METROPOLE Sélection P
ISIN Code FR0010988758
NAV 272.20 €
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 rallied in October, stimulated by statements issued by the main central banks: the Fed decided to postpone its first rate hike; the ECB plans to expand its QE programme; and the PBoC has set up new measures to stimulate the economy. Q3 corporate earnings releases were often impacted by the slowdown in emerging markets and consequently in oil activity. Despite this cyclical downturn, companies generally posted solid profitability levels. Furthermore, European activity is still on the mend. Randstad, for example, published 5.4% organic revenue growth, with a sharp upturn in southern European countries (Italy +20% and Spain +8%).
Against this backdrop, securities with the highest exposure to emerging markets that fell hardest in Q3 posted the strongest performances in October. The automotive, commodities and oil sectors thus recorded the strongest gains. The fund underperformed its benchmark index this month. Saint-Gobain (down 1.4%), Hays (down 3.9%) and Capgemini (up 1.8%) were the biggest detractors from performance. Telecom Italia, Kering and BT were the top contributors to performance with gains topping 14%.
Portfolio management decisions: we reduced our positions in LafargeHolcim and Kingfisher whose catalysts weakened.
Subscriptions / redemptions
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