Métropole Gestion


ISIN Code FR0010988758

NAV 279.00 €


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

January 2015


Despite the shockwaves triggered by the Greek elections, the continuous drop in commodity prices and a surprise intervention by the Swiss National Bank, the European equity markets made significant headway in January. The revaluation of the European equity markets was made possible by the ECB's announcement of its upcoming QE programme.

Newsflow from European companies was meagre but positive overall, with UK temporary employment group Hays publishing a boost in activity over the fourth quarter. Revenue climbed 9% in continental Europe, versus +8% in Q3. In the UK, Hays recorded a 14% rise in income, representing an improvement over the previous period (+13%). Similarly, the temporary employment market in the Netherlands rebounded by 10.8% in December. The telecom sector, which is highly represented in the portfolio, posted further improvement. British Telecom, for example, published a 2% gain in EBITDA and a steep drop in financial debt. Furthermore, the UK market continued to consolidate, with Telefonica in talks to sell its subsidiary O2 UK to Hutchinson.

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

We made no changes to the portfolio's structure during the month. We did, however, enhance our position in Vodafone and took profits on British Telecom.

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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