Our Tribune

Our articles are intended to share our investment culture and describe our management philosophy, company visits, and main analyses.

May 2020, BDL Rempart Europe and BDL Convictions Management Newsletter

Dear Co Investors. The key points we discuss are summarized below : · The paradox that our underperformance has mostly been driven by our long book when it has outperformed for 14 years out of 15 · The extent to which some of our key positions have been impacted by the lockdown · The work we’ve done in the last 2 months to design a stronger long portfolio for the current environment including Balance Sheet and liquidity analysis for each position, strengthening exposure to bigger market caps and stronger European countries · We give examples of sold positions and new investments added in the long and short books · Since the market bottom, these investment decisions have proved fruitful · Despite the YTD underperformance, we are hopeful that our funds should benefit from the new « reopening » phase that is just starting across most countries.

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Notre vision de l’investissement

Our investment vision

Our goal is to assemble a diversified portfolio of good companies at the right price. The right company is growing in a sustainable and profitable way for its shareholders. The right price makes it possible to obtain an attractive return on our capital. Discover our ...

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Investor's guide

Why have we produced an investor’s guide? For the past 14 years, we have been investing our client’s money, along with our own, in listed European companies. This alignment of interests shows a clear commitment and creates a heightened awareness of our responsibilities...

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BDL Transition

BDL Transition

BDL Capital Management is launching the innovative BDL Transition fund, taking a responsible, asset-based approach to savings. True to BDL’s core business of the last 14 years, the fund invests in European companies while hedging its positions to varying degrees.

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Rencontre avec Avast

Meeting with Avast

We met Avast in their offices in London. Avast is a cyber security company that primarily targets the individual user market with antivirus or VPN products. The company has a commercial strategy 'freemium', ...

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Temenos Capital Markets Day

Temenos Capital Markets Day

We went to London for the Capital Markets Day of Temenos, a banking software publisher. Management has announced new long-term financial goals, and detailed its development strategy for each of the segments where the company is ...

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May 2019 management newsletter

Dear fellow investors, Our investments are looking somewhat healthier. Not glowingly so in the case of BDL Rempart Europe, whose I units were up +3.90% and C units up +3.64% at 30/04/2019, but BDL Convictions is fighting fit, with its I units up +16.52% and C units up +16.23% at 30/04/2019. In the second part of this newsletter we will cover your and our interest in short investment in more detail.

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Rencontre chez Bonduelle

Meeting with Bonduelle

We have met Guillaume Debrosse, the new CEO of Bonduelle in Villeneuve d’Ascq and have exchanged on the strategy to come, on new laws on distribution in France and on the potential for developing.

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Capital Market Day de Zalando

Capital Market Day of Zalando

We were in Berlin for the CMD Zalando. The company presented its vision for the coming years, and the pivot that constitutes the "Partner Program", where Zalando becomes a platform for aggregation and logistics in the field of fashion. Perspectives...

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Visite d’usine de valves chez IMI

Visit of the IMI valve factory

We have visited the IMI valve factory in Birmingham. We wanted to make sure that the transformation to lean manufacturing launched by the company had effects in the field. Results are convincing even if the impact needs to be established.

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