Dear fellow investors,
In the letter, we detail the 2020 performance of our BDL Rempart Europe and BDL Convictions funds.
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
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