24 November 2025 | 2:29PM GMT Research THEMATIC STOCK EXPOSURES A global defense ecosystem The heightened focus on geopolitics coupled with a global push to modernize military tech have contributed to a ramp-up in spending on defense across major economies. Europe is undergoing a major rearmament cycle, Japan and South Korea are pledging increases to military budgets, and the U.S. is re-directing investment into nimbler, more cost-efficient platforms. In this edition of Thematic Stock Exposures, we tap into ...