Investment Philosophy

We are convinced that there is no better investment than companies. Over the long term, equity markets are the most rewarding asset class as the only one to offer both yield and growth.

Methodology

As an independent asset management company, our sole objective is to select good companies at the right price. We favour companies with sustainable cash flow and profitable investments thanks to strong barriers to entry, such as patents, licences or market share.

We place great emphasis on the culture of these companies, the quality of their governance, and the transparency and honesty of their communication.

We invest when we consider that the proposed yield is attractive and offers a margin of safety. To this end, we compare the company's normative free cash flow generation to its enterprise value.

The sector expertise of our analysts facilitates the understanding of companies' business models and the development of a network of industrial contacts.

Company Visits

In both our investigative work and the monitoring of our investments, we pay particular attention to the quality of company management teams. The CEO, as the person responsible for capital allocation, plays a decisive role in value creation and the valuation of our investments.

Whether at our offices, on their sites or at conferences and professional trade shows, our analysts organise nearly 1,000 company meetings each year to deepen their knowledge of management teams.

Proprietary Tools

We improve our investment decisions by mastering and organising the data at our disposal.

All monitored companies are subject to a bespoke financial model to assess the gaps between the share price and the intrinsic value of each one.

Our risk management applications and our developments in artificial intelligence enrich our fundamental expertise by analysing multiple market data such as quantitative factors, implicit biases, market regimes or the different types of flows that impact share prices.

Alignment of Interests

Our mission is to grow our clients' capital over time by successfully navigating through different economic cycles. To maintain an exemplary commitment, BDL employees reinvest a significant portion of their remuneration each year in the funds managed for our clients.