Edmond de Rothschild Fund Manager Says European Sovereignty Push Broadens Beyond Defense

• Edmond de Rothschild fund manager Anthony Penel said European sovereignty priorities have broadened beyond defense to energy and industrial competitiveness.
• Gas prices reached EUR 70-80 per MWh in late 2026 versus EUR 30-40 early that year, squeezing manufacturers' margins.
• EdR SICAV Mission Europa allocates 27% of its portfolio to competitiveness and energy, with approximately 22% invested in defense.
• Penel called for channeling European savings toward productive investments, citing cross-border banking consolidation as critical to financing industrial and technological sovereignty.

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