METROPOLE Euro SRI W
ISIN Code FR0013185055
NAV 240.71 €
12/04/2019
| Value | Blended | Growth | |
|---|---|---|---|
| Large caps | Yes | No | No |
| Mid caps | Yes | No | No |
| Small caps | No | No | No |
Documents to be downloaded
Main investment cases for undervalued SRI Euro zone stocks
Fund management
The fund management team: Ingrid TRAWINSKI, Jérémy GAUDICHON, Fredrik BERENHOLT, Isabel LEVY, Thibault MOUREU, Markus MAUS, Cédric HERENG.
Management comments
March 2019
Eurozone equity market continued their rally in March. Uncertainties over slowing macroeconomic indicators prompted central banks to issue more accommodating messages. The Fed announced it would rein back on tightening via the unwinding of its balance sheet, while the ECB mentioned the possibility of liquidity support for banks, if necessary. These messages caused a general fall in interest rates, with the German 10-year yield even dropping below zero over the course of the month. The context was unhelpful for financial stocks, which ended the month down, a fate shared by the healthcare sector, impacted by the legal fallout from Bayer's acquisition of Monsanto. In contrast, the consumer staples and utilities sectors benefited from the trend.
The sub-fund underperformed its benchmark over the month. The main negative contributors to performance were Carrefour, Eutelsat and Unicredit. On the positive side, Merck was the biggest positive contributor, ahead of Orange and Sanofi.
Two controversies emerged in the portfolio over the course of the month. Sanofi faces the threat of indictments being brought against a number of its senior staff by the Philippines Department of Justice over the use of its dengue vaccine, in the wake of several deaths caused by its administration to non-eligible patients. Nokia, meanwhile, has disclosed possible fraudulent practices at Alcatel-Lucent, which it acquired in 2016. The group is currently carrying out an internal investigation to shed further light on the situation. In accordance with our policy for dealing with controversies, we contacted both Sanofi and Nokia to request interviews with the companies in pursuit of further information on which to assess the risks associated with these controversies.
Over the month, we opened a position in real estate investment trust Klépierre, a specialist in shopping centre management. Due to fears over the economic environment and the increasing digitalisation of retail, the stock's asset value is heavily discounted, taking no account of the quality of those assets. We also added to our position in Allianz. Conversely, we reduced our positions in Société Générale, Intesa Sanpaolo, Banco Santander, Unicredit and BNP Paribas.
The portfolio's ESG rating remained unchanged at AA+.
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.