Métropole Gestion


ISIN Code FR0010632364

NAV 316.63 €


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

September 2019


Eurozone equity markets made strong gains in September buoyed by the accommodating messages emanating from central banks and positive messages from Chinese and US leaders on the progress of their trade talks. The air strike on oil and gas infrastructure in Saudi Arabia also briefly sent oil prices soaring. In this context, all sectors ended the month higher, headed by financial, energy and public utility stocks, while consumer discretionary, health and industrial stocks trailed. 

The sub-fund significantly outperformed its benchmark over the month, largely thanks to stock picking. The biggest positive contributors were Axa, Saint-Gobain and Intesa Sanpaolo. Among the biggest negative contributors, on the other hand, were Capgemini, Accor and Fresenius SE.

As part of our ongoing dialogue with Enel, Italy's leading public utilities group, the company set out for us its target of zero CO2 emissions by 2050, which is central to the group's strategy. By steering its generating portfolio towards renewables, the group is gradually shifting its energy mix towards more sustainable energy sources. Network management is gradually being computerised, which will ultimately generate major energy savings thanks to greater flexibility and better control of the infrastructure. On the way to its 2050 target, the group has also set itself a series of intermediate targets, aiming to reduce emissions by 15% from the 2015 baseline by 2020, and by 44% by 2030. By thus setting itself even tougher targets than those enacted in the Paris agreements, Enel now figures as a key player in energy transition within its sector.

We closed out our position in Philips and reduced our position in CNH Industrial, which have reached or gotten nearer to their valuation targets. We also reduced our positions in Orange, Carrefour, Saint-Gobain and Merck, and added to those in BASF, Deutsche Telekom, Klépierre, Continental, BNP Paribas, Intesa Sanpaolo, Banco Santander and Siemens. 

At the end of September, 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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