Seven trends shaping Europe's growth path

• Bottom-up stock picking can still reveal the bigger forces reshaping Europe’s long-term growth story • From defence to healthcare, selected holdings show where strong positions are hardest to copy • These themes point to European businesses that could keep growing as the region’s priorities evolve It is easy to view Europe as a region defined by low growth and political complexity. Yet across the continent, several powerful structural shifts are creating long-term opportunities for companies with durable competitive positions. While the portfolio's holdings are selected bottom-up,...