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Space in focus
The Global Security Fund performed strongly in May, rising 6.01%. The month's performance was driven by continued strong interest in defence, security, and space, with the space sector in particular at the center.
The capital interest surrounding SpaceX and its planned listing signals something larger than the company itself: space infrastructure, launch services and satellite communications are becoming strategic infrastructure for both the global economy and national security. Space technology is already a prerequisite for everything from AI, cloud services and logistics to defense, global communications and surveillance.
At the same time, rising geopolitical tensions and investments in national space capabilities are driving demand for new solutions. Space has established itself as a distinct defense domain alongside land, sea, air and cyber. We are also seeing European defense and space companies seek greater scale and cooperation. Partnerships and joint ventures between major players such as Thales, Leonardo and Airbus illustrate how space, defense and security-critical infrastructure are converging. For Europe, this is an important part of reducing dependence on external suppliers and building a more independent defense industrial base.
In our view, space is one of the most compelling long-term structural growth themes today, with relevance far beyond the traditional space sector.
During the month, NATO’s foreign ministers also met in Helsingborg. In addition to marking Sweden’s anchoring in the Alliance, the meeting served as an important platform for strengthening transatlantic unity and promoting long-term sustainable solutions for NATO’s future direction and the European security order.
In the Pacific region, the IISS Shangri-La Dialogue was held in Singapore, where discussions reinforced the view that the regional security order is undergoing structural change. The United States urged allies to increase defense investments and take greater responsibility for their own security, while China continues to strengthen its military and technological capabilities. This is driving countries such as Japan, Australia, the Philippines, and India to accelerate their defense investments. The Trump–Xi meeting contributed to short-term stability, but the unclear U.S. position on Taiwan and the continued strategic rivalry between the United States and China underline the long-term nature of these developments.
The conflict involving Iran has entered an attritional phase, in which Iran and its allies are using asymmetric warfare and attempting to disrupt global trade and the economy. The United States and its allies have complete dominance in the air and maritime domains, but are constrained by the depletion of ammunition and air defense resources. We have written a separate article on interceptors and their potential role in creating the conditions for the ceasefire. Read the full article here. here.
| May 2026 – Highest development | May 2026 – Lowest development | ||
| Rocket Lab | 74% | Hyundai Rotem | -25% |
| CrowdStrike | 64% | Mitsubishi Heavy Industries | -18% |
| OHB | 59% | Hanwha Aerospace | -17% |
| AST SpaceMobile | 54% | Ceotronics | -17% |
| Planet Labs | 38% | Oshkosh Corporation | -17% |
Company-specific news
Technology and cybersecurity companies performed strongly during the month, with companies clearly exposed to AI, digital infrastructure and cybersecurity continuing to benefit from strong investor interest.
One company that performed particularly well was Cisco, which rose after a strong quarterly report and new product launches focused on AI and cybersecurity. The company presented, among other things, AgenticOps, AI Canvas and Cloud Control, solutions designed to enable IT teams and AI agents to jointly monitor, manage and defend critical infrastructure. Cisco also highlighted Live Protect, which can automatically provide protection against new vulnerabilities without traditional patch cycles, reboots or downtime.
Also CrowdStrike also reported a strong quarter. The company showed continued solid growth in recurring revenue, with ending ARR of USD 5.51 billion, up 24% year-on-year, as well as record net new ARR for the first quarter. The company particularly highlighted continued strong demand for its AI-powered Falcon platform and increased module adoption among customers. The report confirms the view that cybersecurity remains one of the clearest investment areas linked to AI, cloud and digital resilience.
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