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XAR - XAR: Aerospace And Defense Stocks Are Likely To Disappoint
SPDR S&P Aerospace & Defense
XAR invests in U.S. aerospace and defense stocks.
The portfolio is not in a bubble, but it has been propped up in the past by events such as the Russo-Ukrainian War (which supported large net fund flows).
At the moment, the valuation looks a bit pricey, with minimal risk priced in.
I would remain somewhat bearish as I think the fund will underperform broader equity indices on the basis of present valuation alone.