Weak start

Technology, Media & Telco stocks are experiencing one of their worst starts to the year relative to global equity markets in the past 50 years. Stretched valuations, concerns over excessive concentration in a handful of Big Tech names, and rising fears of AI disruption, particularly in software and media, are weighing on investor sentiment. Many investors prefer to take profits and remain on the sidelines for now.

At ECP, as long-term investors, we see this weakness rather as an opportunity to add selectively to quality names, in our European Value Fund for example, such as SAP or Publicis.