Answers to common questions.

What is Aurelion Research?

Aurelion Research is an independent investment research firm based in Montreal, founded by former buy-side analysts. We cover global equities, commodities, and investment themes, with a focus on overlooked small and mid-cap stocks, publishing 1-2 in-depth reports per week alongside our actively managed model portfolio, the Aurelion Index.

Our research is read in 113 countries, with a library of 120+ in-depth reports. It has been cited by the world's largest financial news outlets, including Bloomberg, CNN, and CNBC, and its reports have collectively drawn hundreds of thousands of views. It is available through our research platform at read.aurelionresearch.com and distributed to institutions on LSEG Workspace (Refinitiv) terminals.

What is the Aurelion Index?

The Aurelion Index is our actively managed model portfolio, consisting of our highest-conviction global equity ideas. It typically holds 20-25 stocks, is long-only with no leverage or derivatives, and positions and weightings evolve as theses develop.

The focus is on undervalued small and mid-cap stocks across global markets, primarily in the United States, with exposure to Canada, Europe, Japan, and South America. Every position is backed by detailed research. We typically add 1-2 new ideas per month and actively remove positions when a thesis plays out or a better opportunity comes along.

The name "Index" reflects our commitment to transparency. It serves not only as a portfolio with allocated capital, but also as a public record of how our research performs over time. Every position can be traced back to its original investment thesis, subsequent updates, and eventual exit communication.

Both individual and institutional investors implement the strategy automatically through our partnership with Plutus, an SEC-registered investment adviser.

How has the Aurelion Index performed?

The Aurelion Index returned +120.4% in its first year (July 1, 2025 to June 30, 2026). Performance is presented on a gross basis using official data provided by Plutus and does not reflect Plutus's 1% annual fee. Performance was driven roughly equally by company-specific theses playing out and by correctly timing broader themes.

Live performance is publicly viewable at any time on our Portfolio page. Past performance is not indicative of future results.

Who is behind Aurelion Research?

Aurelion Research was co-founded by Leo-Pierre Trudel and Jérémie Boyer. Leo serves as Lead Equity Analyst, covering industrials, healthcare, consumer, and technology, with prior buy-side experience at PineStone Asset Management (~$60B AUM) and Pembroke Management (~$3B AUM). Jérémie serves as Lead Commodity Analyst, covering shipping, mining, energy, and diversified equities, and began his career at the Rivemont Micro-Cap Fund.

Is Aurelion Research a registered investment adviser?

No. Aurelion Research is an independent equity research publisher. We are not registered with the AMF, SEC, or any other securities regulator, and we do not manage client assets or provide personalized investment advice. Portfolio replication is made available through Plutus, a registered investment adviser with the U.S. Securities and Exchange Commission (SEC), which handles execution and rebalancing.

Our research is independent by design: we are not engaged in investment banking, corporate advisory, or capital markets activities, and the founders generally invest their own capital in the securities discussed.

How is Aurelion Research different from Wall Street research?

Sell-side research is often shaped by banking relationships and covers the same large caps everyone already follows. We built Aurelion to do the opposite: independent coverage of underfollowed companies, backed by global field research, including trips to Japan, Canada, Lithuania, and beyond, to meet companies, attend trade shows, and visit production sites.

Three things define our analysis:

1. Boots-on-the-ground research. We visit companies, meet management teams directly, and build our own financial models.

2. Focus on real cash generation. We focus on what cash a business actually produces and what reaches shareholders, not accounting-based proxies.

3. Concentration over diversification. We hold only our best ideas.

Finally, we invest our own capital alongside every idea, and our portfolio performance is published transparently, so we are constantly judged by our work.

What is Aurelion Research's track record?

Beyond the Aurelion Index's +120.4% first-year return, our recent calls include predicting the up-cycle in crude oil tankers (April 2025), anticipating the aluminium supply squeeze (August 2025), exploiting mispriced life science tools around U.S. NIH funding fears (October 2025), and calling the bottom in chemicals after a five-year bear market (October 2025).

Earlier commodity calls include the 2025 chemical rebound, the shipping recovery following the 2024 downturn, and the 2025 gold and silver bull market, which we exited in early 2026. Past performance is not indicative of future results.

What are the thematic equity baskets?

A compelling theme does not guarantee compelling returns; company selection is just as important. Our baskets express a theme through a carefully selected group of businesses with attractive valuations, strong fundamentals, and the greatest potential to benefit as the investment case unfolds, offering a more attractive risk-reward profile than relying on a single winner.

Current selected baskets include the Japan Basket (9 companies, beneficiaries of governance reforms and rising market participation) and the Shipping Basket (10 companies, diversified across shipping segments positioned to benefit from tightening supply). Baskets are available for automatic implementation through Plutus.

What are your thematic pieces and what do I get out of them?

Our thematic pieces cover the major trends shaping markets today, written from the ground up so anyone can follow along. No prior knowledge needed. By the end, you will understand the theme, where the opportunity sits, and which companies we see as best positioned, expressed through an actionable equity basket.

These pieces are built to stay relevant for years because they cover the entire theme and its supply chain. New subscribers should start with the archive.

Why smaller companies?

Large companies are already heavily researched, but stocks under $15B are often underfollowed. That creates opportunities when share prices diverge from real business value. We have found many of our best investments in this space and will continue to focus there. In less efficient markets, our primary research carries even more weight.

I am not sure I will use everything, is this for me?

That is normal. Most subscribers join for one main reason.

If you are here for the research, the portfolio is proof that we have conviction in what we write because we are constantly judged by it. If you are here for the stock ideas, the research is your proof. Every position comes with a full thesis, so you know exactly why we own it.

How do I follow or replicate the portfolio and baskets?

There are three levels, depending on how hands-on you want to be.

Paid subscribers can view the full portfolio positions and weights, updated weekly.

Aurelion Live subscribers get the real-time version through the Plutus platform, including live weights and trade history for the Index and all thematic baskets. This is view-only access; no investment account is needed.

If you want the portfolio replicated automatically in your own brokerage account, that is done through Plutus, which handles execution and rebalancing. This is optional and separate from the subscription tiers. Visit Plutus at runplutus.com.

As a reminder, none of this is investment advice. The Index is a model portfolio published for research transparency, view the complete disclosure here.

How do I upgrade a subscription?

Whether you are a free subscriber upgrading to Paid or a Paid subscriber moving to the Aurelion Live tier, sign in to your account on Substack and follow the instructions found here.

Can I engage in the Substack chat?

Absolutely. We highly encourage participation in our chat by replying to discussion threads. Thoughtful debate benefits everyone.