Global Aerospace & Defense

We are overweight defense, with a steady spending outlook in the US, Asia and Europe, plus defensive characteristics. With multiples having moderated, valuations are now more attractive. We are remain cautious on aerospace — it is early days in an unprecedented slump in airline passenger demand, and it will take some time for the aerospace aftermarket and OEM sectors to get back to 2019 levels.

Top Picks:

  • L3Harris Technologies (LHX)

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