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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	$5.1B	-$57.9M	60	2%	Reduced
27	Janus Henderson Group London,	$4.7B	+$60.9M	26	2.18%	Increased
28	Royal Bank of Canada Toronto, Ontario, Canada	$4.65B	+$281M	72	1.35%	Increased
29	UBS Group Zurich, Switzerland	$4.61B	+$224M	85	1.56%	Increased
30	Longview Asset Management (Illinois) Chicago, Illinois	$4.47B	-$317M	1	95.97%	Reduced
31	Goldman Sachs New York	$4.21B	-$108M	69	1.08%	Reduced
32	Principal Financial Group Des Moines, Iowa	$4.17B	-$130M	48	3.09%	Reduced
33	ClearBridge Investments New York	$3.61B	+$342M	16	2.79%	Increased
34	Sumitomo Mitsui Trust Group Minato-Ku, Tokyo, Japan	$3.38B	-$320M	24	2.18%	Reduced
35	AllianceBernstein Nashville, Tennessee	$3.36B	-$179M	57	1.59%	Reduced
36	Loomis, Sayles & Company Boston, Massachusetts	$3.28B	+$545M	27	4.34%	Increased
37	UBS AM Chicago, Illinois	$3.25B	+$654M	53	1.52%	Increased
38	Deutsche Bank Frankfurt Am Main Ge, Germany	$3.04B	-$201M	66	1.85%	Reduced
39	Boston Partners Boston, Massachusetts	$3.03B	+$614M	21	4.72%	Increased
40	Parametric Portfolio Associates Seattle, Washington	$2.96B	+$30.3M	58	1.85%	Increased
41	California Public Employees Retirement System Sacramento, California	$2.84B	+$86.4M	68	2.19%	Increased
42	Dodge & Cox San Francisco, California	$2.81B	+$580M	5	2.22%	Increased
43	Swiss National Bank Zurich, Switzerland	$2.79B	-$64M	51	1.98%	Reduced
44	Macquarie Group Sydney, NSW 2000, Australia	$2.78B	+$607M	45	4.06%	Increased
45	Victory Capital Management San Antonio, Texas	$2.29B	+$183M	55	2.55%	Increased
46	TPG Group Holdings (SBS) Advisors Fort Worth, Texas	$2.25B	+$2.17B	1	24.92%	New
47	VVP Vulcan Value Partners Birmingham, Alabama	$2.22B	+$79M	4	14.36%	Increased
48	New York State Common Retirement Fund Albany, New York	$2.19B	-$67.5M	61	2.44%	Reduced
49	Aristotle Capital Management Los Angeles, California	$2.14B	-$392M	4	5.3%	Reduced
50	American Century Companies Kansas City, Missouri	$1.9B	+$8.29M	36	1.48%	Increased