Eastern Europe has quietly become a consensus overweight among active EM managers, with ownership levels grinding higher over the past three years across Poland, Greece and Hungary in particular. The regional story is, at its core, a Financials trade — concentrated in a handful of companies, led by an increasingly dominant OTP Bank. In this month’s report, we examine how active capital is positioned across the region, where conviction is building, and what the structural shape of that investment looks like beneath the surface.

→ 60% of EM funds are overweight Eastern Europe, with average weights climbing steadily from the lows of mid-2022 — Poland, Greece and Hungary all sit at or near all-time ownership highs

→ OTP Bank has seen a remarkable breakout, now held by a record 44.8% of funds, while Greek Financials have established a growing and increasingly stable investor base following strong ownership gains from 2022 through 2025

→ The regional overweight remains heavily concentrated in Financials, with the broader opportunity set outside the sector still relatively underdeveloped, leaving Eastern Europe as a conviction trade in a narrow range of companies rather than a broad regional call