Métropole Gestion


ISIN Code FR0013185055

NAV 261.52 €


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

April 2022

The Euro Zone equity markets fell in April. Record levels of inflation and upcoming monetary tightening by central banks have investors worried about a slowing economy. Statements made in the context of the Russia-Ukraine conflict and the ongoing health restrictions in China also weighed on market sentiment. On the other hand, companies’ quarterly publications show sustained levels of activity and still solid prospects. In this environment of renewed risk aversion, the sectors that outperformed the most were telecommunications, utilities and non-cyclical consumer goods. Conversely, technology, industrials, consumer discretionary and financial companies underperformed the most. The sub-fund outperformed its benchmark over the month thanks to a stock-picking effect that more than offset an unfavourable allocation effect. Among the main positive contributors over the period were Repsol, Stora Enso, Publicis, Accor and Saint-Gobain, which all published good quarterly performances and reiterated their promising outlooks. The main negative contributors were Santander, Siemens Energy, Intesa Sanpaolo and UniCredit. During the month we spoke with Grifols, a Spanish company specialising in the collection and processing of blood plasma, in order to further our understanding of the governance issues faced by this family company, which has a dual management structure. For several years, the company has relied on an independent lead director in order to guarantee the maintenance of good governance practices. In addition, the portion of variable compensation indexed to ESG criteria has reached 30%, which is a high level compared with market standards. This indexation covers all of the 30 objectives set up by the group, including gender parity in management positions and the use of fully renewable energy. Following this exchange, it is our opinion that the family has put in place governance levers capable of preserving the interests of all stakeholders, including minority shareholders. In addition, Philips provided an update in its quarterly publication on the recall and replacement campaign for its sleep aid devices. Due to a larger number of products to be replaced than initially disclosed to the markets and difficulties in the supply of certain components, this campaign will be more costly and will ultimately not be able to be completed in 2022. Philips therefore recorded an additional provision of EUR 165 million in the first quarter. While these factors are setbacks when it comes to resolving the matter, they do not call into question either the group’s financial health or the favourable outlook for all of its activities. The sub-fund maintained its AAA- rating in April. We made no changes to the portfolio structure 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