European defense in change – what does it mean for investors now?

Fund update from DNB European Defence: European defense stocks have undergone a significant shift over the past year. After strong development in 2025 and into 2026, the market has been weak so far this year, while structural drivers are strengthening.

Increased defense budgets in Europe, new technological investments, and a broader investment universe make the topic more relevant than ever.

In the webinar, we mark the one-year anniversary of DNB European Defence and discuss the development of the fund, including larger IPOs, the spin-off of Kongsberg Gruppen, and why specialized funds often fluctuate more. We also look at new investment areas such as mine clearance, missiles, and drones, as well as Europe's role in the value chain – with MSCI Europe as a reference framework.

Portfolio manager Stian Ueland shares his assessments, in conversation with moderator Marius Brun-Haugen.

Fund's information page:

DNB European Defence

Invest in companies that contribute to Europe's security and preparedness.

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This is marketing material. Past performance is not a guarantee of future returns. Returns may be negative due to falling market values. Read more

DNB European Defence

This is marketing material. Past performance is not a guarantee of future returns. Returns may be negative due to falling market values.