loader image


BDL Capital Management is an independent investment management company founded in 2005.

For the past 14 years, we have been managing the savings of institutional clients (insurance and mutual insurance companies, pension funds, etc.), private banks and wealth management advisors.

Investment in European equities is where we excel; our in-depth company analysis is how we stand out.

With 13 analysts and industry experts

We manage 2 billions euros across three strategies: :

  • Fundamental and ESG management, across BDL Rempart Europe and BDL Convictions– two funds that go back more than 10 years.
  • Quantamental management through Durandal.
  • SRI management with our fund BDL Transition, launched in 2019.

Our commitments

Lasting relations are always based on trust. We keep our promises to win your trust.


Making money is above all about looking to protect and grow capital.


Implement a relevant and impactful ESG policy when assessing companies' long term sustainability


Investing in our funds alongside you to align our interests with yours.



Encouraging communication and teamwork to improve our investment decisions.


Making donations to selected charities to help disadvantaged or disabled people.


Maintaining our independent shareholder structure to avoid conflicts of interest.


Our ESG policy

A signatory of the PRI since 2017, BDL Capital Management has received an A grade in the "strategy and governance" category in 2019.

We vote according to our voting policy, convinced that a proper governance is key.

As climate change is impacting companies' strategies and business models, we engage as shareholders to ensure corporates roll out a relevant and ambitious environmental strategy.

Our partners

Our funds are easily accessible on all of the following distribution platforms.

The Rempart endowment Fund

BDL Capital Management has set up the Rempart endowment fund. As partners and colleagues, we are convinced of the social role we have to play in helping the poorest members of society. The endowment fund supports selected charities with a focus on helping disadvantaged or disabled individuals.

For example, the Rempart endowment fund supports the following charities:

Clubhouse France : innovating to bring individuals living with mental health problems into society and the workplace.

La classe soleil : a class in Kindergarden for children with autism

Action Mama Africa : charity whose goal is to help street children and families living in granite quarries under extremely difficult conditions in Ouagadougou.

Les apprentis d’Auteuil : a public interest foundation, Apprentis d’Auteuil works with the most vulnerable children and families.

The endowment fund also works in the restoration and promotion of cultural heritage sites in Paris by supporting the Avenir du Patrimoine foundation.

The Avenir du Patrimoine foundation in Paris : aims to restore and promote the churches of Paris and their masterpieces, alongside public authorities.

BDL Capital Management is also helping to get people to work through the apprenticeship levy.

ICAM insertion professionnelle : a charity helping people into work in Toulouse

 Our team

34 members of staff share the same passion: to invest in listed European companies

We invest nearly €2 billion on behalf of institutional clients (insurance and mutual insurance companies, pension funds, etc.), private banks, independent financial advisors, and retail investors.

To understand these companies and their business models, each day  Our 13 analysts study their annual reports, meet their management teams, and visit their production facilities.

17 people are responsible for investments. 6 work in customer service, and 11 ensure that BDL runs smoothly each day.

ESG and Fundamental Management

Hughes Beuzelin

After graduating from ISG in 1995, Hughes worked for Williams de Broë and Crédit Suisse First Boston in London. He then moved to Paris in 2000, joining Morgan Stanley where he met Thierry Dupont. In 2002, Hughes founded Boomerang Asset Management, a French company managing the Novalis Europe fund (November 2002-April 2004). While there, he recruited Bastien Bernus. He sold this company in 2004 and created BDL Capital Management, where he manages the BDL Rempart Europe fund, which in 2005 became the first fund with Aria (simplified investment rule) status and now has a track record of more than 14 years. He also manages the BDL Convictions, launched in 2008, and co-manages the BDL Transition fund. BDL Rempart Europe qui devient en 2005 le premier fonds au statut Aria el et a aujourd’hui un track record de plus de 14 ans. Il gère également le fonds BDL Convictions créé en 2008 et co-gère le fonds BDL Transition.

Bastien Bernus

A graduate of the MBA Institute, where he specialised in Corporate and Market Finance at Emory University in Atlanta, Georgia, Bastien played an active role in the launch of Boomerang Asset Management in Paris in 2002. At the time, he was an assistant fund manager working for Hughes Beuzelin. In 2005 he joined BDL Capital Management, contributing extensively to the company’s development in his role as financial analyst. He has been co-manager of the BDL Rempart Europe and BDL Convictions funds since July 2008, covering the business services, hotels, transport and leisure sectors. BDL Rempart Europe and BDL Convictions et couvre les secteurs des services aux entreprises, hôtels, transport et loisirs.

Jean Duchein

A graduate of EDHEC in 1999, Jean began his career at Arthur Andersen in Paris. He then joined the Corporate Finance team of the company, now Ernst & Young Transaction Advisory Services, to take charge of financial due diligence assignments with European LBO funds (large and mid-cap) and financial and operational restructurings with underperforming companies. In 2006, Jean joined BDL Capital Management as a financial analyst specializing in the public service, automotive, construction and industrial sectors. He manages the BDL Transition Fund. BDL Transition.

Laurent Chaudeurge

A graduate of ESCP and CFA charter holder, Laurent began his career at Goldman Sachs in London in 1999. He then joined Morgan Stanley in Paris where he met Hughes Beuzelin and Thierry Dupont. In 2009, he moved to Exane to sit as a member of the executive committee and work as Head of Sales for Exane BNP Paribas. He arrived at BDL Capital Management in November 2018, taking responsibility for portfolio construction and development strategy. He is also co-manager of the BDL Transition fund. BDL Transition.

Thomas Bauzon

Thomas has completed internships at Pimco and Edmond de Rothschild. Studying part-time for a Masters at ESCP Europe, he joined BDL in 2019. He is responsible for ESG analysis with Laurent Chaudeurge.

Aymeric Mellet

A graduate of Ecole Polytechnique, Aymeric worked on the media and public real estate investment sectors at the Ministry of the Economy and Finance. He joined BDL Capital Management in 2006 to work alongside Jean Duchein, covering the utilities, automotive, construction and industrial sectors.

Paul de Branche

A graduate of HEC Paris, Paul worked as a strategy consultant at OC&C. He then joined BDL Capital Management in 2016 to cover the Technologies, Media and Telecoms sector.

Hugues Spriet

A graduate of CentraleSupelec with a Master of Economics degree from IREN, Hugues worked at Numericable SFR’s strategy department as an analyst, then at Orange International Carriers as Sales Manager in Asia. He joined BDL Capital Management in 2019 to follow the Technologies, Media and Telecoms sector with Paul and Vincent.

Vincent Maulay

Vincent is an engineer from Télécom SudParis. He has done a Master in Strategy and Finance at HEC Paris and got the certification (CIIA) from the French financial analyst association (SFAF). He worked as an analyst at ODDO BHF for 14 years, covering Telecoms and IT Hardware, on top of an experience of head of IR with Altice. He joined the Technologies, Media and Telecoms sector team at BDL in 2020.

Mathieu Deleuze

Mathieu is a graduate of ESCP Europe with a Masters in Financial Mathematics from the Sorbonne. Based in Geneva for six years, he worked in Total’s oil trading subsidiary as a Sales Trader then Oil Market Analyst. He joined BDL Capital Management in 2019, following the business services, hotels, transport and leisure sectors with Bastien.

Mark Hoge
Mark covers the financial services sector. He has more than 20 years of experience in the finance industry, working at Credit Suisse First Boston and Lehman Brothers in London. As a partner, Mark also helped with the launch of a Long/Short fund at Bridgnorth Capital LLP. He holds an MBA from Northeastern University in Boston.
Charles Paillé de Rivière
A graduate of ESCP Europe, Charles worked as a financial analyst for Merrill Lynch’s Financial Institutions team in London. He then moved to AnaCap Financial Partners, a private equity fund based in London and specialised in the financial services industry, working as Chief Executive Officer. He joined BDL in 2018 to track financial services with Mark.

Stéphane Sumar

Before joining BDL Capital Management in early 2018, Stéphane spent nearly 20 years working as a sell-side financial analyst specialising in mid-caps. He started his career at Cheuvreux in 1999, before moving to Exane BNP Paribas in 2005 and then Natixis in 2011, taking charge of mid-cap research in 2015. Stéphane is a graduate of EM Lyon (1999) and Sciences Po Strasbourg (1996). He covers the personal care, luxury and consumer goods sector.

Antoine Prévot

A graduate of Neoma Business School and a level-two CFA, Antoine completed internships at Comgest and Financière Tiepolo as an analyst. He joined BDL Capital Management in 2020 to work with Stéphane Sumar on the luxury and consumer goods sectors.

Alexandre Marie

A graduate of ENSAM, Alexandre completed a Masters degree in Corporate Strategy and Finance at HEC. He worked as an Oil & Gas analyst at Exane for seven years. He joined BDL Capital Management at the beginning of 2014 to follow the oil services industry.

Quantitative management

Maxime Hayot

Engineer from Telecom Bretagne, with a "Master of Science" in Financial Mathematics from Oxford University, Maxime worked as a Quantitative Credit Analyst at Crédit Agricole-CIB and structured products sales analyst at Credit Suisse in London. In 2012, he joined BDL Capital Management to take charge of cash management and the development of hedging strategies. He has held the position of manager of an internal fund since June 2013 and has managed the Durandal fund since its creation. fonds Durandal depuis sa création.

Romain Mayer

A graduate of HEC Lausanne, Romain completed traineeships in competition analysis at Mobistar and management control at Pentair. He then taught at the University of Lausanne. He joined the BDL Capital Management team in 2015 to help with risk modelling and portfolio optimisation. He is a quantitative analyst and also in charge of development in Switzerland.


Thibault Wehbe

A graduate of Supélec, Thibault worked as an equity and fund derivative market maker at Société Générale in Paris and UBS Investment Bank in London. He joined the BDL Capital Management team in 2013 as head of trading and execution.

Thibault Thuaire

Holding a degree in Risk Management and Quantitative Finance from ENSAE Dauphine, Thibault also graduated from EISTI as an engineer in IT and mathematics. He joined BDL Capital Management in 2013, working with Thibault on trading and execution.

Investor Relations, Marketing and Communication

Thierry Dupont

A graduate of ESCP (1984) and the European Federation of Financial Analysts, Thierry worked at Pechiney in Singapore, then Elf Atochem in Paris. In 1989, he joined the family trading company Dupont-Denant, later renamed Natexis Capital. He then worked at Morgan Stanley where he met Hughes Beuzelin. He founded BDL Capital Management in 2005. Thierry contributed to MEDEF’s work on hedge funds, and represents BDL Capital Management at the AFII prospects club.

Axelle Falaise

A graduate of ESCEM, Axelle started her career at CA Cheuvreux Frankfurt, selling equities. She then won a scholarship to complete a double Masters at Macquarie University in Sydney. Returning in 2010, she worked at Exane Geneva, selling options. Axelle joined the BDL Capital Management development team in 2012.

Victorien de Gastines

Victorien holds a Bachelor’s degree in Economics and Finance from the Catholic University of Lille, and is a graduate of Audencia Nantes. He joined BDL Capital Management in 2007 to develop funds alongside Thierry Dupont.

Camille de Labeau

Camille holds a Bachelor’s degree in Economics, Management and English from the University of Nanterre Paris X, and is a graduate of Audencia Nantes. She joined the BDL Capital Management development team in 2016.

Flavien Del Pino

A graduate of Neoma Business School, Flavien completed sell-side and fund management internships before joining Exane BNP Paribas in 2012. After spells with the sales team in New York and research department in London, he spent five years selling equities in Paris, looking after clients in France and the Benelux countries. He joined the BDL Capital Management development team in 2019. 

Nathalie Six

A graduate of the European Business School (1991), Nathalie started her career in communications and marketing at Atos, an IT engineering and services company, before moving to Exane as head of communications. She then worked as an advisor to budding entrepreneurs, and spent eight years in the United States. She joined BDL Capital Management in 2009 and looks after corporate communications, helps with strategic brand research, and organises attendance at trade fairs and events.

Risk control, information systems and middle office

Stanislas Perney

A graduate of Supélec, Stanislas started his career in 2010 as a consultant at Murex. He joined the BDL Capital Management team in 2013 as a risk manager, gaining FRM certification in 2015.

Jean-Nicolas Piketty

A graduate of Arts et Métiers ParisTech, Jean-Nicolas specialised in knowledge and information systems management. He worked in IT management consulting for five years, mostly at Capgemini Consulting. He joined BDL Capital Management in 2017 as Head of Middle Office. He is also responsible for IT

Pierre Gordé

Pierre holds a Market Finance and IT degree from the ESILV Engineering School and completed an MBA in Trading at ESLCA. He joined BDL Capital Management in 2018 to expand the IT team.

Administration, Finance, Legal and Compliance

Alexandre Safar

Holding an MSc in Corporate Finance and Master in Management from EDHEC, Alexandre started his career at the auditing and consulting firm PwC as a banking and insurance consultant specialised in regulatory aspects and oversight of finance. He then joined HSBC as a project manager at the trading finance department, taking responsibility for tax and regulatory matters. He joined the BDL Capital Management team in 2015 to take charge of administrative, financial and legal affairs, and carry out the regulatory watch as Chief Compliance Officer.

Tamar Terzian

After a Degree in Accounting and Financial Studies, Tamar gained significant experience at the Degroof management company. She joined BDL Capital Management in July 2012 and looks after financial matters.

Marie Delcourt

A graduate of Kedge Business School’s Grande Ecole Programme, Marie has more than 15 years of experience in financial positions within the banking and insurance industries. She spent three years at KPMG auditing banks and insurance companies, before moving to HSBC France where she worked for the trading desk as internal controller, head of financial control and then project manager. She joined BDL Capital Management in 2018 to lead multidisciplinary financial projects.

Nicolas Julia

A graduate of EM Strasbourg Business School, Nicolas first worked at PwC as a bank and insurance consultant, carrying out regulatory assignments for a large French bank. He joined BDL Capital Management in 2016 to strengthen the compliance and regulatory department.

Office Manager

Valérie Schelcher

After many years in interior design and event management, Valérie joined BDL as Office Manager in 2014.

Inès Westelinck

After years in interior design and asset management, Inès joined BDL in 2019 to work with Valérie.

Join us


Would you like to join an independent, responsive, high-performing team?

Please email your application (CV and cover letter) to: 



Receive our articles and newsletter

We share our expertise and thoughts on investment. Our priority is to have fellow investors with a long-term horizon, and who share our investment philosophy.

fr_FRFrançais en_USEnglish

Pin It on Pinterest