Métropole Gestion


ISIN Code FR0010988758

NAV 235.69 €


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, Cédric Hereng, Isabel Levy, Markus Maus, Fredrik Berenholt, Corinne Baudoin.

Management comments

July 2014

European equities fell over the month. The markets divided their attention between earnings releases and publications of globally positive macroeconomic figures, on the one hand, and rising geopolitical tensions, on the other. Against this backdrop, the technology, financial and commodities sectors outperformed, whereas the cyclical consumer, industry and energy sectors took a major turn for the worse.

The fund underperformed its benchmark index this month. Erste Group Bank weighed on performance following the announcement of additional provisions in Hungary and Romania related to new requirements set by the Romanian regulator and the Hungarian government. We did not alter our position in the name, which still holds significant upside potential as the cost of risk gradually returns to normal. Kingfisher was one of the other biggest detractors this month due to disappointing results in the Polish and French businesses. However, on the back of confirmed improvement in profitability, Capgemini and Ericsson ranked among the top contributors. Portfolio management decisions: we closed our position in Banco Espirito Santo on July 3rd due to the growing uncertainties surrounding the Espirito Santo Group's financial situation. Under the circumstances, the risk of an excessively dilutive capital increase was too high. At the same time, we set up a position in Adecco which, like Randstad, boasts considerable revaluation potential. We also started a line in Kering, a significantly undervalued luxury stock, whose work on the Gucci and Puma brands should get the group back to industry-standard profitability levels. Finally, we took profits on Daimler and HeidelbergCement, which are getting close to our valuation target.


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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