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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	Franklin Resources San Mateo, California	$5.79B	-$73.8M	34	2.9%	Reduced
27	Norges Bank Oslo, Norway	$5.54B	-$142M	38	1.21%	Reduced
28	Royal Bank of Canada Toronto, Ontario, Canada	$5.44B	-$348M	89	1.54%	Reduced
29	Legal & General Group London, United Kingdom	$5.44B	-$238M	63	1.94%	Reduced
30	Principal Financial Group Des Moines, Iowa	$5B	-$232M	51	3.58%	Reduced
31	Goldman Sachs New York	$4.91B	-$313M	70	1.13%	Reduced
32	UBS Group Zurich, Switzerland	$4.22B	-$545M	98	1.54%	Reduced
33	AllianceBernstein Nashville, Tennessee	$3.92B	+$21.1M	58	1.68%	Increased
34	T. Rowe Price Investment Management Baltimore, Maryland	$3.87B	-$1.31B	11	2.77%	Reduced
35	Aristotle Capital Management Los Angeles, California	$3.66B	-$88.4M	4	7.66%	Reduced
36	Swiss National Bank Zurich, Switzerland	$3.54B	-$40.4M	57	2.42%	Reduced
37	Sumitomo Mitsui Trust Group Minato-Ku, Tokyo, Japan	$3.31B	-$99.9M	26	2.47%	Reduced
38	UBS AM Chicago, Illinois	$3.19B	-$288M	55	1.55%	Reduced
39	Boston Partners Boston, Massachusetts	$3.12B	-$185M	20	4.29%	Reduced
40	ClearBridge Investments New York	$3.12B	-$144M	15	2.98%	Reduced
41	Janus Henderson Group London,	$2.94B	+$30M	55	1.94%	Increased
42	Loomis, Sayles & Company Boston, Massachusetts	$2.91B	+$3.02M	28	5.06%	Increased
43	American Century Companies Kansas City, Missouri	$2.82B	-$433M	51	2.23%	Reduced
44	California Public Employees Retirement System Sacramento, California	$2.8B	-$212M	31	2.48%	Reduced
45	Victory Capital Management San Antonio, Texas	$2.78B	-$335M	54	3.13%	Reduced
46	Macquarie Group Sydney, NSW 2000, Australia	$2.51B	-$179M	34	2.98%	Reduced
47	TCI Fund Management London, United Kingdom	$2.5B	+$2.19B	1	8.55%	New
48	Neuberger Berman Group New York	$2.5B	-$332M	40	2.31%	Reduced
49	Sanders Capital West Palm Beach, Florida	$2.38B	+$1.02B	3	5.64%	Increased
50	Deutsche Bank Frankfurt Am Main Ge, Germany	$2.36B	-$49.3M	66	1.31%	Reduced