Capital Markets Strategies

Conviction, long-term vision and agility in listed markets

Our investment philosophy is one of long-term conviction-driven management built on fundamental financial and non-financial analysis.

Selectivity is our watchword. We invest in a small number of companies and issuers that we consider to be of high quality. Our range includes bond (credit) funds, equity funds and a flexible fund.

 

As long-term investors taking an active and conviction-driven approach, we believe it is essential to steer clear of benchmark constraints1 in favour of an optimised risk/return ratio and the capacity to meet our investors’ expectations.

To do so, we rely on robust proprietary research. The team comprises over 30 equity and fixed income portfolio managers and analysts based in Paris, New York, London and Singapore, including a team of credit research analysts.2

1 Please refer to each fund’s prospectus and KID for more information.
2 Source: Tikehau Investment Management as of 31/12/2023

 

Convinced that finance has a central role to play in financing the real economy, we aim to invest in companies that are market leaders and profitable in our view, particularly in the small and medium-sized companies' segment.

 

The team

Raphaël Thuin

Head of Capital Markets Strategies

Raphaël Thuin joined Tikehau Capital in 2020 and currently serves as Head of Capital Markets Strategies. Previously, he served as Head of Fixed Income Management at TOBAM in Paris, which he had joined in 2014. He began his career in 2005 as a portfolio manager for Topaz Fund in New York. In 2008, he joined the capital markets business of Société Générale, also in New York.

Education: HEC Paris, University of Paris I: Panthéon-Sorbonne

Rodolfo Caceres

Head of Credit Research

Rodolfo Caceres joined Tikehau Capital in 2008 as Head of Credit Research. Previously, he was a buy-side credit analyst at Fortis Investments in Paris from 2006. He began his career in 2000 in the Colombian Ministry of Finance and Public Credit. He then worked in London between 2001 and 2006, as a buy-side credit analyst at Morgan Stanley and then at Lehman Brothers. He qualified as a Financial Risk Manager in 2005.

Education: Universidad Externado de Colombia (Bogotá, Colombia); HEC Paris

Laurent Calvet

Head of Fixed Income Strategies

Laurent Calvet joined Tikehau Capital in 2013 and currently serves as Head of Fixed Income Strategies. Laurent has a decade of prior experience as a Credit Portfolio Manager at Tikehau Capital. He started his career in 2008 at BNP Paribas in Paris as a structured products salesman. In 2011, he joined BNP Paribas’s New York office as a Delta One trader on the North American and Latin American equity markets.

Education: Paris Dauphine University, London School of Economics and Political Science

Jean-Marc Delfieux

Head of Flexible and Equity Strategies

Jean-Marc Delfieux joined Tikehau Capital in 2007 and currently serves as Head of Flexible and Equity Strategies. Previously, he worked at HR Gestion, a French private bank, where he oversaw the Fixed Income team and managed a high yield and crossover bond portfolio. He started his career in 1996 at Société Générale in London on the Asset Swap desk and in 1998 he moved to Johannesburg where he oversaw the euro-rand and South African government debt desks.

Education: University of Caen Normandy

Raphaël Thuin

Head of Capital Markets Strategies

Raphaël Thuin joined Tikehau Capital in 2020 and currently serves as Head of Capital Markets Strategies. Previously, he served as Head of Fixed Income Management at TOBAM in Paris, which he had joined in 2014. He began his career in 2005 as a portfolio manager for Topaz Fund in New York. In 2008, he joined the capital markets business of Société Générale, also in New York.

Education: HEC Paris, University of Paris I: Panthéon-Sorbonne

Raphaël Thuin joined Tikehau Capital in 2020 and currently serves as Head of Capital Markets Strategies. Previously, he served as Head of Fixed Income Management at TOBAM in Paris, which he had joined in 2014. He began his career in 2005 as a portfolio manager for Topaz Fund in New York. In 2008, he joined the capital markets business of Société Générale, also in New York.

Education: HEC Paris, University of Paris I: Panthéon-Sorbonne

Rodolfo Caceres

Head of Credit Research

Rodolfo Caceres joined Tikehau Capital in 2008 as Head of Credit Research. Previously, he was a buy-side credit analyst at Fortis Investments in Paris from 2006. He began his career in 2000 in the Colombian Ministry of Finance and Public Credit. He then worked in London between 2001 and 2006, as a buy-side credit analyst at Morgan Stanley and then at Lehman Brothers. He qualified as a Financial Risk Manager in 2005.

Education: Universidad Externado de Colombia (Bogotá, Colombia); HEC Paris

Rodolfo Caceres joined Tikehau Capital in 2008 as Head of Credit Research. Previously, he was a buy-side credit analyst at Fortis Investments in Paris from 2006. He began his career in 2000 in the Colombian Ministry of Finance and Public Credit. He then worked in London between 2001 and 2006, as a buy-side credit analyst at Morgan Stanley and then at Lehman Brothers. He qualified as a Financial Risk Manager in 2005.

Education: Universidad Externado de Colombia (Bogotá, Colombia); HEC Paris

Laurent Calvet

Head of Fixed Income Strategies

Laurent Calvet joined Tikehau Capital in 2013 and currently serves as Head of Fixed Income Strategies. Laurent has a decade of prior experience as a Credit Portfolio Manager at Tikehau Capital. He started his career in 2008 at BNP Paribas in Paris as a structured products salesman. In 2011, he joined BNP Paribas’s New York office as a Delta One trader on the North American and Latin American equity markets.

Education: Paris Dauphine University, London School of Economics and Political Science

Laurent Calvet joined Tikehau Capital in 2013 and currently serves as Head of Fixed Income Strategies. Laurent has a decade of prior experience as a Credit Portfolio Manager at Tikehau Capital. He started his career in 2008 at BNP Paribas in Paris as a structured products salesman. In 2011, he joined BNP Paribas’s New York office as a Delta One trader on the North American and Latin American equity markets.

Education: Paris Dauphine University, London School of Economics and Political Science

Jean-Marc Delfieux

Head of Flexible and Equity Strategies

Jean-Marc Delfieux joined Tikehau Capital in 2007 and currently serves as Head of Flexible and Equity Strategies. Previously, he worked at HR Gestion, a French private bank, where he oversaw the Fixed Income team and managed a high yield and crossover bond portfolio. He started his career in 1996 at Société Générale in London on the Asset Swap desk and in 1998 he moved to Johannesburg where he oversaw the euro-rand and South African government debt desks.

Education: University of Caen Normandy

Jean-Marc Delfieux joined Tikehau Capital in 2007 and currently serves as Head of Flexible and Equity Strategies. Previously, he worked at HR Gestion, a French private bank, where he oversaw the Fixed Income team and managed a high yield and crossover bond portfolio. He started his career in 1996 at Société Générale in London on the Asset Swap desk and in 1998 he moved to Johannesburg where he oversaw the euro-rand and South African government debt desks.

Education: University of Caen Normandy

A wide range of options tailored to align with our clients’ objectives

  • Our Capital Markets Strategies range consists of nine credit funds, two equity funds and a flexible fund
  • Our bond (credit) funds aim to select the best opportunities both in the High Yield and Investment Grade segments. The management teams invest in bonds issued by corporate or financial issuers, predominantly European.
  • Our equity offering includes a Long-Only fund and a thematic fund dedicated to European sovereignty, both of which follow the same management philosophy: invest in quality securities, available at a "reasonable price" according to our analysis.
  • Our flexible fund leverages our equity and bond expertise. This enables it to invest flexibly (equities, bonds, hedging instruments) to create sustainable value and adapt to different market environments.

These funds are managed by Tikehau Investment Management, Tikehau Capital’s main asset management platform

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