Bloomberg Surveillance · Monday, July 13, 2026
Federated's Stephen Auf expresses a preference for US markets over European equities, with the exception of emerging markets, which are seen as an alternative tech investment at a lower price point. Europe is described as 'ossified,' hurt by energy prices and slow tech adoption, making it an underweight sector.
“We liked the US versus the rest of the world. The only thing that we're overweight internationally is emerging markets, which would become a kind of basically an alternative tech investment at a cheaper price than you're getting in the US because the emerging markets indices now are largely tech driven, Asia tech driven. So we like those world right there. But Europe is kind of ossified right now. This oil price increase has hurt them. They don't have the alternatives we have. They've been slow to pick up on the tech side. So there's some stocks out there we like, you know, kind of stock picking realm, you might say, But broadly we're underweight there.”