Métropole Gestion


ISIN Code FR0010988758

NAV 272.20 €


Morningstar : 4/5

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, Jérémy Gaudichon, Cédric Hereng.

Management comments

October 2015

European equity markets rallied in October, stimulated by statements issued by the main central banks: the Fed decided to postpone its first rate hike; the ECB plans to expand its QE programme; and the PBoC has set up new measures to stimulate the economy. Q3 corporate earnings releases were often impacted by the slowdown in emerging markets and consequently in oil activity. Despite this cyclical downturn, companies generally posted solid profitability levels. Furthermore, European activity is still on the mend. Randstad, for example, published 5.4% organic revenue growth, with a sharp upturn in southern European countries (Italy +20% and Spain +8%).

Against this backdrop, securities with the highest exposure to emerging markets that fell hardest in Q3 posted the strongest performances in October. The automotive, commodities and oil sectors thus recorded the strongest gains. The fund underperformed its benchmark index this month. Saint-Gobain (down 1.4%), Hays (down 3.9%) and Capgemini (up 1.8%) were the biggest detractors from performance. Telecom Italia, Kering and BT were the top contributors to performance with gains topping 14%.

Portfolio management decisions: we reduced our positions in LafargeHolcim and Kingfisher whose catalysts weakened.

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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