Métropole Gestion

METROPOLE Sélection P

ISIN Code FR0010988758

NAV 295.64 €

28/05/2015

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, Cédric Hereng.

Management comments

April 2015

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

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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