Letter to investors - January 2023

Dear fellow investors,

The year 2022 has been brutal. The geopolitical tensions take us back to the Cold War period; the energy crisis to the oil crisis of the 1970s. At that time, to absorb these shocks, the world was still benefiting from the stimulus packages that followed World War II. Today, we are benefiting from the programs put in place post-covid. States must now put in place the conditions to encourage the investments necessary to recover their industrial, technological and energy sovereignty.

In 2022, our BDL Rempart fund,which has an absolute performance objective, posted a performance of +14.9%.The shares value is at its highest level since inception and shows a cumulative performance since inception of 106.5% (data as of 30/12/2022).

BDL Convictions, a replica of BDL Rempart's long strategy, is down 6.9%. It is doing better than its benchmark index, the Stoxx600 with dividends reinvested, which is down 10.7% (data as of 30/12/2022). The out performance since the creation of the BDL Convictions fund is 92.1%. The annualized performance is 8.8% even though we’ve had to go through the financial crisis, the euro crisis, the Brexit, the pandemic and now the war.

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