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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	$5.68B	-$38.7M	63	1.72%	Reduced
27	Norges Bank Oslo, Norway	$5.54B	-$128M	45	1.14%	Reduced
28	Royal Bank of Canada Toronto, Ontario, Canada	$5.07B	+$40.5M	81	1.15%	Increased
29	Goldman Sachs New York	$4.48B	-$392M	76	0.89%	Reduced
30	UBS Group Zurich, Switzerland	$4.46B	+$89M	98	1.28%	Increased
31	Principal Financial Group Des Moines, Iowa	$4.39B	+$95.7M	50	2.62%	Increased
32	Aristotle Capital Management Los Angeles, California	$4.12B	+$519M	4	6.98%	Increased
33	AllianceBernstein Nashville, Tennessee	$3.98B	+$53.7M	57	1.41%	Increased
34	ClearBridge Investments New York	$3.8B	-$202M	17	2.59%	Reduced
35	Sumitomo Mitsui Trust Group Minato-Ku, Tokyo, Japan	$3.59B	-$168M	24	2.18%	Reduced
36	Boston Partners Boston, Massachusetts	$3.56B	-$99.8M	20	4.29%	Reduced
37	Janus Henderson Group London,	$3.56B	-$977M	51	1.48%	Reduced
38	Parametric Portfolio Associates Seattle, Washington	$3.4B	-$5.59M	66	1.74%	Reduced
39	Dodge & Cox San Francisco, California	$3.32B	-$4.29M	5	2.05%	Reduced
40	Loomis, Sayles & Company Boston, Massachusetts	$3.16B	+$309M	19	3.82%	Increased
41	UBS AM Chicago, Illinois	$3.07B	-$19.2M	57	1.17%	Reduced
42	Bank of Montreal Toronto, Ontario, Canada	$3.05B	+$277M	53	1.62%	Increased
43	Victory Capital Management San Antonio, Texas	$3.01B	+$24.2M	62	2.77%	Increased
44	Macquarie Group Sydney, NSW 2000, Australia	$2.99B	-$201M	52	2.5%	Reduced
45	Swiss National Bank Zurich, Switzerland	$2.96B	-$108M	56	1.78%	Reduced
46	Viking Global Investors Stamford, Connecticut	$2.68B	+$99M	2	7.71%	Increased
47	First Trust Advisors Wheaton, Illinois	$2.54B	+$211M	48	2.47%	Increased
48	California Public Employees Retirement System Sacramento, California	$2.53B	-$314M	31	1.7%	Reduced
49	American Century Companies Kansas City, Missouri	$2.49B	-$19.3M	41	1.58%	Reduced
50	Deutsche Bank Frankfurt Am Main Ge, Germany	$2.4B	-$761M	66	1.08%	Reduced