Wie had 2 jaar geleden op Europa gewed?
Ik herinner me een conferentie eind 2024, waar de spreker vroeg wie er op Europa inzette en wie nog steeds geloofde in de Amerikaanse economie.
Van de 100 aanwezigen dacht nauwelijks 10 aan een terugkeer van het Oude Continent.
En toch!
Hieronder vindt u de analyse van Léon KIRCH over deze grote verschuiving.
Equity investors are rediscovering Europe as an asset class after years of US exceptionalism. Flows into European equities are reaching new record highs. The narrative is straightforward: a potential reversal after 17 years of relative underperformance versus the US, a clear valuation discount across most metrics, improving sentiment as fiscal spending ramps up — notably in German infrastructure and defence — and, arguably, less political noise than in the US.
Some sell-side strategists already warn that Europe may be overbought in the short run, with major indices such as the CAC 40, DAX and MIB printing new all-time highs. At ECP, we still see attractive opportunities in Europe — companies with undervalued earning power — but typically away from the crowded trades. Selectivity remains key, in our view.
