Métropole Gestion


ISIN FR0010632364

VL 292,80 €

Au 24/10/2016

Etoiles Morningstar : 3/5

Value Blended Growth
Grandes valeurs Oui Non Non
Moyennes valeurs Oui Non Non
Petites valeurs Non Non Non

Principales convictions de valeurs ISR de la zone euro



label ISR Novethic 2015

Le fonds obtient le Label ISR Novethic pour la 5e année.

Code de Transparence AFG/FIR/EUROSIF.

Equipe de gestion

Equipe de Gestion Europe 2015

Equipe de gestion : Ingrid Trawinski, Yann Giordmaina, , Thibault Moureu, Isabel Levy, Markus Maus, Fredrik Berenholt, Jérémy Gaudichon, Cédric Hereng.

La vie du fonds

Septembre 2016

Euro zone equity indices ended the month on a very slight downturn. Market trends were driven by central banks’ statements this month, up to the Fed's decision to maintain the status quo. In this environment, the top-performing sectors were technology, consumer cyclicals and materials, with utilities, healthcare and financials coming in last. In September, the financial sector was impacted by the threat of a higher-than-expected fine for Deutsche Bank (absent from the portfolio) by the US Department of Justice. The fine stems from disputes over the sale of subprime products before 2008. The US Department of Justice launched negotiations on the basis of a $14bn fine, well above what the market expected. The risk of a highly-dilutive capital increase put the stock and the sector as a whole, under pressure due to fear of systemic risk. This event illustrates the major impact that litigation can have on company valuations, and thus the importance of implementing CSR policies aimed at minimising these risks. As for our portfolio banking names, we had the opportunity to speak with Société Générale about the measures taken throughout the group since the 2008 scandal. In a service-driven sector such as this, the bank has had to strengthen the compliance teams, offer more frequent training and improve IT procedures and control systems. Against this backdrop, the fund slightly underperformed its benchmark index, due in large part to negative contributions by Telecom Italia, Intesa Sanpaolo and Smurfit Kappa. On the plus side, Atos, Wienerberger and Kering made positive contributions this month. We took profits on Rexel, CRH and Nexans as they neared our valuation targets.

Souscriptions / rachats

Les demandes sont centralisées chaque jour jusqu’à 12 h auprès de la Société Générale Nantes et exécutées sur la base de la prochaine valeur liquidative qui sera calculée en retenant les cours de bourse de clôture du jour même, soit à cours inconnu. Les règlements y afférents interviennent le surlendemain ouvré qui suit la date de la valeur liquidative retenue (J+2). Société Générale : Tél. : +33 (0)2 51 85 57 09. Fax : +33 (0)2 51 85 58 71. Nous vous remercions de demander à votre intermédiaire financier de spécifier à la Société Générale le code BIC/BIC1 attribué à votre société.


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