Troubadour Capital, LLC (Austin, TX) is a registered investment advisor that specializes in identifying drivers of idiosyncratic return in the $3.7 trillion municipal bond market. The firm was founded in 2013 by Brian Gourley and is self-funded. Troubadour has developed proprietary technology over the past several years to blend science, math, probability and statistics into its methodology. This technology coupled with the experience of our team has helped Troubadour gain a following with over three years of investor participation and $120mm in AUM.

Brian Gourley - CIO/Founder

For the past 23 years Mr. Gourley has worked in the fixed-income markets. Brian’s launch of Troubadour in October, 2013 was self-funded, and quickly found traction with institutional investors. Under Brian’s guidance, Troubadour just completed its 4 year track record. Prior to Troubadour, Brian worked as a Senior Portfolio Manager at Whitebox Advisors LLC where he created the municipal strategy. Mr. Gourley received a BBA of Finance from The University of Texas McCombs Business School in 1996. Brian is the 4th generation of his family from Austin, and is the proud father of 3.

Chris Pellizzi - Sr. Associate

Chris joined Troubadour after graduating from Southern Methodist University with a Bachelor of Science in Economics (2014). For the past 3 years, he has been responsible for a variety of roles with Troubadour primarily revolving around development of systems and IT. Chris grew up in Dallas and joined Troubadour after an internship with the Federal Reserve Bank of Dallas.

Alina Popa, CPA - Sr. Financial Accountant

Alina joined Troubadour in February 2018 with over 10 years of experience in the investment management industry. Alina was most recently Director of Operations and Fund Accounting at Polar Asset Management, a multi-strategy hedge fund based in Toronto. During her tenure at Polar, Alina designed and implemented procedures to improve operational efficiency as the firm grew from $1B to over $3.5B in AUM. Alina graduated from Centennial College in 2007 with a Diploma of Accounting and holds a CPA designation.

What we do

While investing in municipal bonds appears simple and straightforward, the delta between market participants is wide and varied. Understanding investor goals and motivations is critical when attempting to navigate the market. At Troubadour, we believe that viewed through the appropriate lens, the disparity between retail and institutional investors can create a sustainable source of alpha.

Example 1: Market Dynamic – The Long Tail

In the options markets there is an old saying "the glory's in the front month, the money's in the back months." This adage proves true in the muni market as well. The bulk of the notional volume is traded institutionally, but the inefficiency and opportunity in the market lies between the institutional and the retail market. We call this the long tail.

Example 2: Market Dynamic – Participants

According to the Fed, households (retail) make up over 40 percent of the money invested in the muni market. While a bank might hold a muni as a surrogate for its loan portfolio, an insurance company may be trying to match a liability with an asset. Mutual funds are generally looking for high current yield, specific states or credit stories. At Troubadour we take into account this market dynamic and try to properly handicap / group it into "participation buckets."

Position Selection

Over the past several years our team has developed technology to help us quickly determine appropriate sizing and potential profitability of positions. Once investment candidates have passed rigorous screening tests, the conviction graph is a common-sense tool that helps us assess the balance of idiosyncratic (alpha) versus market driven (beta) sources of return.

Get in touch

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