All themes
Defence spending
78 managers wrote about this in 121 letters. Every passage below is copied verbatim from the letter it came from.
Share of letters mentioning it
- 2024 Q47% of 30
- 2025 Q110% of 40
- 2025 Q29% of 88
- 2025 Q37% of 88
- 2025 Q49% of 129
- 2026 Q17% of 137
- 2026 Q27% of 709
- 2026 Q34% of 883
- 2026 Q42% of 128
- Tribeca Global Natural Resources LtdOct 2026
Several recent quarterly results, including those from BHP, Anglo American and Antofagasta, missed market expectations by around 5% on processing, safety, weather and industrial-relations issues, underlining how difficult it is to grow supply, while demand remains robust, underpinned by AI build-out and defence spending.
Read the letter → The company is benefiting from several structural themes including increased European defence spending, energy security, electrification and a recovering European manufacturing cycle.
Read the letter →- Mitsubishi UFJ Asset Management Co. Global Fixed IncomeOct 2026
The pressure here is likely to intensify as AI investment projections are very high, infrastructure spending on electricity grid is needed, climate change demands (either to prevent or respond to the consequences) and defence spending increases are all heading upwards.
Read the letter → - Miralta Asset ManagementSep 2026
It is, moreover, consistent with an environment of simultaneous records in investment in artificial intelligence, defense spending, energy prices and geopolitical tension.
Read the letter → - Jupiter UK Dynamic Equity FundSep 2026
THE CYCLE: As a provider of CBRN respirators and military helmets, Avon Technologies’s fortunes are tied to the defence spending investment cycle, as is any defence equipment supplier.
Read the letter → - Saratoga Research & Investment Management Large Cap Quality StrategiesSep 2026
The structural forces we have been discussing for several years – Deficits, Defense spending, Deglobalization, Demographics and Datacenter capital expenditure – are simultaneously in- creasing the demand for capital and constrain- ing its supply.
Read the letter → - MUZA, FISep 2026
Among the items that increase the most, precisely the payment of interest on debt held by the public stands out: 115 billion dollars more (+11%), up to 1.1 trillion dollars, the second largest federal spending item behind Social Security and ahead of defense spending.
Read the letter → However, following significant share-price appreciation, we reduced the position as valuation became more demanding and uncertainty increased around the timing and magnitude of future UK defense spending.
Read the letter →Investors have pressured aerospace and defense names as President’s Trump’s $1.5 trillion budget was not approved, forcing defense spending into a continuing resolution.
Read the letter →- Muza Inversiones, SICAVSep 2026
In fiscal year 2025, net interest of almost 1 trillion dollars already accounted for 3.2% of GDP and about 19% of federal revenues, exceeding defense spending.
Read the letter → - Baron Small Cap FundSep 2026
We also saw weakness in our aerospace & defense names, as the ongoing Iran conflict could affect global air travel and the upcoming midterm elections could change the political landscape and defense budgets.
Read the letter → - Artisan US Focus FundSep 2026
Increased defense spending cannot immediately expand the network of specialized suppliers and skilled labor.
Read the letter → Mitsubishi Heavy Industries benefited from stronger-than-expected quarterly results and orders, particularly within its Energy business, as well as expectations for increased Japanese defense spending and exports.
Read the letter →- Hinde Group 1578 PartnersSep 2026
Realized and projected military spending related to the conflict with Iran adds to fiscal debt and deficits.
Read the letter → We believe continued growth in Japanese defense spending may provide a supportive backdrop for demand.
Read the letter →This is particularly visible in the underweight to industrials, driven by capital goods, where valuations and expectations have been supported by AI infrastructure and European defence spending.
Read the letter →The cost of servicing the US’s ballooning debt obligations now exceeds defence spending and represents almost 20% of federal government tax receipts.
Read the letter →After its recent positive results did not inspire a meaningful price response, our view was the stock would remain range-bound due to uncertainty around U.S. government defense budgets.
Read the letter →Our investment case for Kratos Defense & Security Solutions is supported by a favorable defense spending environment, driven by geopolitical tensions, global modernization efforts, and rising demand for autonomous and cost-effective systems.
Read the letter →Aerospace and defense, our largest industry exposure within industrials, was pressured overall amid uncertainty around defense budgets and competitive dynamics, while higher energy prices raised concerns about airline economics and commercial aerospace demand.
Read the letter →The 3 new investments (from 0) give us exposure to the long-term European rearmament trend through specialist suppliers, with a strong moat and with multi-year order books.
Read the letter →The two major wars are escalating geographically as Russian drones nudge NATO countries, and the Iran war spreads to the Red Sea.
Read the letter →- Mondrian IP International Equity StrategySep 2026
Hence, it is well-placed to capitalize on any prospective increase in investment levels in the region, potentially associated with rearmament, energy security or an intention to tackle weak economic competitiveness.
Read the letter → - Fairtree Asset Management Global Equity FundSep 2026
The United Kingdom was the strongest major European market, rising 1.9%, while Germany edged up 0.7%, supported by its infrastructure and defence spending programme.
Read the letter → We expect HONA to benefit from growing air travel, rising defense spending, and limited industry capacity.
Read the letter →Electro Optic Systems is an Australian defense technology company with growing international exposure, including Europe, that develops remote weapon systems and counter-drone technology at a time when governments are increasing defense spending and placing greater emphasis on drone protection.
Read the letter →Dinged by transformative 2021 FLIR acquisition, expectations and valuation reset, balance sheet is clean, and the company is positively exposed to rising defense spending, reshoring and physical AI.
Read the letter →- Mondrian IP Global EquitySep 2026
Hence, it is well-placed to capitalize on any prospective increase in investment levels in the region, potentially associated with rearmament, energy security or an intention to tackle weak economic competitiveness.
Read the letter → Defense spending seems likely to go up, and shipping routes seem like to be more expensive.
Read the letter →- Baron SMID Cap ETFSep 2026
First, we believe that while the market is rightly concerned about defense budgets in general, it is overly discounting the effect of a Democrat-led sweep of Congress.
Read the letter → Russia has already obtained the Georgian territories it sought to control and there is little incremental strategic benefit from another invasion, given that Russia has already effectively blocked Georgia from joining NATO.
Read the letter →This follows 2025's reform of the constitutional debt brake, which freed up €500bn for infrastructure and exempted defence spending from fiscal constraints entirely.
Read the letter →Demand is being supported by electrification, grid investment, data-centre growth and increased defense spending, while years of underinvestment, lengthy permitting timelines and a growing emphasis on secure domestic supply chains continue to constrain new supply.
Read the letter →- Amati Global Innovation FundJul 2026
The company is at the sweet spot of a number of focus areas in defence spending, including Battlefield Communications, Modern Soldier Programme and drones.
Read the letter → - Ninepoint PartnersJun 2026
First, governments, due to a complex geopolitical landscape, are increasingly prioritizing the onshoring of supply chains, securing energy independence, ramping up defence spending, and building strategic stockpiles.
Read the letter → Shares of Rheinmetall came under pressure amid concerns over the outlook for European defense spending, the potential impact of emerging defense technologies such as drones, and the cancellation of a planned €12 billion frigate contract by the German government.
Read the letter →Recent weakness also reflected signs that some incremental defense spending may shift away from traditional prime contractors.
Read the letter →- Liontrust UK Equity FundJun 2026
Defence spending is structurally improving, supported by rising geopolitical uncertainty and increased government commitments to defence budgets.
Read the letter → - Benguela Global Equity UCITS FundJun 2026
The prospect of increased German fiscal spending remains a medium- term positive, and cracks in the NATO alliance should provide continued impetus for defence spending.
Read the letter → Within industrials, defense-oriented businesses illustrate our focus on companies benefiting from structural changes in government procurement and defense spending.
Read the letter →
Showing the 40 most recent of 121 letters.