French equities have spent years falling behind, and BlackRock now argues that very weakness has made the market hard to ignore.

Speaking about the outlook for euro-zone equities, BlackRock portfolio manager Tom Becker pointed to France as a market where prices look compelling after a long stretch of underperformance. He said the CAC's lag over one- and three-year periods has been significant, framing that weakness not just as a warning sign but as a potential entry point for investors willing to look past recent disappointment.

“The underperformance of the CAC over the last one, three years, it’s pretty material.”

Becker's case rests in part on the structure of the French benchmark. He described the index as heavily exposed to the economic cycle and noted the presence of major energy producers. That mix helps explain why the market has struggled relative to peers, but BlackRock appears to see signs that the selloff has gone far enough. As Becker put it, the firm thinks “there’s kind of a bottom there.”

Key Facts

  • BlackRock says French equities are attractively priced.
  • Tom Becker highlighted the CAC's material underperformance over one and three years.
  • He described the French index as cyclically exposed and weighted toward large energy producers.
  • BlackRock sees indications that the market may be nearing a bottom.

The call matters beyond France. It suggests BlackRock sees selective opportunities inside the euro zone rather than a uniform regional trade. For investors, the message is straightforward: some of the weakest recent performers may now offer the strongest valuation case, especially if economic conditions stabilize and sector pressures ease. Reports indicate the focus remains on relative value, not broad optimism.

What happens next will depend on whether France's cyclical sectors can regain momentum and whether euro-zone equities attract fresh conviction after a choppy run. If BlackRock's view holds, the French market could shift from laggard to value play. If it does not, the CAC may remain a test case for how long cheap assets can stay cheap.