METROPOLE Sélection P
ISIN Code FR0010988758
NAV 283.25 €
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.
The European equity markets posted substantial gains in February. Macroeconomic data improved slightly in Europe, with PMI leading indicators plus GDP and industrial output figures generally exceeding expectations. Furthermore, European companies published solid earnings on average.
As examples, companies held in portfolio such as: LVMH, which posted 5% revenue growth and a turnaround in its flagship "Fashion and Leather Goods" division. Italian bank Intesa Sanpaolo recorded net income of €1.7 billion for full-year 2014 and a much higher Core Tier 1 ratio than required by the ECB, thus allowing it to pay out a handsome dividend. Temporary employment group Randstad saw a 3.4% rise in revenue in Q4 and announced a 6.5% increase for the month of January. Finally, Capgemini's revenue picked up the pace and its operating margin made a substantial improvement.
Against this backdrop, the fund outperformed its benchmark in February.
We made several changes within the portfolio this month. We started a line in Royal Dutch Shell. The oil major has a low valuation and rises above its peers for its ability to keep up high dividends and investments amid sustainably low oil prices. We closed our position in Daimler once the share reached our valuation target. Finally, we took profits on HeidelbergCement, GKN and Randstad.
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