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 positive on aerospace, but selective—the upcycle is getting long in the tooth, and global RPM growth has started to slow. Valuations remain in the up-cycle range.

Top Picks:

  • L3Harris Technologies (LHX)
  • Rolls-Royce (RR-GB)

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