The BAE Systems (LSE: BA) share price has enjoyed an astonishing run. As the company is Britain’s leading defence manufacturer, that’s hardly surprising. Geopolitical tensions continue to escalate, with the world entering a new arms race.

The Iran conflict has taken things up another notch, pushing defence stocks higher still. They’ve provided valuable diversification for investors, me included, at a time when many other holdings have been hit by events in Iran.

BAE Systems shares are up 40% over the last year and 335% over five years, with dividends on top. It’s a remarkable performance. Long-term investors will be delighted, even if the circumstances driving those gains are less…