Métropole Gestion


ISIN Code FR0013185055

NAV 177.82 €


Morningstar®: 1/5

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

April 2020

Eurozone equity markets maintained the rally that first emerged at the end of March. Investors took reassurance from the extraordinary measures introduced by governments and central banks around the world, coupled with signs of the health crisis beginning to stabilise or even improve, depending on region. Nevertheless, the level of uncertainty as to the prospects of economic activity resuming remains high. While it is a given that 2020 will see a recession of historic proportions, the scale and duration of the crisis cannot yet be predicted, and so most companies are not setting out targets for the rest of the year in their quarterly earnings announcements. As a result, it was the so-called Growth sectors or those offering greater visibility (technology, consumer staples, communications) that outperformed over the month. Adversely affected by oil and gas overcapacity, energy underperformed over the month, as did the utilities and financial sectors.

In this context, the sub-fund underperformed its benchmark in April. The biggest negative contributors to this relative performance were banks Banco Santander, Intesa Sanpaolo and Société Générale, plus/ in addition to Carrefour and Total. Nokia, Continental, ArcelorMittal and BMW featured among the biggest positive contributors.

The current crisis is also having an impact on corporate governance. This year’s Shareholders’ Meeting season is being heavily disrupted by confinement measures banning the holding of public meetings in most countries across Europe. Shareholders and senior executives alike are missing out on what is a key opportunity for dialogue on the challenges companies are facing. While some companies, Covestro being one, have decided to postpone their AGM in the hope of being able to hold a physical event at a later date, most have organised remotely-attended meetings so as not to delay approval of strategic decisions (appointment of directors, capital allocation, etc.). We were therefore able to exercise our fundamental shareholder’s right and vote on behalf of our clients at all the shareholders’ meetings held at the end of April. None of the companies in our portfolio cancelled their shareholders’ meeting. 

Over the month, we added to our positions in Atos, Bureau Veritas, Enel, Carrefour and Société Générale. In contrast, we closed out our position in Klépierre and reduced our positions in Royal Dutch Shell, Allianz, Saint-Gobain, Covestro and Siemens.

The portfolio retained its ESG rating of AAA- in April.

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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