Here are some of the stocks that large-cap blend funds with a Morningstar Medalist Rating of Bronze, Silver, or Gold have been investing in during the past few months:
- Saipem SPM
- Bayer BAYN
- Anheuser-Busch InBev ABI
- Prosus PRX
- Nokia NOKIA
- Engie ENGI
- Danieli & C DANR
- Implenia IMPN
- Credit Agricole ACA
- Attendo ATT
While some of the stocks that top managers have been buying look fairly valued or overvalued relative to Morningstar analysts’ fair value estimates, there are some attractive picks in the mix, including Prosus and Bayer.
European Stocks Bought By Rated Managers
Saipem
- Number of Best Managers Buying the Stock: 1
- : ★★Quantitative Morningstar Rating
- : NoneQuantitative Morningstar Economic Moat Rating
- : EnergySector
The best fund managers’ top stock pick during the last quarter was Saipem, the only energy company on the list. This mid-cap stock is screening as 29% overvalued.
Bayer
- Number of Best Managers Buying the Stock: 4
- : ★★★★Morningstar Rating
- : NoneMorningstar Economic Moat Rating
- : HealthcareSector
Next on the list of stocks that the top managers have been buying is Bayer, one of two healthcare stocks on the list. Morningstar thinks this large-value stock is 30% undervalued.
We believe Bayer has no moat. Despite some competitive advantages in its healthcare and crop science businesses when analyzed in isolation, we think the company’s returns on invested capital have been weighed down by its $63 billion acquisition of Monsanto in 2018 and will continue to be below the cost of capital over the next 10 years or so.
Jay Lee, Morningstar senior analyst
Anheuser-Busch InBev
- Number of Best Managers Buying the Stock: 3
- : ★★★Morningstar Rating
- : WideMorningstar Economic Moat Rating
- : Consumer DefensiveSector
Alcoholic beverages company Anheuser-Busch InBev is the only large-core company on the list. Morningstar thinks shares of this stock are fairly valued.
Anheuser-Busch InBev spearheaded the brewing industry consolidation. Previous acquisitions have led to InBev being the largest brewer with more than double the volume of its second-largest peer, Heineken. InBev’s monopolylike positions in several markets give the firm significant fixed cost leverage and procurement pricing power. The firm’s industry-leading margins, excess returns on invested capital, and best-in-class conversion reflect this.
We expect the firm can maintain its market share through economic cycles thanks to its cost advantage and broad brand portfolio. While volume in developed markets is expected to decline over the next 20 years, the impact to returns will be minimal thanks to InBev’s broad geographic footprint and premiumization runway.
Verushka Shetty, Morningstar analyst
Read more about Anheuser-Busch InBev here.
Prosus
- Number of Best Managers Buying the Stock: 2
- : ★★★★★Morningstar Rating
- : WideMorningstar Economic Moat Rating
- : Consumer CyclicalSector
The only 5-star company on the list, Prosus is trading 46% below its fair value estimate. This internet retail company belongs to the large-growth segment of the style box.
Prosus represents a unique investment opportunity as a technology investment company that was spun out of Naspers Limited and listed on the Euronext exchange in 2019. Prosus has a 23% stake in Tencent, which equates to around 80% of its net asset value.
Outside of Tencent, Prosus is invested in over 100 technology platforms spanning online delivery, FinTech, classifieds, and EdTech. Prosus ultimately aims for these investments to grow faster than Tencent, setting ambitious revenue and profitability targets. We think profitable growth is achievable as many of Prosus’ businesses scale up; however, we are wary of the intense competition and risky nature of digital platforms.
Verushka Shetty, Morningstar analyst
Nokia
- Number of Best Managers Buying the Stock: 2
- : ★Morningstar Rating
- : NoneMorningstar Economic Moat Rating
- : TechnologySector
Communication equipment firm Nokia is one of two large-growth names on the list. Morningstar thinks shares of this stock are 83% overvalued.
Nokia is fundamentally a networking equipment provider, primarily serving wireless carriers and data centers. The firm operates globally but primarily competes in Western-aligned markets where government restrictions have excluded Chinese competitors. We expect minimal growth in mobile networking, given high customer bargaining power and technological threats, with demand from hyperscalers for optical networking driving most revenue growth over the next several years. The overall magnitude of growth depends largely on the success of artificial intelligence firms in monetizing their investments.
Martin Szumski, Morningstar analyst
Engie
- Number of Best Managers Buying the Stock: 4
- : ★★★★Morningstar Rating
- : NoneMorningstar Economic Moat Rating
- : UtilitiesSector
Next on the list of stocks that the top managers have been buying is Engie, the only utilities company on the list. Morningstar thinks this large-value stock is 15% undervalued.
Engie is the third-largest European utility after Enel and Iberdrola. Historically a gas utility, Engie lacked exposure to electricity networks that are growing fast now due to high investments needed to accommodate renewables expansion. It reduced its shortfall with the GBP 15.9 billion acquisition of UK leading electricity distribution networks company UKPN announced in February 2026. Electricity networks should contribute to around 15% of the group’s EBIT by 2028 versus 8% in 2024. Gas networks’ EBIT contribution will remain dominant at around 25% of the 2028 EBIT.
Renewables should be the largest earnings contributor by 2028. With 28 gigawatts of consolidated wind, solar, and battery energy storage systems at the end of 2025, Engie is the third-largest renewables developer in Europe behind Enel and Iberdrola.
Tancrede Fulop, Morningstar senior analyst
Danieli
- Number of Best Managers Buying the Stock: 1
- : ★★Quantitative Morningstar Rating
- : NarrowQuantitative Morningstar Economic Moat Rating
- : IndustrialsSector
One of two 2-star names on the list, Danieli is trading near its fair value estimate. This specialty industrial machinery firm belongs to the mid-core segment of the style box.
Implenia
- Number of Best Managers Buying the Stock: 1
- : ★★★Quantitative Morningstar Rating
- : NoneQuantitative Morningstar Economic Moat Rating
- : IndustrialsSector
Next on the list of stocks that the top managers have been buying is Implenia, one of two industrials names on the list. Morningstar thinks this small-core stock is 8% undervalued.
Credit Agricole
- Number of Best Managers Buying the Stock: 1
- : ★★★Morningstar Rating
- : NoneMorningstar Economic Moat Rating
- : Financial ServicesSector
Regional bank Credit Agricole is one of three large-value names on the list. Morningstar thinks shares of this stock are 11% overvalued.
Credit Agricole S.A. is, in many ways, unique among European banks. It has a more diverse mix of operations. Its lower reliance on traditional banking activities reduces its exposure to credit and interest-rate risk, which could support greater earnings stability. But, it also means Credit Agricole S.A. stands to gain less from the return to positive interest rates. The relationship with its parent, the Credit Agricole Group, is a double-edged sword. It creates cross-selling opportunities, but makes Credit Agricole S.A. a complex bank to understand.
We view Credit Agricole S.A. as one of the least interest rate-sensitive banks we cover. Nonbanking (hence not rate-sensitive) insurance and asset management activities contribute around 40% of net income. Interest rates on the bulk of French retail savings products are regulated, lowering French banks’ interest rate sensitivity. Credit Agricole S.A. is also heavily reliant on wholesale funding. While it does mean that Credit Agricole is at a relative disadvantage in a rising rate environment, it makes Credit Agricole S.A. an interesting option for investors with a more dovish view on interest rates.
Johann Scholtz, Morningstar senior analyst
Read more about Credit Agricole here.
Attendo
- Number of Best Managers Buying the Stock: 1
- : ★★★Quantitative Morningstar Rating
- : NoneQuantitative Morningstar Economic Moat Rating
- : HealthcareSector
Attendo rounds out the list of stocks that the best fund managers have been buying. Morningstar analysts think shares of this stock are 9% overvalued.
Methodology for Large-Blend Fund Stock Screen
The screen found 13 separate fund portfolios that met this criteria:
- Actively managed funds that land in the Europe large-cap blend equity .Morningstar Category
- Funds with at least one share class earning a of Gold, Silver, or Bronze.Morningstar Medalist Rating
- Funds that hold 100 stocks or fewer.
To determine which stocks top managers are investing in, the latest portfolios of these funds were compared with their portfolios three months before. We then calculated a “buy score” for each stock, which is a weighted average that allows us to make like-for-like comparisons of the most purchased stocks. One or two managers making large purchases of a stock could lead to the same buy score as many managers purchasing small amounts of a stock.
