METROPOLE Sélection P
ISIN Code FR0010988758
NAV 257.67 €
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 equity markets shed close to 2% in January under the impact of external factors. The downturn in emerging markets was the main cause for concern, with economic activity slowing as reflected by the latest statistics from China and emerging currencies taking a dive. Finally, the first results releases from US companies were deemed unsatisfactory. Meanwhile, European economic indicators continued to pick up. European corporate newsflow was mixed. Some companies highly exposed to emerging markets, such as Remy Cointreau, Diageo and Scania (none of which are in the portfolio), have issued profit warnings. At the same time, other companies pointed to a sharp improvement in domestic business. One such example is temporary employment firm Hays, which posted a 10% increase in business in the UK. Consequently, January proved to be a month of widely ranging performances.
Against this backdrop, the fund delivered a positive return year-to-date.
Main portfolio management decisions: we took profits at the start of the month on banks that posted strong gains such as Intesa Sanpaolo, Unicredit and Banco Popular Español.
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.