Métropole Gestion


ISIN Code FR0013185055

NAV 235.19 €


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

Main investment cases for undervalued SRI Euro zone stocks

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

May 2019


Eurozone equity markets fell sharply in May, as rising trade tensions between China and the US raised fresh fears of a global economic slowdown. Eurozone election results rekindled tensions between the EU and Italy over the country's fiscal policy. This context did not favour finance, materials and consumer discretionary sectors, which suffered the sharpest falls. Utilities, communications and consumer staples, on the other hand, showed the strongest resilience.

The environment was detrimental to the sub-fund, which underperformed its benchmark over the month. The main negative contributors to relative performance were agricultural machinery manufacturer CNH Industrial, with its massive exposure to the North American market and international flows of agricultural foodstuffs, and Intesa Sanpaolo and Unicredit, both of which suffered from the tensions between the EU and Italy. The biggest positive contributors, meanwhile, were Royal Dutch Shell, Orange and Atos.

As the Shareholder Meetings season draws to a close, we can begin to draw the first conclusions as to the changes observed. Our first major finding is that more and more companies are spontaneously seeking to engage in dialogue with their shareholders in order to discuss resolutions to be put to the vote. We also find that more companies are including ESG criteria in their executive pay awards calculation. We are very happy with these advances, which reflect issuers' readiness to engage more closely with their stakeholders. 

Over the month, we closed out our positions in Atos and Randstad, and reduced our holdings in Unicredit (on the risk of a cross-border acquisition) and Société Générale (due to insufficient capital generation). We also reduced our positions in Siemens, CRH, Smurfit Kappa and Michelin as their catalysts had weakened, and in Merck as it approached its valuation target. In replacement, we opened a position in Italian energy company Enel, whose changing business profile is not reflected in its valuation. Enel also generates significant cash flow supporting a high yield. We also added to our positions in Repsol, Allianz, Nokia, Royal Dutch Shell, Ahold Delhaize and Sanofi.

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.


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