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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
51	BNP Paribas Financial Markets Paris, France	$3.16B	+$1.72B	75	1.77%	Increased
52	Sanders Capital West Palm Beach, Florida	$3.16B	-$292M	3	4.62%	Reduced
53	First Trust Advisors Wheaton, Illinois	$3.07B	+$379M	55	2.71%	Increased
54	ClearBridge Investments New York	$2.97B	+$53.8M	17	2.41%	Increased
55	Millennium Management New York	$2.88B	-$347M	74	1.41%	Reduced
56	D.E. Shaw & Co New York	$2.84B	+$437M	56	2.08%	Increased
57	HSBC Holdings London, United Kingdom	$2.84B	+$134M	56	1.65%	Increased
58	VanEck Associates New York	$2.83B	+$586M	38	3.63%	Increased
59	Abrams Capital Management Boston, Massachusetts	$2.77B	-$82.5M	1	44.5%	Reduced
60	Renaissance Technologies New York	$2.76B	-$864M	60	4.08%	Reduced
61	RhumbLine Advisers Boston, Massachusetts	$2.75B	+$15.5M	69	2.46%	Increased
62	AQR Capital Management Greenwich, Connecticut	$2.72B	+$261M	55	3.51%	Increased
63	Janus Henderson Group London,	$2.68B	-$496M	55	1.36%	Reduced
64	National Pension Service Jeonju-Si, Jeollabuk-Do, South Korea	$2.63B	+$175M	19	2.49%	Increased
65	Canada Pension Plan Investment Board Toronto Ontario, Ontario, Canada	$2.62B	+$279M	41	2.49%	Increased
66	Amundi Paris, France	$2.56B	+$542M	41	0.89%	Increased
67	Neuberger Berman Group New York	$2.48B	-$119M	47	1.97%	Reduced
68	American Century Companies Kansas City, Missouri	$2.45B	-$527M	60	1.41%	Reduced
69	Mitsubishi UFJ Asset Management Tokyo, Japan	$2.23B	+$193M	51	2.16%	Increased
70	VOYA Investment Management Atlanta, Georgia	$2.21B	-$475M	54	2.3%	Reduced
71	California State Teachers Retirement System (CalSTRS) West Sacramento, California	$2.2B	-$28.8M	65	2.57%	Reduced
72	DZ Bank Frankfurt Am Main, Germany	$2.19B	-$224M	15	2.22%	Reduced
73	Stifel Financial St. Louis, Missouri	$2.17B	+$22.7M	56	2.26%	Increased
74	Macquarie Group Sydney, NSW 2000, Australia	$2.14B	+$327M	40	2.6%	Increased
75	Citigroup New York	$2.14B	-$8.65M	81	1.27%	Reduced