Métropole Gestion


ISIN Code FR0011468602

NAV 281.71 €


Morningstar®: 2/5

Value Blended Growth
Large caps Yes No No
Mid caps Yes No No
Small caps Yes 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 2022

In April, the exacerbation of inflationary pressures, the prospect of unexpectedly aggressive monetary tightening by central banks and the implementation of new health restrictions in China fuelled fears of a stagflation scenario for the markets. As a result, European equity markets fell slightly, with performance differing greatly; defensive stocks generally rose, whereas cyclical stocks, which fell, underperformed. The technology sector, expensively valued and sensitive to rising interest rates, recorded the steepest decline over the month. April also saw the start of the Q3 earning season, which painted a more positive economic picture. For example, the construction group CRH published 13% turnover growth and a margin increase for the first quarter. CRH expects continued growth and further improvement in margins, even in Europe. This is also the case for Rexel and Metso Outotec, which did not see a dip in demand and have not revised their financial objectives or ambitions despite the supply chain disruption and surge in inflation. In this context, the sub-fund outperformed its benchmark over the month, thanks to a positive stock-picking effect. Sanofi, GlaxoSmithKline and Stora Enso stocks were among the best contributors to performance. Meanwhile, the banks Banco Santander, Intesa Sanpaolo and Aperam made the three most negative contributions to performance in April. Among the most significant changes within the portfolio, we added the British industrial group Spectris, a global specialising in measuring instruments, which is trading at a significant discount with a debt-free balance sheet. In terms of ESG, we continued our dialogue with the cement group HeidelbergCement in collaboration with the organisation Climate Action 100+ as part of our dedicated commitment to the fight against climate change. The METROPOLE Sélection sub-fund maintains a high rating at AAA-.

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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