BDLCM Funds - Durandal

Investment Objective

BDLCM Fund - Durandal is a Long Short Equity Fund invested in equities from OECD countries. It is based on a quantitative approach, that is it applies to quantitative data analysis methods in order to build a diversified portfolio. The strategy is systematic, diversified, with low net market exposure and small sectoral and country bias.

Latest Meeting Note

Meeting 25 Feb 2021

BDL is an independent fund management company based in Paris running €1.7bn across three European focussed strategies (long short and long only). The firm employs 28 people, 14 of which are analysts/fund managers. The BDL Durandal fund l... Read more

BDL is an independent fund management company based in Paris running €1.7bn across three European focussed strategies (long short and long only). The firm employs 28 people, 14 of which are analysts/fund managers. The BDL Durandal fund launched in November 2018. It is a ‘quantamental’ systematic market neutral equity strategy inspired by the approach of a fundamental investor. The investment process starts with fundamental analysis to move to the more technical aspects of the market that may impact the price of a company. It uses 9 signals which are split across two clusters: fundamentals (Valuation, Quality, Sentiment, Growth and Momentum) and technicals (Flows - ETF, stock volatility and beta, positioning, short term price momentum). The next step is macroeconomic analysis (proprietary quantitative macroeconomic index based on growth indicators, climate indicators, etc) which informs portfolio construction (regimes conditioning) and position sizing. The aim is to isolate ‘pure’ stock picking alpha by hedging unwanted exposures to factors, sectors etc. The final portfolio typically includes 50 to 250 positions, with a net exposure that can vary from -10% to +50%.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2020 0.7 0.9 0.5 0.6 0.2 0.7 0.8 0.5 0.8 0.9 0.5 0.0 0.6
2019 0.5 0.5 0.3 0.6 0.3 0.5 0.2 0.4 0.6 0.9 1.0 1.0 0.4

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