About Us


Refraction Asset Management Ltd. is an investment company, founded in 2012, that provides money management expertise focused on security selection in the energy (alternatives, soft-rock upstream, downstream, midstream, utility, refinery, services & EPC), engineering (applied sciences & aerospace) and technology sectors (artificial intelligence, hardware engineering). We are owned entirely by the founding partners & directors. Refraction is run by a small team of talented and sophisticated professionals out of our office in Calgary.


We are focused on providing excellent service, discrete advisory and deep insight to the problems that we are asked to solve, while delivering transparent, risk adjusted returns, tailor made to our Institutional & Professional Limited Partners needs.

Why Us

We are exclusively focused on providing answers to sophisticated and challenging conditions that require intensive man-hours to understand. Refraction is built at the intersection of machine learning, financial theory and physical engineering. We marry a deep insight into risk assessment of sophisticated flow systems with a comprehensive and extensive index of relationships that allow us to quantify insight, audit our conclusions and generate a compressive, systemic solution for our Limited Partners.

We take everything we do down to a pure framework of Risk Intelligence, Compliance, Engineering buildouts and we arrive at a dynamic target solution that responds to daily systemic and geopolitical/macroeconomic events.

We take pride in our work.

Our organization is flat & nimble. We encourage active participation in R&D and portfolio development in all facets of the front-office. We strive to maintain good relations with the management teams we invest, co-invest & support in our portfolios. Our Partners, Directors & Employees as owners are committed to strong alignment with our Limited Partners and are strongly engaged in supporting the communities they are a part of.

Our targeted clients are: family offices, foundations, endowments, pension funds, sovereign wealth funds, private banks and insurance companies. Our commitment is to help them exceed their long term objectives through consistent communication, financial education of sector knowledge and rapid threat assessment for their internal needs.

The Team

Who makes Refraction Asset Management

Michael Yurkovich

Michael is the President of Refraction Asset Management (RAM). He has over 15 years of experience in the energy sector. Previously he was an investment banker at Canaccord Genuity and Genuity Capital Markets. Prior thereto he was at Desjardins Securities as a Research Associate covering the oil & gas sector (Canadian Majors, Integrated & Oil Sands).

Vlad Lizunov

Vlad is the Financial Analyst at Refraction Asset Management. He looks over financial matters and corporate development at RAM and TIU Canada. He has over 20 years of corporate finance experience in Canada the US & CIS. He was previously a corporate finance partner at Deloitte Canada and the Head of Corporate Finance at KPMG Ukraine. He is a CFA Charterholder.