Airbus

Airbus SE is a European multinational aerospace pioneer that operates through three key business segments: Commercial aircraft, Airbus helicopters and Airbus Defence and Space. It is listed on the Euronext stock exchange.

“We continue to witness elevated single-stock volatility, and this allowed us to improve both the return potential and percentage of the portfolio invested in winning businesses over the year. At the start of 2025, winning businesses comprised less than 80% of the portfolio; by year-end this had increased to over 95%. We group these holdings into two categories:

• Advantaged compounders: established industry leaders with favourable growth outlooks and a track record of strong execution (e.g., Airbus and TSMC)
• Long-duration growth: earlier stage, often founder-led, digital-native businesses with leading market shares in structural growth segments (e.g., Auto1 and Spotify).”