In short: Amati (Global Innovation Fund): "chronologically, the first addition was Theon International, a Dutch-listed (but Greek-domiciled) defence technology company and a leading provider of augmented vision technologies." The positioning: "at the sweet spot of a number of focus areas in defence spending, including Battlefield Communications, Modern Soldier Programme and drones," and "a clear beneficiary of Europe's decision to expand its domestic defence industry over the coming decade." The trigger for buying a long-followed name was a meeting: "a recent meeting at the Eurosatory defence show in Paris brought the opportunity to life, as we came to appreciate a number of strategic changes that the market appears to be underestimating."
Theon makes night-vision goggles and thermal-imaging equipment for soldiers — Greek-run, listed in Amsterdam. Amati bought it as a direct play on Europe rearming.
What makes it well positioned is where the money is going: not tanks and aircraft, but the equipment carried by individual soldiers, battlefield communications and drones. Those are the categories European governments have committed to fund over the coming decade, and there is a parallel political commitment to buying from European manufacturers rather than American ones.
The origination detail is worth noting. Amati had followed the company for some time without acting; it took a meeting at the Eurosatory defence exhibition in Paris to convince them that changes inside the business were being underestimated by the market. Following a name is not the same as owning it — something has to convert the interest.
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