The second-half rally in U.S. stocks this year has made it easy to forget some of the assets that outperformed at the start of the year. Cryptocurrencies have rallied back to their February peaks following a prolonged period of dormancy, and now commodities like gold and silver have also reached record highs. European stocks spent most of 2025 outperforming U.S. equities, although that delta has narrowed lately. However, one area of the European market that hasn’t slowed down is the defense sector. In fact, ...