06.26.2026
Aperture European Innovation featured in H24 Finance
The following text is a partial translation of an article originally published by H24 Finance, titled “Generali Investments mise sur Aperture European Innovation pour trouver les entreprises qui bénéficieront des grandes tendances d’innovation en Europe.” The translation below highlights selected excerpts that capture the key themes and messages of the full article, including Aperture Investors’ perspective on European innovation, the evolving role of artificial intelligence across the real economy, and the impact of geopolitical developments on long-term capital allocation. It is not intended to be a complete or verbatim translation of the original piece, but rather a curated summary of its most relevant insights.
AI is leaving the data centers to permeate the entire economy
For Anis Lahlou, CIO of European Equities at Aperture Investors, artificial intelligence remains the primary driver of transformation in the global economy. But the issue is no longer limited to chip manufacturers or American tech giants. The next step involves integrating AI into industrial processes, infrastructure, software, and services. This development could be particularly beneficial to certain European companies positioned in applied technologies and automation." The AI narrative is evolving: the issue is no longer just the infrastructure but its concrete application in the real economy."
Geopolitics is creating a new investment cycle
The other major change concerns the rise of sovereignty issues. Rearmament, securing supply chains, energy independence, and the protection of strategic infrastructure may lead to a lasting reallocation of capital. According to Anis Lahlou, defense spending should no longer be analyzed as a short-term issue but as a long-term trend. Strengthening European industrial capabilities responds to strategic imperatives that, we believe, should continue to support certain sectors in the years to come." Sovereignty, security, and resilience are gradually taking precedence over the mere pursuit of efficiency.”
Dispersion is once again becoming the playing field for active managers.
The consequence of these changes is an increase in performance gaps between companies, sectors and business models. Some companies will fully benefit from these structural trends, while others risk being weakened, particularly by technological disruptions related to AI. In such an environment, passive exposure to indices may no longer be sufficient to capture the best opportunities. Anis Lahlou believes that identifying future winners is becoming more important than simply choosing a sector or geographical area." The real question in stock-picking today is to assess the risk of disruption to each business model in the face of AI.”To implement these convictions, the team manages, among other things, the Aperture European Innovation fund, launched at the end of 2019. The strategy seeks to identify European companies likely to benefit from major innovation trends, while retaining the ability to take short positions in companies deemed vulnerable to these transformations. The fund thus combines exposure to AI, industry, infrastructure, and defense with an active risk management approach.
Read the full article here.
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.
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.
