Métropole Gestion


ISIN Code FR0010988758

NAV 223.54 €


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

May 2016


During May, European equity markets continued to rally. The latest Q1 corporate earnings were broadly in line with consensus forecasts. Performances were nonetheless highly mixed amid hefty sector rotation. Commodities stocks, particularly mining companies, fell heavily once again after China released disappointing macroeconomic indicators. On the other hand, the pharmaceutical sector, which had fallen sharply during the first quarter, posted some of the strongest gains on the month. More generally, equity markets were driven primarily by currency fluctuations, coupled with anticipations in monetary policy changes and commodities price trends.

Against this backdrop, the fund underperformed its benchmark index in May. The fund’s performance was weighed down mainly by weakness in Banco Popular Espanol, Unicredit and Marks & Spencer. Banco Popular Espanol announced a massive rights issue in order to streamline its balance sheet, which will help restore profitability to normal levels more rapidly. The resignation of the Unicredit CEO fuelled speculation of a forthcoming capital increase. Meanwhile, Marks & Spencer will take longer than expected to redress its margins, as cost savings will be partially offset by lower pricing implemented to stem losses in market-share. 

This month we reduced the portfolio’s weightings in Telecom Italia, Unicredit, CRH, Atos, Capgemini and Smurfit Kappa. We strengthened our Intesa Sanpaolo holding and initiated positions in Total and BMW which are trading at a discount.

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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