Sector-wise, Europe ex UK looks rather different to US-dominated global indices. For a start, exposure to tech—which has surged since late March —is much smaller (about 10% of the FTSE Developed Europe ex UK Index), if not as small as in the UK.
The largest sectors are Financials (about 24%) and Industrials (21%), the latter having benefited from defence outperformance. That said, the index has underperformed other developed market peers both year to date and over the past 12 months.
Five out of the funds in the table are passive vehicles. As their names suggest, they are predominantly dividend and value strategies, giving a good indication of what has been driving the market. Of the tables’ 10 incumbents, all but two are value in style (those two being core). You have to go to 25th place by order of five-year return before a growth-orientated fund makes an appearance.
The top performer over three years was Artemis SmartGARP European Equity. Its SmartGARP tool screens financial characteristics of companies to identify those that are growing faster than the market but are trading on lower valuations.
Second-placed WS Ardtur Continental European’s largest sector allocation is to Energy (c28%, compared to 5.2% for FTSE Developed Europe ex UK), which has likely helped over the year to date.
Methodology: LSEG Lipper first screened for only those primary share classes of active funds that have a Lipper Leader Consistent Return Score of 5—the highest possible—over three years. This combines the other LL elements in the table—expense, total return, and capital preservation—into a single risk-adjusted return score. We’ve then taken the top 10 by five-year return.
Top-Performing Europe ex UK Funds Over Five Years, with a Lipper Leaders Consistent Return Rating of Five
Source: LSEG Lipper. To 30 April 2026
This research provided the basis for this article in FTAdviser.
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The views expressed are the views of the author and not necessarily those of LSEG Lipper. This material is provided as market commentary and for educational purposes only and does not constitute investment research or advice. LSEG Lipper cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided in this publication or from any other source mentioned. Please consult with a qualified professional for financial advice.
