METROPOLE Sélection W
ISIN Code FR0011468602
NAV 250.53 €
Documents to be downloaded
Main investment cases for underpriced European stocks (25 lines max.)
The fund management team: Ingrid TRAWINSKI, Jérémy GAUDICHON, Fredrik BERENHOLT, Isabel LEVY, Thibault MOUREU, Markus MAUS, Cédric HERENG.
European equity markets fell sharply in May on escalating trade tensions between the US and China. With risk aversion running high, cyclical stocks underperformed while those considered defensive outperformed strongly, regardless of their valuation level. The automotive and banking sectors experienced the sharpest fall of around 10% over the month, whereas the Food & Beverage sector ended in slightly positive territory despite record high valuations.
The METROPOLE Sélection sub-fund and the Value investing style in general both underperformed in May as investor behaviour was guided primarily by the quest for protection and paid little attention to valuation criteria.
As regards the main movements in the portfolio, we sold out Atos and Ingenico stocks, which had rallied strongly since the start of the year. We also sold out Unicredit, which is likely to merge with Commerzbank in Germany. We reduced our position in Metso, which is approaching our valuation target. We brought in Ahold Delhaize, Novartis, Axa, Enel and Nokia, all of which offer attractive valuations, potential for improved profitability and strong cash flow generation enabling them to pay high dividends.
Subscriptions / redemptions
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