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At the heart of our offer... CPR Invest European Strategic Autonomy
Politics and markets are converging around strategic autonomy: which companies will gain a real advantage? Damien Mariette, senior thematic manager at CPRAM, details the concrete mechanisms, the risks to watch, and the criteria that, according to him, will help identify those that will participate in this evolution and benefit from it.
Published on 3 February 2026
What is “European strategic autonomy” and how is it invested in?
European strategic autonomy aims to reduce Europe’s critical dependencies so that the continent can meet its essential needs regardless of the international context. It is not protectionism: it is the desire to rebuild industrial, technological and health capacities locally — chips, energy, medicines, food, defence systems — to limit supply disruptions and preserve political and economic room for manoeuvre.
For the investor, this means supporting European companies that are part of this dynamic, which can potentially benefit from sustained public support and an enlarged addressable market.
What catalysts make this theme investable today?
In recent years, concrete public policies have turned intent into an investment pipeline: ReArm Europe / Readiness 2030 (announced in March 2025), the Chips Act (2023), the Cyber Resilience Act (2022), the Green Deal (2020) and REPowerEU (2022). These policies create procurement, subsidies and guarantees.
Added to this are massive national stimulus measures, rising defence budgets and renewed public interest in the theme. These levers help reduce, for example, the risk associated with heavy industrial capex, and make some growth trajectories more tangible over the medium and long term.
Why were these five pillars (industry, defence, health, food, finance) chosen?
Each pillar is, in our analysis, a key to autonomy: industry rebuilds productive capacity (chips, automation, energy), defence provides order books and accelerates dual use innovation, health secures access to medicines and essential devices, food protects supply chains, and finance structures the capital needed for public private projects.
Together, these dimensions offer a broad and selective investment universe: an ecosystem of European companies across sectors and market caps, offering the possibility of a diversified portfolio and flexible management, while contributing to Europe’s sovereignty.
What risks do you monitor and how do you integrate them into management?
We closely monitor thematic valuations, risks of industrial execution, regulatory developments and market liquidity. Our management is active: we adjust portfolio weights according to catalysts (results, outlook), aim for a diversified portfolio, perform stress tests, and remain opportunistic regarding IPOs and the mid cap segment.
This responsiveness, combined with the diversification of our theme, helps explain the fund’s resilience during recent volatile episodes.
What prospects for investors and what is your outlook for 2026?
In the short to medium term, the industry and defence sectors should continue to be at the forefront as in the previous year. The electrification needs in Europe are a priority and the defence sector will benefit from increased budgets. Over the longer term, the theme supports a more resilient, lower carbon Europe, driven by AI, cyber and the energy transition.
For 2026, we anticipate that initial industrial capacities (first semiconductor plants, defence contract deliveries, energy projects) will move into commercial phase: the fund will then selectively strengthen positions in companies able to convert these orders into visible cash flows, while modulating exposure to limit volatility related to execution milestones.
Warning
Statements collected on 02/03/2026. Comments, estimates, viewpoints, analyses, and projections on markets and their developments reflect the opinion of CPRAM as of the publication date and do not engage the company's liability. The information provided has no contractual value and does not constitute investment advice or recommendations to buy or sell. They are based on sources considered reliable by CPRAM, which does not guarantee their accuracy, relevance, or completeness. This publication may not be reproduced, in whole or in part, or communicated to third parties without prior authorization from CPRAM. Subject to compliance with its obligations, CPRAM cannot be held responsible for financial or any other consequences resulting from the investment.
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