Tippapatt/iStock via Getty Images To Our Partners: Tourlite Fund, LP returned 0.2% for the Fourth Quarter and 2.8% for the full-year 2025. Since inception, the Fund has delivered annualized returns of 8.1%, compared to 13.3% for the S&P 500 and 6.5% for the Russell 2000. 1,2 Q4 2025 2025 YTD Annualized Return 3 Tourlite 0.2% 2.8% 8.1% S&P 500 2.7% 17.9% 13.3% Russell 2000 2.2% 12.8% 6.5% Gross Contribution & Average Portfolio Exposures Gross P&L2025 YTD Q4 2025 Gross P&LQ4 2025 Avg. Dol ...

Industry Overview - The U.S. defense budget continues to increase, with the E.U. also planning a nearly $1 trillion remilitarization program, focusing on artificial intelligence (AI) and drones for military enhancement [1] Company Highlights Dassault Aviation (EPA: AM) - Dassault Aviation, known for the Rafale multirole fighter, has seen its stock rise by 52.94% over the last 12 months, trading at €312.60 ($362.89) as of January 16 [3] - The company is expected to benefit from the E.U.'s rearmament program and has invested $200 million in Harmattan AI to enhance capabilities in electronic warfare, drone interception, and surveillance [6] Howmet Aerospace (NYSE: HWM) - Howmet Aerospace has experienced significant growth, with its stock increasing by 82.81% over the past year, reaching $224.82 [8] - The company's strong performance is attributed to a 14% revenue growth in 2025 and a shift towards higher-margin aftermarkets and critical engine components [9] - The stock rally is expected to continue, especially if the U.S. military budget increases to $1.5 trillion as proposed [10] Mercury Systems (NASDAQ: MRCY) - Mercury Systems specializes in mission-critical processing technologies for defense and aerospace, with its stock rising by 40.99% since the start of 2026, reaching an all-time high of $102.94 [11] - The recent stock surge is driven by a $60 million contract for U.S. strategic and space weapons programs, utilizing Mercury's advanced data processing capabilities [13] - The company is likely to maintain its growth trajectory due to its long-standing government contracts and the duration of the new contract extending through 2031 [14]

Core Viewpoint - The Vanguard Industrials ETF is a strong option for investors, but the Global X Defense Tech ETF presents an alternative for those seeking potential outperformance in the industrial sector [1][3]. Group 1: Vanguard Industrials ETF - The Vanguard Industrials ETF has increased nearly 20% year to date, outperforming the S&P 500, and holds a diverse portfolio of 391 stocks, providing broad exposure to the industrial sector [2]. - The ETF features a low expense ratio of 0.09% per year, equating to $9 on a $10,000 investment, making it cost-effective for investors [2]. Group 2: Global X Defense Tech ETF - The Global X Defense Tech ETF, launched in September 2023, has quickly surpassed traditional industrial ETFs, with a current market size of $4.97 billion [5]. - This ETF differentiates itself by allocating 14.6% of its weight to technology stocks and includes Palantir Technologies as its largest holding, which is not common in older industrial ETFs [7]. - The fund focuses on evolving themes in national defense, emphasizing technology such as artificial intelligence, cybersecurity, and drones, aligning with modern defense spending trends [8]. Group 3: Regional Diversification - The Global X ETF offers significant regional diversification, with nearly 37% of its holdings from outside the U.S., including an 8% allocation to German equities, which are expected to double defense spending over the next five years [11]. - The ETF also has a 5.5% weight in French stocks, as France plans to double its defense spending by 2027 compared to a decade ago, highlighting the growing global focus on defense investments [12].

सो विथ आवर नेक्स्ट स्पीकर लेट्स सो हाई इंटू द स्काई विथ द इमिनेंट एिएशन डेवलपमेंट्स। प्लीज वेलकम मिस राधिका भंडारी। राधिका भंडारी इज़ अ डायनामिक एिएशन प्रोफेशनल एंड एकेडमिक लीडर करेंटली सर्विंग एस द डीन ऑफ़ एिएशन एट इंडस यूनिवर्सिटी एंड डायरेक्टर ऑफ वेस्टर्न इंडिया इंस्टट्यूट ऑफ़ एरोनॉटिक्स प्राइवेट लिमिटेड। इंडियास ओनली वुमेन लेड एयरक्राफ्ट मेंटेनेंस इंजीनियरिंग इंस्टीट्यूट विथ अ बैकग्राउंड इन मेटोलर्जिकल इंजीनियरिंग एंड अ पोस्ट ग्रेजुएट डिग्री इन मैनेजमेंट फ्रॉम बोबेक बिज़नेस स्कूल यूके शी इज़ डीपली कमिटेड टू ...

A Russian startup is putting brain chips in pigeons to create living drones. https://t.co/ul0BO7t77X ...

The drones are the future of warfare. >> We met Sven Kru in Berlin. He is co-CEO of drone manufacturer Quantum Systems.The company with factories in Germany and Ukraine just landed a€ 25 million euro contract with the Bundesphere to produce up to€ 750 intelligence, surveillance, and reconnaissance drones, ISR for short. We have now more than 1,500 at the battlefront day by day in use. >> 1,500 drones.>> Drones in use in Ukraine. Day by day, night by night. >> Drones, including quantums, have helped reshape ...

Security Concerns - A large number of commercial and hobbyist drones are flying in European airspace, raising security concerns [1] - Some of these drones may be involved in hostile activities [1] - Russian saboteurs could easily disrupt European airspace using drones [1]

Small drones have revolutionized warfare in the Russia-Ukraine conflict. One US advocate thinks his country needs an “NRA for drones” in order to catch up. https://t.co/vsBTNgOsmo ...

Authorities are loth to shoot down drones unless they are confident that they pose a threat. Only in the autumn did Britain, Germany, Poland and Lithuania begin changing their laws to allow police and armed forces to do so https://t.co/eCuquRC33m ...

Geopolitical Landscape & Strategic Shifts - The Russia-Ukraine conflict has fundamentally altered Germany's security perception and defense posture [5][6] - Germany aims to be war-ready by 2029, signaling a significant shift in its defense strategy [11] - There's a growing recognition in Europe that they need to be more independent from the US in defense matters [13][24] Military & Defense Buildup - Germany is significantly increasing its defense spending, with projections indicating an almost 80% rise by 2029 [15] - A special 100 billion euro fund has been allocated to kickstart Germany's military buildup [12] - Germany plans to add 75,000 active duty troops to its all-volunteer force by 2035 [26] Defense Industry & Technological Innovation - Germany's defense industry is experiencing a resurgence, with companies like Quantum Systems securing significant contracts, such as a 25 million euro deal for ISR drones [15][16] - The German military is exploring unconventional technologies, including the use of Madagascar hissing cockroaches for battlefield reconnaissance [18][19] - Rheinmetall is expanding its operations with 13 arms factories across Europe, becoming a major player in NATO rearmament [24] Societal Impact & Challenges - There's a notable increase of 23% in enlistments [6] - A poll indicates that a majority of 15 to 25 year olds in Germany are unwilling to take up arms, posing a recruitment challenge [26] - Germany is deploying its 45th armored brigade, consisting of 5,000 troops, to Lithuania, marking its first permanent deployment of a combat-ready brigade abroad since World War II [25]