METROPOLE Sélection P
ISIN Code FR0010988758
NAV 284.55 €
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, Cédric Hereng.
he markets were influenced by a series of political events in May: monetary policies in Europe and the US, the general elections in the UK, local Spanish elections and complex negotiations with Greece. In this environment, underscored by strong forex and interest rate volatility, European equities recorded a gain, thanks in large part to solid corporate first-quarter results.
Among positions in the portfolio, Italian banks Intesa Sanpaolo, Unicredit and Banca Popolare dell'Emilia Romagna published improving results, primarily thanks to the widespread decline in risk associated with doubtful loans. The telecom sector also continued to consolidate. Vimpelcom and Hutchinson, the number 3 and 4 mobile operators in Italy, are negotiating a merger. The chairman and main shareholder of cable operator Liberty Media expressed interest in merging with Vodafone.
Against this backdrop, the fund outperformed its benchmark index on the back of positive stock-picking. Lloyds Banking Group, Kingfisher, Intesa Sanpaolo, Marks & Spencer, Vodafone and Telecom Italia were among the top contributors to performance in May.
Portfolio management decisions: we set up new positions in two companies with low valuations: BNP Paribas, which has underperformed since it was hit with a record fine by the US Department of Justice, is trading at 0.8 times book value; and oil major BP, which is able to pay out a high dividend thanks to its low operating costs ($28 per barrel). Finally, we sold Adecco once it reached our valuation target; we also sold ABB and reduced Oerlikon.
Subscriptions / redemptions
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