Métropole Gestion


ISIN Code FR0010632364

NAV 378.55 €


Morningstar®: 1/5

Value Blended Growth
Large caps Yes No No
Mid caps No No No
Small caps No No No

Fund management

The European fund management team

The fund management team: Ingrid TRAWINSKI, Jérémy GAUDICHON, Fredrik BERENHOLT, Isabel LEVY, Thibault MOUREU, Markus MAUS, Cédric HERENG.

Management comments

November 2021

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

Requests will be centralised with CACEIS Bank Luxembourg branch on a daily basis up to 12 p.m. and processed on the basis of the next net asset value which will be calculated based on the closing prices on the same day. in other words. at unknown price. All related settlements will be made two trading days after following the NAV calculation / unit (D+2). CACEIS Bank Luxembourg branch- Tel.: 00 352 47 67 70 63 - Email: FDS-Investor-services@caceis.com. Please ensure that your financial intermediary gives your company’s name and your BIC/ BIC1 code to CACEIS Bank.


This website is intended for professional investors within the meaning of Directive 2004/39/EC (MiFID).


This website only allows you to obtain information on funds that are offered to the public in the selected country. Restrictions on accessing the products and services offered on the www.metropolegestion.fr website may apply to certain persons or in certain countries.


In particular, the funds have not been and will not be registered with the US Securities and Exchange Commission under the US Investment Company Act of 1940 or any amendments thereto, or under any other securities law.


As such, no prospectus published on this website may be brought into, sent to or distributed in the United States of America or its territories or possessions or provided to US-resident institutional investors or to companies, associations or other entities created under or governed by United States laws (the persons or entities referred to above being “US persons” within the meaning of Regulation S under the United States Securities Act of 1933). The funds may not be offered or sold to US investors. More generally, the products and services offered on this website may only be subscribed for by non-professional investors in jurisdictions that permit the sale and promotion of those products and services.


The information contained on this website shall not be considered to be an offer or a solicitation to enter into a trade in a jurisdiction in which that offer or solicitation is illegal or in which the person making the offer or solicitation is not authorised to operate. The information contained on this website is provided for information purposes only and does not constitute active advertising or marketing material, a personal recommendation or investment advice.


This website uses cookies that enable us to collect certain anonymous information when you visit our website (such as measuring and analysing information on visits to our website). By continuing to use the website, you agree to the use and installation of these cookies. You may, however, prevent cookies from being stored by altering your browser settings. We may also allow third party companies to collect certain anonymous information for statistical purposes when you visit our website (in particular, your IP address) in order to improve the effectiveness of our website.


By clicking on the “I agree” button below, you acknowledge that you have read and understood this page, you agree to comply with its contents and you confirm that you are accessing this website in accordance with the laws and regulations of the jurisdiction or country in which you reside.

I agreeI refuse