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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	Royal Bank of Canada Toronto, Ontario, Canada	$5.97B	+$213M	87	1.71%	Increased
27	Legal & General Group London, United Kingdom	$5.54B	-$355M	64	2.13%	Reduced
28	Norges Bank Oslo, Norway	$5.37B	+$312M	39	1.29%	Increased
29	Goldman Sachs New York	$5.09B	-$152M	68	1.25%	Reduced
30	UBS Group Zurich, Switzerland	$4.8B	+$508M	98	1.79%	Increased
31	Principal Financial Group Des Moines, Iowa	$4.72B	-$134M	49	3.55%	Reduced
32	T. Rowe Price Investment Management Baltimore, Maryland	$4.33B	-$995M	10	3.33%	Reduced
33	AllianceBernstein Nashville, Tennessee	$3.82B	-$588M	59	1.72%	Reduced
34	Aristotle Capital Management Los Angeles, California	$3.78B	-$222M	4	8.03%	Reduced
35	Swiss National Bank Zurich, Switzerland	$3.45B	-$213M	57	2.48%	Reduced
36	ClearBridge Investments New York	$3.43B	-$254M	16	3.38%	Reduced
37	UBS AM Chicago, Illinois	$3.35B	+$406M	50	1.75%	Increased
38	Boston Partners Boston, Massachusetts	$3.26B	-$111M	21	4.41%	Reduced
39	Sumitomo Mitsui Trust Group Minato-Ku, Tokyo, Japan	$3.26B	-$114M	26	2.58%	Reduced
40	American Century Companies Kansas City, Missouri	$3.19B	+$154M	48	2.61%	Increased
41	Victory Capital Management San Antonio, Texas	$3.1B	-$166M	53	3.57%	Reduced
42	California Public Employees Retirement System Sacramento, California	$3.01B	+$16.9M	32	2.57%	Increased
43	Janus Henderson Group London,	$2.95B	-$16.4M	47	2.11%	Reduced
44	Macquarie Group Sydney, NSW 2000, Australia	$2.8B	+$32.2M	35	3.31%	Increased
45	Neuberger Berman Group New York	$2.78B	+$173M	39	2.73%	Increased
46	Loomis, Sayles & Company Boston, Massachusetts	$2.62B	-$167M	20	5.25%	Reduced
47	Barclays London, United Kingdom	$2.37B	+$724M	65	1.06%	Increased
48	Deutsche Bank Frankfurt Am Main Ge, Germany	$2.34B	-$75.8M	67	1.34%	Reduced
49	Millennium Management New York	$2.25B	+$976M	75	1.25%	Increased
50	First Trust Advisors Wheaton, Illinois	$2.17B	-$373M	45	2.58%	Reduced