Toreador Research and Trading is a subsidiary of The Applied Finance Group, LTD (AFG), an independent equity research and consulting firm that corrects accounting distortions and analyzes how global markets set prices.

Toreador Research and Trading investment philosophy and process stems for a rich history of deep research on equity markets.

PORTFOLIO MANAGERS:

RAFAEL RESENDES is the Co-founder of The Applied Finance Group, and a Founding Managing Director of Toreador Research and Trading. Founded in 1995, The Applied Finance Group (AFG) specializes in understanding the expectations embedded in mar­ket prices, and constructing portfolios from that information to outperform stock market indices around the world. Founded in 2006, Toreador Research and Trading applies AFG’s research through its family of mutual funds. Mr. Resendes is Co-Portfolio Manager of Toreador’s mutual fund strategies.

Prior to cofounding AFG, Mr. Resendes was a member of the Chicago Board of Trade, where he traded Treasury Note Options. He later served as Director of research for HOLT Value Associates. Mr. Resendes graduated Phi Beta Kappa from The University of California at Berkeley, with a B.S. degree in finance and economic analysis, and he obtained his MBA from the University of Chicago. Mr. Resendes is a frequent contributor to leading financial publications and investment programs, such as The Wall Street Journal, Forbes, CNBC Squawk Box and Forbes on Fox, among others. For over six years, Mr. Resendes has served on the CFA Institute’s Speaker Retainer program, speaking to more than 40 Financial Analyst Societies in 14 countries. Mr. Resendes is a guest lecturer at The University of California at Berkeley, and he served as an Adjunct Professor at DePaul University in Chicago

PAUL BLINN is the Founding Managing Director of Toreador Research and Trading. Mr. Blinn is Co-Portfolio Manager of Toreador’s mutual fund strategies.

Mr. Blinn served as a Vice President of an option market maker and then a Senior Equity Derivatives Trader for a hedge fund from 2000 to 2005. Mr. Blinn acquired this experience as an Executive Director at UBS and its predecessor bank from 1985 to 2000. He has vast capital market experience, during which time he had oversight and direct responsibility for the discretionary trading and risk management of large and complex portfolios of cash and derivative securities using numerous arbitrage strategies that sought to exploit pricing discrepancies identified by statistical models. Mr. Blinn graduated with honors from The University of Texas at Austin with a B.B.A. in Finance.