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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	Legal & General Group London, United Kingdom	$4.19B	-$41.1M	59	1.87%	Reduced
27	Janus Henderson Group London,	$3.88B	-$19.3M	23	2.03%	Reduced
28	Norges Bank Oslo, Norway	$3.81B	-$64.7M	37	1.01%	Reduced
29	Royal Bank of Canada Toronto, Ontario, Canada	$3.65B	-$171M	72	1.3%	Reduced
30	UBS Group Zurich, Switzerland	$3.63B	+$106M	81	1.37%	Increased
31	Goldman Sachs New York	$3.48B	-$567M	64	0.99%	Reduced
32	Principal Financial Group Des Moines, Iowa	$3.37B	-$52.8M	47	2.84%	Reduced
33	Sumitomo Mitsui Trust Group Minato-Ku, Tokyo, Japan	$3.03B	-$247M	24	2.04%	Reduced
34	AllianceBernstein Nashville, Tennessee	$2.9B	-$159M	57	1.56%	Reduced
35	Deutsche Bank Frankfurt Am Main Ge, Germany	$2.74B	+$241M	63	1.89%	Increased
36	ClearBridge Investments New York	$2.69B	-$93.3M	15	2.31%	Reduced
37	Parametric Portfolio Associates Seattle, Washington	$2.4B	-$30.1M	56	1.72%	Reduced
38	California Public Employees Retirement System Sacramento, California	$2.34B	+$47.1M	66	2.08%	Increased
39	Arrowstreet Capital Boston, Massachusetts	$2.2B	+$1.27B	53	3.48%	Increased
40	Swiss National Bank Zurich, Switzerland	$2.19B	-$42.3M	50	1.72%	Reduced
41	Loomis, Sayles & Company Boston, Massachusetts	$2.1B	+$77M	25	3.06%	Increased
42	Aristotle Capital Management Los Angeles, California	$2.1B	+$64.5M	4	6.35%	Increased
43	UBS AM Chicago, Illinois	$2.07B	+$2.22M	50	1.11%	Increased
44	Boston Partners Boston, Massachusetts	$1.96B	+$21.1M	20	3.57%	Increased
45	New York State Common Retirement Fund Albany, New York	$1.84B	-$77.8M	58	2.25%	Reduced
46	Macquarie Group Sydney, NSW 2000, Australia	$1.82B	+$73.3M	46	3.08%	Increased
47	Dodge & Cox San Francisco, California	$1.75B	+$637M	5	1.6%	Increased
48	Victory Capital Management San Antonio, Texas	$1.65B	-$110M	50	2.12%	Reduced
49	American Century Companies Kansas City, Missouri	$1.56B	+$64.1M	30	1.39%	Increased
50	D.E. Shaw & Co New York	$1.52B	+$314M	47	1.55%	Increased