Métropole Gestion


ISIN Code FR0010988758

NAV 283.25 €


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, Cédric Hereng.

Management comments

February 2015

The European equity markets posted substantial gains in February. Macroeconomic data improved slightly in Europe, with PMI leading indicators plus GDP and industrial output figures generally exceeding expectations. Furthermore, European companies published solid earnings on average. 

As examples, companies held in portfolio such as: LVMH, which posted 5% revenue growth and a turnaround in its flagship "Fashion and Leather Goods" division. Italian bank Intesa Sanpaolo recorded net income of €1.7 billion for full-year 2014 and a much higher Core Tier 1 ratio than required by the ECB, thus allowing it to pay out a handsome dividend. Temporary employment group Randstad saw a 3.4% rise in revenue in Q4 and announced a 6.5% increase for the month of January. Finally, Capgemini's revenue picked up the pace and its operating margin made a substantial improvement.

Against this backdrop, the fund outperformed its benchmark in February.

We made several changes within the portfolio this month. We started a line in Royal Dutch Shell. The oil major has a low valuation and rises above its peers for its ability to keep up high dividends and investments amid sustainably low oil prices. We closed our position in Daimler once the share reached our valuation target. Finally, we took profits on HeidelbergCement, GKN and Randstad.

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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