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Dear fellow investors,

The BDL Capital Management team would like to wish you a happy new year. 2018 brought its share of problems for us and therefore for your investments. We are not unhappy to be turning the page despite being fully aware that the new year will not take away the stigma of these difficulties. We would like to thank you again for the trust that you have shown in our team, with more than €2.1 billion placed under our responsibility.

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