Strong corporate developments meet a changed market environment
The second-quarter earnings season continued to influence capital markets last week. However, the focus shifted increasingly from individual corporate reports toward inflation, interest rate expectations, and the strength of the US economy.
Within the UMBRELLA strategy, the most significant corporate development came from TKMS. The European naval defense specialist presented strong nine-month figures and significantly increased its revenue forecast for the full year.
At the same time, the strategy’s engagement in another structural growth theme was expanded: SpaceX was newly added to the UMBRELLA strategy. The decisive factors were the recent improvement in the technical chart pattern as well as our continued positive assessment of the company’s long-term positioning in the field of satellite communications.
The overall orientation of the portfolio thus remains concentrated on several areas in which we currently see an attractive combination of structural growth, fundamental development, and market dynamics: healthcare innovations, European defense, artificial intelligence, and advanced technologies.
Development of the UMBRELLA Strategy
TKMS raises forecast after strong nine-month figures.
The most important new corporate report for the UMBRELLA strategy came from TKMS.
Revenue in the first nine months of the 2025/26 fiscal year rose by 19% to approximately EUR 1.9 billion, while adjusted EBIT increased to EUR 110 million. The order backlog remained exceptionally high at around EUR 20 billion, thus providing high planning certainty well beyond the current fiscal year.
Management also significantly raised the outlook for the full year. TKMS now expects revenue growth of 10–12%, compared to the previous forecast of only 2–5%.
The operational development is particularly interesting because growth is becoming increasingly diversified. ATLAS ELEKTRONIK and the Surface Vessels business unit are contributing more and more to the company’s development. At the same time, potential large submarine projects in Canada and other international markets could further expand long-term growth opportunities.
The share price also reacted positively to the report, making the interplay between fundamental development and technical momentum particularly relevant for the MUMAK methodology.
Read full TKMS Q3 2026 Earnings Update
SpaceX new in the UMBRELLA strategy
SpaceX was newly added to the UMBRELLA strategy during the reporting week.
The position expands the portfolio beyond classic technology engagement and simultaneously opens access to several structural growth themes: satellite communications, launch infrastructure, aerospace technology, and increasingly, artificial intelligence.
SpaceX completed its IPO in June at a price of USD 135 per share. Since then, the stock has experienced unusually strong price fluctuations as the market attempts to find an appropriate valuation for a company whose business model combines technologies for which there have been few direct comparisons on the public capital market to date.
The first quarterly report as a listed company provided an initial impression of the scale of the business. Revenue in the second quarter reached USD 7.8 billion, representing a 92% increase year-over-year. At the same time, the quarterly loss narrowed to USD 541 million.
Starlink remains one of the most important pillars of the investment thesis. The growing subscriber base as well as expansion into corporate, government, and mobile connectivity sectors create an increasingly recurring revenue share.
From the perspective of the UMBRELLA strategy, the inclusion therefore reflects both long-term structural potential and improved short-term technical conditions.
Read our technical SpaceX update: RED HOT CHILI MUMAK of the Week
Defense, AI, and aerospace technology move more into focus
The portfolio adjustment does not change the fundamental logic of the UMBRELLA strategy. Rather, it increases engagement in areas where structural demand is currently supported by several independent factors.
In the area of European defense, rising military spending and a high need for modernization continue to ensure strong visibility in order intakes.
In artificial intelligence, investments are focused not only on software but increasingly also on the infrastructure required to operate AI systems.
TKMS, Palantir and SpaceX have been analyzed in more detail in our current MUMAK Spotlight.
MUMAK Spotlight of the Week: TKMS, Palantir and SpaceX in focus
Healthcare remains the stabilizing core
During the reporting week, there was no fundamental reason to change our overall assessment of the positions in the healthcare sector.
The healthcare sector currently offers a combination of defensive characteristics and structural innovation, particularly through new treatments for obesity and diabetes as well as in the field of oncology.
Companies such as Revolution Medicines, Eli Lilly, Bayer and Johnson & Johnson were already covered in detail in the previous weekly update. The focus now turns to new clinical, regulatory, and commercial developments, rather than repeating existing investment theses.
Particularly for Revolution Medicines, regulatory progress and the path toward potential commercialization remain more important than classic quarterly financial metrics.
NextEra Energy removed – capital is reallocated into stronger themes
NextEra Energy was removed from the UMBRELLA strategy last week.
This decision does not fundamentally change our long-term assessment of the electricity and renewable energy sector.
Rising electricity consumption, the modernization of grid infrastructure, the expansion of renewable energies, and the rapidly growing energy demand of data centers continue to create attractive long-term opportunities.
However, compared to the recent fundamental and technical dynamics in healthcare, European defense, artificial intelligence, and advanced technologies, the opportunity profile of NextEra Energy was less convincing.
Capital allocation was therefore adjusted in favor of those themes that currently exhibit a stronger combination of fundamental development, market sentiment, and technical momentum.
Macroeconomic signals: Inflation eases, but growth gains importance
Macroeconomic data also provided important signals last week.
US consumer price inflation fell slightly to 3.4% year-over-year in July, down from 3.5% in June. Producer prices remained unchanged from the previous month, providing additional evidence that some inflationary pressure is easing.
At the same time, economic momentum moved more into focus.
US retail sales fell unexpectedly by 0.6% in July. Following a strong first half of the year, this raises questions regarding the resilience of private consumption.
Easing inflation can reduce pressure on interest rates and support highly valued growth companies. However, weaker consumer demand would simultaneously increase concerns about economic development.
For the UMBRELLA strategy, this means that interest rate expectations continue to play an important role – particularly for companies with high valuations and significant expectations for future growth.
Outlook for the coming week
After several weeks dominated by quarterly figures, attention is shifting back more strongly to monetary policy, economic growth, and market expectations.
The most important event will be the release of the minutes from the US Federal Reserve’s July meeting on August 19. Investors will be looking for clues regarding the future interest rate path, which could particularly influence technology companies and other highly valued growth stocks.
For the UMBRELLA strategy, TKMS remains in focus following the strong results and the raised forecast. The company’s investor roadshow in London on August 19 and 20 could provide further insights into margins, order execution, and potential new contracts.
In the area of AI and advanced technologies, valuation remains a decisive factor. Palantir continues to show strong operational momentum, while the newly added SpaceX position is being monitored regarding its technical development and the market’s assessment of its long-term growth potential.
The focus remains on healthcare innovations, European defense, artificial intelligence, and advanced technologies. Strong fundamentals remain crucial, while valuations, expectations, and technical developments will continue to determine how individual positions are managed using the MUMAK methodology.
Stay informed and continue to follow the UMBRELLA strategy closely.
