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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	$5.77B	+$194M	62	1.93%	Increased
27	Longview Asset Management (Illinois) Chicago, Illinois	$5.66B	$0	1	96.45%	Maintained
28	Royal Bank of Canada Toronto, Ontario, Canada	$5.5B	+$299M	81	1.46%	Increased
29	Goldman Sachs New York	$4.91B	-$304M	71	1.1%	Reduced
30	UBS Group Zurich, Switzerland	$4.81B	-$146M	91	1.55%	Reduced
31	Janus Henderson Group London,	$4.78B	-$308M	32	2.04%	Reduced
32	Principal Financial Group Des Moines, Iowa	$4.41B	-$58M	50	2.85%	Reduced
33	ClearBridge Investments New York	$3.95B	-$161M	18	2.75%	Reduced
34	Boston Partners Boston, Massachusetts	$3.93B	+$127M	23	5.01%	Increased
35	Sumitomo Mitsui Trust Group Minato-Ku, Tokyo, Japan	$3.9B	-$4.65M	26	2.31%	Reduced
36	AllianceBernstein Nashville, Tennessee	$3.84B	+$77.2M	60	1.54%	Increased
37	Swiss National Bank Zurich, Switzerland	$3.45B	+$255M	56	2.13%	Increased
38	Loomis, Sayles & Company Boston, Massachusetts	$3.4B	-$241M	28	4.12%	Reduced
39	Deutsche Bank Frankfurt Am Main Ge, Germany	$3.39B	-$613M	67	1.65%	Reduced
40	Dodge & Cox San Francisco, California	$3.36B	-$22.8M	5	2.2%	Reduced
41	Aristotle Capital Management Los Angeles, California	$3.34B	+$940M	4	6.39%	Increased
42	UBS AM Chicago, Illinois	$3.26B	-$544M	56	1.39%	Reduced
43	Parametric Portfolio Associates Seattle, Washington	$3.2B	-$194M	61	1.79%	Reduced
44	Macquarie Group Sydney, NSW 2000, Australia	$3.07B	+$89.4M	48	2.52%	Increased
45	Victory Capital Management San Antonio, Texas	$2.94B	+$93.3M	62	2.83%	Increased
46	California Public Employees Retirement System Sacramento, California	$2.9B	-$128M	35	2.18%	Reduced
47	New York State Common Retirement Fund Albany, New York	$2.41B	+$68.5M	67	2.49%	Increased
48	American Century Companies Kansas City, Missouri	$2.38B	+$47.5M	41	1.62%	Increased
49	Bank of Montreal Toronto, Ontario, Canada	$2.29B	+$345M	60	1.14%	Increased
50	VVP Vulcan Value Partners Birmingham, Alabama	$2.23B	-$47.4M	4	12.09%	Reduced