«Among balanced funds, only Monocle stand out from the crowd.»

Les Echos, 1st French Business Newspaper, November 22d, 2018







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Monocle Fund Part A

June 26, 2020
 YTD:                  +2.20%

Dear Investors,

As of June 26, Monocle (part A) is at +2.20% over 2020.

2019: +6.09%
2018: +0.11%
2017: -1.25%
2016: +6.91%
2015: +7.32%

Year to date, the peers category is at -5% (source: Quantalys) and the CAC40 is at -18%.

Markets continue to be volatile. Facebook (4% of the fund) gave up 10% over the week on the announcement of the withdrawal of some advertisers from the platform to show their disagreement with the way Facebook manages US presidential advertising campaigns.

However, among Tech's companies, if there is one that has the adequate resources to manage this type of difficulty, it is Facebook:

> Sheryl Sandberg, the group's CEO, is Larry Summers' former right-hand man when he was Secretary of the Treasury under Clinton.

> Robert Kimmit, who was Secretary of the Treasury (under G.W. Bush) and Ambassador to Germany (under Clinton), has just joined the board.

> Similarly in France, the current president of Facebook is Laurent Solly, who was France's youngest prefect and Sarkozy's chief of staff.

Facebook's management is therefore not made up solely of high-level computer geeks.This mix of skills gives us confidence in their ability to handle the current difficulty.

Yours sincerely


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