Decalia announced on Tuesday the launch of Aegis Defense, a global equity fund focused exclusively on the defense sector. The product is structured as a UCITS fund with daily liquidity and multiple share classes, making it accessible to both institutional and professional investors.

The new vehicle is the regulated extension of a strategy the firm has been running since 2024, as investor demand for targeted exposure to security-related industries continues to rise.

From Pariah to Asset Class

The defining feature of the strategy is its strict pure-play approach. Aegis Defense invests only in companies directly exposed to military and defense spending, deliberately excluding adjacent areas such as civil aviation or civilian cybersecurity. The aim is to provide investors with unfiltered exposure to defense dynamics, rather than a diluted thematic mix.

With the fund, Decalia is seeking to capitalise on what it sees as a geopolitical megatrend. Defense budgets across Europe, the US and parts of Asia are expanding amid a lasting reordering of geopolitical power, while rapid technological change — from advanced weapons systems to digital battlefield infrastructure — is reshaping the industry. For many investors, the sector has evolved from a politically sensitive niche into a clearly defined investment universe with long-term visibility.

A Former Army Officer as Fund Manager

Aegis Defense follows a concentrated global stock-picking approach, typically holding around 30 to 40 positions. Unlike more static thematic products, the strategy is designed to be highly active, with portfolio positioning adjusted dynamically in response to shifting procurement priorities, political decisions and technological developments.

The strategy is led by Roberto Magnatantini, who has more than two decades of experience in defense investing and previously served as an officer in the Swiss Armed Forces. Portfolio decisions are driven by fundamental analysis, but trading activity plays a central role in navigating a sector characterised by sudden news flow and fast-moving valuations.

No Detailed Performance Data

Decalia argues that this level of activity is essential in a market where geopolitical events, government contracts and regulatory decisions can quickly reshape investment cases. According to the firm, the underlying strategy has outperformed broader equity markets and comparable approaches over the past two years, though no detailed performance data were disclosed.

The launch also builds on Decalia’s earlier public positioning around defense as a durable investment theme. As previously reported by finews, the firm presented its approach at a Zurich conference last year.