METROPOLE Euro SRI A
ISIN Code FR0010632364
NAV 378.55 €
Documents to be downloaded
Main Value Responsible investment cases for Eurozone stocks
The fund management team: Ingrid TRAWINSKI, Jérémy GAUDICHON, Fredrik BERENHOLT, Isabel LEVY, Thibault MOUREU, Markus MAUS, Cédric HERENG.
A Eurozone equity markets ended November down in response to a double-whammy resurgence of the Covid pandemic. Rising infection rates had already prompted countries like Austria and Germany to toughen their barrier measures by the middle of the month, even before the emergence of a new variant in South Africa triggered an even sharper fall on markets. This downward spiral was accompanied by a strong sector rotation away from cyclical sectors dependent on the re-opening of economies. In this environment, the materials, communications and tech sectors held up best, while the energy, financial and health sectors were the biggest underperformers.
In this context, the sub-fund underperformed its benchmark. The biggest negative contributors to relative performance were Santander, ArcelorMittal, Accor and Intesa Sanpaolo, whereas Stora Enso, CRH and Alstom outperformed.
We had discussions this month with Stora Enso after the group raised its CO2 emissions reduction targets at the end of October. The Finnish group, which produces wood, pulp and packaging for consumer products and also owns extensive forest assets, is aiming for a net climate positive footprint by 2050. This will be achieved via a 50% reduction in CO2 emissions by 2030 across scopes 1, 2 and 3. These SBTi-approved targets attest to the major role Stora Enso can play given the nature of its business.
Making ESG news was Continental AG’s termination of its CFO, also in charge of compliance. The Group’s Supervisory Board cited shortcomings in providing information to the already known investigation under way into the supply of devices that enabled Volkswagen Europe to understate the emissions produced by its diesel engines.
The sub-fund maintained its ESG rating of AAA- at end November.
No change was made to the structure of the portfolio over the month.
Subscriptions / redemptions
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