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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	$6.37B	-$354M	39	1.11%	Reduced
27	Goldman Sachs New York	$6.07B	+$474M	70	1.12%	Increased
28	Principal Financial Group Des Moines, Iowa	$5.92B	-$12.4M	52	3.77%	Reduced
29	Legal & General Group London, United Kingdom	$5.78B	-$188M	62	1.8%	Reduced
30	Dodge & Cox San Francisco, California	$5.7B	+$130M	5	3.62%	Increased
31	Franklin Resources San Mateo, California	$5.44B	-$504M	45	2.55%	Reduced
32	TCI Fund Management London, United Kingdom	$5.32B	$0	1	14.78%	Maintained
33	Aristotle Capital Management Los Angeles, California	$5.03B	-$53.1M	5	9.86%	Reduced
34	T. Rowe Price Investment Management Baltimore, Maryland	$4.68B	-$116M	16	3.04%	Reduced
35	UBS Group Zurich, Switzerland	$4.67B	+$195M	95	1.4%	Increased
36	Barclays London, United Kingdom	$4.5B	+$915M	70	1.65%	Increased
37	Boston Partners Boston, Massachusetts	$4.06B	+$81M	19	5.38%	Increased
38	UBS AM Chicago, Illinois	$3.78B	+$63.7M	50	1.49%	Increased
39	Neuberger Berman Group New York	$3.57B	+$1.33B	43	1.56%	Increased
40	Loomis, Sayles & Company Boston, Massachusetts	$3.56B	-$62.5M	31	5.45%	Reduced
41	AllianceBernstein Nashville, Tennessee	$3.52B	-$289M	59	1.36%	Reduced
42	California Public Employees Retirement System Sacramento, California	$3.33B	+$90.1M	31	2.53%	Increased
43	Swiss National Bank Zurich, Switzerland	$3.28B	-$108M	52	2.41%	Reduced
44	Sumitomo Mitsui Trust Group Minato-Ku, Tokyo, Japan	$3.23B	-$141M	27	2.39%	Reduced
45	Sanders Capital West Palm Beach, Florida	$3.04B	+$128M	3	5.62%	Increased
46	Deutsche Bank Frankfurt Am Main Ge, Germany	$2.84B	+$1.01B	56	1.45%	Increased
47	Janus Henderson Group London,	$2.71B	-$24.8M	51	1.62%	Reduced
48	Bank of Montreal Toronto, Ontario, Canada	$2.69B	+$210M	51	0.82%	Increased
49	Victory Capital Management San Antonio, Texas	$2.69B	-$181M	57	2.83%	Reduced
50	American Century Companies Kansas City, Missouri	$2.66B	-$360M	58	1.83%	Reduced