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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	Norges Bank Oslo, Norway	$5.99B	+$132M	39	1.18%	Increased
27	Dodge & Cox San Francisco, California	$5.88B	-$1.11B	5	3.93%	Reduced
28	Legal & General Group London, United Kingdom	$5.86B	+$125M	65	1.91%	Increased
29	Royal Bank of Canada Toronto, Ontario, Canada	$5.75B	+$162M	94	1.51%	Increased
30	Principal Financial Group Des Moines, Iowa	$5.47B	-$108M	51	3.73%	Reduced
31	Goldman Sachs New York	$5.34B	+$196M	69	1.14%	Increased
32	UBS Group Zurich, Switzerland	$4.71B	+$317M	88	1.59%	Increased
33	TCI Fund Management London, United Kingdom	$4.58B	+$1.58B	1	13.59%	Increased
34	AllianceBernstein Nashville, Tennessee	$3.89B	-$192M	62	1.59%	Reduced
35	Aristotle Capital Management Los Angeles, California	$3.89B	-$43.4M	4	7.9%	Reduced
36	Swiss National Bank Zurich, Switzerland	$3.45B	-$292M	54	2.35%	Reduced
37	T. Rowe Price Investment Management Baltimore, Maryland	$3.27B	-$572M	13	2.23%	Reduced
38	UBS AM Chicago, Illinois	$3.19B	$0	55	1.55%	Maintained
39	ClearBridge Investments New York	$3.18B	+$36.2M	16	2.87%	Increased
40	Sumitomo Mitsui Trust Group Minato-Ku, Tokyo, Japan	$3.16B	-$342M	26	2.46%	Reduced
41	Boston Partners Boston, Massachusetts	$3.13B	-$93M	18	4.21%	Reduced
42	Loomis, Sayles & Company Boston, Massachusetts	$3.07B	+$104M	30	4.95%	Increased
43	American Century Companies Kansas City, Missouri	$3.02B	+$8.74M	54	2.28%	Increased
44	California Public Employees Retirement System Sacramento, California	$2.9B	-$11.7M	32	2.49%	Reduced
45	Victory Capital Management San Antonio, Texas	$2.84B	+$11.2M	56	3.12%	Increased
46	Barclays London, United Kingdom	$2.78B	+$937M	67	1.76%	Increased
47	Sanders Capital West Palm Beach, Florida	$2.67B	+$343M	3	5.59%	Increased
48	Janus Henderson Group London,	$2.67B	-$246M	54	1.66%	Reduced
49	Macquarie Group Sydney, NSW 2000, Australia	$2.57B	-$46.6M	33	2.94%	Reduced
50	First Trust Advisors Wheaton, Illinois	$2.41B	+$246M	49	2.74%	Increased