Métropole Gestion

Responsible value investing

CSR Policy  -   Our ESG approach  -   Engagement policy   -   Responsible Value investing  -   Global initiatives  -   Our ESG documentation  -   Releases


An approach fully integrated into the investment process

We pursue a multi-sector Best-in-class/Best Effort approach to Value Responsible investment that encourages issuers of securities held in the portfolio to improve over the long term regarding three key extra-financial areas: Environment, Social and Governance.

Our approach is aimed at breaking free of short-termism to generate long-term outperformance.

logo UdA

Our academic collaboration with Université Clermont Auvergne paves the way for developing a long-term response to the dichotomy between corporate social responsibility and valuation.


logo chaire Valeur&RSE

This collaboration was enhanced with the launch in 2012 of the "Value and Corporate Social Responsibility" Research Chair. METROPOLE Gestion is a founding partner of the new Chair with Michelin and Caisse d'Epargne d'Auvergne et Limousin, and la Maif.



The Responsible Value investing process

  • A rating specific to METROPOLE Gestion developed with the University of Clermont Auvergne
  • Definition of an investable universe
  • Value investing applied to this investable universe


Pre-selection Reduction of the investment universe in line with 3 successive criteria:

Elimination of companies falling within the scope of our exclusion policy.

Elimination of companies with the lowest ratings under the Best-in-Class/Best Efforts ESG rating produced using our proprietary methodology or which have been the subject of a major controversy.

Selection of securities that are discounted vis-à-vis their industrial value by using for each sector the same valuation criteria as used for the sector's companies recorded in our proprietary database of past transactions.


Evaluation Calculation of industrial value, analysis of the balance sheet strength, consideration of extra-financial controversies followed by meeting with management.

A 360° analysis of the company taking into account three aspects: extra-financial analysis, financial analysis, balance sheet analysis.

Meeting with management regarding these 3 aspects.

Choosing an appropriate valuation ratio for each type of business.

Evaluation of ESG risks and opportunities.


Identification of catalysts Anticipation of changes in market status for the security selected , likely to reduce any undervaluation relative to their industrial value.

Identifying financial or extra-financial catalysts, new controversies or changes in extra-financial ratings.




EntryEntry based on a collegial decision and weighting of each security according to its discount and catalysts.

Portfolio with stocks discounted against their industrial value, with strong balance sheet and ESG qualities.

Concentrated portfolios with 30 to 40 stocks.



Exit Strict sell discipline.

When the valuation target is reached.

When identified catalysts do not materialise.

In the event of a sharp downgrade in extra-financial ratings.

In the event of significant controversy.


A 360° analytical approach to the company, taking into account three aspects: extra-financial analysis, financial analysis, balance sheet analysis

  • Choice of securities:
    • demonstrating strong extra-financial conviction: companies rated above or equal to BBB- (Investment grade) may be selected with no Best effort condition; companies rated below or equal to BB+ may be selected subject to a minimum +++ Best effort rating; companies rated in the CCC bucket are ruled out;
    • discounted against their industrial value;
    • in sound financial health commensurate with their activity and the economic cycle.
  • Adjusted according to:
    • extra-financial catalysts: new controversies or changes in extra-financial rating;
    • financial catalysts.
  • Exit from the portfolio or lower the weighting in the event of:
    • downgrading of the extra-financial analysis (significant controversies or rating downgrade);
    • disappearance of catalysts;
    • decrease in financial discount.

Responsible Value management policy

METROPOLE Gestion includes the practise of responsible investment among its founding values, evaluating companies holistically.

While financial analysis has for a long time been the sole criterion for analysing each company's risks and opportunities, it is nowadays almost mandatory to incorporate the current tide of social, environmental and climate risks in a similar manner to purely financial risks.

ESG/SRI value investments represent 93.8% of total assets managed by METROPOLE Gestion at 31/12/21.

Our Responsible Value management policy is available to investors.

Exclusion policy

METROPOLE Gestion applies a policy of normative exclusion (exclusion of companies that do not comply with certain international standards (chemical weapons, anti-personnel mines, violation of the principles of the Global Compact...)) and sectorial (total or partial exclusion of sectors or activities based on ethical considerations (tobacco, gambling, armament, entertainment for adults / pornography, coal ...)).

Our exclusion policy is available to investors.

Policy of controversies prevention and verification

Each week, METROPOLE Gestion considers all controversies that affect companies in the portfolio which are extracted from the Eikon ESG database and their pertinence is analysed by the asset management team, which decides if any further action is required.

Our Policy of controversies prevention and verification is available to investors.

Incorporating ESG criteria into risk management and internal control processes

METROPOLE Gestion pays particular attention to verifying the effective implementation of the ESG strategy. The Compliance & Permanent Control team therefore verifies all aspects of the Responsible Value approach.

Our policy regarding Incorporating ESG criteria into risk management and internal control processes is available to investors.


This website is intended for professional investors within the meaning of Directive 2004/39/EC (MiFID).


This website only allows you to obtain information on funds that are offered to the public in the selected country. Restrictions on accessing the products and services offered on the www.metropolegestion.fr website may apply to certain persons or in certain countries.


In particular, the funds have not been and will not be registered with the US Securities and Exchange Commission under the US Investment Company Act of 1940 or any amendments thereto, or under any other securities law.


As such, no prospectus published on this website may be brought into, sent to or distributed in the United States of America or its territories or possessions or provided to US-resident institutional investors or to companies, associations or other entities created under or governed by United States laws (the persons or entities referred to above being “US persons” within the meaning of Regulation S under the United States Securities Act of 1933). The funds may not be offered or sold to US investors. More generally, the products and services offered on this website may only be subscribed for by non-professional investors in jurisdictions that permit the sale and promotion of those products and services.


The information contained on this website shall not be considered to be an offer or a solicitation to enter into a trade in a jurisdiction in which that offer or solicitation is illegal or in which the person making the offer or solicitation is not authorised to operate. The information contained on this website is provided for information purposes only and does not constitute active advertising or marketing material, a personal recommendation or investment advice.


This website uses cookies that enable us to collect certain anonymous information when you visit our website (such as measuring and analysing information on visits to our website). By continuing to use the website, you agree to the use and installation of these cookies. You may, however, prevent cookies from being stored by altering your browser settings. We may also allow third party companies to collect certain anonymous information for statistical purposes when you visit our website (in particular, your IP address) in order to improve the effectiveness of our website.


By clicking on the “I agree” button below, you acknowledge that you have read and understood this page, you agree to comply with its contents and you confirm that you are accessing this website in accordance with the laws and regulations of the jurisdiction or country in which you reside.

I agreeI refuse