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Our Tribune

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

Lettre de la gestion BDL Rempart Europe et BDL Convictions – Mai 2020

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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Guide de l’investisseur

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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Lettre de la gestion mai 2019

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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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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