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Investment Themes
In a world marked by détente since the demise of the Soviet Union and the end of the Cold War, military spending has often been considered an adjustment variable in Western government budgets. SIPRI data shows that it has fallen on average as a percentage of GDP from over 4% over the period 1960 / 1986 to... 2.15% in 2018. However, the remilitarization of some regions has already contributed to bringing this percentage up from its low point. The return of international tensions, for example between China and the United States or Russia and the rest of Europe, marks a new turn in military spending.
The nationalist awakening of the former great empires - we are referring here to Russia and China - has been accompanied by substantial investments by these countries. In 2020, Russia devoted 4.3% of its GDP to military spending. China only 1.7%, but on a much larger GDP basis. Among the "Western" nations, only the United States (3.7%) and Israel (5.6%) are in the same situation. While relative spending declined until 2018, real spending in current dollars only increased, as the rapid growth in wealth over the past fifty years has made each point of GDP more valuable. Military spending was $700 billion in 1991 when the Soviet Union fell. Last year, it amounted to $1,929 billion. The thematic list below aims to capture the returns of publicly traded companies in the arms industry and defense at large.
Our selection
| Industrials | Other Shipbuilding | 5.35B | +101.73% | ||
| Technology | Other IT Services & Consulting | 6.93B | +94.26% | ||
| Industrials | Other Aerospace & Defense | 27.26B | +106.55% | ||
| Industrials | Other Aircraft Parts Manufacturing | 17.59B | +34.05% | ||
| Technology | Other Software | 324B | +84.87% | ||
| Industrials | Aerospace & Defense Electronics | 16.81B | +102.90% | ||
| Industrials | Other Aerospace & Defense | 34.25B | +51.64% | ||
| Industrials | Other Aerospace & Defense | 34.44B | +43.63% | ||
| Industrials | Commercial Aircraft Manufacturing | 27.5B | +54.26% | ||
| Industrials | Other Aerospace & Defense | 99.88B | +55.93% | ||
| Industrials | Other Aerospace & Defense | 38.4B | +20.34% | ||
| Industrials | Aerospace & Defense Electronics | 930M | +58.01% | ||
| Industrials | Other Aerospace & Defense | 32.27B | +181.47% | ||
| Industrials | Aerospace & Defense Electronics | 1.56B | +21.96% | ||
| Technology | Other IT Services & Consulting | 19.11B | +4.38% | ||
| Industrials | Other Aerospace & Defense | 7.15B | +110.19% | ||
| Industrials | Other Heavy Machinery & Vehicles | 4.78B | +62.47% | ||
| Industrials | Other Aerospace & Defense | 31.26B | +75.47% | ||
| Industrials | Other Aerospace & Defense | 14.15B | +44.81% | ||
| Technology | Other Electronic Equipment & Parts | 3.61B | +29.01% | ||
| Industrials | Other Aircraft Parts Manufacturing | 38.28B | +33.87% | ||
| Industrials | Other Aircraft Parts Manufacturing | 69.97B | +59.43% | ||
| Industrials | Commercial Aircraft Manufacturing | 152B | +7.90% | ||
| Industrials | Other Aerospace & Defense | 2.62B | +121.82% | ||
| - | - | 8.01B | - | ||
| Industrials | Other Aircraft Parts Manufacturing | 23.15B | +15.50% | ||
| Industrials | Other Aerospace & Defense | 92.27B | +183.11% | ||
| Technology | Other IT Services & Consulting | 4.86B | -6.99% | ||
| Industrials | Other Aerospace & Defense | 19.12B | +69.96% | ||
| Industrials | Other Aircraft Parts Manufacturing | 125B | +22.11% | ||
| Industrials | Other Aerospace & Defense | 2.01B | +38.16% | ||
| Technology | Other IT Services & Consulting | 9.97B | +13.06% | ||
| Industrials | Other Aerospace & Defense | 76.53B | +63.69% | ||
| Technology | Other IT Services & Consulting | 6.35B | -17.37% | ||
| Industrials | Other Aerospace & Defense | 2.07B | +68.95% | ||
| Industrials | Other Aerospace & Defense | 722M | +25.58% | ||
| Industrials | Arms & Ammunitions Manufacturing | 1.9B | +8.37% | ||
| Industrials | Industrial Machinery | 1.72B | +414.40% | ||
| Industrials | Commercial Aircraft Manufacturing | 110B | -3.02% | ||
| Industrials | Other Business Support Services | 2.7B | +30.67% | ||
| Industrials | Other Aircraft Parts Manufacturing | 675M | +61.15% | ||
| Industrials | Other Aircraft Parts Manufacturing | 971M | +9.02% | ||
| Industrials | Other Aerospace & Defense | 74.71B | +6.66% | ||
| Technology | Other IT Services & Consulting | 4.62B | +18.83% | ||
| Industrials | Other Aerospace & Defense | 1.4B | -1.67% | ||
| Industrials | Other Aerospace & Defense | 5.51B | -9.60% | ||
| Industrials | Aerospace & Defense Electronics | 7.16B | -28.10% | ||
| Technology | Other IT Services & Consulting | 12.42B | -22.02% | ||
| Industrials | Other Aerospace & Defense | 71.63B | +5.97% | ||
| Industrials | Other Aircraft Parts Manufacturing | 81.02B | +15.08% | ||
| Industrials | Other Aerospace & Defense | 1.74B | +50.91% | ||
| Industrials | Other Aerospace & Defense | 60.51B | +30.64% | ||
| Industrials | Satellite Design & Manufacture | 59.03B | +77.86% | ||
| Industrials | Other Aerospace & Defense | 13B | +27.32% | ||
| Industrials | Other Aerospace & Defense | 6.75B | +73.04% | ||
| Industrials | Other Aircraft Parts Manufacturing | 1.68B | +60.27% | ||
| Industrials | Other Aerospace & Defense | 9.2B | +25.03% | ||
| Industrials | Commercial Aircraft Manufacturing | 13.9B | +0.84% | ||
| Basic Materials | Other Steel | 6.39B | +127.24% | ||
| Industrials | Other Aircraft Parts Manufacturing | 1.9B | +0.48% | ||
| Industrials | Other Aerospace & Defense | 196B | +25.51% | ||
| Industrials | Other Aerospace & Defense | 2.39B | +11.34% | ||
| Industrials | Satellite Design & Manufacture | 12.59B | +168.26% | ||
| Industrials | Other Aerospace & Defense | 4.37B | -12.92% | ||
| Industrials | Other Aerospace & Defense | 3.03B | +23.81% | ||
| Industrials | Other Aerospace & Defense | 46.67B | +19.13% | ||
| Technology | Other Semiconductors | 1.21B | -17.56% | ||
| Industrials | Other Aerospace & Defense | 3.65B | +18.01% | ||
| Industrials | Other Aerospace & Defense | 8.62B | +24.16% | ||
| Industrials | Other Aerospace & Defense | 6.61B | +63.31% | ||
| Industrials | Military Aircraft Manufacturing | 20.37B | +4.57% | ||
| Industrials | Other Aircraft Parts Manufacturing | 4.35B | +8.42% | ||
| Industrials | Other Aircraft Parts Manufacturing | 829M | +32.45% | ||
| Industrials | Other Aerospace & Defense | 19.76B | +60.05% | ||
| Industrials | Commercial Aircraft Manufacturing | 150B | +13.54% | ||
News of the components
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Heatmap
Calendar of the components
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Sector allocation
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