Hedge Fund Davide Leone Bets on SES Satellite-Defense Pivot

Hedge fund manager Davide Leone boosted his stake in SES SA this year, wagering the satellite company’s strategic shift toward defense will unlock long-term value — a thesis that still stands, even after its latest earnings setback.

SES still trades like a media-communications firm “but it’s moving fast into defense,” said Leone, 49, whose London-based Davide Leone & Partners added to its holding as SES hit a record low in January. The hedge fund now holds a stake of more than 5% in the Luxembourg-based firm.