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 $100mm in AUM.

Brian Gourley - CIO/Founder

For the past 22 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 grew to a team of 3 and recently completed its 3 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.

Matt Mowen - COO

Mr. Mowen and Mr. Gourley met and worked together at National Alliance Securities where Matt served as the Chief Operating Officer from 2008-2014. Matt brings 22 years of experience in finance, where he has also carried out roles overseeing accounting, compliance, IT and software development. He holds a Bachelor of Science in Physics and Math from Baylor University (1991) and also has a Juris Doctorate from Wake Forest University (1994). Mr. Mowen has been married for 24 years and has 2 boys.

Chris Pellizzi - Senior Analyst

Chris joined Troubadour after graduating from Southern Methodist University with a Bachelor of Science in Economics (2014). He is responsible for a variety of roles with Troubadour primarily revolving around technology and IT. Chris grew up in Dallas and joined Troubadour after an internship with the Federal Reserve Bank of Dallas.

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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