Métropole Gestion


ISIN Code FR0010988758

NAV 290.34 €


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, Cédric Hereng.

Management comments

June 2015


European equity markets took a steep downturn in June. Failed negotiations with Greece and rising interest rates were the main factors behind the decline. European macroeconomic data were on a good track. Leading indicators are expanding. Corporate newsflow was sparse this month, but the Telecom sector definitely stood out with a series of mergers currently in the works: TMobile, Deutsche Telekom's US subsidiary negotiating with Dish Network, Vodafone with Liberty Media, and Wind with Three in Italy. In France, Bouygues Telecom turned down an offer by Numericable-SFR valuing the group at 14 times EBITDA. Against this backdrop, Telecoms recorded the top sector performance this month, with just a limited drop of -1.6%. Sectors sensitive to interest rate fluctuations, such as real estate, utilities, pharmaceuticals and food and beverage (absent or little represented in the fund) underperformed. Weak Chinese economic indicators triggered a steep drop in commodity-linked stocks. 

In these conditions, the fund outperformed its benchmark index in June. Telecom names like Telecom Italia, BT Group and Deutsche Telekom were among the top contributors to relative performance. Randstad, up nearly 11%, was the No. 1 contributor.

Portfolio management decisions: the portfolio's structure was left unchanged, but we did reduce our positions in Oerlikon, Atos and Randstad, while increasing our position in Michelin.

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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