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European equities have attracted significant inflows through 2025 and into early 2026, driven by a rotation away from US markets amid elevated valuations, geopolitical risks, and trade tariff concerns. In 2025, MSCI Europe ranked as the top-performing major regional index in USD terms and outpaced all other major equity regions, trailing only gold, returning approximately 35% compared to the S&P 500's roughly 16% return, according to Bloomberg.

Speaking with Milano Finanza, Anis described Aperture's European Innovation strategy as a flexible, high-conviction strategy combining rigorous fundamental analysis with insights drawn from behavioral finance to identify market mispricings. The investment approach focuses on three areas: Value (undervalued stocks with potential for re-rating), Quality (stable compounders where the market underestimates the durability of earnings), and Earnings Momentum.

Anis stated that the portfolio was positioned at the start of the year around AI enablers and leading European defense companies, maintaining a balanced configuration that combines structural growth opportunities with defensive cash flows and dividend potential. He also pointed to Europe's valuation discount to the US on a forward P/E basis of roughly 20–25%, with higher dividend yields providing additional support, making European exposure, in the team's view, an effective diversifier that can help mitigate portfolio drawdowns.

"Markets are not efficient, and valuations can deviate from intrinsic value for extended periods," Anis told Milano Finanza. "European equities remain in our view attractively valued relative to the US, benefiting from a clear valuation tailwind."

Read the full interview on Milano Finanza.

If you have questions about Aperture's approach to European equities, please contact us: [email protected]

There is no guarantee that the investment objective will be achieved. Capital is at risk of loss.

This communication relates to the Aperture Investors SICAV - European Innovation Fund (“European Innovation Fund") a sub-fund of Aperture Investors SICAV. Aperture Investors UK, Ltd is authorized as Investment Manager in the United Kingdom, regulated by the Financial Conduct Authority (FCA). The Management Company of the Fund is Generali Investments Luxembourg S.A., authorized as UCITS Management Company in Luxembourg, regulated by the Commission de Surveillance du Secteur Financier (CSSF).

This communication is directed at Professional and Qualified Investors only and therefore should not be accessed by any “retail” investors (as defined in local law/regulations) and is directed to recipients based in jurisdictions in which such investors are eligible to receive such a marketing communication.