Earnings Drag and Geopolitical Headwinds Weigh on Lockheed Martin’s (LMT) Performance

Alluvium Asset Management's Conventum – Alluvium Global Fund reported a 1.4% decline in its second quarter of 2026, with performance down 2.2% in USD and 3.9% in AUD. Despite overall market strength, the fund's mixed results were impacted by cable businesses and healthcare, consumer holdings. Lockheed Martin Corporation (NYSE:LMT), a US-based aerospace and defense company, was highlighted in the fund's investor letter.

The defense contractor's share price fell 15.1% in the first quarter, reversing some gains from the March quarter, likely due to geopolitical uncertainty and oil market volatility. The company has a market capitalization of $1123.99 billion and trades in-line with the fund's valuation, with a 2.5% position maintained in the fund.