Investing across the Women’s Euro 2025

Is it coming home…again? 

The England Women’s football team have kicked off their campaign to retain the European Championship – but they face an uphill task. The Lionesses lost their opening match 2-1 against the French and now face the Netherlands and Wales in their quest to reach the quarter finals.

So, what are the investments worth considering by those wanting to reflect the 16 nations involved in the month-long competition that takes place in Switzerland?

Here we take a look at the four groups into which the countries are divided, highlight the key quoted companies within each, and suggest some suitable funds.

Group A

Switzerland (hosts), Norway, Iceland, Finland 

All eyes were on hosts Switzerland as the tournament got underway, but their campaign didn’t get off to the best start with a 2-1 defeat to Norway. Norway have twice been champions – but not for a while. They beat Sweden 2-1 in 1987 and Italy 1-0 in 1993. They have also been runners-up to Germany four times.

Our first fund pick for this group is Fidelity European, which is run by the experienced Sam Morse, ably supported by co-manager Marcel Stotzel. The portfolio contains two Swiss stocks: healthcare giant Roche Holding; and Nestle, the consumer staples group. It also has around 5% of its assets in Finnish equities*. We see this as a very solid core equity fund that focuses on bottom-up stock picking. It also likes companies that can sustainably grow their dividends over time.

An alternative is CT European Select. Manager Ben Moore has predominantly invested in large-cap European equities since taking over the lead role in January 2021. Its largest holdings include DNB Bank ASA*, which is Norway’s largest financial services group and offers a range of services, such as loans and insurance. We believe Ben’s fund has an excellent patient process that has proven itself repeatedly over the years. In fact, it’s delivered some of the strongest returns in the sector.

Group B 

Spain, Portugal, Belgium, Italy 

Reigning world champions Spain come into the tournament as one of the favourites, boasting a squad packed with talent. The team sits second in the world rankings behind the USA. Italy is also in this group. Despite never taking home the trophy, they have made the final on two occasions: losing to Norway in 1993 and Germany four years later.

The Liontrust European Dynamic fund is a big believer in Spanish companies, with an allocation of 12.8%*. Its holdings include Spanish financial services giants Banco Santander and CaixaBank, as well as UniCredit S.p.A, the Italian banking group*. The fund, which is concentrated with 30-40 holdings, benefits from a flexible investment style that enables it to rotate towards value or growth. We’re very impressed by the management of the fund, as well as its rigorous process and collaborative approach. These qualities have helped it achieve stellar long-term performance.

Elsewhere, the Montanaro European Income fund is worth considering if you want decent exposure to Italian companies as they account for 21% of the portfolio*. Its largest holding is in Terna-Rete, which manages the Italian national electricity transmission grid, but it also has a position in Technogym, which makes sports equipment*. Alex Magni and George Cooke, who run the fund, focus on small and medium-sized businesses. Each position taken will also offer an attractive dividend yield or at least the prospect of dividend growth. We like the fact that it offers something different to its peers: a stable and growing income stream from a broad range of European companies.

Group C 

Germany, Poland, Denmark, Sweden 

Germany leads the way in title victories with eight, the most recent of which came in 2013 with a 1-0 win over Norway. Incredibly, they also recorded six in a row from 1995. This group also features Sweden, which won the first official tournament back in 1984, defeating England 4-3 on penalties after the two-legged final had ended in a draw.

Our first suggestion for this group is the Janus Henderson European Smaller Companies fund, which buys growth companies at reasonable prices and considers neglected areas of the market. Germany is its largest country allocation with a 22.2% share and Sweden occupies second spot with 12.6%*. Alzchem Group, which is based in Germany, is the biggest individual holding on 3.2%, while other positions hailing from the country include internet provider IONOS Group*. We like how its managers are willing to invest in the smallest of companies as this gives them the chance to find hidden gems overlooked by their rivals.

Another fund worth considering is Comgest Growth Europe ex-UK, which has a broad range of country allocations, including Denmark, Sweden and Germany**. This is a high-conviction portfolio that invests in quality, long-term growth companies. Its well defined process has been used across the company for more than three decades. The fact that all portfolio managers work as analysts – and most staff have a stake in the business – helps foster a healthy collegiate environment.

Group D 

France, England (holders), Wales, Netherlands

England are the title holders, having beaten Germany 2-1 on home turf back in 2022. This was their first and only victory, despite having made two previous finals. The Netherlands are also in this group. They were crowned champions in 2017 after a 4-2 victory over Denmark, so will be looking to regain their title. But let’s focus on the home nations competing in this group: England and Wales. One of the best ways to access these markets is obviously via a UK fund.

We like the AXA Framlington UK Mid Cap fund. This is a growth-oriented portfolio that’s run by lead manager Chris St John and his co-manager Dan Harlow. It has broad sector exposure, with 29% in industrials, 19.1% in consumer discretionary, 14.8% in financials and 10.5% in technology*. The flexibility to invest in everything from FTSE 100 giants to those operating in the small-cap space enables the managers to run winners and invest early in tomorrow’s growth stories.

More broadly, the BlackRock European Dynamic fund has decent geographic allocation to both France and the Netherlands*. Its largest holdings include Safran, the French aerospace and defence group, as well as Adyen, the Dutch payment company*. We believe this fund, which is managed by Giles Rothbarth, is one of the best available in a fiercely competitive sector. Its genuinely flexible approach is a particular plus point.

*Source: fund factsheet, 31 May 2025

**Source: fund factsheet, 30 June 2025