EUROPEAN CONVICTION LIST - DIRECTORS‘ CUT July 2026 Update

Research evidence excerpt

EUROPEAN CONVICTION LIST - DIRECTORS‘ CUT July 2026 Update

erm upside from energy crisis 26,626 24%

NSISb.CO Novonesis Superior structural growth with potential cyclical upside 25,583 15%

HLMA.L Halma Plc Long-term compounder with high ROIC with upside to consensus 17,231 27%

KBX.DE Knorr Bremse Idiosyncratic growth in Rail with upside risk from China, cyclical Truck recovery and growing aftermarket mix 16,378 31%

NHY.OL Norsk Hydro Uniquely positioned to fill the gap from Middle East supply shock with upside to pricing 15,567 39%

TRELb.ST Trelleborg AB Structural growth and cyclical recovery driving above-consensus growth at a discounted valuation 8,427 28%

TGS.OL TGS ASA Oil capex play and AI / Digital enabler with pricing power post significant industry consolidation 2,234 40%

Healthcare

ARGX.BR Argenx SE Near term Vygart concerns offer entry point to healthy growth and catalyst rich 2026 48,519 9%

SN.L Smith & Nephew Expectations for a guidance reset largely priced in, continue to see attractive risk/reward ahead of organic growth inflection 10,496 42%

Natural Resources

ENEI.MI Enel SpA Re-leveraging the balance sheet and doubling investments in European grids in supportive regulatory environment 100,129 19%

CWR.L Ceres Power Leading fuel cell player with licensees positioned to benefit from next wave of Datacentre growth 1,097 83%

TMT

BT.L BT Group Fibre monetisation to drive significant upside to consensus FCF 21,909 74%

WSE Wise Group Long term cross border payments winner with best-in-class technology and infrastructure 10,961 59%

Business Services, Transport & Leisure

DSV.CO DSV A/S DBS deal synergies to support earnings doubling, buyback and German fiscal beneficiary 48,942 48%