2025 Sohn Montreal: Trans-Canada Capital’s Marc-Andre Soubliere – Executing a Contrarian US Rate Curve Flattening Trade

At the 2025 Sohn Montreal Conference, Marc-Andre Soubliere, Senior VP at Trans-Canada Capital, pitched a contrarian trade on the U.S. yield curve: long the 20-year Treasury and short the 10- and 30-year bonds to capture relative value in an overlooked part of the market.

• Background: Marc-Andre Soubliere has over 25 years of experience in direct portfolio management. Previously managed pension assets for large para-public organizations. Holds a B.Comm in Finance (University of Ottawa), an M.Sc. in Finance (University of Sherbrooke), and is a CFA charterholder.
• Firm Focus: At Trans-Canada Capital, his work centers on fixed income strategies, tactical asset allocation, and multi-strategy mandates. He is a key member of both the Investment and Executive Committees.
• Time at Firm: Joined Trans-Canada Capital in 2009.

2025 Sohn Montreal Conference - Trans-Canada Capital's Marc-Andre Soubliere

Core Trade Idea: Flattening US Interest Rate Curve

• Main trade: Long the 20-year US Treasury bond, short the 10-year and 30-year Treasury bonds to stay duration neutral.
• This structure targets a flattening bias in the yield curve, focused on relative value across the 10-30 year segment.
• The 20-year bond is considered mispriced and underloved, creating opportunity.
• Positive carry trade: earns time value while waiting for market normalization