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Published quarterly, the CFA Montreal newsletter is an online publication offering content that is both interesting and beneficial to our professionals. Offering exclusive interviews, opinion pieces, information about the Society’s events and activities, industry appointments and personalities, market outlook news, and articles on a wide variety of subjects, the newsletter aims to spur ongoing dialogue among professionals in the Montreal financial industry.
We invite you to send us your areas of interest and ideas for articles. You are also welcome to submit texts you have written and wish us to consider for publication.*
*CFA Montreal reserves the right to decide whether or not to publish articles and to request revisions if it judges that the subject matter represents a sensitive issue or one that may negatively affect the Society or its members.
Philippe Hynes, CFA: the head of an emerging fund at 35
Just 35 years of age, Philippe Hynes has led Tonus Capital since 2011. Tonus Capital is a Montreal portfolio management firm responsible for a fund whose assets total $70 M. As at December 31, 2015, the Tonus portfolio had posted compounded annual returns (gross of fees) of 10.8% since its launch in October 2007, compared to 6.3% for the benchmark index.
Tonus Capital challenges the theoretical standards of finance, with Philippe and his team opting for a concentrated portfolio of some 15 Canadian and American securities. They target added value by conducting practical equity analysis and favouring idiosyncratic risk, rather than the market risk common to highly diversified portfolios. Building a portfolio in this way places Tonus Capital at the edge of traditional and absolute return management and frees it from tracking error constraints. This heightened reliance on the manager’s selection skills justifies the charging of a performance fee by Tonus Capital, an aspect normally reserved for hedge funds.
The entrepreneurial astuteness of Philippe sets him apart. He made the leap to Tonus Capital in 2009 after holding the position of partner and senior analyst at Van Berkom & Associates, a desire to make his own decisions the main impetus for the move. His biggest hurdle in his new role was the departure of his business partner in 2011. To overcome this challenge, he stepped up his efforts and set a clear objective to ensure the sustainability of his firm. Since then, business has been very good for the entrepreneur. In fact, he was recently named to Finance et Investissement magazine’s 2016 Top 25 in the Under 40 category.
Philippe is both president of Tonus Capital and senior manager. He also oversees investor relations. He manages a small team of three very autonomous and versatile professionals, qualities in high demand when working in an environment such as his.
In addition to his primary mandate to maximize the value of his portfolio using a practical analysis approach, Philippe places enormous importance on the service he provides to his clients. Transparency and integrity are evident in all he does.
Needless to say, Philippe is highly adept at managing his time. For nine years, he and a colleague have taught practical equity analysis and portfolio management at Concordia University’s John Molson School of Business, and he is a member of the board of directors of the Emerging Managers Board (EMB), a non-profit organization that promotes the development of Quebec managers setting out in their careers. He is also the father of two young children.
Does he have growth ambitions for Tonus Capital? Absolutely! He told us he is interested in adding an experienced manager to his team, which would provide him with the leverage needed to expand the firm. Potential candidates, take note! For more information about Tonus Capital, please visit the firm’s website at www.tonuscapital.com.