Métropole Gestion

METROPOLE Sélection P

ISIN Code FR0010988758

NAV 262.60 €

26/08/2015

Morningstar : 3/5

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

Main investment cases for underpriced European stocks (25 lines max.)

Fund management

The European fund management team

The fund management team: Ingrid Trawinski, Yann Giordmaina, , Thibault Moureu, Isabel Levy, Markus Maus, Fredrik Berenholt, Cédric Hereng.

Management comments

July 2015

 

European equity markets made a major comeback in July, thanks in large part to the last-minute agreement reached with Greece. However, strong European corporate earnings releases were the biggest driver behind the market rally. Among the most impressive results generated by companies held in the portfolio was Ericsson, whose operating margin climbed from 7.7% to 10.4%. Vodafone and Telefonica confirmed the inflexion on the European Telecom market. Earnings recorded by oil conglomerates BP and Royal Dutch Shell also largely exceeded expectations thanks to the contribution of their refining businesses.  Luxury goods companies Kering and LVMH saw an acceleration in revenue despite the slowdown in China.

Against this backdrop, Métropole Selection underperformed its benchmark index this month.

Stock picking had a positive impact, but the fund's relative performance was hurt by its underweight stance on the pharmaceutical sector and its lack of exposure to non-cyclical consumer goods, which posted the strongest performances this month. Smurfit Kappa, Capgemini, Kering and Telefonica were among this month's top performers, while negative contributors included LafargeHolcim, Michelin and GKN. LafargeHolcim and Michelin both published disappointing results in July. GKN, which published solid results, was dragged down by the widespread decline in the automotive sector, penalised by the slowdown in China. 

Portfolio management decisions: the portfolio's structure was left unchanged, but we did reduce the weight of Kingfisher and GKN.

Subscriptions / redemptions

Requests will be centralised with SGSS 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). SGSS : Tel.: +33 (0)2 51 85 57 09. Fax: +33 (0)2 51 85 58 71. Please ensure that your financial intermediary gives your company’s name and your BIC/ BIC1 code to SGSS.

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