PORTFOLIO MANAGEMENT /
CLOSED STRATEGIESB-CAP
STRATEGIES CLOSED BY STRATEGIC DECISION
COMMON SHARES
AVENTURIER - closed in April 2025, as decided by the investment committee
Macro+ thematic investment
B-CAP’s Adventurer strategy is designed to achieve long-term capital appreciation through direct investment in the equity of publicly traded companies carefully identified by our experienced manager.
Our portfolio construction follows a global approach that combines dynamic exposure to timely themes derived from a macroeconomic framework (top-down) with a stock selection process that involves a combination of quantitative fundamental investigation and qualitative analysis. Our management style places strong emphasis on identifying issuers with a strong competitive advantage in terms of innovation and disruption, in line with our macro analysis.
The Aventurier model stands out for its high degree of flexibility. This extends to sector concentration, with a maximum limit of 40% per sector. In addition, the model allows investments in companies of different sizes, with a maximum limit of 25% for companies with a market capitalization of less than $500 million. The model adheres to strategic stock rotation, with investment horizons ranging from 2 to 5 years. These distinctive features, combined with our ability to nimbly navigate unconventional opportunities, make the Aventurier strategy a unique offering compared to many other equity mandates available on the market.
MISSION: ADAPT THEMATIC EXPOSURE ACCORDING TO THE MACROECONOMIC CONTEXT (PRESENT AND ANTICIPATED)
The Aventurier strategy adapts its sector and factor exposure according to macroeconomic conditions. Without being an exact science, anticipating the economic cycle is central to the manager’s decision-making: economic acceleration or deceleration, above or below the inflation acceleration threshold, financial conditions, propensity to consume, investments, inventories, leverage, money supply, etc. Empirical analysis of the performance of various risky assets over time reveals a significant relationship with the stage of the economic cycle. Empirical analysis of the performance of various risky assets over time reveals a significant relationship with the stage of the current cycle, from ‘recovery’ to ‘recession’. The portfolio manager’s primary role here is that of market strategist, expressed through the selection of investment themes (macro, factorial, fundamental attributes, industry) and the common stocks of related companies.
Adventurer / Management Reports
Quarterly overview 2024
Quarterly overview 2023
Quarterly overview 2022
Quarterly overview 2021
GOOD TIMES BAD TIMES (GTBT) - closed in April 2025, as decided by the Investment Committee
Absolute return, directional bias
The name of the strategy ‘Good Times Bad Times’ (GTBT) is linked to its investment mandate:TO GENERATE POSITIVE 12-MONTH ABSOLUTE RETURN IN ANY MARKET ENVIRONMENT
GTBT in brief:
- Long / Short
- Opportunistic
- Unconstrained
- Macro Framework
- Adaptable Multi-Strategy
- Global, Across Major Asset Classes
The main determinants of decision making are:
1) Position in the business cycle
2) Factors (factor investing ref)
3) Quantitative and qualitative industry data
4) Street estimates vs. potential
5) Fear vs. greed
6) Market positioning
7) Corporate activity
8) Technical signals
As a general rule, the manager invests where estimates remotely follow healthy fundamentals in progress, with an interest in underestimated themes.
B-CAP’s flagship strategy invests in listed liquid financial instruments, via direct exposure or options strategies. The expected volatility is that of the MSCI World (or less). The expected correlation with primary benchmarks is intended to be low (or negative).
The GTBT strategy stands out mainly for its unconventional approach to investing: it is exposed to a variety of top-down themes, it breaks new ground, and it has a variable degree of net market exposure.
01. Focus on themes
The backdrop is a reading of economic and corporate activity, paired with the context of risk taking (central bank actions, investor sentiment, financial conditions, etc.). The methodology is thus mainly top-down. The manager draws up a list of themes that he considers to be promising, which will be investigated further, often willingfully left aside by a strong optimism already carried by a large number of participants. The intention is indeed to avoid dense crowds, especially in small venues…
The themes chosen, often broken down into a few individual but related positions, may target industries with high growth potential, investment factors, interest rate movements, rmean reversion, inflationary pressures and much more.
02. off the beaten track
The analysis of themes often leads to companies unknown to most of the investment community, often little or not covered by research departments (sell-side). GTBT is not afraid to venture off the beaten track and browse through information in order to find interesting candidates. Each company is researched, sometimes contacted directly, always cataloged.
The choice of financial instruments is also often out of the ordinary. GTBT regularly updates its own analysis, valuation and grading systems for warrants, convertible debentures, and preferred shares. The manager also makes extensive use of the liquid market for listed options.
That said, GTBT excludes certain types of risk, such as private markets and IPOs.
03. Variable net exposure
GTBT always holds a few active ‘short’ positions, whichtogether may or may not represent an influential weight on the overall strategy. The general strategy analysis framework (macroeconomics, market positioning and technical analysis) provides a general indication of the potential for short to medium term correction. A high degree of investor and ‘Sell Side’ confidence, together with the risk for a slowdown that is poorly or not integrated into economic expectations, would be an opportunity to call upon defence…
The strategy uses several methods in order to protect the capital and even see it grow, in a context of down markets: buying put options, ‘bear call spreads’ option strategies, reviewing the weights allocated to the various factors, lowering the weight of warrants, interest rate / credit-oriented strategies, etc.
GTBT/ Summary presentation for the general public
Latest quarterly overview (in English)
If you are an accredited investor interested in learning more about this strategy (performance history, volatility, manager’s comments, summary positioning, etc.), please contact us.