METROPOLE Sélection P
ISIN Code FR0010988758
NAV 288.45 €
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.
The European equities market continued to rally in March. Like last month, the rally was driven by improved European macroeconomic indicators, the launch of the ECB's QE programme, low oil prices and the depreciation of the euro.
European companies’ results also generally outperformed analyst expectations.
Some of the top results posted this month by names held in portfolio included Deutsche Telekom, Hays and Adecco. One big event this month was the renegotiation of the Holcim/Lafarge merger. The new terms, though less favourable for Lafarge, raise no concern that would justify getting rid of the name, which still holds significant revaluation potential.
Against this backdrop, cyclicals generally outperformed defensive stocks this month.
The fund nevertheless slightly underperformed its benchmark index. It did not benefit from the sharp rise in certain pharmaceutical names such as Roche and Novo Nordisk. Its performance was also hurt by the decline in the Lafarge share, which was the biggest detractor in March.
We made no changes to the portfolio's structure over the period.
Subscriptions / redemptions
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