The European defence sector is seeing a reality check as focus shifts from order books to execution. Most notably, heavyweight prime Rheinmetall (RHM GR) is now down nearly 40% YTD, reflecting a mix of profit-taking but also growing investor caution. Technology is evolving at an almost overwhelming pace, particularly with the rapid adoption of AI and autonomy, raising questions around the durability of current capabilities and capital allocation priorities. Overall, the sector offers attractive ....