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Defense Modernization

Defense modernization covers the rearmament and technology refresh underway as governments raise military budgets and restock depleted inventories. Contracts are long, funded, and relatively insensitive to the economic cycle.

163 stocks

Defense Tech & C4ISR Drones & Counter-Drone Military Shipbuilding Munitions Restocking

#	Name	Holding	Trade Value	Theme Stocks	% of Portfolio	Status
26	Janus Henderson Group London,	$4.18B	-$635M	26	2.87%	Reduced
27	Goldman Sachs New York	$3.99B	-$1.16B	64	1.4%	Reduced
28	Legal & General Group London, United Kingdom	$3.92B	+$125M	57	2.29%	Increased
29	Norges Bank Oslo, Norway	$3.6B	-$75.5M	37	1.28%	Reduced
30	UBS Group Zurich, Switzerland	$3.54B	-$1.08B	76	1.67%	Reduced
31	Royal Bank of Canada Toronto, Ontario, Canada	$3.16B	-$409M	70	1.52%	Reduced
32	ClearBridge Investments New York	$2.92B	+$602M	18	3.16%	Increased
33	AllianceBernstein Nashville, Tennessee	$2.66B	-$73M	56	1.91%	Reduced
34	Sumitomo Mitsui Trust Group Minato-Ku, Tokyo, Japan	$2.63B	-$82.5M	27	2.26%	Reduced
35	Boston Partners Boston, Massachusetts	$2.4B	+$888M	21	4.77%	Increased
36	Principal Financial Group Des Moines, Iowa	$2.3B	-$63.6M	45	2.54%	Reduced
37	Parametric Portfolio Associates Seattle, Washington	$2.26B	-$60.4M	55	2.06%	Reduced
38	UBS AM Chicago, Illinois	$1.98B	+$145M	49	1.43%	Increased
39	Swiss National Bank Zurich, Switzerland	$1.98B	+$481M	50	2.1%	Increased
40	California Public Employees Retirement System Sacramento, California	$1.92B	-$472M	65	2.33%	Reduced
41	New York State Common Retirement Fund Albany, New York	$1.85B	+$27.2M	56	2.79%	Increased
42	Deutsche Bank Frankfurt Am Main Ge, Germany	$1.84B	-$547M	61	1.64%	Reduced
43	Dodge & Cox San Francisco, California	$1.8B	+$277M	5	1.95%	Increased
44	Victory Capital Management San Antonio, Texas	$1.65B	-$246M	71	2.77%	Reduced
45	Aristotle Capital Management Los Angeles, California	$1.52B	+$172M	4	6.42%	Increased
46	Credit Suisse Zurich, Switzerland	$1.51B	+$285M	56	1.31%	Increased
47	AQR Capital Management Greenwich, Connecticut	$1.47B	-$919M	42	2.46%	Reduced
48	Prudential Financial Newark, New Jersey	$1.45B	-$345M	45	3.19%	Reduced
49	Citadel Advisors Miami, Florida	$1.44B	-$925M	61	0.65%	Reduced
50	PNC Financial Services Group Pittsburgh, Pennsylvania	$1.39B	-$30M	53	1.75%	Reduced