With global hostilities rising, experts say investors should take a fresh look at defence companies.

The defence industry is much broader than weapons-focused firms. Investing professionals say there are a range of options for retail investors to gain exposure to the sector, depending on their comfort level — while some people prefer to steer clear of the industry for political or ethical reasons.

“Yes, we have these two hot wars going on, but I think we’ve had a reset of globalization and the Pax Americana in a significant way since Trump 2.0 began, such that military spending is going to be structurally higher,” said Brian Madden, chief investment officer with First Avenue Investment Counsel.

Since the outset of the…