European Midcap top picks update: Six new ideas for a more selective SMID market

研报英文原文证据摘录

European Midcap top picks update: Six new ideas for a more selective SMID market

20 July 2026

Midcap Research

European Midcap top picks update: Six new ideas for a more

selective SMID marketMIDCAPS

This quarter’s European SMID rebalance features a material rotation, with six new Aleksander Peterc

+33 1 57 29 45 25 stocks entering our Top Picks selection and six names leaving the portfolio. While our

aleksander.peterc@bernsteinsg.com equal-weighted basket delivered a 12.2% total return since the March reshuffle, broadly in

line with the MSCI Europe Small benchmark, underlying stock performance was far more

Marie Line Fort divergent, highlighting the importance of stock selection in an increasingly selective market

+33 1 42 13 85 21

marie-line.fort@bernsteinsg.com environment.

The strongest contributors over the period were Asmodee (35.7% relative to benchmark), Philippe Lorrain

+33 1 42 14 75 16 Havas (19.3%) and Sacyr (6.6%), while weakness in Exail Technologies (-25%), Davide

philippe.lorrain@bernsteinsg.com Campari (-12.8%) and several consumer and industrial holdings offset much of this

outperformance. As a result, we are taking profits where upside has narrowed, exiting names

Flavien Baudemont driven by takeover dynamics, and reallocating capital towards a new set of opportunities +33 1 42 14 81 51

flavien.baudemont@bernsteinsg.com where we see a more favourable combination of valuation, earnings momentum and

identifiable catalysts.

Susannah Ludwig

+41 582 723 127 We add Convatec, Groupe SEB, CTS Eventim, GTT, TAG Immobilien and X-FAB to the

susannah.ludwig@bernsteinsg.com portfolio. Collectively, these additions provide exposure to a broad range of themes where we

see scope for further recognition by investors, including medtech margin recovery, European