Bellevue fund manager Laurent Picard flags reliable power supply as key driver of Europe’s long-term growth

• 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, energy independence.
• 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.

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