Jort van der Horst

Assets in European thematic ETFs have climbed to a record 52 billion euro, the highest level since the post-Covid “everything bubble.” While a record number of thematic funds closed in 2024, the category is making a comeback this year, led by the themes of defense and AI.

British Prime Minister Keir Starmer announced a multibillion-dollar deal last week with the US for the construction of a series of Small Modular Reactors (SMRs). Although the so-called “nuclear renaissance” is also taking shape in Europe according to investors, they see American companies as the main beneficiaries.

Sweden has encouraged 3.8 million households to start investing through a tax-friendly savings plan. Industry voices are calling on Europe to follow the Swedish example to help channel the 1,400 billion euro in household savings into investments.

After years of disappointing returns, the Carmignac’s flagship Patrimoine fund is showing signs of recovery.

The accelerating growth of active ETFs is blurring the lines between active and passive management. Critics warn that it may be an old trap in a new disguise: funds that claim to be active but behave almost exactly like an index—the so-called closet trackers.

It’s hard to speak of a favorable investment climate when companies are leaving. While the shine may have worn off American exceptionalism, Europe’s problems remain unresolved as long as European companies continue relocating their headquarters abroad.

Friedrich Merz’s failure to secure a Bundestag majority has shaken Berlin’s political establishment and cast serious doubt over the ambitious economic reform agenda promised by Germany’s new coalition government.

Major geopolitical events can depress global stock prices by around one percent per month. In emerging markets, the impact can be as much as 2.5 percent. That’s according to the International Monetary Fund, which warns that geopolitics has started to exert greater influence on stock markets over the past few years.

Institutional investors remain cautious about integrating AI technology into the workplace. They’re exploring the possibilities step by step, looking to add a digital “sparring partner” to their investment teams.

The German Bundestag’s decision to boost defense spending through debt issuance triggered a correction in European defense stocks. Investors are taking profits on high valuations as questions arise about whether they are still justifiable.