Published on July 1, 2025
Marc Girault, founder and portfolio manager of HMG Finance, was recently interviewed on BFM Business where he shared his expert perspective on defense sector investments and commented on the FCI Europe Totalcap Impact Defense 100 Index.
During the "Bullshitomètre" segment of BFM Bourse, Girault provided his professional assessment of the current market environment:
"I've been particularly struck when I saw that FCI Fair Cost Index, a well-known European index provider, launched a defense sector index called Europe Impact Defense. They've successfully identified 100 defense-related companies across Europe, both directly and indirectly involved in the sector. While this represents a comprehensive view of European defense capabilities, as a portfolio manager specializing in small and mid-cap equities, I currently find many of these stocks to be significantly overvalued."
While Marc Girault brings valuable perspective as an experienced investor in the defense sector, the FCI Europe Totalcap Impact Defense 100 Index is designed to provide the most comprehensive representation of the European defense industry. Our objective goes beyond market benchmarking - we aim to support the financing of European defense capabilities by offering investors a transparent and diversified exposure to this strategic sector, tracking leading companies across:
Watch the full interview on BFM Business
About HMG Finance: Founded by Marc Girault, HMG Finance is an independent asset management company specializing in portfolio management. The firm is recognized for its rigorous fundamental analysis and long-term investment approach across global markets.
