Métropole Gestion

METROPOLE Sélection W

ISIN Code FR0011468602

NAV 250.53 €

24/06/2019

Morningstar®: 3/5

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

May 2019

 

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

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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