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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Sep 30, 2026
BDL Capital Management advocates disciplined, valuation-sensitive quality investing over medium-to-long-term horizons, cautioning that equity markets are currently fully priced and devoid of any margin of safety. While headline economic indicators appear supportive, mounting structural risks—principally rising long-term sovereign bond yields, escalating debt obligations across tech hyperscalers, and French and US political uncertainties—threaten long-duration, highly valued assets. For the year-to-date period through September 17, 2026, flagship strategy BDL Rempart returned 3.3% net of fees, while long-only strategy BDL Convictions generated 4.3% net of fees, underperforming the STOXX 600 index's 10.8% gain due to an 18% multiple de-rating across core quality investments despite positive earnings revisions. In response to tightening capital conditions and technical market distortions, the manager has decisively de-risked portfolios, trimming BDL Rempart's net exposure from ~65% to ~40%, building BDL Convictions cash to 6%, eliminating direct exposure to capital-intensive artificial intelligence infrastructure, and establishing short baskets against equities trading above 25x price-to-earnings multiples.
Over medium-to-long-term investment horizons, fundamental company analysis and attractive valuation discipline ultimately govern equity returns despite short-term algorithmic disruptions.
BDL Capital Management expects long-term interest rates to continue rising in developed markets due to worsening government deficits, higher debt-servicing costs, and substantial debt issuance from the technology sector. In this rising cost of capital environment, long-duration equities trading at high multiples face sustained valuation compression. Equity markets are considered fully priced with little margin of safety, and upcoming US midterms and French political developments introduce added near-term volatility. The manager plans to preserve lower net market exposure, avoid capital-heavy AI themes, maintain short positions in rich-multiple baskets, and focus capital on high-quality compounders with resilient, non-cyclical cash flows.
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