METROPOLE Sélection P
ISIN Code FR0010988758
NAV 261.73 €
Morningstar : 4/5
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.
During January, European equity markets posted a marginal loss, which nonetheless masks major disparities, amid a general resurgence of political risk. Markets focused once again on the Brexit negotiations currently underway and on the initial protectionist measures introduced by the Trump administration. Mistrust of Europe in particular triggered a sell-off in the Italian market which fell by more than 3%. Long-term interest rates also continued to steepen, driven by stronger economic indicators in Europe and a sharp increase in inflation. Against this backdrop, sector rotation continued. Cyclical stocks made gains primarily due to the publication of healthy quarterly figures. Hays announced a 3% increase in sales, including +8% in continental Europe. The Swedish industrial group Alfa Laval, which is one of our portfolio holdings, also soundly beat market forecasts announcing a quarter-on-quarter order backlog increase of 12.8%.
The fund underperformed on the month, weighed down by the sell-off among Italian stocks and weakness in the oil sector. Intesa Sanpaolo, which fell 10% after confirming it was examining a potential tie-up with the insurance group Generali, was one of the main negative contributors to the fund’s performance on the month. BP and TechnipFMC also featured among the worst contributors. Among this month’s main portfolio management decisions, we took profits in Saint-Gobain, LVMH, BNP Paribas and Randstad. We also reduced our position in Kering which approached our valuation target. We strengthened our holding in Capgemini and initiated positions in Richemont and Novartis, which are both trading at a discount.
Subscriptions / redemptions
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