When Decades of Expertise Meet Modern ETF Innovation: Inside Brett Barakett's Latest Move

After 23 years of managing client capital with a disciplined fundamental research approach, Brett Barakett and Tremblant Capital have found a new way to democratize their investment philosophy. The firm’s latest milestone is TOGA, an actively managed ETF that launched on the New York Stock Exchange, bringing together proven investment strategies with the structural advantages of exchange-traded funds.

The Investment Philosophy Behind TOGA

TOGA operates on a clearly defined mandate: identify two types of compelling opportunities. First, companies experiencing significant disruptive change that reshape their industries. Second, businesses with durable long-term growth characteristics that often escape broader market attention. The strategy focuses on capturing growth in free cash flows—returns that the market frequently undervalues or overlooks.

Rather than chasing trends, Tremblant’s approach combines rigorous business model assessment, detailed financial analysis, proprietary data science techniques, and deep sector knowledge. This multifaceted process helps the fund pinpoint investments where the margin of safety and upside potential converge.

How TOGA Operates in Practice

The fund typically maintains a concentrated portfolio of 30 to 50 positions, primarily in developed markets with an emphasis on large and mid-cap companies. This focused approach allows the investment team to conduct thorough research on each holding while maintaining meaningful diversification. By trading on the exchange like traditional stocks, TOGA offers investors liquidity and transparency alongside the professional management of a dedicated research team.

According to Brett Barakett, Chairman and Chief Investment Officer, “The ETF structure unlocks significant advantages. Tax efficiency through the ETF wrapper enhances compounding power, while maintaining the transparency and ease of access that modern investors expect.”

The Team and Track Record

The foundation of this strategy rests on a seasoned investment team. Barakett’s career spans three decades across multiple market cycles, and he leads alongside four senior investment partners who have collaborated for nearly two decades. This stability and continuity translate into a proven ability to navigate changing market conditions while identifying opportunities others miss.

The firm emphasizes that its people and investment process remain its most critical competitive advantages. Sector expertise and an analytical framework refined over two decades provide the edge needed to deliver differentiated long-term returns.

Managing Risk and Setting Expectations

Investors considering TOGA should understand the fund’s risk profile. As an actively managed vehicle, performance depends on the investment team’s ability to execute its strategy successfully. Like all new funds, TOGA has a limited operating history, which may not fully represent how it will perform over longer periods. New funds also face the risk of not accumulating sufficient assets for optimal trading efficiencies.

ETF-specific risks include the possibility of trading at premiums or discounts to net asset value, and brokerage commissions that reduce net returns. For international holdings—including ADRs and GDRs—currency fluctuations and foreign market volatility introduce additional considerations. Emerging market positions, where applicable, carry heightened speculative risks compared to developed markets.

The Broader Context

For investors seeking active management with institutional-grade research, TOGA represents a structural innovation. By combining Tremblant Capital’s 23 years of investment experience with the operational and tax advantages of the ETF structure, the fund offers a vehicle designed to maximize the compounding benefits of disciplined long-term investing. The approach appeals to those who believe in professional security selection and variant long-term perspectives, rather than passive index replication.

Tremblant Advisors LP serves as the investment adviser, while Quasar Distributors handles fund distribution. For additional information about the fund’s objectives, risks, and prospectus details, investors should consult the official fund documentation before making investment decisions.