Métropole Gestion

METROPOLE Sélection P

ISIN Code FR0010988758

NAV 246.66 €

24/05/2016

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

April 2016

The European equity markets picked up in April, in the wake of the commodities, whose prices made a huge comeback spurred on by noticeable signs of improvement in China. The first corporate results releases published for Q1 2016 were also encouraging, pointing to a gradual recovery in economic activity across Europe, persistently robust activity in the US and signs that demand is stabilizing in China.

The fund's performance benefited from the rebound in Italian banks Unicredit and Banca Popolare Dell’ Emilia Romagna. The creation of the “Atlante” fund will support the clean-up of non-performing loans in Italy. Oil majors Royal Dutch Shell and BP were also among the top contributors to performance, alongside Atos, Hays, Rémy Cointreau and Marks & Spencer, all of which posted solid results. Conversely, the fund was hurt by the underperformance of the Telecom sector, which declined. The sector consolidation wave in Europe was hindered by demands from regulators, which could end up rejecting the O2/Three merger in the UK. Still, these stocks are significantly undervalued and the catalyst remains positive. Telefonica’s results improved in the first quarter, with activity back on the growth track in Spain thanks to the roll-out of a more efficient network. Finally, Ericsson, which published disappointing results, was the biggest detractor in April.

Against this backdrop, we made no major changes to the portfolio's composition during the month.

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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