METROPOLE Sélection P
ISIN Code FR0010988758
NAV 230.92 €
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.
European equity markets took a major turn for the worse in December. There was little corporate newsflow this month. The markets were fixated on the commodity price collapse, driven by the Chinese economic slowdown and lack of coordination on the part of OPEC members. They were also disappointed by the ECB's decision against increasing the size of its quantitative easing programme.
Against this backdrop, all sectors posted negative performances in December. Cyclicals, and especially Energy and Basic Resources sectors, posted the biggest losses. The fund performed in line with its benchmark index this month.
The fund outperformed its index over full-year 2015, thanks in large part to the contribution of construction and telecom stocks.
Portfolio management decisions: we made no structural changes to the portfolio in December. We did, however, take some profits on BT and reduced our exposure to Kering due to its weakened catalyst.
Subscriptions / redemptions
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