

Europe’s Hidden Gems: MicroCap Investing with Thomas Richard, CFA, Portfolio Manager at Philippe Hottinguer Gestion
May 28, 2025
Thomas Richard, CFA and Portfolio Manager at Philippe Hottinguer Gestion, shares insights from his deep dive into Europe's microcap market. He discusses the underappreciated opportunities in Southern Europe, especially Spain, Italy, and Greece. Thomas emphasizes the value of bottom-up research and direct management interactions while navigating governance risks and delisting threats. He also highlights how language barriers can be tackled with AI tools, making a case for the untapped potential in European microcaps for international investors.
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European Microcaps Offer Opportunity
- European microcaps are an unloved and uncovered market with many inefficiencies and opportunities.
- Southern Europe, especially Spain, Italy, and Greece, is currently attractive due to better economic growth and market performance.
Southern Europe Growth Drivers
- Southern Europe benefits from economic recovery funds, fueling company growth.
- Greek firms like Euro Consultants show strong backlog and growth, despite low coverage.
Start Small, Then Build
- Start investing in small positions to get to know the company well.
- Increase stakes if management meets expectations through ongoing evaluation.