Métropole Gestion


ISIN Code FR0010988758

NAV 269.18 €


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

February 2017


European equity markets rallied sharply in February, driven by corporate earnings releases. Atos, Capgemini, Lloyds Banking Group and Michelin, all of which saw improved profitability in 2016, ranked among the top contributors to the fund's performance. Unicredit also made one of the strongest contributions to the portfolio thanks to a successful capital increase. We did see an upturn in risk aversion triggered by upcoming elections in Europe, however. As a result, so-called defensive sectors such as pharmaceuticals, fast-moving consumer goods, food & beverage and real estate significantly outperformed, correlated directly with the decline in German interest rates. Against this backdrop, the fund's performance was hurt by an adverse sector allocation effect despite very positive stock picking. Portfolio management decisions: we took profits on Atos, Saint-Gobain, Michelin and Smurfit Kappa, all of which outperformed. We also sold Schneider and Rémy Cointreau as they grew closer to our valuation target. We replaced Kering with Swatch Group, which boasts higher revaluation potential. Finally, we started a new line in Continental, which has underperformed recently and is significantly undervalued.

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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