About Barrage

About Barrage

Barrage Capital is a Canadian investment management firm. It was established by four investors sharing the same investment philosophy. Commonly labeled "Value Investing", this approach was first taught at Columbia University in New York in the late 1920s. The success and reputation of former students helped to popularize this approach. Surprisingly, few managers in Canada are interested in applying these concepts. Barrage Capital offers its clients an alternative to conventional asset management.

Value Investing : Time tested concepts

Our methodology is based on the idea that a significant difference may exist between the value of a company and its trading price and that, with the passage of time, this difference tends to disappear. The idea is not to know exactly why such a difference exists but to profit from it. Since the price of a company is readily available, the difficulty lies rather in estimating its value.

The value of a company is primarily derived from the value of its assets and their ability to generate profits. A company’s profit history on its own cannot ensure future profitability. By considering several other factors we can achieve a reasonable degree of certainty about the future of the company. Among the factors that we look at are the economics of the business, the competitive position of the company and the integrity and competence of its management.

After estimating the value of a company, we buy shares only if their price is significantly lower than our estimate. The difference between the price paid and our estimated value is our “Margin of safety”. The margin of safety provides a double benefit to the portfolio: it reduces the risk of permanent capital loss while considerably increasing potential returns.

The Team

Patrick Thénière, CIM, Partner

Patrick Thénière, CIM

Mr. Thénière is a portfolio manager, president and the utimate designated person. He has extensive experience in the financial markets and investments, having started his career as an investor at the dawn of the 1990s. He graduated in Finance from HEC Montreal in 2005. After meeting Mr. Morel in 2006, they started sharing investment ideas for their personal portfolios, thus laying the foundations of what would become Barrage Capital a few years later by associating with Mr. Beaudry and Mr. Lauzière.

Maxime Lauzière, CFA, Partner

Maxime Lauzière, CFA

Mr. Lauzière is a portfolio manager. After graduating in finance from McGill University in 2000, he first worked in corporate finance at National Bank Financial and in business valuation with the accounting firm KPMG. During those years, Mr. Lauzière obtained the CFA charter. In 2007, he joined Duncan Ross Associates, an investment firm based in Vancouver which had opened an office in Montreal in 2006. In collaboration with Mathieu Beaudry, he managed assets totaling more than $400M.

Rémy Morel, CIM, Partner

Rémy Morel, CIM

Mr. Morel is a portfolio manager. He entered the world of finance by obtaining a broker's license for segregated funds in 1997. In 2000, he took charge of the management of his family’s real estate portfolio as well as their investment company. Mr. Morel has developed a thorough understanding of companies in the financial sector, especially banks and insurance companies. In 2001, he completed a Certificate in Financial Planning at UQAM. In 2007, with his partner Patrick Thénière he started a blog on the LesAffaires.com website: Les Investigateurs Financiers (The Financial Investigators).

Mathieu Beaudry, CFA, Partner

Mathieu Beaudry, CFA

Mathieu Beaudry is a portfolio manager. After graduating in finance from McGill University in 2002, he completed all three exams necessary to obtain the CFA charter. In 2006, he joined Duncan Ross Associates, a private investment firm based in Vancouver and was a key figure in the launch of the company’s Montreal office. Within Duncan Ross, he acted as a research analyst and participated in the management of two pooled funds and various discretionary accounts totaling more than $400M in aicense. In 2011, he joined with three partners to establish Barrage Capital.

Catherine Meinrath, LL.B.

Catherine Meinrath

Ms Meinrath is the Office Manager and Chief Compliance Officer. Before, she worked many years for a self-regulatory organization in insurance and security, where she managed several disciplinary files. Ms Meinrath graduated in law from the University of Montreal and has been a member of the Quebec Bar for over 10 years.

Marianne Handfield

Marianne Handfield

Ms Handfield is technician in accounting and administration. At the same time, she pursues a bachelor's degree in accounting sciences at UQAM to obtain the CPA title.

Fui Gbedemah

Fui Gbedemah

Mr. Gbedemah is an analyst. He stands out for his deep understanding of Value Investing and has worked in recent years for two major Canadian fund manufacturers. Mr. Gbedemah is a Concordia University graduate (B.Comm), has passed all three levels of the CFA Program, and may be awarded the charter upon completion of the required work experience.

Learn more

Information Circular

The Information Circular contains a complete description of the Firm and the Fund. Clients must read this document before investing.

Fund Facts

The Fund Facts gives all the important information on a one pager format.

Fund Facts - Morningstar

Data and ranking of the Barrage Fund are available on Morningstar.com, a leading provider of independent investment research in North America, Europe, Australia, and Asia.


Audio interview recorded on May 25, 2018 by Pierre-Luc Poulin for its channel ''Podcast de l'Émergence''. (The podcast is in French)

Finance et Investissement

Article on Barrage Capital published in March 2018 in the newspaper Finance et Investissement. (The article is available in French only)

Blog - Les Affaires

Two partners are the authors of the blog called Les Investigateurs financiers on the website Les Affaires.com. (The blog is only available in French)

Recording - Annual Meeting

The edited record of the Annual Meeting of May 12, 2016, with the presentation of the portfolio and a period of questions and answers. (The record is avaialable in French only).

Document - Margin of Safety

What is the Margin of Safety (MOS)? This document explains many aspects of the MOS, to give a complete comprehension of its impact on a portfolio and on business in general. (The document is only available in French)

Interview - L'investisseur Français

An interview with the four partners was conducted by L'Investisseur Français , a french speaking investment community in their monthly publication L'Aparté. (The interview is only available in French)