What smart money is saying about Thales
HO.PA
No fund has written a full thesis on Thales in our archive, but 3 fund letters report a position in it, most recently DNCA Invest Eurose in September 2026.
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3
Reported positions
0
Bought
1
Sold
4
Letters
Position history
Between Q2 2026 and Q3 2026, 3 fund letters reported a position in Thales, with 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 2 | 0 | 1 | 0 |
| Q2 2026 | 1 | 0 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 3 positions · 1 move
- HoldsDNCA Invest EuroseSeptember 2026
“Growth (40% of the portfolio), mainly in the sectors: - Aeronautics and defense (10.7%): still significant exposure to the defense value chain through ammunition and land vehicles (CSG), integrators (Airbus and Dassault Aviation) as well as defense electronics and connectivity (Indra and Thales); - Industrial gases (3.8%) through Air Liquide; - Technologies (18.9%): sector strengthened during the quarter with an approach that remains diversified. The selection is present both in semiconductor equipment (ASML and BESI), semiconductors (ams- OSRAM, Nokia and STMicroelectronics) as well as software (Nemetschek and SAP).”
Thales - TrimmedDNCA Invest SRI Euro QualitySeptember 2026
“During the period, our de-escalation scenario did not materialize, which strengthened the contribution of defense stocks such as Thales and Exosens. We continued to build our position in Exosens. On the other hand, following Thales' good results, we took profits on the stock, given the stock's good performance, the relative re-rating compared with other defense stocks, particularly German ones, the French political context and the size of the position in the portfolio.”
Thales - HoldsDNCA Invest SRI Europe GrowthJune 2026
“Conversely, Thales (-0.1 ppt) and especially Exosens (-0.3 ppt) weighed: despite a noteworthy participation in Eurosatory confirming the growing importance of drones and Europe's under-equipment in this segment, as well as promising prospects for Exosens in drones, the 9Very large-scale cloud providers, capable of handling enormous volumes of data and traffic.”
Thales
Also mentioned · 1
These funds discuss Thales as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedBoussard & Gavaudan Gestion Sas Market InsightsJuly 2026
“One particularly compelling investment is the Exail Technologies acquisition by Thales.”
Thales
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