METROPOLE Sélection P
ISIN Code FR0010988758
NAV 209.50 €
Documents to be downloaded
Main investment cases for underpriced European stocks (25 lines max.)
The fund management team: Ingrid Trawinski, Yann Giordmaina, Cédric Hereng, Isabel Levy, Markus Maus, Fredrik Berenholt, Corinne Baudoin.
European equity markets continued to climb in May. Industrials and financials made some of the biggest improvements, while "defensive" names noticeably retreated. This is because investors have begun switching to stocks that are sensitive to any signs of economic recovery and that are currently cheap. Industrial companies we met with have noticed tangible signs of improvement since April. Conversely, stocks in businesses offering high visibility are being penalised by the rise in interest rates. This is particularly true for the food and beverage sector, also saddled with a very high valuation, which turned in the worst performance in May.
This return to undervalued stocks was highly beneficial to the fund's performance which outperformed its benchmark index. Portfolio management decisions: we closed out our position in Michelin because its catalyst is too far away. We raised our exposure to Italian banks by increasing the weight of our Intesa position and adding Banca Popolare Emilia Romagna, which boasts a solid balance sheet and a low valuation at 50% of its book value. Finally, we started a position in Irish paper-based packaging producer Smurfit Kappa, whose successful restructuring programme has not yet be priced in by the market.
Subscriptions / redemptions
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