METROPOLE Avenir Europe W
ISIN Code FR0013240702
NAV 187.96 €
12/04/2019
| Value | Blended | Growth | |
|---|---|---|---|
| Large caps | No | No | No |
| Mid caps | Yes | No | No |
| Small caps | Yes | No | No |
Documents to be downloaded
European small and mid caps
Fund management
The fund management team: Ingrid TRAWINSKI, Jérémy GAUDICHON, Fredrik BERENHOLT, Isabel LEVY, Thibault MOUREU, Markus MAUS, Cédric HERENG.
Management comments
March 2019
After the gains made at the start of the year, European equity markets continued their rise in March. Acknowledging the economic slowdown, both the US and European central banks adopted a more accommodating tone, which led to a widespread drop in interest rates over the course of the month. In this context, small caps underperformed compared to the large caps. By sector, healthcare, utilities and technology made the biggest gains, while consumer discretionary and industry both lost ground. Due in particular to the portfolio's overweighting in these last two sectors, and its underweighting in healthcare, the METROPOLE Avenir Europe sub-fund underperformed the Stoxx Europe Small 200 Net Return index this month.
The full year results announced by G4S had a negative impact on performance. With the company reporting slowing growth and a mixed outlook for 2019, the stock proved the biggest negative contributor to the portfolio's performance in March. Fnac Darty, FLSmidth, Credito Emiliano and Bilfinger also underperformed. In contrast, Autogrill, Aggreko and Vienna Insurance all performed strongly, fuelled by strong earnings announcements, as did Ingenico and Orange Belgium, which rank among the biggest relative contributors over the month.
The composition of the portfolio remained unchanged overall in March.
Subscriptions / redemptions
Requests will be centralised with CACEIS Bank Luxembourg branch 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). CACEIS Bank Luxembourg branch- Tel.: 00 352 47 67 70 63 - Email: FDS-Investor-services@caceis.com. Please ensure that your financial intermediary gives your company’s name and your BIC/ BIC1 code to CACEIS Bank.