Robinhood Head of Investment Strategy Stephanie Guild Talks European Equities
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What is the main topic discussed in this episode?
All right, let's get to the trade today. This has demand for exchange traded products focused on European equities was so strong last year in 2025 that they attracted a decade in a year of inflows.
What factors contributed to the strong demand for European equities in 2025?
That's according to BlackRock's Ursula Marchionne, head of investment and portfolio solutions for EMEA at the world's largest asset manager. She caught up interview with Bloomberg TV this morning over with our European colleagues. Check it out.
from investors with historical own bias towards Europe that has to be rectified. But then on the flip side, from a more tactical perspective, there is this desire to diversify and remain exposed to the AI trade and to the US, but with some form of protection. And so we've seen last year the great repatriation trade with nearly 92 billion of flows going back into European equities ETPs. If you compare it to the period 2014 to 2024, that was 94. So it's basically a decade in a year.
It's pretty remarkable. A decade in a year. That was BlackRock's Ursula Marchionne, head of investment portfolio solutions for EMEA. Let's get to the trade and today's trade and what she's seeing on the Robinhood platform. Stephanie Guild is with us, chief investment officer at Robinhood Markets. Did that resonate with what you're seeing on the Robinhood platform or is that completely different than what you're seeing on the platform?
We, yeah, we haven't actually seen a ton of international take up, at least here in the US. We, you've seen a little bit in the Chinese tech aspect, like in names like BABA, but largely it's been a very US focused, you know, AI and lots of other investing themes focused over the last year.
Why do you think that is?
I think our customers take sort of a long-term view and they like to invest in things that they know and understand really no different than, you know, past generations. And I think they feel that they know and understand, you know, tech and can understand kind of the long-term secular growth trends that can come from parts of tech and are willing to take that risk. You know, even if it's in the space like quantum computing, which is still, you know, in sort of discovery phase.
Do you think that has to do with some of who are actually on your platform? In other words, the demographics that I think, you know, I don't know.
Maybe they've only seen U.S. equities outperform, right?
Exactly.
That's not the world that you lived in for much of what you've done.
Yeah, it could be absolutely part of that. I mean, it's the same kind of thing as like, you know, has a generation ever seen value outperform growth here in the U.S. ?
It's so funny that you say that. On Friday, I was at a big dinner and was talking with someone who has started a company, sold them, now investing their own money, and just talked about some of the big wealth managers who come to him and say, you should be buying the market and paying me a fee for doing that and so on and so forth. And he's like, you know what? I haven't bought the market. I've actually doubled down on those big tech names and have outperformed the market, even though if you think about the last few years, people keep saying, oh, back off some of these. It's time to diversify.
you know what if you didn't you did really well and especially if you played on those mag seven names yeah i think i do think it's shifting now like i i'm sort of a student of of looking at the market and saying that once you had sort of a post covered world um i do think the fact that we have interest rates has has shifted what is possible and can outperform And there was, you know, COVID kind of brought tech right into front and center and the need for it. But I think as more time goes on and especially with some of the incentives from the one big beautiful bill and other that I think it's possible that you can start to see other things do well.
And yet the net buys on your platform, right? Meta, Microsoft, I'm thinking about we're going to have a, what, for the Mag7 reporting this week alone, including these two names, NetSells, NVIDIA, AMD, and CoreWeave, which is interesting because CoreWeave rallying in today's session.
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