Métropole Gestion

METROPOLE Sélection P

ISIN Code FR0010988758

NAV 262.15 €

19/01/2017

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

December 2016

The European equity markets recorded a sharp rise in December. The economic environment underscored by the normalisation of monetary policies, the improvement of European economic indicators, rising oil prices and in general the increase in inflation expectations, paved the way for an outperformance of the Value investing style. Sectors whose stocks usually post significant undervaluations, such as the automotive, oil & gas, banking and telecom sectors, all outperformed. The accelerated restructuring of the Italian banking sector and especially the drastic measures taken by Unicredit was one of the big events in December, driving the Italian stock exchange up by more than 13% over the month.

Against this backdrop, the fund outperformed its benchmark in December, thanks in large part to positive stock picking: Unicredit, Intesa Sanpaolo, Telecom Italia, BNP Paribas, Telefonica and Alfa Laval were the top contributors to the fund's relative performance with gains ranging from +10% to +35%. With a breakeven performance, Linde was the biggest detractor this month. The share boasted a major gain last month when the information of merger plan with US rival Praxair came public. Even so, Linde is still considerably undervalued.

We did not implement any major portfolio transactions in December.

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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