M° Europe Defence Sharpe Tilt Q3 25

Asset Allocation

Position	Category/Sector	Target Weight
AIR.PA Airbus SE	Industrials	5.88%
BA.L BAE Systems plc	Industrials	5.88%
BAB.L Babcock International Group plc	Industrials	5.88%
CHG.L Chemring Group plc	Industrials	5.88%
EXA.PA Exail Technologies	Industrials	5.88%
EXENS.PA Exosens	Industrials	5.88%
FII.PA Lisi S.A	Industrials	5.88%
HO.PA Thales S.A.	Industrials	5.88%
IDR.MC Indra A	Technology	5.88%
KOG.OL Kongsberg Gruppen ASA	Industrials	5.88%
LDO.MI Leonardo S.p.A.	Industrials	5.88%
MTX.DE MTU Aero Engines AG	Industrials	5.88%
R3NK.DE RENK Group AG	Industrials	5.88%
RHM.DE Rheinmetall AG	Industrials	5.88%
RR.L Rolls-Royce Holdings PLC	Industrials	5.88%
SAF.PA Safran SA	Industrials	5.88%
SNR.L Senior PLC	Industrials	5.88%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Performance

Performance Chart

The chart shows the growth of an initial investment of £10,000 in M° Europe Defence Sharpe Tilt Q3 25, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every 3 months.

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The earliest data available for this chart is Jun 7, 2024, corresponding to the inception date of EXENS.PA

Returns By Period

	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.72%	-2.48%	-2.04%	-0.40%	14.09%	14.43%	11.36%	13.14%
Portfolio M° Europe Defence Sharpe Tilt Q3 25	-0.15%	-0.77%	17.18%	7.32%	64.63%	—	—	—
Portfolio components:
RHM.DE Rheinmetall AG	-0.54%	-0.26%	0.62%	-20.87%	27.21%	80.19%	80.88%	40.74%
RR.L Rolls-Royce Holdings PLC	-1.53%	-8.79%	3.35%	1.80%	59.22%	100.35%	61.68%	19.08%
LDO.MI Leonardo S.p.A.	-0.45%	7.82%	26.67%	11.92%	47.49%	80.27%	57.08%	20.95%
KOG.OL Kongsberg Gruppen ASA	0.61%	8.37%	69.61%	33.03%	46.58%	79.79%	73.01%	40.93%
MTX.DE MTU Aero Engines AG	-1.68%	-8.64%	-10.96%	-18.66%	2.83%	12.28%	10.38%	16.93%
HO.PA Thales S.A.	0.53%	7.54%	16.49%	-1.53%	15.32%	27.40%	28.41%	16.47%
SAF.PA Safran SA	-0.98%	-10.33%	-3.33%	-5.31%	24.26%	29.56%	20.68%	19.15%
BAB.L Babcock International Group plc	0.63%	-7.54%	2.65%	-1.78%	75.99%	62.66%	40.62%	4.87%
IDR.MC Indra A	1.43%	-19.24%	1.72%	24.99%	91.61%	60.15%	48.16%	19.05%
BA.L BAE Systems plc	-0.26%	3.11%	33.55%	11.92%	48.57%	35.33%	39.04%	20.55%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since Jun 10, 2024, M° Europe Defence Sharpe Tilt Q3 25's average daily return is +0.20%, while the average monthly return is +4.18%. At this rate, your investment would double in approximately 1.4 years.

Historically, 70% of months were positive and 30% were negative. The best month was May 2025 with a return of +20.9%, while the worst month was Nov 2025 at -9.1%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 2 months.

On a daily basis, M° Europe Defence Sharpe Tilt Q3 25 closed higher 56% of trading days. The best single day was Mar 3, 2025 with a return of +11.3%, while the worst single day was Apr 4, 2025 at -7.1%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	11.47%	8.06%	-7.66%	5.34%									17.18%
2025	12.52%	13.87%	17.77%	5.76%	20.85%	7.50%	2.04%	-2.21%	11.04%	-2.90%	-9.08%	4.84%	112.64%
2024						-7.06%	3.48%	2.55%	-6.25%	0.06%	4.50%	-0.28%	-3.60%

Benchmark Metrics

M° Europe Defence Sharpe Tilt Q3 25 has an annualized alpha of 56.43%, beta of 0.09, and R² of 0.00 versus S&P 500 Index. Calculated based on daily prices since June 10, 2024.

This portfolio captured 127.78% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -180.69%) — a profile typical of hedging or uncorrelated assets.
Beta of 0.09 may look defensive, but with R² of 0.00 this portfolio is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this portfolio's risk.
R² of 0.00 means this portfolio moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

Alpha: 56.43%

Beta: 0.09

R²: 0.00

Upside Capture: 127.78%

Downside Capture: -180.69%

Expense Ratio

M° Europe Defence Sharpe Tilt Q3 25 has an expense ratio of 0.00%, meaning no management fees are charged. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

The portfolio doesn't include any funds that charge management fees.

Return for Risk

Risk / Return Rank

M° Europe Defence Sharpe Tilt Q3 25 ranks 90 for risk / return — in the top 90% of portfolios on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.

Overall Rank

Sharpe Ratio Rank

Sortino Ratio Rank

Omega Ratio Rank

Calmar Ratio Rank

Martin Ratio Rank

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

Return / Risk — by metrics

	Portfolio	Benchmark	Difference
Sharpe ratio Return per unit of total volatility	2.29	0.75	+1.54
Sortino ratio Return per unit of downside risk	2.83	1.17	+1.66
Omega ratio Gain probability vs. loss probability	1.36	1.18	+0.18
Calmar ratio Return relative to maximum drawdown	4.93	1.22	+3.71
Martin ratio Return relative to average drawdown	14.43	4.75	+9.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.

	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
RHM.DE Rheinmetall AG	56	0.59	1.08	1.13	0.67	1.57
RR.L Rolls-Royce Holdings PLC	85	1.80	2.34	1.31	3.26	11.70
LDO.MI Leonardo S.p.A.	73	1.11	1.60	1.21	2.51	5.35
KOG.OL Kongsberg Gruppen ASA	65	0.92	1.39	1.21	1.15	2.28
MTX.DE MTU Aero Engines AG	41	0.09	0.34	1.04	0.21	0.72
HO.PA Thales S.A.	56	0.46	0.86	1.10	1.13	2.25
SAF.PA Safran SA	71	0.85	1.31	1.17	2.20	8.60
BAB.L Babcock International Group plc	86	2.06	2.66	1.35	3.13	8.33
IDR.MC Indra A	87	1.87	2.57	1.33	3.46	11.49
BA.L BAE Systems plc	79	1.60	2.20	1.28	2.06	5.17

Sharpe Ratio

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

M° Europe Defence Sharpe Tilt Q3 25 Sharpe ratios as of Apr 2, 2026 (values are recalculated daily):

1-Year: 2.29
All Time: 2.34

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 1.01 to 1.70, this portfolio's current Sharpe ratio is in the top 25%. This signifies superior risk-adjusted performance, meaning the portfolio is delivering strong returns for the level of risk taken compared to most others.

The chart below shows the rolling Sharpe ratio of M° Europe Defence Sharpe Tilt Q3 25 compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Dividends

Dividend yield

M° Europe Defence Sharpe Tilt Q3 25 provided a 0.87% dividend yield over the last twelve months.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	0.87%	0.98%	1.20%	1.73%	2.05%	0.98%	1.99%	1.82%	2.20%	1.57%	1.47%	1.67%
Portfolio components:
RHM.DE Rheinmetall AG	0.52%	0.52%	0.93%	1.50%	1.77%	2.41%	5.54%	2.05%	2.20%	1.37%	1.72%	0.49%
RR.L Rolls-Royce Holdings PLC	0.88%	0.91%	0.00%	0.00%	0.00%	0.00%	0.00%	1.71%	1.41%	2.99%	1.75%	4.06%
LDO.MI Leonardo S.p.A.	0.84%	1.06%	1.08%	0.94%	1.74%	0.00%	2.37%	1.34%	1.82%	1.41%	0.00%	0.00%
KOG.OL Kongsberg Gruppen ASA	1.05%	1.70%	1.09%	12.89%	18.41%	2.80%	7.09%	1.81%	2.77%	2.48%	3.41%	2.93%
MTX.DE MTU Aero Engines AG	0.70%	0.62%	0.62%	1.64%	1.04%	0.70%	1.61%	1.12%	1.45%	1.27%	1.55%	1.61%
HO.PA Thales S.A.	1.42%	1.65%	2.49%	2.27%	2.23%	2.62%	0.53%	2.36%	1.76%	1.84%	1.53%	1.64%
SAF.PA Safran SA	1.01%	0.98%	1.04%	0.85%	0.43%	0.40%	0.00%	1.32%	1.53%	0.97%	2.15%	1.96%
BAB.L Babcock International Group plc	0.55%	0.56%	1.06%	0.43%	0.00%	0.00%	0.00%	4.78%	6.08%	4.04%	2.75%	2.38%
IDR.MC Indra A	0.51%	0.52%	1.46%	1.79%	1.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
BA.L BAE Systems plc	1.49%	1.99%	2.69%	2.53%	2.99%	4.40%	4.75%	4.00%	4.79%	3.75%	3.57%	4.14%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the M° Europe Defence Sharpe Tilt Q3 25. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the M° Europe Defence Sharpe Tilt Q3 25 was 14.76%, occurring on Nov 24, 2025. Recovery took 29 trading sessions.

The current M° Europe Defence Sharpe Tilt Q3 25 drawdown is 3.36%.

Depth	Start	To Bottom	Bottom	To Recover	End	Total
-14.76%	Oct 3, 2025	37	Nov 24, 2025	29	Jan 7, 2026	66
-13.16%	Mar 19, 2025	14	Apr 7, 2025	15	Apr 30, 2025	29
-12.74%	Mar 5, 2026	17	Mar 27, 2026	—	—	—
-8.59%	Jun 10, 2024	89	Oct 10, 2024	61	Jan 8, 2025	150
-7.4%	Jan 19, 2026	14	Feb 5, 2026	9	Feb 18, 2026	23

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 17 assets, with an effective number of assets of 17.00, reflecting the diversification based on asset allocation. This number of effective assets suggests that the portfolio's investments are spread across a variety of assets, indicating a well-diversified allocation. However, true diversification also depends on the correlations between assets.

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	Benchmark	SNR.L	FII.PA	EXA.PA	EXENS.PA	MTX.DE	IDR.MC	KOG.OL	AIR.PA	CHG.L	RR.L	BAB.L	R3NK.DE	SAF.PA	HO.PA	BA.L	RHM.DE	LDO.MI	Portfolio
Benchmark	1.00	0.19	0.10	0.01	0.08	0.19	0.10	0.11	0.20	0.09	0.27	0.12	0.04	0.25	0.00	0.11	0.07	0.09	0.15
SNR.L	0.19	1.00	0.29	0.15	0.13	0.35	0.25	0.19	0.38	0.33	0.37	0.37	0.23	0.42	0.19	0.21	0.23	0.30	0.43
FII.PA	0.10	0.29	1.00	0.31	0.27	0.34	0.28	0.23	0.43	0.30	0.30	0.27	0.31	0.40	0.36	0.25	0.36	0.30	0.49
EXA.PA	0.01	0.15	0.31	1.00	0.40	0.21	0.37	0.30	0.29	0.34	0.26	0.32	0.37	0.29	0.39	0.33	0.34	0.40	0.57
EXENS.PA	0.08	0.13	0.27	0.40	1.00	0.27	0.43	0.38	0.31	0.37	0.32	0.35	0.42	0.34	0.47	0.43	0.44	0.44	0.60
MTX.DE	0.19	0.35	0.34	0.21	0.27	1.00	0.26	0.31	0.59	0.27	0.60	0.34	0.32	0.66	0.35	0.38	0.39	0.39	0.54
IDR.MC	0.10	0.25	0.28	0.37	0.43	0.26	1.00	0.37	0.36	0.38	0.35	0.37	0.45	0.39	0.47	0.41	0.44	0.49	0.61
KOG.OL	0.11	0.19	0.23	0.30	0.38	0.31	0.37	1.00	0.27	0.44	0.35	0.41	0.50	0.34	0.48	0.57	0.56	0.60	0.64
AIR.PA	0.20	0.38	0.43	0.29	0.31	0.59	0.36	0.27	1.00	0.33	0.55	0.35	0.39	0.70	0.36	0.32	0.34	0.39	0.58
CHG.L	0.09	0.33	0.30	0.34	0.37	0.27	0.38	0.44	0.33	1.00	0.39	0.60	0.49	0.36	0.50	0.61	0.52	0.60	0.68
RR.L	0.27	0.37	0.30	0.26	0.32	0.60	0.35	0.35	0.55	0.39	1.00	0.46	0.41	0.65	0.37	0.49	0.44	0.48	0.63
BAB.L	0.12	0.37	0.27	0.32	0.35	0.34	0.37	0.41	0.35	0.60	0.46	1.00	0.49	0.47	0.53	0.59	0.52	0.59	0.68
R3NK.DE	0.04	0.23	0.31	0.37	0.42	0.32	0.45	0.50	0.39	0.49	0.41	0.49	1.00	0.44	0.60	0.60	0.67	0.65	0.76
SAF.PA	0.25	0.42	0.40	0.29	0.34	0.66	0.39	0.34	0.70	0.36	0.65	0.47	0.44	1.00	0.46	0.41	0.43	0.49	0.65
HO.PA	0.00	0.19	0.36	0.39	0.47	0.35	0.47	0.48	0.36	0.50	0.37	0.53	0.60	0.46	1.00	0.67	0.67	0.73	0.74
BA.L	0.11	0.21	0.25	0.33	0.43	0.38	0.41	0.57	0.32	0.61	0.49	0.59	0.60	0.41	0.67	1.00	0.68	0.76	0.76
RHM.DE	0.07	0.23	0.36	0.34	0.44	0.39	0.44	0.56	0.34	0.52	0.44	0.52	0.67	0.43	0.67	0.68	1.00	0.77	0.78
LDO.MI	0.09	0.30	0.30	0.40	0.44	0.39	0.49	0.60	0.39	0.60	0.48	0.59	0.65	0.49	0.73	0.76	0.77	1.00	0.82
Portfolio	0.15	0.43	0.49	0.57	0.60	0.54	0.61	0.64	0.58	0.68	0.63	0.68	0.76	0.65	0.74	0.76	0.78	0.82	1.00

The correlation results are calculated based on daily price changes starting from Jun 10, 2024

M° Europe Defence Sharpe Tilt Q3 25

Asset Allocation

Performance

Performance Chart

Returns By Period

Monthly Returns

Benchmark Metrics

Expense Ratio

Return for Risk

Risk / Return Rank

Return / Risk — by metrics

Sharpe ratio

Sortino ratio

Omega ratio

Calmar ratio

Martin ratio

Sharpe Ratio

Dividends

Dividend yield

Drawdowns

Drawdowns Chart

Worst Drawdowns

Volatility

Volatility Chart

Diversification

Diversification Metrics

Number of Effective Assets

Asset Correlations Table