Europe Reasserted:  Consensus Builds as Europe Reclaims Ground from the U.S

DM Europe remains the top regional overweight, with over 90% of global funds positioned above benchmark.

Allocations have rebounded sharply from late-2024 lows, marking a renewed expression of long-term conviction.

Positioning is broad-based, led by the UK and France, with Industrials, Financials, and Communication Services driving sector overweights.

Recent rotation reinforces the overweight, with increased exposure to German Industrials, UK Financials, and Swedish Communication Services.

At the stock level, leadership is shifting, as Schneider Electric, SAP SE, and Spotify gain traction while ownership in names like Diageo and Vodafone continues to decline.