Métropole Gestion


ISIN Code FR0010632364

NAV 306.15 €


Morningstar®: 2/5

Value Blended Growth
Large caps Yes No No
Mid caps Yes No No
Small caps No No No

Fund management

The European fund management team

The fund management team: Ingrid TRAWINSKI, Jérémy GAUDICHON, Fredrik BERENHOLT, Isabel LEVY, Thibault MOUREU, Markus MAUS, Cédric HERENG.

Management comments

July 2019


Eurozone equity markets reported stable performance in July. The month was marked by the release of mixed economic indicators and by meetings of central banks. The Fed announced a 25 basis points cut in its key rates, while the ECB left the door open for an imminent easing of its monetary policy. A number of companies also announced interim results, which held up well overall. As interest rates continued to fall, the outperformers sectors were consumer staples, utilities and technology, while the energy, communications and financial sectors lost ground. Despite an unpromising environment for the value investment style, the sub-fund's performance almost rivalled that of its benchmark thanks to the impact of positive stock picking. Good earnings announcements from Nokia, Eutelsat and Capgemini boosted the portfolio. Intesa Sanpaolo and Accor also made positive contributions. Michelin and Publicis, on the other hand, were marked down by what were seen as disappointing earnings announcements. Banco Santander also underperformed.

The inclusion of extra-financial criteria in the determination of executive pay is a theme systematically addressed in our dialogue with companies. In our recent interviews, Publicis has told us of its decision to move in this direction by incorporating extra-financial factors, still to be determined, into its executive pay policy to be put before shareholders at the next annual meeting. Some companies are going even further: Telefonica decided as from this year to make 20% of variable pay awards conditional on sustainability criteria for all its employees. We welcome these initiatives that give greater weight to ESG topics in corporate management. 

Over the month, we sold out our position in Imerys and opened a position in German chemicals giant BASF. The company, one of the most ESG-conscious in its sector, offers an attractive valuation and a high dividend with a 5.5% yield backed by strong cash flow generation. We also reduced our position in CNH Industrial.

At the end of July, the portfolio's ESG rating was 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.


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