METROPOLE Sélection P
ISIN Code FR0010988758
NAV 262.60 €
Morningstar : 3/5
Documents to be downloaded
Main investment cases for underpriced European stocks (25 lines max.)
The fund management team: Ingrid Trawinski, Yann Giordmaina, , Thibault Moureu, Isabel Levy, Markus Maus, Fredrik Berenholt, Cédric Hereng.
European equity markets made a major comeback in July, thanks in large part to the last-minute agreement reached with Greece. However, strong European corporate earnings releases were the biggest driver behind the market rally. Among the most impressive results generated by companies held in the portfolio was Ericsson, whose operating margin climbed from 7.7% to 10.4%. Vodafone and Telefonica confirmed the inflexion on the European Telecom market. Earnings recorded by oil conglomerates BP and Royal Dutch Shell also largely exceeded expectations thanks to the contribution of their refining businesses. Luxury goods companies Kering and LVMH saw an acceleration in revenue despite the slowdown in China.
Against this backdrop, Métropole Selection underperformed its benchmark index this month.
Stock picking had a positive impact, but the fund's relative performance was hurt by its underweight stance on the pharmaceutical sector and its lack of exposure to non-cyclical consumer goods, which posted the strongest performances this month. Smurfit Kappa, Capgemini, Kering and Telefonica were among this month's top performers, while negative contributors included LafargeHolcim, Michelin and GKN. LafargeHolcim and Michelin both published disappointing results in July. GKN, which published solid results, was dragged down by the widespread decline in the automotive sector, penalised by the slowdown in China.
Portfolio management decisions: the portfolio's structure was left unchanged, but we did reduce the weight of Kingfisher and GKN.
Subscriptions / redemptions
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