METROPOLE Sélection P
ISIN Code FR0010988758
NAV 236.69 €
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, Cédric Hereng, Isabel Levy, Markus Maus, Fredrik Berenholt, Corinne Baudoin.
European equities continued to rally this month. The US Congress finally reached an agreement on raising the debt ceiling and macro-economic indicators were on a good track. The picture was fairly mixed in terms of quarterly corporate results. Several companies were hurt by the depreciation of local currencies against the euro and the slowdown in growth in emerging countries. Producers of consumer goods and agri-food groups disappointed. The market came down hard and fast, in light of their high valuations. The fund is not exposed to these stocks, however, which is a good thing. Conversely, the banking sector continued to recover, particularly in southern Europe. BPER and Intesa San Paolo were the top contributors to the fund's performance this month. In addition, companies sensitive to the stabilisation of the European economy, such as Randstad, Capgemini, Buzzi Unicem and Atos (all of which are in the portfolio) also did well. Finally, the telecom sector continued to outperform the market. Only Ericsson disappointed with its margins; having said that, the company expects to see an improvement in profitability. Main portfolio management decisions: we brought in two high-quality but still undervalued banks: Lloyds and Banco Popular. In insurance, we sold Allianz once it reached our valuation target. Finally, we initiated a position in Telefonica.
Overall, the fund outperformed its benchmark this month.
Subscriptions / redemptions
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