Métropole Gestion


ISIN Code FR0010988758

NAV 262.48 €


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, Cédric Hereng.

Management comments

August 2015

The European equity markets fell in August. The unexpected devaluation of the yuan - indicating that China's economic slowdown may be more serious than initially believed - the Fed's indecision in raising its interest rates, and political instability in Greece following the resignation of Prime Minister Alexis Tsipras were the main factors behind this decline.

Macroeconomic indicators published this month in Europe were positive as a general rule. Corporate newsflow was sparse, but nevertheless underscored the very robust earnings published by portfolio names CRH and Hays. Both companies recorded improved revenue and operating margins (up 60 and 210 basis points, respectively). Above all, comments by management on the outlook in Europe were optimistic.

Against this backdrop, the fund outperformed this month thanks to a positive stock-picking effect.  The portfolio's holdings have little exposure to the Chinese market, which accounts for just 3% of their revenue on average.

Portfolio management decisions: we enhanced our exposure to banks (Lloyds Banking Group, BNP, Unicredit and Intesa Sanpaolo) and the Telecom sector (Vodafone, Telefonica, Deutsche Telekom and BT Group).

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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