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About Chapados Couture Capital

Chapados Couture Capital (C3) is an emerging Montreal-based quantitative portfolio manager of factor-based equity strategies and option-based alternative premia strategies.

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Purpose

Find systematic opportunities to earn sustainable return premiums for bearing acceptable and well-quantified investment risks.

Passion

The subtleties between the Art and the Science of modelling capital market returns have been a core preoccupation of C3‘s co-founders, stemming from a more than decade-old research collaboration. This means a constant desire to learn and improve on the latest quantitative forecasting methodologies, as much as a fascination with small-sample low-frequency scenario analyses.

Investment Professionals

Nicolas Chapados, CFA

The Pragmatic Modeler

Nicolas Chapados holds a BEng from McGill University and a PhD in Computer Science from University of Montréal. While still writing his thesis and jointly with his advisor Yoshua Bengio, he co-founded ApSTAT Technologies in 2001, a machine learning technology transfer firm, to apply cutting-edge academic research ideas to areas such as business forecasting, supply chain planning and portfolio management. During a fruitful collaboration with Desjardins Global Asset Management (2003–08), he led the R&D of commodity forecasting and trading models. In 2012, he and Eric-Paul Couture decided to spin-off Chapados Couture Capital to enable the commercialization of portfolio management strategies relying on advanced quantitative models.

Previously, Nicolas has been a researcher within the speech recognition research group at Nortel Networks (1994–99), where he led the research and implementation of a natural-language dialog manager for speech recognition applications. He is a CFA charterholder.

Éric-Paul Couture, CFA

The Skeptical Economist

Eric-Paul Couture co-founded Quantitative Capital, division of AMI Partners Inc. (now TD Quantitative Capital) in 1992 with Carl H. Otto, a pioneering canadian-based investment management firm specializing in semi-active risk-controlled canadian equity portfolio strategies. He served as managing partner and portfolio manager for 4 years during which assets under management grew from $250 million to $5 billion. As Chief Research Officer and portfolio manager at Barclays Global Investors Canada, he then contributed to the development, validation and roll-out of BGI’s Canada Alpha Tilt institutional product which delivered a realized Information Ratio of 1.0 for assets under management in the $300 million range.

Mr. Couture has 27 years experience in the investment management industry. He holds a Bachelor in Finance from McGill University, a Masters in Mineral Economics from the Colorado School of Mines and is currently completing a Masters in Statistics at McGill University.

Investment Philosophy

Credo 1

  • We believe that capital markets represent an ecosystem of competing opportunities to be compensated for bearing a multitude of economic risks. Some are ephemeral; some others are the product of irrational beliefs. We search for those which are economically justified and sustainable.

Credo 2

  • We believe that the empirical validity of a risk premium must be supported by a theoretical understanding of its economic rationale.

Credo 3

  • We believe that the information content of most investment edges eventually gets diffused to other market participants via trading interactions so that superior risk-adjusted returns ultimately regress to normal returns. Consequently, the market consensus is typically the best starting point to obtain a long-term summary of the optimal trade-off between investment returns, risks, and implementation costs.

Contact Us

Chapados Couture Capital
300 Leo-Pariseau, Suite 2212
Montréal (Québec) H2X 4B3
Canada
Tel: +1 (438) 384-3219

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