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European All Cap
The strategy was launched in June 2021. It invests in the shares of between 30-45 companies in the European region (including the UK).
You can see all of the companies that this strategy invests in by filtering on our Portfolio Explorer tool.
- We define investment risk as losing clients’ money – this means we focus on looking after your money as well as growing it
- Companies must contribute to sustainable development and make a positive impact towards a more sustainable future. Portfolio Explorer >
- We invest in high-quality companies with exceptional cultures, strong franchises and resilient financials. How we pick companies >
- We avoid companies linked to harmful activities and engage and vote for positive change. Our position on harmful products >
Quarterly updates
Strategy update: Q4 2024
European All Cap strategy update: 1 October - 31 December 2024
2024 will be remembered as another year of world and political turbulence and strong stock market movements. European economies and stock markets continued to be impacted by the war in Ukraine, a growth slowdown in China, rising political divisions, and sluggish economic growth in almost every major European economy apart from Spain and Poland, despite a slower rise in the prices of goods and services (soft inflation).
Performance over the year was divided. Strong positive contributions from many industrial and technology holdings, such as Nexans (France: Industrials), Addtech (Sweden: Industrials) and Wolters Kluwer (Netherlands: Industrials), were undermined by a number of healthcare holdings, including Tecan (Switzerland: Health Care), Sartorius (Germany: Health Care) and Carl Zeiss Meditec (Germany: Health Care), which were negative contributors to overall performance.
Many healthcare companies saw declining demand from China and a lack of investment due to stretched public sector budgets. They also continued to struggle with post covid de-stocking levels. During the pandemic customers ordered a lot of stock which was in short supply and have been using up this stock before ordering new supplies. Moving into 2025, we are seeing signs of an end to de-stocking cycles and customer orders growing among both healthcare and other industrial companies.
Over the year, we trimmed the position size of some holdings which had very high valuations. These included Indutrade (Sweden: Industrials), Nemetschek (Germany: Information Technology) and Ringkjøbing Landbobank (Denmark: Financials). We added to position sizes in companies which were more attractively valued. These included Spectris (United Kingdom: Information Technology), a maker of precision testing and measurement equipment, Ashtead Group (United Kingdom: Industrials), which rents construction and industrial equipment and Dino Polska (Poland: Consumer Staples), a discount grocer.
We also continued to build the position size in two exceptional software companies: Wolters Kluwer (Netherlands: Industrials) and Vitec Software (Sweden: Information Technology) which offer strong growth potential and consistent and regular income levels.