Métropole Gestion


ISIN Code FR0010988758

NAV 243.91 €


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, Jérémy Gaudichon, Cédric Hereng.

Management comments

October 2016

The European equity markets took a slight dip in October. Performances were largely influenced by the rise in interest rates, which triggered a major sector rotation. Financial stocks, long undermined by falling interest rates, made a strong comeback while consumer non-cyclicals such as food & beverage and pharmaceuticals, whose performances were exactly correlated with the interest rate decline and whose valuations had become excessive, posted the biggest losses. Q3 results releases were another major equities driver this month.
Against this backdrop, the fund clearly outperformed its benchmark. With very little exposure to the pharma and consumer non cyclical sectors, it benefited from a positive sector allocation effect. It was also helped by a positive stock picking effect, thanks in large part to the solid earnings published by cyclical names such as Randstad, BNP Paribas, Kering, Saint-Gobain, Technip and LVMH, all of which ranked among the top contributors to the fund's performance.
Main portfolio management decisions: we took profits on CRH, HeidelbergCement, Kering and GlaxoSmithKline. Conversely, we took advantage of the significant undervaluations of BNP Paribas and Allianz to enhance these positions.

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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