Four holdings in the European Alpha Fund missed out on a share of the spoils in 2017 – a vintage year for European equities – as they were pummelled by temporary pressures. We looked beyond this volatility, maintaining our focus on the companies’ prospects for long-term growth. As these pressures begin to ease, we ask: have these stocks turned a corner? Stock markets are capricious in the short-term. Unexpected news flow and temporary factors can trigger bursts of share-price volatility, but leave the long-term fundamentals of companies intact. This is illustrated well by the performance of current holdings Pandora, ConvaTec, Nokia and Siemens Gamesa in the last year.