Portfolio Overview
The Space Economy Portfolio (ID: 154) is a thematic portfolio focused on the global space and satellite ecosystem. As of July 24, 2026, the portfolio holds 24 positions across satellite communications, defense, space infrastructure, and emerging technologies. The portfolio has experienced mixed performance, with notable winners and losers.
Recent Performance Drivers
Over the past month, the portfolio has been impacted by a rotation out of high-growth small caps and concerns over government spending on space programs. Key movers include:
- GomSpace (OTLY): +34.4% – Driven by a contract win for small satellite platforms.
- Kongsberg Gruppen (NSKFF): +3.4% – Benefiting from defense spending tailwinds in Europe.
- BlackSky (BKSY): -25.6% – Weakness due to delayed satellite launches and revenue miss.
- Satellogic (SATL): -22.3% – Continued losses and cash burn concerns.
Risk Concentration
The portfolio has significant exposure to small-cap space companies, which carry higher volatility and liquidity risk. The largest positions by weight are L3Harris (LHX), Maxar (PLTR), and Iridium (IRDM), providing some stability. However, the aggregate small-cap exposure (~40%) warrants monitoring.
Position Closures
After careful review, we recommend closing two positions:
- GILAT Satellite Networks (GILT): The company has struggled with declining revenues and margin compression in the satellite networking market. The turnaround thesis has not materialized, and we see better opportunities in other space names.
- Redwire Corporation (RDW): Redwire has faced liquidity challenges and competitive pressures from larger primes. The stock has declined over 20% since pick, and we believe capital is better allocated to higher-conviction holdings.
What to Watch
Key catalysts in the coming weeks include earnings reports from L3Harris, Iridium, and Maxar, as well as updates on NASA and DoD budgets. We are also monitoring the progress of AST SpaceMobile’s satellite constellation and any regulatory developments in spectrum allocation.
Risk Disclaimer
This portfolio review is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. All investments carry risk, including the potential loss of principal. Consult a financial advisor before making investment decisions.