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Hi Sarah, here's what you need to know for
<strong>
June 4th
</strong>
in
<strong>
3:12 minutes
</strong>
.
</p>
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A major European defense company bagged a spot in the Euro Stoxx 50 index, kicking out one of the world’s most famous luxury firms in the process
</span>
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China in charge: EVs and the new oil –
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Read Now
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Private equity firm Thoma Bravo closed a $34 billion fundraiser – and broke records for both this year and last
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☕ Finimized over a drip coffee at
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Nylon Coffee
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in Singapore (🌤 28°C/83°F)
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<span class="text-heading1 text-black font-black" style="font-weight: 900; color: #283444; font-size: 24px;">
On The Right Side Of 50
</span>
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<img alt="On The Right Side Of 50" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-035125-Rheinmetall.original.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D74067fad034e02c3213e8ef5d30a0b56/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NDg5ODgzNjUuNzQ2MzQwM30:1uMZll:98I9mDQn_Epi9XDTYuIGQQpBwSQDXgQGUGgwFynWjyM" style="border:0;border-radius:4px;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
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<h4 class="text-body" style="font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; font-weight: 700; line-height: 1.25; margin-bottom: 16px; color: #171E27; font-size: 16px; font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; margin-top: 0;">
</h4>
<p style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
</p>
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<b>
What’s going on here?
</b>
</p>
<p data-block-key="49fka" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Rheinmetall nabbed a spot in the Euro Stoxx 50, cementing the German ammunition maker’s place among Europe’s 50 biggest publicly listed firms.
</p>
<p data-block-key="4qcgj" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
What does this mean?
</b>
</p>
<p data-block-key="574iu" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Rheinmetall’s stock has nearly tripled this year, notching the firm a market value of €87 billion (nearly $100 billion). Remarkably, that looks relatively paltry next to the 1,800% that the shares have surged since Russia’s 2022 invasion of Ukraine. Rheinmetall will be the only purely defense company in the Stoxx 50 index, acting as a representative for the sector’s dramatic rally. Defense has been one of Europe’s best performers this year, spurred on by government pledges to spend more on European frontlines. In fact, a Goldman Sachs index of European defense firms hit a record high last month.
</p>
<p data-block-key="djqqh" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
Why should I care?
</b>
</p>
<p data-block-key="cdids" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
<i>
Zooming in:
</i>
</b>
<i>
This club has benefits.
</i>
</p>
<p data-block-key="9rkat" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Rheinmetall will feature in the Stoxx 50 from June 23rd. And because funds tracking the index will buy shares to match its new composition, you’ll likely see the stock perk up a little more before then. Rheinmetall’s further-out fortunes are harder to predict, though. The stock’s already expensive, trading for 99 times the firm’s earnings per share versus the index’s average of 17. That’s largely due to those bumper government spending plans. So it could only take a few broken promises for investors to lose interest – and those aren’t exactly rare in politics.
</p>
<p data-block-key="evt13" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
<i>
The bigger picture:
</i>
</b>
<i>
Luxury is out of fashion.
</i>
</p>
<p data-block-key="3ohm2" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Gucci-owner Kering will be kicked out of the index to make room for Rheinmetall. The luxury firm’s stock has fallen 28% this year, with investors worried that tariffs will make its already expensive wares harder to shift. An economic slowdown or stock selloff could force even the world’s wealthiest to rethink their spending habits – no matter how many flashy logos or types of crocodile skin are on offer.
</p>
<p style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
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<b>
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A defensive portfolio prepared for the wealth effect’s reversal
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.
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<strong>
Copy to share story:
</strong>
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https://app.finimize.com/content/on-the-right-side-of-50
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FROM OUR RESEARCH DESK
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Why China’s Battery Empire Could Be The New Oil
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<img alt="Why China’s Battery Empire Could Be The New Oil" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FInsight-030625-ChinaBattery_1.original.jpg%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253Dcb8c759f39c182fa2097ffb8daa4726b/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NDg5ODgzNjUuNzQ2NDk5NX0:1uMZll:DmtnTdgxYHekTEWvbx7rLK4cbTOAt25N0qsF8WKBPA0" style="max-width: 300px; border-radius: 4px;" width="300"/>
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Ever since the 1940s,
<a style="color: inherit; text-decoration: underline; font-weight: inherit;">
oil and US dollars
</a>
have been one of the world’s most dependable trades.
</p>
<p data-block-key="2oooe" style="font-size: 16px; line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; color: #fff;">
Crude flows out of the Middle East, and greenbacks
<a style="color: inherit; text-decoration: underline; font-weight: inherit;">
flow in
</a>
.
</p>
<p data-block-key="c31ce" style="font-size: 16px; line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; color: #fff;">
That simple, predictable system has powered decades of
<a style="color: inherit; text-decoration: underline; font-weight: inherit;">
global economic growth
</a>
– while also helping to give the US a powerful financial edge.
</p>
<p data-block-key="200sn" style="font-size: 16px; line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; color: #fff;">
But now, that rhythm is
<a style="color: inherit; text-decoration: underline; font-weight: inherit;">
beginning to shift
</a>
.
</p>
<p data-block-key="7n1pv" style="font-size: 16px; line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; color: #fff;">
That’s today’s Insight:
<a style="color: inherit; text-decoration: underline; font-weight: inherit;">
why China’s battery empire could be the new oil
</a>
.
</p>
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<b>
Read or listen to the Insight here
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Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong.
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Take 2 minutes to learn more.
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Crowdcube Campaign Extended – Now 157% Overfunded
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Big-time fund managers have a few advantages in their back pockets – not least of which is Level E Research.
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<br/>
Fortunately, this one’s not entirely exclusive to those asset managers. Right now,
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everyday investors can be a part of this too
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.
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Level E has built
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a cutting-edge AI platform
</a>
aimed right at those asset managers. It processes massive datasets and delivers intelligent insights in milliseconds.
<br/>
<br/>
Let’s be honest, that’s huge:
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the ability to help the pros cut costs and make better-informed decisions
</a>
could transform the enormous multi-billion-dollar asset management industry.
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That kind of market potential screams opportunity. So, it’s no wonder Level E’s Crowdcube campaign has already soared to 157% of its original target- and now,
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due to overwhelming demand, it’s been extended for two more weeks
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– which means you’ve still got time to slide Level E into your back pocket, too.
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Bravo!
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<b>
What’s going on here?
</b>
</p>
<p data-block-key="57t1f" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Thoma Bravo’s latest fundraiser pulled in $34.4 billion, showing that private equity (PE) firms can still grab attention if they put some muscle into it.
</p>
<p data-block-key="d5f20" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
What does this mean?
</b>
</p>
<p data-block-key="e6lti" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
PE firms have a certain method of operating: they buy buckets of businesses, whip them into better shape, and (theoretically) sell them on for a profit. $24 billion of the cash that Thoma Bravo raised was directly for its main buyout fund, with the rest spread across two smaller ones. That’s the industry’s biggest closing number for a single fund this year
<i>
and
</i>
last, beating EQT’s $23.7 billion and Blackstone’s $21 billion. At the same time, a lot of PE firms have struggled to bag any big bucks lately: Bain, for one, reported that all its funds closed under $5 billion last quarter.
</p>
<p data-block-key="ff9qv" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
Why should I care?
</b>
</p>
<p data-block-key="feal7" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
<i>
Zooming in:
</i>
</b>
<i>
Dry powder’s dry spell.
</i>
</p>
<p data-block-key="dqkel" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Higher interest rates have stomped on company valuations, forcing PE firms to wait for a better, more profitable time to sell their investments. The White House throwing out more curveballs than Sandy Koufax hasn’t helped, with stock market listings and big-ticket sales now less predictable than usual. And because PE firms have largely been sitting on their lots instead of shifting them, some don’t have a lot of cash to fund
<i>
new
</i>
investments. So, eager to raise more dough, many firms want to make it easier for retail investors to join institutional investors and the ultra-wealthy as PE backers. The US Securities and Exchange Commission, for its part, is working on reducing the restrictions around individual investors in the private sector.
</p>
<p data-block-key="beghd" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
<i>
For you personally:
</i>
</b>
<i>
Retail investors may well be tempted…
</i>
</p>
<p data-block-key="3eh86" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
PE investments have been more lucrative than stocks over the last two decades, wrangling a 13.4% return versus stocks’ 8.9%. Mind you, that premium return is balanced by greater risk and higher fees. Plus, you can’t sell funds like you can stocks: you’re pretty much locked in until the firm sells or lists
<i>
its
</i>
investments.
</p>
<p style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
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<b>
You might also like:
</b>
<a style="color: #204CE9; text-decoration: underline; font-weight: 500;">
How to invest in private markets for less by using investment trusts
</a>
.
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<strong>
Copy to share story:
</strong>
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https://app.finimize.com/content/bravo
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QUOTE OF THE DAY
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</td>
<td class="quote-content-cell" style="padding-left: 10px; vertical-align: top;" valign="top">
<p class="font-heading font-bold text-navy leading-snug mb-2 text-subtitle" data-block-key="cygyq" style="margin-top: 0; font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; font-weight: 700; line-height: 1.375; margin-bottom: 8px; color: #0C73EC; font-size: 20px;">
"I'd rather be strongly wrong than weakly right."
</p>
<span class="text-caption font-normal text-blackLight leading-normal" style="font-weight: 400; line-height: 1.5; color: #3C4857; font-size: 12px;">
– Tallulah Bankhead (an American actress)
</span>
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<a style="color: #204CE9; font-weight: 500; text-decoration: underline;" target="_blank">
<img alt="" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FPromo_Banner_-Mid_Caps__The_Overlooked_Potentia.original.jpg%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253Df34ff440500f50175433969fee748dad/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NDg5ODgzNjUuNzQ2OTgxMX0:1uMZll:i4oKxZetbtyiAdqMWbobBsPz-zdqe514ME5sQNs7YSg" style="border:0;border-radius:6px;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
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<p data-block-key="2t5l4" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Goldilocks’ first bowl of oatmeal was too hot. The second, too cold. The third: right in the middle, the perfect temperature. (Stay with us here.)
</p>
<p data-block-key="4uosj" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Well,
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
mid-cap companies are a bit like that
</a>
. Steamy*. Delicious**. Palatable***. Just enough syrup****. And by that we mean, they often *hold less risk than earlier-stage startups, **have a demonstrably viable business model, ****boast a solid customer base, and ****still have room to expand.
</p>
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<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
Read our free guide to find out more
</a>
about this often overlooked category. (Best consumed with an OJ and fresh coffee.)
</p>
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<tbody>
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<td align="left" style="font-size:0px;padding:0;word-break:break-word;">
<div style="font-family:Helvetica, Arial, sans-serif;;font-size:13px;line-height:1;text-align:left;color:#000000;">
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🎯 On Our Radar
</p>
<p data-block-key="wnzwo" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
1.
<b>
Bring on the bots.
</b>
Microsoft’s determined to
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
beat today’s AI market leaders
</a>
.
</p>
<p data-block-key="7r5r4" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
2.
<b>
Tidy desk, tidy brain.
</b>
Messy house…
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
Invite your friends over anyway
</a>
.
</p>
<p data-block-key="650dk" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
3.
<b>
The experts have been there and done that.
</b>
Discover the pros' steps to
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
long-term investing success
</a>
.
</p>
<p data-block-key="87qct" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
4.
<b>
Looks like babies are illegal now.
</b>
This adorable graduation guest was
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
chased by police
</a>
.
</p>
<p data-block-key="dabji" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
5.
<b>
Keep the faith.
</b>
Here’s why more
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
people are discovering religion
</a>
.
</p>
</div>
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<tbody>
<tr>
<td style="vertical-align:top;padding:25px;padding-top:16px;padding-bottom:16px;">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
<tbody>
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<td align="left" style="font-size:0px;padding:0;word-break:break-word;">
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🌏 Finimize Live
</p>
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
<h4 style="font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; font-weight: 700; line-height: 1.25; color: #171E27; margin-bottom: 0; font-size: 20px; font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; margin-top: 0;">
<img alt="MIS2025" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FMIS25-SpeakerAnnouncement-email-1000x500.original.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D797ed67bf5b5c95104b001273fc12811/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NDg5ODgzNjUuNzQ3MTI3M30:1uMZll:fyeRNreUdFrJN6OD4AV0UHjuLayFPQd6X9d7tj6l7EY" width="100%"/>
</h4>
</a>
</div>
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<p style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
Thanks for reading Sarah. If you liked today’s brief, we’d love for you to share it with a friend – here’s a link:
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Share this email
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<span class="text-caption mt-4" style="margin-top: 16px; font-size: 12px;">
You stay classy, Sarah 😉
</span>
<p class="text-caption font-bold mt-4" style="line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-bottom: 16px; font-weight: 700; margin-top: 16px; font-size: 12px;">
Any thoughts on today’s email?
<a style="color: #204CE9; text-decoration: underline; font-weight: 500;" target="_blank">
Give feedback
</a>
</p>
<p class="text-caption font-bold mt-4" style="line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-bottom: 16px; font-weight: 700; margin-top: 16px; font-size: 12px;">
Want to advertise with us?
<a style="color: #204CE9; text-decoration: underline; font-weight: 500;" target="_blank">
Get in touch
</a>
</p>
<p class="text-caption font-blackLight leading-snug" style="color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0; line-height: 1.375; font-size: 12px;">
Image credits: Midjourney | Midjourney
</p>
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