Métropole Gestion

METROPOLE Sélection P

ISIN Code FR0010988758

NAV 239.95 €

19/12/2014

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

November 2014

The equity markets bounced back in November, thanks in large part to the support of the European Central Bank, which reiterated its commitment to use every resource at its disposal to curb deflation risk. What reassured investors most, however, were the better-than-expected earnings published by European companies, which did not reflect the slump in activity forecasted by economists. The drop in oil prices, which caused oil sector stocks to lose 7% on average, was also one of the big events this month.

Against this backdrop, the fund significantly outperformed its benchmark index in November. The portfolio was not affected by the oil sector decline because we do not hold any commodity stocks. It was also buoyed by the sharp rise in telecom stocks, which are very largely represented. After being stuck in the doldrums for several years, the telecoms sector has reached a turning point: Deutsche Telekom published revenue up 2% in Germany and 4.8% in the rest of Europe (qoq). The EBITDA margins on Deutsche Telekom's European operations were also on the rise. From a more general standpoint, the various consolidation moves undertaken in the European telecom sector form a positive catalyst. The portfolio also benefited from the solid quarterly earnings published by Capgemini, Marks&Spencer, Smurfit Kappa and Randstad. These names were among the top contributors to the fund's performance in November, with gains ranging from 12% to 19%. Finally, we made no changes to the portfolio's structure during the month.

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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