• Bellevue Asset Management portfolio manager Laurent Picard flagged persistent macro uncertainty, citing geopolitics, fragmentation, protectionism, higher volatility.
• Picard highlighted security and sovereignty as key multi-year themes, extending beyond defense into technology, energy independence.
• He focused on Europe’s power-grid modernization as a priority, driven by electrification, renewables integration, reliability needs.
• He expects demand for stable, predictable electricity to rise, tied to productivity and long-term growth, including data centers, AI.
• Picard sees a shift toward pragmatic policy, with regulators more open to consolidation that lifts European competitiveness, aiding small, mid caps.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Bellevue Group AG published the original content used to generate this news brief on July 31, 2026, and is solely responsible for the information contained therein.