Métropole Gestion

METROPOLE Sélection P

ISIN Code FR0010988758

NAV 233.38 €

27/09/2016

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

August 2016

European equity markets continued to bounce back in August, further correcting the overload of pessimism brought on by the Brexit announcement. The easing in risk aversion drove cyclicals to post the highest gains. These included in particular financials such as Lloyds and Intesa Sanpaolo, two of the top contributors to performance this month. The latest Q2 results releases confirmed that Brexit has not impacted activity so far. For example, DIY specialist Kingfisher posted a 7.2% revenue increase in the UK.

The sector rotation movement was accentuated by the Fed's hawkish stance, stressing the robustness of the US economy and increasing the likelihood of a key rate hike before the year is out. The Food & Beverage and consumer staples sectors, which have benefited from declining interest rates up to now but have seen their valuations grow excessive, turned in negative performances. Against this backdrop, the fund outperformed in August. It benefited from a positive stock picking effect, thanks in large part to CRH (hinting at signs of a recovery in Europe in its earnings release) and Linde (negotiating a merger with US company Praxair). 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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