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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
501	Nomura Holdings Tokyo, Japan	$76.7M	+$19.1M	31	0.21%	Increased
502	SPH Steel Partners Holdings New York	$76.5M	$0	1	10.09%	Maintained
503	Burney Company Reston, Virginia	$76.1M	-$61.6K	15	6.02%	Reduced
504	Clifford Swan Investment Counsel Pasadena, California	$75.9M	-$2.13K	7	5.01%	Reduced
505	Spot Trading Chicago, Illinois	$75.8M	-$43.9M	19	0.47%	Reduced
506	FTIOP Fiduciary Trust International of Pennsylvania Radnor, Pennsylvania	$75.8M	-$1.57M	11	5.03%	Reduced
507	OP Oldfield Partners London, United Kingdom	$75.4M	-$1.14M	1	4.44%	Reduced
508	HCM Highfields Capital Management Boston, Massachusetts	$74.9M	$0	2	0.64%	Maintained
509	Zurich Cantonal Bank Zurich, Switzerland	$74.5M	-$5.19M	16	2.28%	Reduced
510	ORIO Old Republic International (ORI) Chicago, Illinois	$73.4M	+$20.6M	3	4.2%	Increased
511	TGI Tradewinds Global Investors Los Angeles, California	$73.3M	-$8.64M	3	2.98%	Reduced
512	SGAM Smith Group Asset Management Dallas, Texas	$73.2M	-$7.59M	11	2.56%	Reduced
513	NG NatWest Group Edinburgh, Scotland, United Kingdom	$73.2M	-$10.2M	9	0.62%	Reduced
514	Ferguson Wellman Capital Management Portland, Oregon	$73.1M	-$30.9M	7	2.94%	Reduced
515	ICOM Investment Counselors of Maryland Baltimore, Maryland	$73.1M	-$13.8M	7	3.54%	Reduced
516	SCM Stevens Capital Management Radnor, Pennsylvania	$73.1M	-$47.3M	17	2.47%	Reduced
517	RHBC R.H. Bluestein & Co Birmingham, Michigan	$73M	-$18.1M	10	4.57%	Reduced
518	ECM Estabrook Capital Management New York	$72.9M	-$3.57M	10	8.04%	Reduced
519	ESG Emerging Sovereign Group New York	$72.7M	-$21.6M	1	2.68%	Reduced
520	Picton Mahoney Asset Management Toronto, Ontario, Canada	$72.2M	+$3.49M	9	3.44%	Increased
521	Barings Charlotte, North Carolina	$72.1M	-$1.55M	18	1.59%	Reduced
522	ANI American National Insurance Galveston, Texas	$71.5M	-$3.22M	7	4.25%	Reduced
523	Louisiana State Employees Retirement System Baton Rouge, Louisiana	$71.1M	-$1.34M	38	3.27%	Reduced
524	AMF Tjänstepension Stockholm, Sweden	$70.9M	+$68.8M	3	0.89%	New
525	PHAM Pacific Heights Asset Management San Francisco, California	$70.6M	-$34.8M	4	3.72%	Reduced