TRUSTNET – THE SECTOR THAT EUROPEAN FUND MANAGERS BACK TO OUTPERFORM

Growing use of data, low valuations and greater M&A potential have been highlighted by several European equities managers as key attractions for investment in the telecommunications sector. Stuart Mitchell, manager of the €58m SWMC European fund, has allocated 10 per cent of his portfolio to the sector in expectation of further consolidation and improvement in pricing.

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REUTERS – INVESTORS BET ON A QUIET TECH REVOLUTION IN EUROPE

It’s not banking or mining shares, but rather technology stocks, that have come up trumps in Europe this year and are poised to end the first quarter as the best-performing sector. In more traditional sectors of tech, chip makers such as Infineon IFXG.BU, STMicroelectronics (STM.MI) and ASML (ASML.AS) are closely linked to Apple (AAPL.O) and the iPhone cycle. Infineon shares have surged to a record high. Stuart Mitchell, manager of the SWMC European Fund at S.W. Mitchell, is betting big on STMicro. The stock, up 33 percent this year, is the fund’s biggest holding.

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FUND STRATEGY – EUROPEAN CORPORATES UNFAZED BY BREXIT

Company management across Europe and the UK seems unfazed by the Brexit outcome, according to Stuart Mitchell at SW Mitchell Capital. The manager of the SWMC European fund is encouraged by strong Purchasing Managers Index data coming out of both regions, with eurozone manufacturing PMI at its highest level for five and a half years at the end of 2016. Mitchell has identified three recovery opportunities across different sectors to take advantage of the current environment.

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