The holding now accounts for 1.31% of the fund’s AUM, placing it outside the fund’s top five holdings.On November 12, 2025, Staley Capital Advisers reduced its holding in Mercury Systems (MRCY 2.76%), cutting its stake by $6.51 million, according to an SEC 13-F filing.What happenedStaley Capital Advisers sold 58,820 shares of Mercury Systems in the third quarter of 2025. The transaction lowered the fund’s position to 411,310 shares, worth $31.84 million as of quarter-end.Staley Capital Advisers’ stake in Me ...

Core Insights - Curtiss-Wright (CW) is positioned as a strong investment option in the Aerospace sector due to its robust presence, solid liquidity, and low debt levels [1] Financial Performance - The Zacks Consensus Estimate for CW's 2025 earnings per share is $13.09, reflecting a year-over-year growth of 20.1% [2] - The consensus estimate for 2025 sales is $3.44 billion, indicating a year-over-year growth of 10.2% [2] - CW's long-term earnings growth rate is projected at 14.5% over the next three to five years [2] - The company has delivered an average earnings surprise of 7.75% in the last four quarters [2][8] Debt and Liquidity - CW's total debt-to-capital ratio stands at 27.7%, significantly better than the industry average of 49.4% [3] - The times interest earned (TIE) ratio is 14.92, indicating strong capability to meet interest obligations [3] - The current ratio is 1.75, demonstrating the company's ability to meet short-term liabilities [4] Market Opportunities - CW is poised to benefit from the global shift towards cleaner energy, particularly in nuclear power, as countries aim to reduce emissions and meet electricity demands [5] - The company is involved in major new-build projects with its reactor coolant pumps and AP1000-related technologies, with potential orders in Europe and new opportunities in the U.S. [5] - Strong demand in defense and aerospace sectors is enhancing CW's long-term outlook, driven by increased U.S. funding for submarine programs and rising global defense budgets [6] - Improving air traffic and production needs are also boosting demand for CW's components in the commercial aerospace market [6] Stock Performance - CW shares have increased by 9.8% over the past three months, outperforming the industry's growth of 3% [7]

Core Insights - HEICO (HEI) is positioned as a strong investment option in the aerospace sector due to its robust market presence, solid liquidity, and low debt levels [1][8] Growth Projections - The Zacks Consensus Estimate for HEI's fiscal 2025 earnings per share is $4.77, reflecting a year-over-year growth of 30% [2] - The consensus estimate for fiscal 2025 sales is $4.43 billion, indicating a year-over-year growth of 14.8% [2] - HEI's long-term earnings growth rate is projected at 18.9% over the next three to five years [2] - The company has delivered an average earnings surprise of 13.35% in the last four quarters [2][8] Debt Position - HEI's total debt-to-capital ratio stands at 36.8%, which is better than the industry average of 49.4% [3] - The times interest earned (TIE) ratio is 7.27, indicating the company can comfortably meet its interest obligations [3] Liquidity - HEI's current ratio is 3.35, demonstrating its ability to meet short-term liabilities without difficulties [4] Market Momentum - HEICO is benefiting from increased global air travel, leading to higher demand for aftermarket replacement parts and repair services [5] - The company has shown strong results in its Flight Support Group, with improved sales and margins due to steady momentum in the aerospace aftermarket [5] - HEICO maintains a strong position in the U.S. defense sector, supplying critical parts and services, which aligns with rising defense spending [6] Stock Performance - HEI shares have gained 32.6% year-to-date, outperforming the industry's growth of 31.7% [7]

Core Insights - Niron Magnetics and Moog Inc. are collaborating to develop advanced actuator solutions for guided munitions systems, focusing on reducing reliance on rare earth materials [1][2][4] - The partnership aims to enhance supply chain resilience and operational readiness in defense systems, aligning with the U.S. Department of Defense's Acquisition Transformation Strategy [4][5] Company Overview - Niron Magnetics is the only producer of high-performance, rare-earth-free permanent magnets, utilizing Iron Nitride technology to create advanced permanent magnets for various applications [8] - Moog Inc. specializes in high-performance precision motion and fluid controls, serving military and commercial sectors, including aerospace and defense [10] Technological Advancements - The collaboration will leverage Niron Magnetics' Iron Nitride magnet technology to transform electric input signals into precise mechanical motion, enhancing the performance of defense systems [2][7] - This technology aims to expand domestic production capabilities, shorten lead times, and mitigate operational risks for defense applications [6][7] Strategic Importance - The partnership addresses urgent supply chain diversification needs in the aerospace and defense sectors, crucial for national and economic security [4][5] - By focusing on domestically produced technologies, the collaboration supports the Department of Defense's goal of incentivizing solutions from a broader industrial base [5]

Group 1: Market Overview - European stocks opened slightly lower, with the pan-European Stoxx 600 down around 0.1% as investors reacted to the U.S. Federal Reserve's latest rate cut and the Swiss central bank's decision to hold rates at 0% due to lower-than-expected inflation [1][2] - The U.S. Federal Reserve cut the Federal Funds rate by 25 basis points to a range of 3.5%-3.75%, indicating a cautious approach to future rate reductions [2][3] Group 2: Economic Insights - The Swiss National Bank noted stronger-than-expected global economic growth in Q3, despite challenges from U.S. tariffs and trade policy uncertainty [2] - European inflation is considered neutral, with expectations that the European Central Bank will not cut rates in the near future [4] Group 3: Sector Performance - The Stoxx 600 Aerospace and Defense index has gained 52% year-to-date, reflecting strong performance in the defense sector [5] - Shares in German defense firm Rheinmetall rose by 1.3% following reports of a new bid for competitor KNDS NV [6]

Core Insights - Lockheed Martin is nearing completion of an 88,000-square-foot facility, the Missile Assembly Building-5 (MAB-5), which will enhance the production capabilities for the Next Generation Interceptor (NGI) [1][2] - The facility is expected to be operational by early 2026 and represents a significant investment in meeting the U.S. government's demand for rapid delivery of missile defense systems [2][4] Production and Design Strategy - MAB-5 is designed for efficiency and scalability, incorporating best practices from existing high-reliability programs like the Terminal High Altitude Area Defense (THAAD) system [4] - The NGI employs a digital twin approach, which reduces risks throughout the product lifecycle, from design to manufacturing and sustainment [4][6] - Lockheed Martin is leveraging advanced digital engineering tools to enhance the design, testing, and validation processes, which allows for improved manufacturability and reliability [5][6] Economic Impact - The Courtland site currently supports various military programs and employs nearly 500 people, with an additional 100 expected to work in MAB-5 once operational [8] - The new facility is anticipated to create good-paying jobs and stimulate economic growth in the local community, as highlighted by U.S. Rep. Dale Strong [9]

Group 1: Market Performance - Israel's stock market has outperformed the U.S. market since October 7, 2023, with significant gains in U.S.-traded companies such as Teva Pharmaceutical, Elbit Systems, and Tower Semiconductor [4] Group 2: Corporate Developments - Verizon has announced significant job cuts under its new CEO, Dan Schulman, following earnings that beat expectations but missed revenue targets. The new CEO has promised substantial changes, raising concerns about the company's dividend sustainability [9] - AT&T is set to join T-Mobile in adopting digital switching for customers, which is expected to increase customer turnover rates in the industry [6][9]

Core Viewpoint - Airbus CEO Guillaume Faury acknowledged the likelihood of losing the annual order race to Boeing, indicating that Boeing may win for the first time in six years, aided by settlements [1] Summary by Relevant Categories Company Performance - Airbus is facing a potential defeat in the annual order competition against Boeing, marking a significant shift in the competitive landscape of the aerospace industry [1] Industry Dynamics - The competition between Airbus and Boeing is intensifying, with Boeing possibly regaining its leading position after a six-year period of Airbus dominance [1]

Financial Performance - Record second quarter revenue reached nearly $473 million, driven by strong sales in the AxS segment[5] - The company is raising the lower end of FY26 revenue guidance, with fiscal year revenue now expected to be between $1.95 and $2.0 billion[5] - Non-GAAP Adjusted EBITDA for Q2 FY26 was $45.0 million[7] - Non-GAAP EPS (diluted) for Q2 FY26 was $0.44[7] - Q2 FY26 GAAP net loss was ($17.1M) and GAAP EPS was ($0.34) per diluted share[7] Backlog and Awards - Record second quarter contract awards with a ceiling of $3.5 billion[5] - Bookings for the quarter were nearly $1.4 billion[5] - Funded backlog stands at $1.1 billion, with an unfunded backlog of $2.8 billion[5] - Year-to-date book-to-bill ratio is 1.84[34] Segment Performance and Margins - In Q2 FY26, AxS revenue was $301.6 million, while SCDE revenue was $170.9 million[10] - Q2 FY26 revenue mix: 69% from products and 31% from services[10] - Adjusted product gross margin was 33%, and adjusted service gross margin was 14% in Q2 FY26[10, 26] Updated Guidance - The company expects Adjusted EBITDA for FY26 to be between $300 million and $320 million, representing approximately 15.7% of revenue at the mid-point[15] - Non-GAAP Earnings Per Share (diluted) for FY26 is projected to be $3.40 – $3.55[15]

Group 1 - AeroVironment, Inc. is set to release its second-quarter earnings results on December 9, with expected earnings of 79 cents per share, an increase from 47 cents per share in the same period last year [1] - The consensus estimate for AeroVironment's quarterly revenue is $465.63 million, compared to $188.46 million a year earlier [1] - The company secured a $874 million 5-year IDIQ contract with the U.S. Army to supply unmanned aerial and counter-UAS systems for foreign military sales [2] Group 2 - AeroVironment shares rose 1.5% to close at $282.47 following the contract announcement [2] - Analysts have provided various ratings and price targets for AeroVironment, with RBC Capital maintaining an Outperform rating and lowering the price target from $440 to $400 [4] - BTIG analyst maintained a Buy rating with a price target of $415, while JMP Securities raised its price target from $325 to $400 [4]