METROPOLE Sélection P
ISIN Code FR0010988758
NAV 241.62 €
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, Jérémy Gaudichon, Cédric Hereng.
The European equity markets declined somewhat in September. There was little corporate newsflow this month, so the markets were mainly influenced by central bank announcements, interest rate trends and commodity prices. Risk aversion remained strong, sparking a major decline in the financial sector and the Italian market due to uncertainties surrounding Deutsche Bank (absent from the portfolio) and the outcome of the upcoming referendum in Italy. Against this backdrop, the fund benefited from its overexposure to the oil sector, which did well this month. It underperformed its benchmark index, however, mainly due to its exposure to Italian names. Regarding the most important transactions implemented this month, we took profits on construction positions CRH and HeidelbergCement as they neared our valuation targets. We reduced our exposure to Ericsson, whose catalyst is taking too long to materialise. We also reduced our overweight stance on the telecom sector in order to bring in new undervalued stocks: the Deutsche Telekom and Telefonica positions were reduced. We closed our position in BT Group, which has undergone a significant revaluation since we first bought in back in 2013. These moves allowed us to set up a new position in Allianz, penalised by the low interest rate environment and posting a price-to-NAV multiple of just 0.8x. In manufacturing, we bought Schneider and Alfa Laval, both of which currently offer cycle-low valuation levels
Subscriptions / redemptions
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