Global Aerospace & Defense

We think 2023 could be another good year of growth in aerospace as the belated recovery in Asia, in particular China, should continue to support RPM expansion, while airline demand for new planes is likely to again outstrip supply. On the flip side, we think it will be hard for defense to match its knock-out 2022 performance (+50% vs the S&P500). While budgets are still trending up, we can see defense being a source of funds as the economic outlook gets less bad, and some valuations now look a little stretched.

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Top Picks:

  • TransDigm (TDG)
  • General Dynamics (GD)


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