Métropole Gestion

METROPOLE Sélection P

ISIN Code FR0010988758

NAV 230.92 €

05/02/2016

Morningstar : 4/5

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

December 2015

 

European equity markets took a major turn for the worse in December. There was little corporate newsflow this month. The markets were fixated on the commodity price collapse, driven by the Chinese economic slowdown and lack of coordination on the part of OPEC members. They were also disappointed by the ECB's decision against increasing the size of its quantitative easing programme.

Against this backdrop, all sectors posted negative performances in December. Cyclicals, and especially Energy and Basic Resources sectors, posted the biggest losses. The fund performed in line with its benchmark index this month. 

The fund outperformed its index over full-year 2015, thanks in large part to the contribution of construction and telecom stocks.

Portfolio management decisions: we made no structural changes to the portfolio in December. We did, however, take some profits on BT and reduced our exposure to Kering due to its weakened catalyst.

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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