2020 was a turbulent year for Tikehau Capital. Despite outstandings up 10% to 28.5 billion euros and net inflows of 3.7 billion euros, the listed investment company founded by Antoine Flamarion and Mathieu Chabran recorded a loss of 207 million euros last year. The profit of 34 million euros posted by the alternative management shop in the second half was not enough to offset the loss of 241 million euros at the end of June, as shown by its annual accounts published on Thursday.
The unprecedented setback of 2020 is due to the cost of the hedges put in place last spring to protect the portfolios managed for the group’s own account. The strong rebound in the equity markets after the stock market crash led to a reversal in the positions of the derivatives purchased by Tikehau. The invoice for the year amounted to 286 million euros, of which 120 million were booked in the second half. The unwinding of these instruments in recent weeks will generate an additional charge of 71.5 million euros in the 2021 accounts.