In this episode of Trust Issues, we speak to Marcel Stötzel, manager of Fidelity European, 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 Our latest note on FEV - https://www.trustintelligence.co.uk/investor/articles?fund_id=24 FEV website - https://investment-trusts.fidelity.co.uk/fidelity-european-trust/ Please note that this podcast was recorded on 16 July 2026.
