Métropole Gestion

METROPOLE Euro SRI E

ISIN Code FR0013185055

NAV 261.52 €

19/05/2022

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.

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