Neuberger Space Fund Turns to Europe as SpaceX Hype Buoys Sector

Evelyn Chow’s space-focused stock fund is scouring Europe for bargains just as the looming debut of SpaceX supercharges valuations in the US.

In recent weeks, Chow’s Neuberger Berman Next Generation Space Economy Fund bought shares in Leonardo SpA, Avio SpA and Indra Sistemas SA, the European-based manufacturers of defense electronics and rocket engines. The stock selloff triggered by the outbreak of the Iran war opened a buying window at a time when global defense spending is on the rise, she said.