Beating the drum over Europe's lackluster economy may have become habit, but private bank Pictet expects an emerging recovery means the continent's assets are set to outperform.
"We believe the euro zone has the ability to surprise," said Bhaskar Laxminarayan, Pictet Wealth Management chief investment officer for Asia. Pictet had around $426 billion in assets under management as of September.
"GDP (gross domestic product) is finally getting more into the positive territory and we do believe there's going to be stable growth."
Laxminarayan is looking to place chips both on country and specific company bets.
"We do like Italy and Spain in Europe, but we also believe that overall exporters will do reasonably well with the euro weakness," he said Wednesday.
The euro fetched around $1.10 in Asian trade Thursday, down from around $1.21 at the beginning of the year and around $1.38 at the beginning of 2014.
He also tipped "high quality" companies as the main beneficiaries of an economic recovery, similar to the segments that benefited as the U.S. economy recovered.
"But you wouldn't be very wrong in just buying a European index," he said.