Métropole Gestion


ISIN Code FR0010632364

NAV 323.70 €


Morningstar®: 1/5

Value Blended Growth
Large caps Yes No No
Mid caps No 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

June 2022

The Euro Zone equity markets fell sharply in June. High levels of inflation, action by central banks to contain them, and uncertainty surrounding the supply of Russian gas to Europe are causing investors to fear a recession in the coming months. Recent macroeconomic indicators, as well as corporate messaging, attest at this stage to a slowdown in growth without tipping over into recession. This uncertain environment proved unfavourable to cyclical sectors such as materials, utilities and industrials, which underperformed. Conversely, so-called defensive sectors such as telecommunications, consumer staples and health care outperformed.

The sub-fund underperformed in this context. The main negative contributors were the cyclical stocks ArcelorMittal, Saint-Gobain, Covestro and Rexel. Atos also contributed negatively, following its Investor Day, which took place as its newly appointed CEO resigned and after presenting an unconvincing strategic plan. Among the main positive contributors are companies offering more visibility in the current environment, namely Sodexo, Repsol and AB InBev.

We spoke this month with Mercedes-Benz, which stressed the importance of exercising control over all of its production processes in the context of the energy transition. Thus, the electrification of its entire fleet of vehicles by 2030 will be based on the deployment of dedicated platforms. Likewise, Mercedes-Benz emphasized the importance of exercising control over the entire value chain in order to achieve its CO2 reduction targets, which in particular improves the circularity of production processes. This approach reveals the impact of the current technological revolution on value chains in a highly fragmented industry.

We also spoke with Kering about the changes underway in terms of governance within the Gucci and Bottega Veneta fashion houses, which will enable the group to broaden its positioning and thus accelerate their activity.

The sub-fund maintained its AAA- rating in June.

We opened a position in Kering during the month. The valuation of the French luxury group is now showing a significant valuation discount that does not reflect the group’s fundamentals. Gucci’s restructuring and the repositioning of Bottega Veneta will help revitalise its business, while Yves Saint-Laurent now enjoys a very favourable position. We also sold our position in Atos, as the Investor Day revealed an unconvincing strategic plan and governance issues that will take time to resolve. We also reduced our lines in Continental and Mercedes-Benz and added to our position in SAP.

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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