Métropole Gestion


ISIN Code FR0010988758

NAV 284.55 €


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

May 2015

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

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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