected]
CTI was formed in 1987, a period of rapid change in the financial markets worldwide. This period also marked the beginning of the changes which led to the reorganiza@on of the Canadian financial industry into its present form. CTI is independent of all financial groups and its rela@ve size provides opera@onal flexibility while insuring the objec@vity of its counsel. CTI is a full service investment dealer with the mission of providing execu@on, research and superior quality investment counselling services contribu@ng to the genera@on of higher client returns. Our recommenda@ons are based on a substan@al range of exper@se and experience. Our clientele is composed of ins@tu@onal and investors, companies, and government agencies.
Founded 2013
AUM 60M $
Strategies Discre.onary Global Macro fund with daily liquidity using all available assets on capital markets such as stocks, fixed income and currencies. Includes commodi.es exposure but no physical deliveries.
Philosophy Be unique, generate boMom up ideas others don’t think about, express them using a strict top down process. Avoid crowded trades.
Approach Macroeconomic flexible and discre.onary management with a daily liquidity > Top down approach : 2/3 Detec.on of micro-‐economic investment opportuni.es worldwide > BoMom up approach : 1/3 Around 50 invested trades in porJolio
Management Hugues Le Maire, CEO Chris.an Jimenez, CEO of Diamant Bleu Ges.on Philippe O. Kaul, Co-‐Manager
Gestion Diamant Bleu Canada DBC, Inc. Ges@on Diamant Bleu Canada DBC, Inc. is a Montreal based Asset Management company in charge of managing DIAMANT BLEU MONDE LFP, a UCITS IV, French regulated $45M+ AUM FCP with a five years track record. Ges@on Diamant Bleu Canada DBC, Inc. is a 100% subsidiary from Diamant Bleu Ges@on, a French leading asset management company based in Paris, France with 300MCAD AUM. Our goal is to be the best global macro fund by combining best of breed between tradi@onal and alterna@ve asset management : yes we act as a global macro hedge fund, but we offer daily liquidity, no leverage and onshore, France custody for your assets. Yes we act as a global macro hedge fund, but we do things simply and pay aLen@on to liquidity. Yes we act as a global macro hedge fund, but we are much more than a global macro hedge fund.
Contact : 300 Rue du saint Sacrement, suite 420, Montréal (Québec) H2Y 1X4 514-‐778-‐2355
Duncan Ross Associates
Founded 1987
AUM 420 M $
Strategies • Concentrated value inves.ng • Equity long only • Two pooled funds (Both Taxable and Non-‐Taxable)
Philosophy • Iden.fy strong businesses and invest for long term • Watch our porJolio very carefully to ensure business value is maintained • Seek to outperform the market over the long term
Approach • BoMom-‐up strategy • Fundamental independent research • Value agnos.c to geographical boundaries
Management Susy Abbondi – Lead porJolio manager Derrick Gut – Vice-‐President Client Service – PorJolio Manager Francois Wa.er – Investment Analyst Harrison Ross – Investment Analyst
Contact : 2070 Drummond, Suite 100 Montreal, Quebec H3G 1W9 514 987 7337 • [email protected] www.duncanross.com
Duncan Ross Associates is a privately owned independent investment manager with offices in both Montreal and Vancouver. Our only business is professional investment management and our sole purpose is to preserve and enhance client wealth through disciplined entrepreneurial approach to value inves@ng. We do this by way of two pooled funds open to high net worth and ins@tu@onal investors. We hold a concentrated porgolio of investments based on independent research and value, not popularity. The no@on of partnership encompasses every aspect of our business. Just as we partner with great businesses, we also partner with a select group of clients to develop las@ng rela@onships based on confidence, trust and transparency.
Emdev Capital
Fonda/on# 2014
Ac/fs## Fundraising, expected launch summer 2015
Stratégies# ! We offer 3 funds that are each diversified by region, sector and asset class:
! Long-Only EM Equity Fund
! Long-Only EM Credit Fund
! Long-Short Cross-asset EM Opportunity Fund
Philosophie# ! We pursue what we believe to be the strongest risk-adjusted returns from diversified sources in order to maximize long-term capital appreciation.
• We believe capital appreciation should not be constrained by a country or an asset class. Global investing is the new frontier.
• We strive to comprehend every fundamental, economic and financial characteristic of our investments so they make sense on multiple levels.#
Approche# ! 4 “C”s approach: Concept / Catalyst / Conviction / Cost ! Focus on asymmetric return opportunities ! Global portfolio consisting of various thematic and specific event driven ideas increases diversification and adds more
sources of return.
Dirigeants# Charles Lemay, CEO Alfredo Viegas, CIO
Contact : 1 Place Ville-Marie, Suite 4000, Montréal, Québec H3B 4M4 Investor Relations: [email protected] www.emdevcapital.com
Emdev#Capital#invests#in#Emerging#markets#using#fixed#income#and#equity#products#to#gain#from#corporate#and#sovereign#opportuni/es.##
Founded 1997
AUM 1 180 M$ on June 30th 2014
Strategies • Canadian equity • Quebec equity • North American dividend equity • Interna.onal equity • US equity • Quan.ta.ve Canadian government bond • Quan.ta.ve Canadian universe bond • Ac.ve Canadian universe bond
Philosophy Our priori.es are the capital preserva.on and the responsible growth of our clients’ assets.
Approach • Fundamental and quan.ta.ve approach • BoMom up value/growth approach for security evalua.on
Management M. Paul Tardif, President M. Jean Duguay, Senior Vice President and Senior PorJolio Manager M. Pierre-‐Olivier Tardif, Vice President and Director of business development
Eterna Investment Management The Tardif Family has been involved in the financial industry for more than 85 years as Mr. Alphonse Tardif founded Trust Prêt et Revenu du Canada in 1928. Relying on the exper@se of four genera@ons, Eterna is the financial partner on which you can rely for the management of your wealth at all stages of your life, from the @me you start to accumulate capital, though re@rement and passing it over to the following genera@on. Many members of the Eterna group have been working together for 10, 15 or for more than 30 years in some cases. ALen@ve to the needs of our clients, we value personal rela@onships based on integrity and discre@on, and excellence in the services rendered.
Fleming Asset Management (Canada) Inc.
Founded 2002
AUM USD 180 million
Strategies • US equity • La.n American equity
Philosophy • Emphasis on quality companies with growing earnings streams • Importance of capital preserva.on , diversifica.on across sectors and risk-‐adjusted returns • Consistent, disciplined and long term view
Approach • Mixture of top down and boMom up approaches • Growth at a reasonable price (GARP)
Management Adriana Arrillaga, CFA, FCSI, CEO Investment Team: Mar.n Gagné, CFA, CPA, CGA; Jorge Grinberg, CFA, MBA, M.Sc. ; Alex Mavrias, CFA, MBA.
Contact : 1 Westmount Square, suite 1350 . Westmount, QC. H3Z 2P9 Canada
Fleming Asset Management (Canada) Inc. is an independent Canadian investment manager offering discre@onary porgolio services mainly to ins@tu@onal and high net worth private clients. At Fleming (Canada), our investment team has developed a strong exper@se in US and La@n American equi@es. Fleming (Canada) and its sister companies (Australia and Botswana) are part of the legacy of Robert Fleming (UK). Their offices abroad provide core exper@se and exposure to Emerging Asian and African markets. The Fleming group of companies manages over USD 1.2 billion in assets.
Founded 1960
AUM 701 M $ as of August 2014
Strategies • Absolute return funds: LS US equity small mid cap, Equity Market Neutral US small mid cap, LS Chinese equity small mid cap. • Tradi.onal mutual funds: US small mid cap
Philosophy • Inves.ng in less crowded and less efficient markets leads to superior alpha • Strong alignment of interest with our clients meaningfully inves.ng in our own products • Ensure con.nuity of the firm through a clear and tested succession plan
Approach • Fundamental boMom up process while remaining macro aware • GARP style with a small and mid cap bias
Management • Randall Kelly, CEO & CIO • John Liddy, President & Director of Research • René Catafago, Execu.ve VP & CFO
Formula Growth Ltd Formula Growth is an independent bou@que investment advisor based in Montreal. Founded in 1960 by John Dobson the firm established itself as a leader inves@ng in U.S. growth and emerging market stocks with a small and mid cap bias. With research offices in Montreal, New York and Hong Kong the firm leverages a very stable and experienced investment team. The repeatable investment process and thorough risk management led to strong compounded returns generated over mul@ple economic cycles.
Contact : 1010 Sherbrooke St. West, Suite 2300 Montréal (QC) H3A 2R7 514-‐288-‐5136 • [email protected] www.formulagrowth.com
Galliant Advisors LP
Founded 2007
AUM 80.5M $
Strategies • Ins.tu.onal-‐focused market neutral fund • Equity long/short fund (50% net market exposure) • Individually managed long-‐only accounts
Philosophy • Iden.fy strong secular growth stories with event catalysts • Ac.vely manage porJolios to enhance returns in all market condi.ons • Seek to outperform the market over the long term while reducing risk by limi.ng net market exposure
Approach • BoMom-‐up strategy • Event-‐driven • Fundamental growth opportuni.es
Management Ian Shaffer – President and lead porJolio manager Kenneth Koby – Vice-‐President, head of trading Alex Beck – Senior Investment Analyst Warren Cola – Investment Analyst
Contact : 1010 Sherbrooke Street West, Suite 1700 Montreal, Quebec H3A 2R7 514 788 5544 • [email protected] www.galliantcapital.com
Galliant Advisors LP is a Montreal-‐based investment advisor, which offers investment solu@ons for a growing client base of high-‐net worth individuals and ins@tu@ons. Galliant offers its clients hedging strategies through its ins@tu@onal market-‐neutral fund, the Galliant Equity Alpha Fund, as well as the Galliant Equity Long/Short Fund, which is typically 50% net market exposed. The firm u@lizes an event-‐driven and fundamental investment approach supported by strong financial analy@cs to find investment securi@es poised for near-‐term share price movement.
Founded 2008
AUM $212 million as of 30 June 2014
Strategies • Global Small Cap • Interna.onal Small Cap
Philosophy The main drivers of value crea.on are sales and earnings growth Iden.fy catalysts that can help achieve the unrecognized growth Iden.fy companies affected by long-‐term investment themes A mul.-‐level diversifica.on is essen.al.
Approach • BoMom-‐up fundamental stock selec.on • Style Core with a growth bias
Management Robert Beauregard, Chief Investment Officer David Savignac, PorJolio Manager and Chief Compliance Officer Qing Ji, PorJolio Manager Sain Godil, Analyst
Global Alpha Capital Management
Global Alpha is an independent and privately owned investment management firm focused exclusively on global and interna@onal small cap porgolio management. We conduct independent fundamental research to iden@fy aLrac@ve investment opportuni@es in companies whose growth is unrecognized by the marketplace. Global Alpha is part of the Connor, Clark & Lunn Financial Group (CC&L Financial Group), a mul@-‐bou@que investment management company whose affiliates collec@vely manage approximately $55 billion in financial assets. With large scale non-‐investment management support provided by CC&L Financial Group, we are uniquely focused on construc@ng the best global and interna@onal small cap porgolios that we can possibly deliver for our clients.
Contact : 1800, McGill College Avenue, Suite 2310, Montreal (Quebec) H3A 3J6 514-‐490-‐2788 [email protected]
Giverny Capital Inc.
Founded 1998
AUM 460 millions $
Strategy • Fondamental analysis « buy and hold » with a very long term horizon in Canadian, American and foreign securi.es
Philosophy • Our investment philosophy is based on the long-‐term ownership of outstanding businesses through common stocks purchased at aMrac.ve valua.ons.
Approach • Fundamental analysis • Long term horizon • « Value » approach • High quality securi.es
Management François Rochon President Jean-‐Philippe Bouchard Vice-‐president Nicolas L’Écuyer Marke.ng Director Karine Primeau Administra.on Director
Contact : 118 rue St-‐Pierre Montréal, Québec Canada, H2Y 2L7 1-‐888-‐GIVERNY www.givernycapital.com
Founded in 1998, Giverny Capital is a registered money management firm that offers private wealth management services. Our investment philosophy is fundamental analysis with a long-‐term horizon. The cornerstone of our approach is to have our clients and the porgolio manager in the "same boat". So we buy for our clients the same securi@es as in the personal porgolio of the president (the Rochon porgolio). Since 1993, the Rochon porgolio has outperformed by a wide margin its benchmark.
Founded 2008
AUM $212 million as of 30 June 2014
Strategies • Global Small Cap • Interna.onal Small Cap
Philosophy The main drivers of value crea.on are sales and earnings growth Iden.fy catalysts that can help achieve the unrecognized growth Iden.fy companies affected by long-‐term investment themes A mul.-‐level diversifica.on is essen.al.
Approach • BoMom-‐up fundamental stock selec.on • Style Core with a growth bias
Management Robert Beauregard, Chief Investment Officer David Savignac, PorJolio Manager and Chief Compliance Officer Qing Ji, PorJolio Manager Sain Godil, Analyst
Global Alpha Capital Management
Global Alpha is an independent and privately owned investment management firm focused exclusively on global and interna@onal small cap porgolio management. We conduct independent fundamental research to iden@fy aLrac@ve investment opportuni@es in companies whose growth is unrecognized by the marketplace. Global Alpha is part of the Connor, Clark & Lunn Financial Group (CC&L Financial Group), a mul@-‐bou@que investment management company whose affiliates collec@vely manage approximately $55 billion in financial assets. With large scale non-‐investment management support provided by CC&L Financial Group, we are uniquely focused on construc@ng the best global and interna@onal small cap porgolios that we can possibly deliver for our clients.
Contact : 1800, McGill College Avenue, Suite 2310, Montreal (Quebec) H3A 3J6 514-‐490-‐2788 [email protected]
Harris, Bolduc & Associates
Founded 2007
Strategies • Harris-‐Bolduc Balanced • Quan.ta.ve Growth -‐ Canadian • Quan.ta.ve Growth -‐ American • Quan.ta.ve Growth – Europe
Philosophy • There exists innova.ve methods and strategies to find opportuni.es in financial markets • Obtain a superior performance while reducing the risk in a an op.mal manner by using technologies and tools developed by our own firm
• We offer products that are independent and transparent
Approach • Non correlated strategies, depth of analysis, constance and without emo.on • Quan.ta.ve porJolio: insider ac.vity, fundamental momentum, low Beta momentum, Earnings surprise • Risk management is integrated in the approach
Management Richard Bolduc, president and porJolio manager Philippe Harris, vice-‐president and porJolio manager Denis Hamel, senior quan.ta.ve analyst and porJolio manager
Contact : 1 Place Ville-‐Marie, suite 2001, Montreal (Quebec) H3B 2C4 514 448 6669 • pharris@harris-‐bolduc.com www.harris-‐bolduc.com
Harris, Bolduc & Associates is an independent firm specializing in porgolio management. Established in Montreal and Quebec since 2007, we offer customized wealth management services. Our long-‐term approach to asset management promotes stability and achievement of the financial objec@ves of our clients. We offer a range of fundamental and quan@ta@ve porgolio management strategies while performing con@nuous and rigorous monitoring. Responsible, produc@ve and progressive, we are your trusted partner in financial growth.
Fonda@on 2010
Ac=fs N/A
Stratégies • Risk diversifica.on (mul.-‐asset classs) • Global diversifica.on • Systema.c rebalancing • Low cost automated porJolio management
Philosophie The is only one certainty: fees. Welcome to a world where lower fees and porgolio diversifica@on will generate beLer long term returns. It’s obvious, yet to o|en overlooked!
Approche • Exchange Traded Fund (ETFs) porJolios) • Personalized porJolios • Long term approach with low urnover.
Dirigeants Ian Gascon, president and porJolio management
Idema Invetsments Idema Investments offers the first online investment solu@on that gives independent, personalized and low cost investment advice. It combines a long term systema@c approach with the use of Exchange Traded Funds (ETFs) to offer porgolios tailored to the needs of Do-‐It-‐Yourself investors. Focused on results and detail oriented, we provide also provide managed porgolio services to individuals, advisors, founda@ons and financial ins@tu@ons. Ian Gascon is the author of the ETF blog « Les FNB démys@fiés » on lesaffaires.com, the first French blog dedicated to Exchange Traded Funds in Canada.
Contact : 1134 rue Ste-‐Catherine Ouest, Bureau 709, Montréal (Québec) H3B 1H4 855-‐800-‐2550 [email protected] www.idema.ca
IPSOL CAPITAL
Founded 2013
AUM 160M $ as of September 2014
Strategies • Mul. Asset Class / Risk Managed Global Balanced Mandates • US, Interna.onal, Emerging Equity • Commodi.es
Philosophy IPSol's philosophy is based on the belief that different forms of diversifica.on are the primary source of excess performance of successful products and managers. IPSol philosophy is iden.cal across all asset classes and is based on using systema.c investment processes that integrate all methods that have been shown to structurally and sustainably deliver excess performance. At IPSol, risk management is not a constraint, it is a source of performance. The thrust of our philosophy is implicitly derived from “Successful Inves.ng is a Process” by Jacques Lussier and published by Bloomberg Press/Wiley.
Approach • We emphasize efficient diversifica.on, not forecast of expected returns. We build porJolios that integrate diversifica.on of mispricing, sta.s.cally efficient diversifica.on and diversifica.on of style/risk premiums
• We believe in cost efficient execu.on and reasonable management fees. • We provide full transparency and significant transparency of process.
Management Jacques Lussier, President et Chief Investment Officer Guy Desrochers, Vice-‐president et Chief Compliance Officer Hugues Langlois, Director of Research Luc Gosselin, Director of Opera.ons
Contact : 368, Notre Dame West, suite 301 Montréal (Québec) 514-‐842-‐2225 [email protected] www.ipsolcapital.com
IPSOL CAPITAL began its porgolio management ac@vi@es in 2014 supported by two sophis@cated pension fund investors based in Quebec and Ontario. IPSol offers efficient, scalable and affordable porgolio solu@ons for long-‐term investors. Our work has shown that the performance of almost all successful products and managers, which is not aLributed to chance, is explained by the combina@on of three persistent structural quali@es (three forms of diversifica@on). We build porgolios that incorporate these quali@es within each asset class traded in public liquid markets (equity, commodity, currency) as well as within mul@ asset class porgolios.
LAKEROAD Asset Management
Founded 2012 (Lakeroad Hedge Fund LP)
AUM $15M
Strategy • Equity Long/Short, long-‐bias, North American equi.es
Philosophy • We believe investors should be adequately compensated for risks taken • We have a systema.c and disciplined view and we turn down the « noise » • Our investment strategy is quan.fied, systema.c and applied with efficiency
Approach • Quan.ta.ve securi.es selec.on model of liquid, North American equi.es • Mul.ple fundamental factors • Systema.c porJolio construct
Management Jonathan Lehoux, founder and CIO Antonin Giroux, Partner and business development officer
Contact : Antonin Giroux | [email protected] | +1 514 755-‐7282 Jonathan Lehoux | [email protected] | +1 418 997-‐3397 www.lakeroad.ca
LAKEROAD is a bou@que alterna@ve investment management firm We serve ins@tu@onal clients as well as family offices and high net-‐worth individuals.
Lakeroad is dedicated to producing superior risk-‐adjusted returns with low correla@ons to major indices.
Our flagship product provides investors with low downside vola@lity and low correla@on to tradi@onal benchmarks and is one of Canada’s top performing alterna@ve funds since its incep@on.
Landry Investment Management
Inception 2002
AUM $130 million as of December 2013
Strategies • Canadian, US, European and Asian equi.es • ETF • Top down macro • Alterna.ve: Global Long/Short and Canadian Adap.ve Value Long/Short
Philosophy • We believe that markets are efficient, which implies that only a small percentage of investors can generate higher long term returns over market indices for the same level of risk.
Approach • Our approach is to diversify the stock selec.on by return factors, value and momentum, provide a good combina.on of return and stability.
Team Jean-‐Luc Landry, Chairman Benoit Brillon, vice president and CIO ColeMe E. Bournival, vice president and CCO Frederick Pye, vice president Kit Dalaroy, vice president and CFO
Contact : 2105-1010 Sherbrooke West, Montréal (Québec) H3A 2R7514-985-1138 ● [email protected]
Landry Investment Management offers strategies that are unique and top performing for Canadian, US and global markets by harnessing the strong poten@al of price momentum and the long term advantages of value inves@ng. We extract the excess return from both factors and combine them in the most efficient way.
LionGuard Capital Management Inc.
Founded 2014
AUM confiden.al
Strategies • Single fund (LionGuard Opportuni.es Fund LP) and investment strategy • Long-‐short Canadian equi.es focus • Emphasis on small and medium capitaliza.on stocks • Limited exposure to resources industry
Philosophy • LionGuard is founded upon principles of personal investment, focus on capital preserva.on, limi.ng assets under management and being first and foremost a research organiza.on.
Approach • Quality Characteris.cs -‐ We search for companies with posi.ve unfolding business dynamics and a solid management team
• Circle of Competence -‐ We invest in opportuni.es within our circle of competence. • Fundamental Research and Analysis -‐ We conduct internally detailed fundamental research and analysis.
• Iden.fy Catalysts -‐ We search for catalysts, which speed the narrowing of the gap between the current market value and the intrinsic value of the business.
• Size of Posi.on -‐ We evaluate how the company fits within the overall porJolio context.
Managers Andrey Omelchak (CFA, CIM, FRM, MSc) President & Chief Investment Officer Erik Ross (FCSI, DMS) Senior Vice-‐President, Head of Trading & Opera.ons
Contact : 1010 Sherbrooke Street West, Suite 1800, Montréal (Québec) H3A 2R7 514-‐448-‐6442 • [email protected] www.lionguardcapital.com
LionGuard Capital Management Inc. (“LionGuard”) is a Montreal-‐based investment management company incorporated under the laws of Canada and registered in the Province of Quebec with Autorité des Marchés Financiers (AMF) as Porgolio Manager, Investment Fund Manager and Exempt Market Dealer. The Company is founded based on principles of utmost personal and professional integrity. LionGuard abides by the CFA Ins@tute Code of Ethics & Standards of Professional Conduct, an industry's leading ethical benchmark for investment professionals. LionGuard is a member of the Canadian chapter of the Alterna@ve Investments Management Associa@on (AIMA).
Nymbus Capital
Founded 2013
AUM N/A
Strategies • Short to mid-‐term direc.onal strategies • Global Tac.cal Trading • Deriva.ves on Canadian Equi.es, Canadian & European Fixed Income
Philosophy • A sequence of several short-‐term posi.ons uncorrelated to stock or bond indices smoothen performance and generate higher risk-‐adjusted returns
• Strive to protect clients capital and employ adap.ve quan.ta.ve models and risk-‐adjusted performance-‐based capital alloca.on to ensure low vola.lity alpha crea.on
• The ability to adapt to different economic environments is essen.al to achieve superior returns
Approach • Set vola.lity objec.ves and focus on absolute returns • Focus on enhanced market microstructure analysis supported by systema.c mul.-‐layered risk management • Ongoing risk monitoring and real-‐.me market analysis sustained by quan.ta.ve models
Management Marc Rivet, Co-‐founder & CEO Gabriel Cefaloni, Co-‐founder & CIO
Contact : 1010 De Serigny, Suite 660, Longueuil (Quebec) J4K 5G7 514-‐667-‐0050 • [email protected] www.nymbus.ca
Nymbus Capital turns the tradi@onal global macro model on its head by regrouping a team of overspecialized and experienced porgolio managers that each built an exper@se in a few select markets rather than broad macroeconomic movements, ensuring an enhanced market microstructure analysis. The use of a dynamic capital alloca@on approach and mul@-‐layered risk management significantly contributes to the alpha genera@on of the plagorm. The managing partners have over 30 years of combined experience as traders of financial deriva@ves and have both been involved in managing proprietary trading firms opera@ons for several years. The firm created a low vola@lity fund with a set yearly maximum loss, very limited overnight exposure, uncorrelated to any indices, no ne�ng risk, and with a centralized risk control infrastructure. It allows Nymbus Capital to offer a compelling investment solu@on for ins@tu@onal investors to produce above average risk-‐adjusted performance and smoothen the overall performance of their porgolios.
Founded 2013
AUM On client request
Strategies • Long/Short credit • Capital structure arbitrage • Fixed income arbitrage in the corporate space • Structured products correlaEon value invesEng • Credit staEsEcal arbitrage
Philosophy We are corporate credit markets micro-‐structure specialists that believe alpha generaEon has significant barriers to entry and can only be sustained through constant innovaEon.
Approach -‐ North American quanEtaEve corporate credit centric using fundamental overlay -‐ Short bias -‐ R&D driven alpha generaEon -‐ Big data mulE-‐asset class modeling
Management Pierre-‐Philippe Ste-‐Marie (CMU, MSCF), CEO/CIO Sylvain Crouzet (Polytechnique, PhD.), CFO Robert Hesselbo (Oxford, PhD.), CTO/COO
Razorbill Advisors Inc. Razorbill Advisors Inc. is a management-‐owned, Montreal-‐based liquid markets adviser founded in June 2013 by a team of senior credit deriva@ves banking industry managers. The firm's founda@on of alpha are its ability to create diligent research and sophis@cated analy@cs and to implement a methodical investment process highligh@ng the various inefficiencies in the corporate credit and equity markets.
An alloy of financial, mathema@cal modeling and coding skills, Razorbill is also the name of the fully integrated corporate credit centric front-‐to-‐back OTC and exchange-‐traded, order management, risk management and trade acquisi@on proprietary system at the heart of the firm opera@ons.
Contact : Pierre-Philippe Ste-Marie 4141 Sherbrooke West, Suite 420, Montréal (Québec) H3Z 1B8 514-‐508-‐8526 – [email protected] www.razorbilladvisors.com
Founded 2010
AUM Over $500MM in AUM
Strategies • North American Equi.es • Growth and Balanced Long Only Mandates • Segregated PorJolio Management
Philosophy At Rempart, we invest in companies, not markets. To this end, equity investments follow stringent criteria, with research conducted in-‐house by our senior investment professionals. The primary focus of our research is the genera.on and applica.on of free cash flow.
Approach • Fundamental Analysis • Stable Growth with Low Vola.lity • Emphasis on Absolute Returns
Management Douglas Buchanan, President and Founder David Stenason, Managing Director and Founder Natalie Circelli, Porfolio Manager and Founder
Rempart Asset Management Rempart Asset Management specializes in discre@onary investment management for individuals, private corpora@ons and founda@ons. Our firm takes a professional approach to diversified porgolio management that features discipline, a focus on quality and conserva@ve risk management. Rempart emphasizes a team approach to the management of its clients’ porgolios. Rempart is a fully independent firm owned by its founding partners.
Contact : 1010 de la Gauche@ère West, Suite 1900, Montréal (Québec) H3B 2N2 514 394 2770 www.rempart.ca
Les investissements Rivemont
Founded 2010
AUM Between 20 and 25 millions.
Strategies
• Tradi.onal and alterna.ve strategies. • We use technical analysis and trend following techniques to iden.fy best performing sectors and securi.es. • Tradi.onal: Underweight stocks or bonds during bear markets. • Altena.ve : Direc.onal short selling.
Philosophy • The price of a security is not always equal to its intrinsic value, since this price is influenced by a number of factors, including several cogni.ve biases on the part of investors.
• It is possible to make investment decisions based on these recurring stock market behaviors and ensure that the returns on these investments are superior to the performance of the market as a whole.
Approach • Top-‐down approach. • Technical analysis and trend following.
Management Mar.n Lalonde, MBA, CFA, President and PorJolio Manager
Contact : 160 Boul. de l’Hôpital, suite 202, Ga@neau (Québec) J8T 8J1 819-‐246-‐8800 • [email protected] www.rivemont.ca
Based in Ga@neau since 2010, we offer private wealth management services to individuals and families in both Quebec and Ontario. Our main goal is to maximize returns while respec@ng investors’ tolerance for risk. In order to achieve these superior results, we diversify investments effec@vely between different asset categories and combine ac@ve and passive management strategies. We hand pick each of the stocks and bonds that make up the investment porgolio in order to create a personalized and high-‐performing investment vehicle. We also manage the Rivemont Absolute Return Funds, a Long-‐Short strategy with very impressive results since incep@on.
Founded 2006
AUM $25-‐30M
Strategies • Absolute return strategies • Managed futures • Stocks and deriva.ves trading strategies (stocks, op.ons, futures)
Philosophy The Firm’s investment objec.ves is to provide investors with returns that are non-‐correlated to tradi.onal asset classes such as equi.es, real estate and bonds, while preserving capital during unfavorable market condi.ons.
Approach Majes.c uses a combina.on of quan.ta.ve systema.c trading strategies that have a low correla.on with each other. The firm’s trading approach is highly robust and uses quan.ta.ve risk management rules, as well as diversifica.on through trading different systems in various markets. A robust method is a method that remains valid over an extended period of .me, essen.ally weathering the many economic cycles and market phases. Highly robust techniques are based on very general, successful trading principles and as such are non-‐op.mized and rarely exactly fit to any specific market situa.on.
Management Denis PaqueMe, FRM, CAIA, DMS – Co-‐Founder and Co-‐CEO & COO David Bilodeau, CIM, DMS, FCSI – Co-‐Founder and Co-‐CEO & CIO
Majestic Asset Management Majes@c Asset Management is a Canadian leader specialized in the management of exchange traded deriva@ve products. Majes@c offers private and ins@tu@onal investors the opportunity to diversify their porgolio with alterna@ve investment strategies that are non-‐correlated to tradi@onal asset classes such as equi@es, bonds and real estate. The firm is registered with the Na@onal Futures Associa@on (NFA) as a Commodity Trading Advisor (CTA), with the Ontario Securi@es Commission (OSC) as a Commodity Trading Manager (CTM), Exempt Market Dealer (EMD) and Investment Fund Manager (IFM), and with the Autorité des Marchés Financiers (AMF) as Exempt Market Dealer (EMD) and Investment Fund Manager (IFM).
Contact : 300 St-‐Sacrement, Suite 420 Montreal, Quebec, H2Y 1X4 514-‐281-‐4099 [email protected]
Nymbus Capital
Founded 2013
AUM N/A
Strategies • Short to mid-‐term direc.onal strategies • Global Tac.cal Trading • Deriva.ves on Canadian Equi.es, Canadian & European Fixed Income
Philosophy • A sequence of several short-‐term posi.ons uncorrelated to stock or bond indices smoothen performance and generate higher risk-‐adjusted returns
• Strive to protect clients capital and employ adap.ve quan.ta.ve models and risk-‐adjusted performance-‐based capital alloca.on to ensure low vola.lity alpha crea.on
• The ability to adapt to different economic environments is essen.al to achieve superior returns
Approach • Set vola.lity objec.ves and focus on absolute returns • Focus on enhanced market microstructure analysis supported by systema.c mul.-‐layered risk management • Ongoing risk monitoring and real-‐.me market analysis sustained by quan.ta.ve models
Management Marc Rivet, Co-‐founder & CEO Gabriel Cefaloni, Co-‐founder & CIO
Contact : 1010 De Serigny, Suite 660, Longueuil (Quebec) J4K 5G7 514-‐667-‐0050 • [email protected] www.nymbus.ca
Nymbus Capital turns the tradi@onal global macro model on its head by regrouping a team of overspecialized and experienced porgolio managers that each built an exper@se in a few select markets rather than broad macroeconomic movements, ensuring an enhanced market microstructure analysis. The use of a dynamic capital alloca@on approach and mul@-‐layered risk management significantly contributes to the alpha genera@on of the plagorm. The managing partners have over 30 years of combined experience as traders of financial deriva@ves and have both been involved in managing proprietary trading firms opera@ons for several years. The firm created a low vola@lity fund with a set yearly maximum loss, very limited overnight exposure, uncorrelated to any indices, no ne�ng risk, and with a centralized risk control infrastructure. It allows Nymbus Capital to offer a compelling investment solu@on for ins@tu@onal investors to produce above average risk-‐adjusted performance and smoothen the overall performance of their porgolios.
Founded Francois Parenteau has been managing the Defiance Fund Ltd since 2002
AUM N/A
Strategy Long Short North American Equities
Philosophy We don’t subscribe to the Efficient Market Hypothesis (EMH), which influenced professional investment thinking from roughly the mid-1960s to the mid-1990s. It is our belief that in the short run at least, investors moods and perceptions are a bigger determinant of worth than actual and factual investment fundamentals. We do our best not to be overly distracted by the various macro issues. We refer to these as “noise”. Our investment process is based upon our proprietary, company-specific research. We believe excellent and superior performance can only be achieved through superior knowledge of companies, not through attempts at predicting what is in store for the economy, interest rates or the securities markets. To us, investing is a marathon. We face an ongoing series of decisions as to which companies to own, what price to pay, and when to be disciplined about holding out for the right opportunity. We need convictions and believe it is important for us to hold our investments firmly. That is because in the world of investing, being correct about something isn’t at all synonymous with being proven correct right away. As value investors, we historically scored our biggest gains when we bought an underpriced asset, averaged down unfailingly and had our analysis ultimately proved out.
Approach • Our investment process is almost entirely bottom-up. • We are value investors. • To moderate volatility and foster more consistent returns we use short sales for betting against stocks with
faltering earnings momentum or untrustworthy management. Que
Management Francois Parenteau. Chief Investment Officer Greg Derkevorkian, Chief Operating Officer
OLOS Capital OLOS Capital, true to its contrarian mindset, seeks to invest in undervalued companies that are misunderstood, ignored or under-followed by investors. We call these companies «The Unloved». Our focus is on individual companies rather than trends in the economy or securities market. We buy stress and we short comfort. We have one goal; strong long term risk-adjusted returns.
Contact : 100 Lansdowne, Suite 205, St-Bruno, Quebec, J3V 0B3 450-461-9570 [email protected]
Perseus Capital Inc.
Founded 2005
AUM More than 150M$ as of August 31st 2014
Strategy • Global Macro • Quan.ta.ve and systema.c • Mul.-‐strategy
Philosophy What makes us different is the experience and proven exper.se of our team and our risk management approach. We manage with a goal of minimizing the risk of absolute losses. We believe in transparency and we only invest in liquid markets. Also, we invest with you. We believe that a true alignment of interest implies inves.ng our own money alongside that of our customers.
Approach Our approach is based on fundamental analysis which drives the selec.on of our investment themes. These are a func.on of our global understanding of the economic, financial and poli.cal environment. We use many instruments to carry these views, depending on the individual risk/return profiles and liquidity. Our preferred vehicles include futures contracts, swaps, cash bonds and op.ons.
Management Jean Turmel, President Simon Léveillé, Vice President
Contact : 1155 Metcalfe, 1st floor, Montréal, Québec, H3B 5G2 514-‐390-‐3311 • [email protected] www.perseuscapital.ca
Perseus Capital Inc. was founded in 2005 by Mr. Jean Turmel a|er his re@rement as President of Financial Markets at Na@onal Bank of Canada. Our company is an investment firm that services a limited number of investors. It manages many mandates with different customers, totaling over $150 million under management. Perseus Capital is a mul@-‐strategy investment manager with a macro-‐economic approach. We invest almost exclusively in North-‐American equi@es (index) and bonds, as well as in major currencies and in commodi@es.
Founded 2010
AUM Over $500MM in AUM
Strategies • North American Equi.es • Growth and Balanced Long Only Mandates • Segregated PorJolio Management
Philosophy At Rempart, we invest in companies, not markets. To this end, equity investments follow stringent criteria, with research conducted in-‐house by our senior investment professionals. The primary focus of our research is the genera.on and applica.on of free cash flow.
Approach • Fundamental Analysis • Stable Growth with Low Vola.lity • Emphasis on Absolute Returns
Management Douglas Buchanan, President and Founder David Stenason, Managing Director and Founder Natalie Circelli, Porfolio Manager and Founder
Rempart Asset Management Rempart Asset Management specializes in discre@onary investment management for individuals, private corpora@ons and founda@ons. Our firm takes a professional approach to diversified porgolio management that features discipline, a focus on quality and conserva@ve risk management. Rempart emphasizes a team approach to the management of its clients’ porgolios. Rempart is a fully independent firm owned by its founding partners.
Contact : 1010 de la Gauchetière West, Suite 1900, Montréal (Québec) H3B 2N2514 394 2770www.rempart.ca
Founded 2004
AUM Over $915 millions as of August 31st 2014. Majority of sub-‐advisory mandates
Strategies • Canadian investment grade corporate bonds • Global high yield bonds • Senior loans • Canadian dividend, U.S. dividend, Global dividend
Philosophy The investment professionals at Stanton share a commitment to value-‐yield investment principles. Moreover, at Stanton, we believe that porJolio structure and diversifica.on are key to managing risk and that asset alloca.on is an important contributor to performance.
Approach • Combina.on of both top-‐down and boMom-‐up strategies • Top-‐down strategy: generate porJolio posi.oning within region, country, currency, sector and industry. Assessment of market and macroeconomic features • BoMom-‐up strategy: Fundamental research of securi.es, in order to add value within defined levels of porJolio risk
Management Connor O’Brien, President and Chief Investment Officer Louise Anne Poirier, Senior Vice President, Chief Financial Officer and Treasurer
Stanton Asset Management Inc. Stanton Asset Management is an investment management firm specializing in Canadian and global corporate bond and equity income strategies. Stanton serves ins@tu@onal and private clients through separately managed accounts and pooled funds. Our investment strategies are designed to provide con@nuous income and capital preserva@on through a risk managed approach. Stanton is the porgolio advisor of the O’Leary Funds family of funds.
Contact : 1010 Sherbrooke West, Suite 1700, Montreal (Quebec) H3A 2R7 (514) 849-‐2007 • [email protected] www.stantonasset.com
Tonus Capital Inc.
Founded 2007
AUM 65M$ at September 30 2014
Strategy • North American Equi.es
Philosophy • Long-‐term absolute return • We do not define risk as vola.lity but as permanent value destruc.on • Alignment of interests: the porJolio manager has invested more than 90% of his liquid assets in the strategy
Approach • BoMom-‐up • Highly concentrated porJolio: ~15 stocks • Fundamental analysis, value, long-‐term
Management Philippe Hynes, President and PorJolio Manager
Contact : 999 deMaisonneuve West #799, Montreal, QC H3A 3L4 (514) 844-‐4443 www.tonuscapital.com
The objec@ve of Tonus Capital is to outperform the market return over the long term. It is our firm belief that one of the best strategies to accomplish this is to focus on a small number of companies that we understand well and to invest in them when they are trading significantly below intrinsic value. We are market-‐cap agnos@c, which means that our investment decisions are not determined by a company’s market capitaliza@on but only by its poten@al to generate a strong absolute return over @me.
Established 2000
Assets $2.4 M as at December 31, 2013
Strategies • Canadian All Capitalization Equity• Canadian Diversified Equity• Canadian Large Capitalization Equity• Canadian Small Capitalization Equity• Canadian Long/Short Equity• All Country World Equity
Philosophy - We are systematic, rigorous and methodical in our investment process.- We use well defined inputs (fundamental, quantitative and trend),
to enhance analysis and decision making.- We maintain value and growth simultaneously when structuring portfolios
for stability and consistency of results- We believe a strong sell discipline is a requisite- We must rely on our proprietary analysis and research
Investment Approach Our investment approach consists of combining three analytical methods to add depth and insight to conventional analysis and provide a more thorough analysis of market conditions and individual stocks. We call this proprietary methodology the Three-Pillar Approach™.
Managers André R. Chabot, President and Chief Investment OfficerScott Collins, Portfolio ManagerRedouane Khireddine, Portfolio Manager
Triasima Portfolio Management Inc. Triasima Porgolio Management is a Canadian investment management firm serving a select group of more than 200 ins@tu@onal, sub-‐advisory and individual clients. Triasima is known for its unique Three-‐Pillar Approach, which combines fundamental, quan@ta@ve and trend analysis in a rigorous, yet innova@ve, investment process that remains consistent under all market condi@ons.
Contact: 1555 Peel Street, suite 1200, Montreal , Quebec H3A 3L8514 [email protected]
Founded 2006
AUM > 50M $
Strategies • Long biased, Natural Resource focus • Breakaway Strategic Resource Fund – Mining • Navigator Fund – Global Natural Resource
Philosophy -‐ Concentrated porJolio of business investments -‐ BoMom up value approach to security selec.on -‐ Risk mi.ga.on through opera.onal and financial exper.se
Approach -‐ Small and mid-‐cap focus -‐ Ac.ve investment role -‐ Early stage including private companies, distressed assets and mispriced situa.ons -‐ Ver.cally integrated investment process
Management Brian Ostroff, Managing Director and Execu.ve Vice President Jim Shannon, Managing Director Chris Wright, President And PorJolio Manager
Windermere Capital Windermere Capital is an investment management firm focused on the crea@on, management and distribu@on of unique investment funds and solu@ons. We run concentrated porgolios of investments in natural resource focused businesses. While structured as a hedge fund, our approach, in prac@ce, is a hybrid of a merchant banking and private equity methodology. Our primary objec@ve is producing above average investment returns over the course of an investment cycle.
Contact : 1001 Boul. De Maisonneuve Ouest, Suite 205, Montréal (Québec) H3A 3C8 514-‐908-‐4200 – [email protected] www.windermerecapital.com