Carmignac: Why Europe will disappoint ‘for years and years'

European equities have their attractions but the continent's economic position will disappoint investors for years to come, according to Carmignac Gestion's Frédéric Leroux.

Speaking at the fund manager’s quarterly conference in Paris, Leroux, co-manager of the £23bn Patrimoine portfolio, said expectations of a rebound in the eurozone in the second half of 2013 are likely misplaced. Carmignac has turned more positive on European equities in recent months, upping exposure across its fund range, but Leroux said the deleveraging process will continue to weigh on regional markets. “There is a lot of analysis saying the second half of the year will be better, and that analysis is turning into a consensus, but we do not see the momentum that would justify that,...