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.
- L3Harris Technologies (LHX)