Marlborough snaps up Bayer and Roche after share price weakness

Meanwhile the manager had weightings of more than 18 per cent each to Sweden and France at the end of July, with differing motivations.

“Sweden’s economy is performing well and we like domestically focused companies,” he explained. 

“France is different – the economy has been struggling for years. But there are some companies that stand to benefit from even a few improvements in the domestic economy, which we think is happening.”

The Marlborough European Multi-Cap fund has returned 36.8 per cent over one year, compared with 16.1 per cent from its IA Europe ex UK peer group, data from FE Analytics shows.