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Independence    -    Focus    -    Transparency    -    Performance

A dedicated team to serve you well


Philippe Hynes, CFA - President

Philippe Hynes is the president and CEO of Tonus Capital since 2011. He is one of the founding members of the Canadian investment firm that was founded in 2009.


Philippe has more than fifteen years of professional experience in the field of fundamental financial analysis and risk analysis, the development of North American investment strategies and the management of small-cap portfolio.


Philippe began his career in 2001 at Standard Life Investments as a research analyst specializing in the Canadian oil and gas sector, as well as in treasury functions at Desjardins. In 2004, he joined Van Berkom and Associates as a Senior Analyst on the Investment Strategy Team for US Companies with a Market Cap Value of Less than US $ 3 Billion. He stands out by identifying potential high value investments and was quickly promoted to associate in 2006.


Philippe left Van Berkom in 2009 to realize his entrepreneurial ambitions by participating in the creation of the firm Tonus Capital. Since 2011, he has been the sole portfolio manager and prime contractor for Tonus Capital's North American investment strategy. In order to increase the efficiency of the firm's operating and pricing structure, he successfully launched the Tonus Partners Fund in 2016.


Philippe is an active finance entrepreneur in his financial community in Quebec. Since 2007, he has taught annually a practical course on fundamental analysis and portfolio management at Concordia University's John Molson School of Business. He is also involved in the Van Berkom Investment Management Program at Concordia University as a member of the Investment Committee.


Philippe has also helped to support Canada's emerging finance community by joining the Board of Directors of Emerging Managers since 2014. His commitments to the community and his entrepreneurial success have earned him the 2015 nomination of financial personality of the year for people under 40.


Philippe holds a Master's degree in Financial Engineering from the École des Hautes Etudes Commerciales from the Université de Montréal and a Bachelor's degree in Finance from the John Molson School of Business at Concordia University. He holds the CFA professional title since 2004 and is a member of the CFA Montréal association.

Sebastian Cardarelli - Vice-president, Corporate development

Sebastian Cardarelli joined Tonus Capital in 2012.

Before joining Tonus Capital, Sebastian worked in the Private Wealth Management division for UBS Bank both in Montreal, CA and London, UK. He was responsible for developing lifelong client relationships, managing their investment portfolios, and enhancing the customer experience.

Currently, Sebastian is responsible for business development and managing client relationships at Tonus Capital. He is a board member for Lower Canada College (L.C.C.) in Montreal, he sits on the Endowment Board of the YMCA's of Quebec, and he is also a Sponsorship Director for the Just For Kids Foundation of the Montreal Children's Hospital.

Sebastian has an MBA in Global Financial Management from SDA Bocconi in Milan and a Bachelor's in Psychology from University of Western Ontario. He also holds the CIM designation and has passed the Canadian Securities Course.

Aaron Warnongbri - Partner, COO and CCO

Aaron joined Tonus Capital in 2013. His roles have covered investment analysis, compliance, operations, technology and portfolio risk assessment. In his investment role, he seeks out securities where the market may be mispricing long term business fundamentals. He then follows up with deeper investment analysis and conversations with management and related stakeholders.

In his role as CCO and Operating Officer, Aaron ensures reporting requirements to regulatory agencies as well as establishing and maintaining internal risk controls. He is also primarily responsible for settlements, NAV accounting, statements for clients and the Fund.

Aaron has a Bachelor’s Degree in Finance with a Minor in Economics from Concordia University. He has completed the Chief Compliance Officers course from the Canadian Securities Institute. He also sits on the board of The Pillars Trust Fund and serves as an investment committee member for the Habilitas (formerly MAB-Mackay) foundation. 


Jonathan Cadet - Analyst

Jonathan joined Tonus Capital in 2021. He is responsible for the fundamental analysis and monitoring of portfolio companies, as well as looking for new investment opportunities.


Jonathan began his professional career at Casgrain & Company Limited, an investment dealer, which he joined in 2017 to work on the Fixed Income trading desk. He then joined the research team at Heward Investment Management in 2019 as an equity research analyst on the financial sector where his role focused on conducting fundamental research on North American listed companies and generating investment ideas based on GARP principles. Passionate about investing, Jonathan gained expertise investing by studying in depth and applying the teachings of the founding fathers of securities valuation: Ben Graham, Philip Fisher, Warren Buffett and Peter Lynch among others.


Jonathan holds a Master’s degree in finance from HEC Montréal and a Bachelor’s degree in finance from the John Molson School of Business at Concordia University. He undertook the CFA Institute curriculum and is currently a CFA level III candidate. Jonathan also passed the Canadian Securities Course from the Canadian Securities Institute.

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Marie-Chantale Maltais, Vice President, Communications

Holder of a master’s degree in organisational communication science from the Université de Montréal, Marie-Chantale Maltais oversees communications for Tonus Capital. She acts as a strategic advisor to the leadership team to ensure effective communications to partners, including information about the fund’s performance and investment approach.


Marie-Chantale is an established leader with more than 20 years of experience in various sectors, including finance, retail, telecommunications and higher education. She led communications teams and directed award-winning internal communications programs for large corporations operating in North America and internationally. Among these are BMO Financial Group, Target Corporation, TELUS and BCE. Marie-Chantale splits her time between Canada and the United States as, in addition to her role at Tonus, she is the executive director of internal communications at the University of Arizona.

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