METROPOLE Sélection W
ISIN Code FR0011468602
NAV 262.58 €
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 surged ahead in December, lifted by the announcement of an initial trade agreement between the US and China and by the results of the UK general election, which lifted some of the uncertainties over Brexit.
In this context, the METROPOLE Sélection sub-fund underperformed its benchmark. This was due in large part to losses in the communications sector in the wake of announcements perceived as negative from telecoms operators such as Orange, which is forecasting higher than expected investments over the next two years. One of the biggest negative contributors to sub-fund performance was Ahold Delhaize, which also announced bigger investments in its supply chain that should lead significant cost savings in the longer term. Another negative factor in performance was our exposure to the energy sector, which underperformed despite attractive valuation levels and an increase in oil prices of almost 6% in December. In contrast, Banco Santander, Rio Tinto, WPP, Sanofi and Weir ranked among the biggest contributors to performance.
Among the main movements in the portfolio, we added to our holding in UK food retailer Morrisons, which is considerably undervalued. We also brought in steel giant ArcelorMittal on the strength of business activity and valuation at record lows. Elsewhere, we reduced our exposure to Merck and sold out our position in Smurfit Kappa, both of which were nearing our valuation targets.
Subscriptions / redemptions
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