My guest on the show today is Thomas Richard, CFA, Portfolio Manager at Philippe Hottinguer Gestion, based in Paris. Thomas has been diving deep into European microcaps – a market segment he describes as “so unloved and uncovered,” with unique inefficiencies and opportunities.

In our conversation, Thomas lays out why Southern Europe – especially countries like Spain, Italy, and Greece – is currently one of the most interesting regions for microcap investing. He explains the value of bottom-up research, the importance of direct interaction with management teams, how non-European investors can begin navigating this often-overlooked space, as well as some of the structural risks that exist in this space – including governance concerns and delisting threats.

We also touch on specific names like Euroconsultants, Shelly Group, Reway, and ALA, and for full disclosure, I am not a shareholder in any of them.

For more information about Thomas Richard and Philippe Hottinguer Gestion, please visit: https://www.philippehottinguer.com/fr/phhgestion/

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