METROPOLE Sélection W
ISIN Code FR0011468602
NAV 258.86 €
12/04/2019
Morningstar®: 3/5
| Value | Blended | Growth | |
|---|---|---|---|
| Large caps | Yes | No | No |
| Mid caps | Yes | No | No |
| Small caps | Yes | No | No |
Documents to be downloaded
Main investment cases for underpriced European stocks (25 lines max.)
Fund management
The fund management team: Ingrid TRAWINSKI, Jérémy GAUDICHON, Fredrik BERENHOLT, Isabel LEVY, Thibault MOUREU, Markus MAUS, Cédric HERENG.
Management comments
March 2019
Equity markets continued to rally over the month. Investor concerns were nonetheless revived by worsening Eurozone leading indicators such as the manufacturing PMI, signalling a business downturn and inversion of part of the US yield curve, which is generally seen as an early indication of recession. This climate of widespread pessimism has resulted in a fall in interest rates and a strong sector rotation on equity markets that have had a highly adverse impact on the Value management style. As a result, so-called defensive sectors such as consumer staples and utilities made significant progress despite high valuations, while the finance and industry sectors, and cyclical stocks in general, all underperformed.
Among the main movements in the portfolio, we introduced four new positions: Rio Tinto, Morrisons, Allianz and Klépierre. All feature discounted valuations and strong cash flow generation, enabling them to distribute high and sustainable dividends. We sold out of our positions in Kingfisher and Swatch and reduced some of our banking positions (Unicredit, Banco Santander, Intesa Sanpaolo and Société Générale). Among the companies in the materials and energy sectors, we added to Total and reduced TechnipFMC, Weir and Metso.
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.