Investment Companies Daily: Equity Strategy, June Open Ended Funds Flows, RICA Year end review, BOOK Quarterly NAV/Update

Research evidence excerpt

Investment Companies Daily: Equity Strategy, June Open Ended Funds Flows, RICA Year end review, BOOK Quarterly NAV/Update

C A Z E N O V E Europe Equity Research

27 July 2026

Investment Companies Daily

Equity Strategy, June Open Ended Funds Flows, RICA

Year end review, BOOK Quarterly NAV/Update

• Equity Strategy (Mislav Matejka, CFA) - A pickup in corporate activity European Investment Companies

AC and in shareholder activism in Europe -The latest Iran flare-up Christopher Brown

notwithstanding, we remain constructive on European equities, which earlier (44-20) 7134-4722

this month recorded a fresh all-time high, and we upgraded our targets further christopher.brown@jpmorgan.com

last month. Earnings are picking up after 3 subdued years, and we do not Adam Kelly, CFA

believe inflation expectations will get de-anchored, which might allow the (44-20) 7742-9526

ECB to hike less than is currently priced in the markets. Eurozone CESI spiked adam.kelly@jpmorgan.com

J.P. Morgan Securities plc

to 2-year high, and PMIs, credit growth and earnings revisions are all on the

uptrend. After an outperformance vs the US last year of 7% in LC terms, total Investment companies Research

return, Eurozone equities are just about ahead again this year, at 12% vs 9%, homepage -click here

respectively. We recently argued that the latest Momentum unwind was

becoming mature. Still, we continue with the call of rotation and broadening

into 2H, with AI unlikely to be “the only story in town.” Separately, shareholder Largest movers over the last week (%)

activism in Europe is likely to pick up: the common activist target profiles are abrdn Property Income -10.5

undervalued companies with identifiable governance, capital-allocation, or Chrysalis Investments -7.2