Our Tribune

UN DEUXIÈME TRIMESTRE PLUS PORTEUR Le fonds a su tirer parti du rebond des marchés actions au deuxième trimestre : Au T2, BDL Rempart Europe progresse de 7.89%, captant 53% de la hausse de l’indice Stoxx 600 pour une exposition nette moyenne de 39% et un levier brut...

Chers co-investisseurs, Après avoir préalablement testé en interne la stratégie depuis 2017, nous avons maintenant 18 mois d’historique pour notre fonds ouvert quantitatif et systématique Durandal. Cet historique comprend les deux derniers mois particulièrement...

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.

Dear fellow investors, There will be a before and an after. Each of us now has loved ones affected by this health crisis, and we are thinking about all our clients and partners as well as their families. I would like to reassure you that none of the team have tested positive for Covid-19 to date...

Chers co-investisseurs, Le choc du coronavirus a été rapide et brutal pour les marchés financiers. Entre le 28/02/2020 et le 20/03/2020, le STOXX600 dividendes réinvestis (SXXR) a perdu 21.82%. Dans ce contexte difficile, nous souhaitons revenir sur la performance de...

Dear fellow investors, Creation of Pure Alpha in 2019? Dear fellow investors, We would like to start this new year by thanking the investors who trusted in us in 2019. Assets in the Durandal fund have now passed the €40 million mark.

Launched on 6 May 2019, our BDL Transition fund is the first fund to be SRI-certified and use a market risk hedging strategy.

In this newsletter you will find an analysis of the BDL Rempart Europe and BDL Convictions funds’ performance in 2019, as well as our investment ideas for 2020.

The danger of paying too much: return to the future? "People know the price of everything and the value of nothing," Oscar Wilde. Dear co-investors, Paying too much for a company or any other asset always generates disappointments. They have two origins ...

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.

10 years have passed since the second largest financial crisis in history. Last September, our Long Only European Equity Fund, BDL Convictions, also celebrated its tenth anniversary. He has an honorable performance of 12.04% per year ...

Dear co-investors, The BDL Capital Management team wishes you a Happy New Year 2019. The year 2018 will have had a lot of difficulties for us and therefore for your investments. We are not sorry to turn the page even though we are quite ...