BDL is an entity founded in 2005 with more than 18 years’ experience in managing European equity funds. They manage a portfolio that has nearly €3 billion in assets.
They invest in good businesses that generate high returns on assets, are well managed and are trading at a low enterprise value relative to the free cash flow generated by the companies.
Their main fund, BDL Convictions, which uses a long-only strategy, manages more than €1 billion in assets and has outperformed its index by a wide margin. The long-short also has close to €1 billion assets under management. On the short side, they focus on companies trading at high multiples that they believe suffer from higher rates.
Presentation of Flavien del Pino, Director of BDL Capital in Spain, at the Tenvalue Annual Conference (9 minutes):
Top 5 positions of the BDL Convictions Fund (June 2025):
– Saint Gobain (8.4%)
– Vinci SA (8.1%)
– Koninklijke Phil (7.2%)
– Eiffage (6.2%)
– Engie (4.4%)
