Barrage Capital

Barrage Capital is a founder-led investment firm that compounds client capital over the long term through disciplined value investing and focused, long-term ownership.

How has Barrage Capital delivered consistent long-term compounding results for clients over time?

For many of its long-standing investors, the impact shows up in life milestones. Early retirements, accelerated financial independence and millionaire outcomes tell the story. Over nearly 13 years, client capital has compounded at approximately 17 percent annually after fees, and more than 21 percent on a gross basis, across multiple market cycles.

These results reflect a boutique firm operating outside the large-institution model, with an emphasis on research depth, disciplined capital allocation and long-term ownership.

Barrage’s four founding partners shared the same investment philosophy from day one, laying the foundation of the firm and continuing to shape how client capital is managed today. Investment decisions are made collectively, assumptions are rigorously challenged and responsibility for outcomes is shared. Free from internal competition or trend-driven pressure, the team remains disciplined through periods of market volatility, allowing clients to stay invested when it matters most.

“We spend most of our time on research,” says Maxime Lauziere, partner and portfolio manager. “We don’t focus on daily stock prices but on understanding the business.”

Conviction Built Through Collective Rigor

What defines Barrage Capital’s research-driven and concentrated investment approach to long-term value creation?

The research-first mindset shapes every aspect of the firm and underpins its long-term results.

Barrage avoids over-diversification, believing it weakens conviction and dilutes results. Portfolios are deliberately concentrated in a small number of high-quality businesses the team understands deeply and is prepared to own through inevitable periods of volatility.

The partners are supported by in-house analysts and the practical application of artificial intelligence tools that deepen the team’s understanding of complex businesses and industry dynamics. Macroeconomic headlines and market noise are filtered out unless they directly affect company fundamentals, keeping attention focused on what ultimately drives long-term value.

While its philosophy has remained constant, Barrage’s application has evolved thoughtfully with the market. In its early years, it evaluated opportunities across a wide range of industries. As technological disruption began reshaping entire sectors, the team refined its definition of value, placing greater emphasis on durable competitive advantages, strong balance sheets and sustainable long-term cash generation.

This led Barrage to invest selectively in technology businesses when valuations offered a clear margin of safety, while avoiding companies that appeared inexpensive but were structurally eroding. The partners view investments in declining business models as among the costliest mistakes in value investing.

How does the firm respond to volatility and market disruptions?

Volatility is treated as an opportunity rather than a risk. When market stress pushes prices below intrinsic value, the team has historically leaned in rather than pulled back. For example, periods of policy-driven uncertainty have created dislocations that allowed Barrage to add selectively and later exit positions as prices normalized. Clients are educated to share this mindset, responding rationally to market declines rather than reacting emotionally.

“If markets were calm all the time, value investing would be much harder,” says Rémy Morel, partner and portfolio manager. “Disruptions create opportunity.”

Trust Compounded Over Market Cycles

How is alignment with clients embedded into Barrage Capital’s structure?

Alignment with clients is embedded directly into its structure. Barrage operates on a performance-based fee model, meaning it succeeds only when its clients do. This reinforces accountability and long-term discipline. Trust has grown alongside capital, driven primarily by referrals from long-standing investors, not outbound sales.

Barrage does not attempt to forecast economic cycles or geopolitical events. Instead, it focuses on owning resilient businesses purchased with a margin of safety, companies capable of navigating uncertainty regardless of what the future holds.

While markets chase short-term signals, Barrage Capital follows a disciplined process that helps clients stay invested and let compounding work over time.