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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	$5.31B	-$106M	42	2.7%	Reduced
27	Royal Bank of Canada Toronto, Ontario, Canada	$5.26B	-$56.2M	91	1.43%	Reduced
28	Legal & General Group London, United Kingdom	$5.14B	-$295M	64	1.79%	Reduced
29	Principal Financial Group Des Moines, Iowa	$5.1B	-$32.9M	50	3.67%	Reduced
30	Goldman Sachs New York	$4.82B	-$173M	69	1.02%	Reduced
31	Dodge & Cox San Francisco, California	$4.81B	-$250M	5	3.24%	Reduced
32	TCI Fund Management London, United Kingdom	$4.6B	$0	1	16.7%	Maintained
33	Aristotle Capital Management Los Angeles, California	$4.43B	+$559M	5	9.51%	Increased
34	T. Rowe Price Investment Management Baltimore, Maryland	$4.36B	+$968M	13	3.08%	Increased
35	UBS Group Zurich, Switzerland	$3.82B	-$391M	96	1.32%	Reduced
36	Boston Partners Boston, Massachusetts	$3.45B	+$323M	19	4.78%	Increased
37	AllianceBernstein Nashville, Tennessee	$3.33B	-$320M	61	1.42%	Reduced
38	UBS AM Chicago, Illinois	$3.18B	+$68.8M	52	1.42%	Increased
39	Barclays London, United Kingdom	$2.99B	+$455M	74	1.86%	Increased
40	Sumitomo Mitsui Trust Group Minato-Ku, Tokyo, Japan	$2.91B	-$26.6M	28	2.39%	Reduced
41	Swiss National Bank Zurich, Switzerland	$2.91B	-$299M	54	2.28%	Reduced
42	California Public Employees Retirement System Sacramento, California	$2.81B	+$137M	31	2.42%	Increased
43	Loomis, Sayles & Company Boston, Massachusetts	$2.8B	-$56.6M	28	4.8%	Reduced
44	American Century Companies Kansas City, Missouri	$2.66B	-$137M	55	2.05%	Reduced
45	Macquarie Group Sydney, NSW 2000, Australia	$2.59B	+$257M	33	3.25%	Increased
46	Sanders Capital West Palm Beach, Florida	$2.57B	+$148M	3	5.43%	Increased
47	Victory Capital Management San Antonio, Texas	$2.56B	-$356M	55	2.94%	Reduced
48	First Trust Advisors Wheaton, Illinois	$2.5B	+$202M	49	2.96%	Increased
49	Janus Henderson Group London,	$2.39B	-$191M	53	1.57%	Reduced
50	ClearBridge Investments New York	$2.28B	-$452M	16	2.19%	Reduced