METROPOLE Sélection P
ISIN Code FR0010988758
NAV 279.00 €
Morningstar : 4/5
Documents to be downloaded
Main investment cases for underpriced European stocks (25 lines max.)
The fund management team: Ingrid Trawinski, Yann Giordmaina, , Thibault Moureu, Isabel Levy, Markus Maus, Fredrik Berenholt, Cédric Hereng.
Despite the shockwaves triggered by the Greek elections, the continuous drop in commodity prices and a surprise intervention by the Swiss National Bank, the European equity markets made significant headway in January. The revaluation of the European equity markets was made possible by the ECB's announcement of its upcoming QE programme.
Newsflow from European companies was meagre but positive overall, with UK temporary employment group Hays publishing a boost in activity over the fourth quarter. Revenue climbed 9% in continental Europe, versus +8% in Q3. In the UK, Hays recorded a 14% rise in income, representing an improvement over the previous period (+13%). Similarly, the temporary employment market in the Netherlands rebounded by 10.8% in December. The telecom sector, which is highly represented in the portfolio, posted further improvement. British Telecom, for example, published a 2% gain in EBITDA and a steep drop in financial debt. Furthermore, the UK market continued to consolidate, with Telefonica in talks to sell its subsidiary O2 UK to Hutchinson.
Against this backdrop, the fund outperformed its benchmark in January.
We made no changes to the portfolio's structure during the month. We did, however, enhance our position in Vodafone and took profits on British Telecom.
Subscriptions / redemptions
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