Palos Management

Charles Marleau is the President and Chief Investment Officer responsible for day-to-day portfolio management and investment decisions. His father, Hubert Marleau, serves as Chairman and provides the overarching macroeconomic framework and strategic direction. Hubert is a well-known figure in Canadian markets, having spent decades as a chief economist and strategist at major brokerages before founding the firm.

The firm employs a top-down, macro-driven value philosophy. It starts with a proprietary assessment of global and North American economic conditions, then selects individual securities it believes are undervalued relative to their cyclical and structural positioning. The result is typically a concentrated, long-only equity book tilted toward Canadian financials, energy, and special situations.

Yes. In addition to its flagship concentrated equity mandates, the firm manages the Palos Income Fund, a private credit strategy that originates floating-rate senior secured loans to Canadian middle-market companies. This allows the firm to deploy capital across both liquid and illiquid structures for its high-net-worth and institutional client base.

Its public-equity and fixed-income activities are direct. In private credit and real estate, the firm co-invests directly in opportunities rather than allocating through external fund commitments. The Palos Income Fund, for example, is a direct-lending vehicle, not a fund-of-funds.

The firm is anchored by Hubert and Charles Marleau. Hubert remains the primary external thought leader, publishing daily market commentary, while Charles runs portfolio management. This father-son structure provides an established succession pathway, with the CIO role already transitioned to the next generation of family leadership.