Bellevue fund manager Laurent Picard flags reliable power supply as key driver of Europe’s long-term growth - XLU News | RalliesBellevue fund manager Laurent Picard flags reliable power supply as key driver of Europe’s long-term growth
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XLU• Macro uncertainty and long-term themes
- 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 and energy independence.
Power-grid modernization and reliable electricity
- 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.
