Industry Verticals
Global Aerospace & Defense
We are overweight defense, with a positive spending outlook in the US, Asia and Europe, and defensive characteristics. With multiples having moderated, valuations are now more attractive. We are currently negative on aerospace — it is early days in what looks likely to be an unprecedented slump in airline passenger demand, which will flow through to the aerospace aftermarket and OEM sectors.
Top Picks:
- L3Harris Technologies (LHX)
- Rolls-Royce (RR-GB)
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