«Monocle Fund is now ranked best fund in the Quantalys Flexible Prudent Fund category.»


Jean-Paul Raymond, founding partner of Quantalys, Quantalys Inside - December 1, 2020

 

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Performance
Monocle Fund Part A

January 15, 2020
 YTD:                  +0.02%
 

Dear Investors,

As of January 15, Monocle (part A) is at +0.02% over 2021.

2020: +6.44%
2019: +6.09%
2018: +0.11%
2017: -1.25%
2016: +6.91%

Friday Petrofac was down 30%. Impressive figure but which only brings the share back to its level of two months ago.

The news behind the drop is the announcement by the Serious Fraud Office (SFO) that David Lufkin, former Petrofac sales manager, has pleaded guilty to 3 new corruption charges.

Well, Lufkin had already pleaded guilty to 11 charges just a year ago so for us it doesn't change our scenario, which is the following:

  1. The new CEO Samy Iskander will quickly find a deal with the SFO.
  2. The fine to be included in this agreement will be proportional to the value of the company (currently $320 million).
  3. Once this file is closed, the market will look at the value of Petrofac = 3 times the results. To give you an order of magnitude: LVMH has a valuation multiple of 35, Amazon over 100.


Finally, the season begins with the opening of 2020 Q4 results and the release of Netflix results tonight (interesting to see how it will go with the Disney+ competition).

Have a nice week,

Charles

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