In this episode of Trust Issues, we speak to Marcel Stötzel, manager of Fidelity European (FEV), about the investment case for European equity sector, including the recent rally, the changing macro back-drop, positioning around AI and finding the most compelling opportunities across the sector.
00:00 Introduction
00:32 Drivers of the rally
02:34 Is Europe a global or regional play?
03:29 Is Europe cheap for a reason?
05:57 Impact of German fiscal change & defence spending
07:29 Narrowing down the universe
08:50 Key investment criteria
10:05 Balancing conviction with risk management
12:16 Average holding period
14:31 Most compelling opportunities & AI
18:55 Drivers of performance
22:10 Managing tariffs and oil prices
23:28 Key drivers over next year
25:31 Further information
25:50 Risk warning
Please note that this podcast was recorded on 16 July 2026.
