At the 2026 Sohn Monaco Conference, Vincent Ijaouane started with a clever opener “I’m pretty sure this is going to be the only idea involving both soap and spacecraft today,” he told the room. Ijaouane is the Founder and CIO of Vigama Capital, a Geneva-based, FINMA-regulated investment manager running a macro-guided long/short European equity strategy. Before founding Vigama, he was Head of Agora, Pictet Asset Management’s flagship European long/short equity fund with approximately $2.5 billion USD in assets. He began his career at Goldman Sachs in London.
His pitch at Sohn Monaco was for a Belgian specialty materials company spun out in late 2023, currently trading at around 66 euros. Ijaouane put that price at roughly a 65 percent discount to the peers it should be compared to once its transformation is complete. His target price is 110 euros.
A Complicated Spin-Off Trading on the Wrong Narrative
Ijaouane opened by acknowledging that the bear case is not only legitimate — it is, as he put it, “a good case for the prosecution.”
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