Morningstar
Please select a location from the dropdown to view relevant share classes and investments. Your home market is currently
Don't see your home market? Change Edition

10 Stocks the Best European Fund Managers Have Been Buying and Selling

ASML Holding is the most widely held stock in the top 10 holdings of the best-rated European equity managers.

Compass pixelated illustration

Key Takeaways

  • European fund managers increased their weightings in financials and healthcare and reduced their exposure to basic materials and consumer defensive sectors.
  • Silver-rated BGF European sold out of Lloyds Banking Group at the end of 2025.
  • RELX and SAP are 5-star stocks owned across fund portfolios.

Each month, the latest available portfolios of the best large-cap European equity funds are analyzed to identify which sectors and stocks Europe’s leading fund managers have been buying and selling.

The most significant increases in holdings in the top 10 holdings of these funds in December were in the financial services and healthcare sectors, and to a lesser extent, the industrials sector. Financial services holdings increased on average from 20.0% to 20.8%, driven mainly by BGF European Value, Fidelity European Dynamic Growth and BGF European.

Healthcare also edged higher, from 13.4% to 13.7%, with a particularly strong increase in BGF European Value and Fidelity European Dynamic Growth. Industrial stocks showed a modest aggregate rise, supported by additions in Comgest Growth Europe and BGF European. Consumer cyclical exposure also increased, notably in Comgest Growth Europe.

The greatest reductions in holdings in these funds were seen in the basic materials, consumer defensive and technology sectors. Basic materials fell from 5.5% to 5.1% on average, with sharp cuts in Fidelity European Dynamic Growth and Brandes European Value. Consumer defensive declined from 7.2% to 6.9%, mainly due to a sizeable reduction in Comgest Growth Europe, partially offset by increases in more value-oriented funds such as M&G (Lux) European Strategic Value.

Technology dipped slightly overall, reflecting reductions in holdings in both Fidelity European Dynamic Growth and Comgest Growth Europe. Taken together, the adjustments suggest a rotation away from defensives and selected growth exposures in favor of financials and healthcare.

The Most Widely Held European Stocks

There is no single stock that is present in the top 10 holdings of all seven of these funds, demonstrating how portfolio composition can vary from fund to fund. Of those seven funds, three are value funds, three are growth funds and one is a blend of growth and value.

ASML Holding ASML is the most popular stock in the portfolios, appearing in four funds and carrying the most weight in the Morningstar Europe Index. RELX REL, SAP SAP and Schneider Electric SU appear in three funds.

Notable Buys and Sells Among Top-Rated European Funds

Below are most significant purchases and sales within the top 10 holdings of each of the leading European equity funds.

BGF European

All the top 10 portfolio’s holdings suffered selling during December, but the most significant sale was that of Lloyds Banking Group. As a result, the stock moved from first to second place in the top 10 between November and December.

Key Morningstar Metrics for Lloyds Banking Group LLOY

Analyst: Niklas Kammer, CFA

BGF European Value

The manager made a significant purchase in Roche Holding in December. The pharmaceutical company, which was not in the top 10 in November, was the largest holding in the portfolio at the end of December.

Key Morningstar Metrics for Roche ROG

Brandes European Value

The manager made very few transactions affecting the fund’s top 10 positions during November. The most notable sell, however, was Deutsche Post which dropped from fourth to ninth place between November and December.

Key Morningstar Metrics for Deutsche Post DHL

Comgest Growth Europe

Sales affected all of the top 10 stocks in November, but Inditex was particularly hard hit. Despite this, the stock rose from fifth to fourth place in the top 10, thanks to its strong performance in December, when it rose 16.8% in euros.

Key Morningstar Metrics for Industria de Diseño Textil ITX

Fidelity European Dynamic Growth

The manager sold shares in most of the fund’s top 10 positions, except for Prudential. Heavy buying of the British financial institution pushed the stock into the top 10 in December.

Key Morningstar Metrics for Prudential PRU

M&G European Strategic Value

During December, the purchase of Nordea Bank stock pushed the Swedish bank into fourth place in the top 10.

Key Morningstar Metrics for Nordea Bank NDA SE

Robeco QI European Conservative Equities

The Robeco fund made further purchases in oil company Shell, which remains the most significant holding in the portfolio.

Key Morningstar Metrics for Shell SHEL

How the Best European Funds Are Selected?

The selected funds are actively managed funds, distributed in any European country, with at least EUR 500 million in assets, belonging to one of the large cap European equity categories: large-cap growth, large-cap blend or large-cap value.

The funds must be covered by Morningstar and have a Gold or Silver Medalist Rating. When the same manager manages two or more funds that meet the above criteria, to avoid duplication only the fund with the largest assets has been selected.

The selected funds must also have monthly portfolios in the Morningstar database, enabling an analysis recent changes in the managers’ portfolios.

To calculate the value of individual securities bought and sold, it has been assumed that managers executed transactions at an average price between the most recent portfolio date and the previous month.

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar's editorial policies.

©Copyright 2026 Morningstar, Inc. All rights reserved.