Barometer Capital Management

David Burrows, co-founder, President, and Chief Investment Officer, leads investment decisions alongside co-founder and portfolio manager Bryan Pilsworth. The two have worked together since the firm's founding in 2001, operating a flat team structure where both contribute to the top-down sector calls that drive portfolio construction. Burrows serves as the primary external voice for the firm's investment views.

Barometer employs a tactical, top-down asset allocation model that ranks sectors based on relative strength, momentum, and macroeconomic indicators. The firm runs concentrated portfolios of 25 to 40 holdings, overweighting favored sectors and underweighting or avoiding those with negative model signals. The process is rules-based and the firm communicates its sector allocations transparently, distinguishing it from peers who rely primarily on bottom-up stock selection or static balanced mandates.

Barometer manages direct equities and fixed-income securities rather than operating as a fund-of-funds. Its pooled funds and separately managed accounts invest directly in North American public companies, with sector allocations driven by the firm's proprietary model. The firm does not outsource its tactical decisions to sub-advisors or external managers.

Barometer's model rotates across the full North American equity landscape, but sectors that have featured prominently include energy transition and renewables, infrastructure (including pipelines and utilities), real estate, financials, and industrial technology. The firm does not fix its sector weightings; allocations shift based on model signals and can move from fully invested to materially defensive depending on market conditions.

No. Barometer Capital Management is an independent, employee-owned investment counsel and portfolio manager based in Toronto. It has no corporate parent or ownership by a bank, insurer, or global asset manager. The firm was founded by David Burrows and Bryan Pilsworth and remains controlled by its principals.

Most Canadian balanced funds maintain a static split between equities and bonds, with equity components that closely track the S&P/TSX Composite index. Barometer actively shifts its allocation between asset classes and rotates aggressively among equity sectors based on a proprietary model, meaning its portfolio can look very different from a benchmark in any given quarter. This tactical flexibility is the core thesis of the firm.

Barometer manages capital for a mix of Canadian investors including high-net-worth individuals, family offices, and institutional clients. Its vehicles include pooled funds accessible to accredited investors as well as separately managed accounts. The firm is registered as an investment counsel and portfolio manager with Canadian securities regulators.