Who We Are
Canterbury Tollgate (CTG) is a value-oriented investment manager located in Nashville, Tennessee. We seek fundamentally asymmetric risk-return profiles in the attempt to generate higher annualized returns with lower real-world risk.* That is, we desire a lower chance of sustaining permanent loss while achieving higher risk-adjusted returns, using semi-deviation (downside risk) as our risk proxy rather than standard deviation.
How we invest
As fundamental investors, we spend a significant amount of time in our underwriting efforts. We typically invest in growing businesses with strong cultures, reliable leaders, loyal customers, strong cash flows and economic earnings, high reinvestment rates and returns on capital, a history of intelligent capital allocation, and aligned management-shareholder incentives (e.g. high insider ownership). We also implement a risk mitigation approach which we believe provides powerful, value-added, equity portfolio negative correlation during extreme market shocks.
Our aim is to deliver strong risk-adjusted returns over a three to five year rolling period.** We believe this can be achieved via a robust valuation process, fundamental analysis, and correct use of advanced mathematical and statistical methods. We believe satisfactory long-term results are found in superior patience, fortitude, integrity, and competence.
Founded by Chase Chandler, the firm's roots were formed in 2012 with Chandler Advisors (a financial strategy firm) and Weise Capital (an investment manager). In mid-2017 Chandler Advisors / Weise Capital merged with a Chicago firm where Chandler served as co-Chief Investment Officer for one year. In the fall of 2018, Canterbury Tollgate was launched to serve institutional investors, family offices, and a select number of individual clients.
Chase Chandler is the founder and Chief Investment Officer of Canterbury Tollgate. He received his undergraduate degree and played baseball at Harding University before studying business and finance at Cornell, Pepperdine, and Lipscomb Universities. Mr. Chandler is a certified FRM, holds the CFP® certification, and has completed the first two levels of the CFA program. Additionally, Chandler is a graduate of the Real World Risk Institute (10), an organization founded by Nassim Taleb, Robert Frey, and Raphael Douady to bring together real-world risk takers.
*Investing involves the risk of substantial loss. There is no guarantee we will be able to consistently meet our objective of higher risk-adjusted returns. Please note CTG's investment approach involves highly concentrated positions and may not be suitable for many investors. We define risk-adjusted returns using semi-deviation (i.e. downside risk), as opposed to the more commonly used metric, standard deviation.