Métropole Gestion

Management process

Philosophy  -   Management process  

Value investing: investing wisely®

  • Selection of undervalued stocks compared to their industrial value
  • Identification of catalysts likely to occur within a reasonable period of 18 to 24 months
  • An investment process implemented in all our Equity funds
  • A bottom-up process
  • Pure and concentrated portfolios


Management process

Pre-selection Reduction of the investment universe in line with 3 successive criteria:

Elimination of companies falling within the scope of our exclusion policy.

Elimination of companies with the lowest ratings under the Best-in-Class/Best Efforts ESG rating produced using our proprietary methodology or which have been the subject of a major controversy.

Selection of securities that are discounted vis-à-vis their industrial value by using for each sector the same valuation criteria as used for the sector's companies recorded in our proprietary database of past transactions.


Evaluation Calculation of industrial value, analysis of the balance sheet strength, consideration of extra-financial controversies followed by meeting with management.

A 360° analysis of the company taking into account three aspects: extra-financial analysis, financial analysis, balance sheet analysis.

Meeting with management regarding these 3 aspects.

Choosing an appropriate valuation ratio for each type of business.

Evaluation of ESG risks and opportunities.


Identification of catalysts Anticipation of changes in market status for the security selected , likely to reduce any undervaluation relative to their industrial value.

Identifying financial or extra-financial catalysts, new controversies or changes in extra-financial ratings.




EntryEntry based on a collegial decision and weighting of each security according to its discount and catalysts.

Portfolio with stocks discounted against their industrial value, with strong balance sheet and ESG qualities.

Concentrated portfolios with 30 to 40 stocks.



Exit Strict sell discipline.

When the valuation target is reached.

When identified catalysts do not materialise.

In the event of a sharp downgrade in extra-financial ratings.

In the event of significant controversy.


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