A reshaping of defense spending over the last decade has bolstered the outlook for legacy defense contractors while letting venture-backed companies begin changing the face of the industrial base ecosystem.

In a new Must C report, a team led by Nathan Sheets delves into the global economy’s digital transformation, which has seen a shift from ecosystems characterized primarily by flows of physical goods to ones predicated on data and information.

The U.S. asset management industry is in the middle innings of an underlying secular shift toward exchange-traded funds (ETFs). Over the longer term, we expect that traditional mutual funds (MFs) will cede much of their assets under management (AUM) not attached to defined-contribution retirement plans.