«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

September 18, 2020
 YTD:                  +5.50%

Dear Investors,

As of September 18, Monocle (part A) is at +5.50% over 2020.

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

As explained last week, the fund is being pulled by the G4S position which is the target of a hostile takeover bid by its competitor GardaWorld. After recommending to reject the offer last week, G4S announced yesterday that it was open to consider an higher offer. This is a step in the right direction.

For the rest of the markets, volatility remains high, with significant stock index declines in recent days. We think that this movement should accelerate: the pandemic is developing again, autumn is not going to help things and, at a PE of 1132, we may have just seen the last buyer of Tesla pass by.

That said, the NIKOLA adventure shows us that we are not completely at the end of the bubble. NIKOLA is a copy/paste of TESLA for trucks. And its founder, Trevor Milton, had a communication strategy similar to that of Elon Musk. I say 'had' because, after being suspected of fraud, the company announced its departure on Sunday, effective immediately. After this announcement, Nikola saw his share lose 20%. But tonight, the company remains valued at $17 billion. This is a lot for a company that has no technology, no prototype, no founder. It is even too much.

Yours sincerely


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