METROPOLE Sélection W
ISIN Code FR0011468602
NAV 263.10 €
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 by almost 4% in the month of September, against a background of a relative easing of tensions between the USA and China and announcements of quantitative easing by the ECB and a lowering of rates by the Fed. The rally was accompanied by significant sector rotation that favoured the consumer discretionary, financial and industrial sectors. In contrast, the healthcare and consumer staples sectors, where very high valuations are the general rule, underperformed.
In this context, the METROPOLE Sélection sub-fund outperformed its benchmark. The biggest positive contributors were Saint-Gobain, Intesa Sanpaolo, Axa, Morrissons, Banco Santander and Klépierre. Pearson, on the other hand, was the biggest negative contributor. The leading school textbook publisher warned of a disappointing performance in the third quarter, in response to the short-term effects of the shift from paper to digital, although this does not reflect on the long-term pertinence of this transition and the future benefits to be gained.
Among the main movements in the portfolio, we took profits on Novartis, Capgemini and Merck and added to certain positions in the banking sector that are heavily undervalued. We also added to Pearson in the wake of its profits warning.
Subscriptions / redemptions
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