Investment Companies Daily

Research evidence excerpt

Investment Companies Daily

C A Z E N O V E Europe Equity Research

22 June 2026

Equity Strategy, Medallia software co taken over by

creditors, CTPE realisation, BHMG monthly reports,

BPCR NAV, PINT investment, INOV increased tender,

NESF/ANII Finals

• Equity Strategy (Mislav Majetka, CFA) - Certain beaten down Consumer European Investment Companies

AC plays to show better performance in 2H - Some of the consumer sub-sectors Christopher Brown

are trying to form a bottom, trading off lows in the past weeks. Consumer was (44-20) 7134-4722

in the eye of the storm for a while, but we think better performance for the parts christopher.brown@jpmorgan.com

of the group can continue in 2H. If one is buying into the space, one is definitely Adam Kelly, CFA

not joining consensus. Big picture, Cyclical sectors in general are strongly (44-20) 7742-9526

outperforming again this year, aligned with our Year Ahead call, and we think adam.kelly@jpmorgan.com

J.P. Morgan Securities plc

that will continue in 2H, but Consumer Cyclicals is the one area that has

struggled. Most Consumer subsectors have been weak for a long time, ever Investment companies Research

since COVID’s V-shaped move. In contrast, all other Cyclicals had strong homepage -click here

spells in the past few years. Given that, Consumer plays’ price relatives are

generally at multi-year lows and consumer confidence indicators in most parts

of the world are near record lows. These can only go higher from here. Largest movers over the last week (%)

Historically, Consumer stocks tended to outperform from the low points in SDCL Energy Efficiency Income -25.8

consumer confidence. In terms of the catalysts, easing geopolitical uncertainty Aquila European Renewables… -13.9