Our Tribune
Our articles are intended to share our investment culture and describe our management philosophy, company visits, and main analyses.
Management newsletter BDL Rempart Europe - September 2020
Chers co-investisseurs, Le mois d’août nous aura finalement épargné de ses spasmes dont il est parfois coutumier sur les marchés financiers. Nous espérons que, comme nous, vous avez pu profiter des vacances pour refaire le plein d’énergie pour continuer à traverser ce...
Management newsletter BDL Convictions - September 2020
Chers co-investisseurs, Pendant le mois d’août, les marchés financiers nous ont épargné les spasmes dont ils sont parfois coutumiers. Nous espérons que, comme nous, vous avez pu profiter des vacances pour refaire le plein d’énergie dont nous avons tous besoin pour...
Flash info BDL Rempart Europe – T2 2020
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...
Lettre de la gestion Durandal Mai 2020
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...
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.
BDL Rempart Europe and BDL Convictions Management newsletter, March 2020
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...
Durandal Newsletter, March 2020
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...
January 2020 Durandal Management Newsletter
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.
January 2020 BDL Transition management newsletter
Launched on 6 May 2019, our BDL Transition fund is the first fund to be SRI-certified and use a market risk hedging strategy.
January 2020 BDL Rempart Europe and BDL Convictions newsletter
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.
Management Newsletter July 2019
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 ...
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 ...
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...
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.
Visit of the oil field in Matzen, Austria
We met the management of the Austrian oil company OMV, and visited the Matzen site north of Vienna. Matzen is an 'extra mature' oil field (over 50 years of production), which went into production in 1949 and continues to ...
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', ...
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 ...
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.
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.
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...
March 2019 management newsletter
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 ...
Visit of the ASOS distribution center in Barnsley
We have visited the ASOS distribution center in Barnsley. We have been able to compare the center with the ones from Zalando and M&S. The warehouse is managed by XPO logistics.
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.
Visit of the brewery AB Inbev in Louvain, Belgium
We have visited the biggest European brewery of the AB Inbev group in Louvain. The Stella Artois, Jupiler and Hoogarden brands are brewed there.
January 2019 management newsletter
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 ...
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