METROPOLE Euro SRI W
ISIN Code FR0013185055
NAV 240.13 €
Documents to be downloaded
Main investment cases for undervalued SRI Euro zone stocks
The fund management team: Ingrid TRAWINSKI, Jérémy GAUDICHON, Fredrik BERENHOLT, Isabel LEVY, Thibault MOUREU, Markus MAUS, Cédric HERENG.
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
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