Philosophy
Philosophy - Stock picking - Bond picking - Convertible bond management
Value management: a shared investment philosophy
Investing wisely®
METROPOLE Gestion offers its clients a range of products managed in strict accordance with a process developed in the 1990s by François-Marie Wojcik and refined by Isabel Levy.
This process, systematically applied by the portfolio management, draws on the basic principles that define the investment philosophy held by value fund managers.
Basic principles
Doubt
- Recurring doubt as to long-term growth and market efficiency.
- Determination not to follow the market crowd.
Patience and anticipation
- Avoiding trendy investments.
- Understanding time as it applies to companies, which is different from stock market time: the world does not change as fast as the market would like to believe.
A collegiate decision making process
- Knocking down the traditional boundaries (cap sizes, sectors, countries) of portfolio management and fostering team creativity.
- Risk management and a disciplined investment process: portfolio management decisions are taken unanimously in the interest of securing the investment.
- Rigorous approach to purchase prices and discipline in deciding when to close positions are the keys to limiting risk and withstanding external pressures.
- By adopting a team-oriented decision-making approach, we can assure our clients of the consistency and coherence of our management process.
Solid points of reference
- Investors need to have solid points of reference to prevent them from getting swept away by the market crowd, which tends to follow a herd-like mentality and is subject to exaggeration and irrationality.
- These points of reference also make it possible to react swiftly when a discount appears or when a target price is reached.
Inclusion of ESG criteria
Into the research process for all our equity funds, based on a 360° analysis of companies (extra-financial analysis, financial analysis, balance sheet analysis) with a specific methodological framework developed in partnership with the University of Auvergne since 2008.
Portfolio management process
METROPOLE Gestion applies a rigorous management process designed to secure investment decisions by grounding them in reality. This process is applied to Stock picking (including stocks comprising the responsible Value sub-fund), Bond picking and Convertible bond Management.