{"id":8948,"date":"2026-03-27T13:55:10","date_gmt":"2026-03-27T11:55:10","guid":{"rendered":"https:\/\/finserve.se\/?p=8948"},"modified":"2026-03-27T15:05:25","modified_gmt":"2026-03-27T13:05:25","slug":"forsvar-och-teknik-2026-insikter-fran-finserves-seminarium-om-investeringar-i-forsvars-och-rymdteknologi","status":"publish","type":"post","link":"https:\/\/finserve.se\/en\/forsvar-och-teknik-2026-insikter-fran-finserves-seminarium-om-investeringar-i-forsvars-och-rymdteknologi\/","title":{"rendered":"Defense and Technology 2026 \u2013 insights from Finserve&#039;s seminar on investments in defense and space technology"},"content":{"rendered":"<h4 class=\"wp-block-heading\">In March 2026, Finserve Nordic and Spring Capital brought together experts in defense, space and the financial markets to discuss how geopolitics is reshaping the investment landscape. Read our key insights from the seminar \u2013 and watch the full recording.<\/h4>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">In March 2026, Finserve Nordic and Spring Capital invited a selection of investors, analysts and defense experts to a joint seminar on how the changing security policy climate affects capital allocation and technological innovation. <br>The recording is now available in its entirety \u2013 see the video below.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Defense and Technology March 2026\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/KOxQ2QWbCgc?feature=oembed&#038;rel=0&#038;cc_load_policy=1&#038;iv_load_policy=3&#038;disablekb=1&#038;controls=0&#038;showinfo=0\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Click on the image to watch the entire seminar on YouTube.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">From globalization to geopolitics \u2013 the background<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Gustav Hagerud, CEO of Finserve Nordic, opened the seminar with a historical overview. In the decades after the fall of the Berlin Wall, the world economy was characterized by hyperglobalization, stable interest rates and low inflation \u2013 a period that benefited broad portfolios enormously. The financial crisis of 2008 marked a break in the trend: discontent, populism and increased geopolitical tension gradually began to change the playing field.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The annexation of Crimea in 2014 went relatively unnoticed by financial markets. Russia&#039;s full-scale invasion of Ukraine in 2022 was the start of a new era. Democratic states, which have long underinvested in defense, are now in a phase of heavy rearmament. Combined with trade barriers, tariffs and questions about the independence of central banks, geopolitics has become a key variable for investors.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Lessons from Ukraine \u2013 and what the war shows about the defense of the future<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Stefan Gustafsson, former Chief of the Defence Staff and board professional with a background from, among other things, Swedish Base Corporation and the space industry, presented a number of crucial insights from the conflict in Ukraine:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Inventory and lead times were critical weaknesses.<\/strong> The West had insufficient stocks of ammunition and excessively long production lead times.<\/li>\n\n\n\n<li><strong>The pace of innovation has accelerated significantly.<\/strong> Civilian technology companies have contributed solutions \u2013 not least in drone technology \u2013 at a pace that traditional defense industries cannot match.<\/li>\n\n\n\n<li><strong>Data and AI are crucial.<\/strong> Satellite communications, reconnaissance, and AI-powered analysis have become as important as conventional firepower.<\/li>\n\n\n\n<li><strong>The boundary between civilian and military technology is blurring.<\/strong> Drones, satellites and cloud services originally developed for civilian markets are now being used operationally in conflicts.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">The maritime renaissance<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Gustafsson highlighted what he calls \u201dthe maritime renaissance\u201d \u2013 a strategic shift in which navies\u2019 missions are shifting from meeting direct military attacks to protecting global merchant shipping. The Arctic and the GIUK gap (Greenland\u2013Iceland\u2013UK) have once again become strategically critical areas. Larger, more resilient ships and a greatly increased use of unmanned vehicles \u2013 both above and below the water surface \u2013 are expected to shape the coming decades.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Space as strategic infrastructure<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A central thesis throughout the seminar was that <strong>no nation can win a modern war \u2013 or maintain competitiveness \u2013 without a strong space infrastructure<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What Stefan Gustafsson describes as <em>data-driven connected defense<\/em> (or &quot;multi-domain operations&quot; in NATO terminology) is based on three pillars:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Sensors<\/strong> \u2013 massive collection of data via satellites and sensor networks<\/li>\n\n\n\n<li><strong>Connectivity<\/strong> \u2013 secure and fast transfer of information<\/li>\n\n\n\n<li><strong>Cloud-based processing<\/strong> \u2013 real-time analysis and distribution to the right unit<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">A crucial technological difference exists between LEO satellites (Low Earth Orbit, ~600 km) and geostationary satellites (~36,000 km). Geostationary satellites enable silent, continuous connections \u2013 units on the ground can receive processed information without transmitting a single signal, eliminating the risk of revealing their position. Sweden is one of the leading countries in this technology, including through the listed company Ovzon.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Swedish space companies at the forefront<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Gustafsson highlighted a number of Swedish companies that are at the forefront of technology: Unibap (edge computing in space), GomSpace (microsatellites), e.Cabs (propulsion systems) and SSC Space with the Esrange space base in Kiruna \u2013 whose launch capacity was recently procured by the Swedish Armed Forces.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">The investment perspective \u2013 where is the growth?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Joakim Agerback, portfolio manager for <strong>Finserve Global Security Fund<\/strong> (9.2 billion SEK under management, Europe&#039;s oldest defense fund), identified a number of structural drivers:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Three sectors in focus<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The fund invests in defense, cybersecurity and space \u2013 which also constitute three of the five defense domains now included in NATO&#039;s 5% goal (3.5% conventional defense + infrastructure, cyber and space).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Asymmetric warfare requires new responses<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cheap drone attacks against expensive air defense capabilities create a cost advantage for the attacker of 1:20 or more. The solution is laser systems and other low-cost interceptors \u2013 a segment with strong growth. The company Kratos was highlighted as an example of a player with broad capabilities in drone systems and command support.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Autonomous systems and faster decision loops<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The next step beyond remotely piloted drones is coordinated, autonomous systems that integrate command, analysis and action. Palantir is mentioned as a key company in intelligence and decision support \u2013 its Maven software already controls parts of NATO and US defense operations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Portfolio characteristics<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The fund contains approximately 60 companies with an emphasis on small and mid-cap stocks. The beta value against the broad stock market is remarkably low \u2013 typically 0.3\u20130.55 \u2013 which provides clear diversification value in a portfolio context.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">The Technology Fund Perspective \u2013 AI and Semiconductors<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Inge Heidorn, who manages Finserve Chelverton Global Tech, among others, described how civilian technology development and defense applications are increasingly mirror images of each other. Microsoft&#039;s Azure platform is the backbone of NATO&#039;s digital warfare; Nvidia chips are found in the weapons systems being analyzed on the battlefield.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Heidorn emphasized the investment philosophy of identifying <strong>long-term trends<\/strong> \u2013 preferably 10\u201315 years ahead \u2013 and then analyze which companies have the strongest position. The cloud sector, which the fund bought into as early as 2007\u20132008, is a prime example. TSMC was highlighted as one of the world&#039;s most important companies with extremely high barriers to entry and likely undervalued estimates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The software sector and cybersecurity, however, have been weighted down \u2013 a position that was taken a year ago and proved correct given the turbulence the market experienced towards the end of 2025.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">The macro perspective \u2013 geopolitics and portfolio construction<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Patrik Nyman, former head of interest rates, currencies and equities at one of the Swedish AP funds for 33 years, highlighted the energy market as the black swan of 2026. The unrest in the Middle East has pushed the oil price towards $100 per barrel \u2013 a level that implies a significantly higher inflation risk than the consensus forecasts at the beginning of the year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He pointed to several structural megatrends that are expected to shape the investment landscape for a long time:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>AI and technological sovereignty<\/strong><\/li>\n\n\n\n<li><strong>A multipolar world order<\/strong> with requirements for reshoring and near-shoring<\/li>\n\n\n\n<li><strong>Secure access to critical metals and energy<\/strong><\/li>\n\n\n\n<li><strong>Massive investments in real assets and infrastructure<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">For institutional investors, the challenge is to shift from broad index-based mandates to more thematic exposure to these megatrends. The recommendation was to seek external expertise and specialized funds rather than trying to build expertise internally in the short term.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Summary \u2013 key conclusions<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Theme<\/th><th>Conclusion<\/th><\/tr><\/thead><tbody><tr><td>Geopolitical driving force<\/td><td>The US-China superpower rivalry is expected to last for 20\u201330 years<\/td><\/tr><tr><td>Defense investment<\/td><td>Structural, long investment cycle \u2013 not a short-term business cycle<\/td><\/tr><tr><td>Space<\/td><td>Critical infrastructure for both military capability and economic competitiveness<\/td><\/tr><tr><td>Technology convergence<\/td><td>Civil and military technology are increasingly the same technology<\/td><\/tr><tr><td>Valuation<\/td><td>The sector is trading at a premium valuation with good justification<\/td><\/tr><tr><td>Macro risk<\/td><td>Energy prices are the primary downside for 2026<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">About the speakers<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Gustav Hagerud<\/strong> \u2013 CEO Finserve Nordic | <strong>Stefan Gustafsson<\/strong> \u2013 former Defence Staff, board member and space industry expert | <strong>Joakim Agerback<\/strong> \u2013 portfolio manager Finserve Global Security Fund | <strong>Inge Heidorn<\/strong> \u2013 portfolio manager Finserve Chelverton Global Tech Fund | <strong>Patrick Nyman<\/strong> \u2013 former Head of Asset Management, AP Funds<\/p>","protected":false},"excerpt":{"rendered":"<p>I mars 2026 samlade Finserve Nordic och Spring Capital experter inom f\u00f6rsvar, rymd och finansmarknaden f\u00f6r att diskutera hur geopolitiken omformar investeringslandskapet. L\u00e4s v\u00e5ra viktigaste insikter fr\u00e5n seminariet \u2013 och se hela inspelningen. I mars 2026 bj\u00f6d Finserve Nordic och Spring Capital in ett urval investerare, analytiker och f\u00f6rsvarsexperter till ett gemensamt seminarium om hur [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":8959,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"view_count":"714","footnotes":""},"categories":[22,32],"tags":[],"class_list":["post-8948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-security-fund","category-webbinarium"],"_links":{"self":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts\/8948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/comments?post=8948"}],"version-history":[{"count":0,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/posts\/8948\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/media\/8959"}],"wp:attachment":[{"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/media?parent=8948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/categories?post=8948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finserve.se\/en\/wp-json\/wp\/v2\/tags?post=8948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}