2025 Sohn HK: Damon Meng of Frontline – This Spanish Stock Could 4X On Massive Defense Spending

Damon Meng, CEO & CIO of Frontline Global Management, presented at the 2025 Sohn Hong Kong Conference an investment opportunity in a Spanish company positioned as the “anointed champion” by the Spanish government for defense procurement. Meng frames this government backing as a crucial factor in Indra’s investment appeal.

Frontline Global is a fundamental research-intensive fund with a focus on multi-sector global equities. Prior to founding Frontline Global Management, Damon was a PM at YF Financial, where he managed a fundamental research-intensive multi-sector global equities strategy. Prior to YF, Meng was VP at Greenwoods Asset Management and a Senior Analyst at Scopia Capital Management. He was formerly a member of the PE team at Blackstone.

2025 Sohn Hong Kong Conference – Frontline Global Management’s Damon Meng

Market Share Gain as Spain Boosts Defense Spending

Also see 2025 Sohn NY Conference: Einhorn, Steve Cohen, Citrone, Chanos, Glenview [170 Page PDF Report]

Spain, like many European nations, is increasing its defense spending, aiming to reach 2% of GDP by 2029. A significant portion of this increased spending – 70% – is designated for Spanish industry. Meng highlights that analysis of the Spanish government procurement database reveals Indra’s market share within the defense budget has already surged to 60% in the two years since being appointed the champion. He anticipates this market share will continue to grow, providing significant visibility for Indra’s future revenues.