European Conviction List - Directors' Cut: October 2026 Update - Three Years On

Key Takeaways

• 1.For the October 2026 update marking the list's three-year anniversary, Solaria, Straumann, Scout24, and IMCD are added to the Conviction List, while Naturgy, Norsk Hydro, and Smith & Nephew are removed.
• 2.Over the past 3 years (life-to-date), the Conviction List has featured 98 unique stocks across 29 analysts, delivering a median outperformance of 155 bps versus the STOXX 600 with an average holding period of 7.0 months.
• 3.Differentiated fundamental views on earnings remain the primary alpha engine: 62% of list names saw positive earnings revisions over the trailing 12 months, though performance was more volatile monthly due to AI disruption sentiment and rate shifts.

Table of Contents

• October 2026 Update - Three Years On
• A look at performance and what we learned
• Our Process
• How we measure ourselves
• Some notes on performance and lessons learned
• Six themes we are watching
• Connecting the dots for September
• Our 26 Most Differentiated Buy Recommendations
• Anatomy of the List
• Upcoming Catalysts
• What has worked, what has not and what has changed?
• Solaria (SLRS.MC) - covered by Alberto Gandolfi
• Straumann (STMN.S) - covered by Richard Felton
• Scout24 (G24n.DE) - covered by Adam Berlin
• IMCD (IMCD.AS) - covered by Suhasini Varanasi
• Adyen NV (ADYEN.AS) - covered by Mohammed Moawalla
• Argenx SE (ARGX.BR) - covered by Rajan Sharma
• ASML Holding (ASML.AS) - covered by Alexander Duval
• BBVA (BBVA.MC) - covered by Sofie Peterzens
• BT Group (BT.L) - covered by Andrew Lee
• Ceres Power (CWR.L) - covered by Michele Della Vigna
• CTP N.V. (CTPNV.AS) - covered by Jonathan Kownator
• CVC Capital Partners (CVC.AS) - covered by Oliver Carruthers
• DSV A/S (DSV.CO) - covered by Patrick Creuset
• flatexDEGIRO SE (FTKn.DE) - covered by Oliver Carruthers
• Haleon (HLN.L) - covered by Olivier Nicolaï
• Halma Plc (HLMA.L) - covered by Christian Hinderaker
• HSBC (HSBA.L) - covered by Chris Hallam
• InterContinental Hotels Group (IHG.L) - covered by Ben Andrews
• Puig Brands S.A. (PUIGb.MC) - covered by Aron Adamski
• Rheinmetall (RHMG.DE) - covered by Sam Burgess
• RWE (RWEG.DE) - covered by Alberto Gandolfi
• Siemens Energy (ENR1n.DE) - covered by Ajay Patel
• Sika (SIKA.S) - covered by Ben Rada Martin
• Talanx (TLXGn.DE) - covered by Andrew Baker
• TGS ASA (TGS.OL) - covered by Michele Della Vigna
• Trelleborg AB (TRELb.ST) - covered by Ope Otaniyi
• Sector and Country Exposure
• GS IP Factor Exposures
• Underappreciated Growth
• Value with Earnings Upside
• Dividend Yield + Growth
• Self-Help Profitability Improvers
• FCF Growth/Inflections
• Conviction List Removals since inception

Report data

Exhibit 1: European Conviction List - Directors' Cut — as of September 30, 2026.

Reports in this series

European Conviction List - Directors' Cut is shown in chronological order through this edition, published on October 1, 2026.

Part of the European Conviction List - Directors' Cut series — view all 3 editions

1. Aug 3European Conviction List - Directors' Cut August 2026 Update
2. Sep 7European Conviction List Directors' Cut September 7, 2026 Update