Thematic Update: Modern Warfare

Over the past year, we’ve spent more and more time following the developments of the defense industry as a key thematic trend. Our foray into the landscape was with the creation of a Drone basket in our 25 Trades for 2025 – a bit of a flier on the “Drones over New Jersey!” panic of late 2024.But sometimes it’s the simplest observations that actually work the best. The Drones basket turned out to be one of our best performing trade ideas of the year, turbocharged by a chaotic run of geopolitical ...