METROPOLE Sélection W
ISIN Code FR0011468602
NAV 184.53 €
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 rallied over the month of April, on the back of massive economic support measures announced by governments and central banks and the prospect of economies beginning to restart. Q1 corporate earnings announcements are pointing to a downturn in activity on an unprecedented scale, as a result of confinement measures. What these announcements also reveal, however, is just how sound most European companies, even the most cyclical, are proving to be, with most of them holding enough liquidity to weather several months of lockdown. The rally nevertheless conceals the fact that risk aversion still runs high, overriding issues of valuation and therefore causing the Value management style to underperform. In this context, the METROPOLE Sélection sub-fund underperformed its benchmark, mainly due to a negative impact from sector allocation.
The market’s plummet from its mid-February high opens up new opportunities for Value managers like us. In the process of building up a portfolio geared towards a long-term horizon, we have picked companies that are attractive in terms of valuation, capable of weathering this unprecedented shutdown of the global economy and possessing the resources to seize long-term opportunities. This means companies with balance sheets strong enough to force the pace in developing digital or energy transition and take advantage of the consolidation opportunities that will inevitably arise. Among the main movements in the portfolio, we brought in Atos and added to our positions in Sandvik, SKF, BNP Paribas and Smiths Group. We also closed out our position in Klépierre and reduced oil stocks after their strong rally.
Subscriptions / redemptions
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