Métropole Gestion


ISIN Code FR0010988758

NAV 241.62 €


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

September 2016

The European equity markets declined somewhat in September. There was little corporate newsflow this month, so the markets were mainly influenced by central bank announcements, interest rate trends and commodity prices. Risk aversion remained strong, sparking a major decline in the financial sector and the Italian market due to uncertainties surrounding Deutsche Bank (absent from the portfolio) and the outcome of the upcoming referendum in Italy. Against this backdrop, the fund benefited from its overexposure to the oil sector, which did well this month. It underperformed its benchmark index, however, mainly due to its exposure to Italian names. Regarding the most important transactions implemented this month, we took profits on construction positions CRH and HeidelbergCement as they neared our valuation targets. We reduced our exposure to Ericsson, whose catalyst is taking too long to materialise. We also reduced our overweight stance on the telecom sector in order to bring in new undervalued stocks: the Deutsche Telekom and Telefonica positions were reduced. We closed our position in BT Group, which has undergone a significant revaluation since we first bought in back in 2013. These moves allowed us to set up a new position in Allianz, penalised by the low interest rate environment and posting a price-to-NAV multiple of just 0.8x. In manufacturing, we bought Schneider and Alfa Laval, both of which currently offer cycle-low valuation levels

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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