Métropole Gestion


ISIN Code FR0011468602

NAV 256.79 €


Morningstar®: 3/5

Value Blended Growth
Large caps Yes No No
Mid caps Yes No No
Small caps Yes No No

Main investment cases for underpriced European stocks (25 lines max.)

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

July 2019

European equity markets maintained a stable performance over the month against a background of mixed economic data releases. At the end of the month, the Fed announced a cut in its key rates. In Europe, the ECB left its monetary policy unchanged but kept open the possibility of more easing in the months ahead. Quarterly announcements showed European corporate earnings holding up well overall.

Over the month, the sub-fund slightly underperformed its benchmark. Limited exposure to the consumer staples sector was the main negative contributor to relative performance. The stability of European equity markets in July masked considerable sector rotation, with stocks perceived as bond proxies benefiting from the downward trend in long rates. Vodafone, GlaxoSmithKline, Capgemini, Nokia, Smurfit Kappa, Pearson and Intesa Sanpaolo made gains on good earnings announcements and were among the biggest contributors to relative performance. In contrast, however, a sharper than expected drop in volumes for Michelin's main division saw investors taking profits after the stock's solid performance since the start of the year. Banco Santander, Lloyds, SKF and Publicis were also among the negative contributors. 

In terms of movements, we took profits on CNH Industrial, Rio Tinto and Smurfit Kappa, closed out ABB and added to Ahold Delhaize, AXA, Enel and Merck. In the telecoms sector, we reduced our holding in Orange and opened a position in Telia. The Swedish operator offers an attractive valuation and yield, bolstered by a relatively stable competitive environment, a cost-cutting programme and a moderate investment cycle.

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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