Métropole Gestion


ISIN Code FR0010988758

NAV 243.60 €


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

March 2016


The European equity markets rebounded slightly in March. Without any major corporate newsflow, and with most companies having already published their results, the markets focused once again on macroeconomic data and central bank statements. The big event this month was the ECB's announcement of another big QE measure. In the US, the Fed again hesitated to raise the fed funds rate despite the release of solid economic indicators.

Of the companies held in the portfolios, CRH, HeidelbergCement and Kingfisher all published good results. The CEO of Telecom Italia stepped down due to a disagreement with the company's main shareholder, Vivendi.

Against this backdrop, the fund outperformed its benchmark index this month. Despite negative performances by banks such as Lloyds, Unicredit and Banca Popolare Dell’Emila Romagna, the fund was helped by positive stock picking with Michelin, Capgemini, Saint-Gobain, CRH, HeidelbergCement and Kingfisher among the top contributors to performance in March.

Portfolio management decisions: we took profits on Deutsche Telekom, whose share price has taken off since the first purchases back in 2013. We also reduced our exposure to Saint-Gobain due to a weak catalyst: it will take longer than expected for the margin to pick up given the persistent weakness of the French construction market.

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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