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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

# Name Holding Trade Value Theme
Stocks
% of
Portfolio
Status
76
State Farm Mutual Automobile Insurance
State Farm Mutual Automobile Insurance
Illinois
$1.32B +$24.4M 1 2.14% Increased
77
Schroder Investment Management Group
Schroder Investment Management Group
United Kingdom
$1.32B -$116M 19 2.73% Reduced
78
TD Asset Management
TD Asset Management
Ontario, Canada
$1.31B -$123M 25 2.6% Reduced
79
Waddell & Reed Financial
Waddell & Reed Financial
Kansas
$1.31B +$121M 11 2.12% Increased
80
Epoch Investment Partners
Epoch Investment Partners
New York
$1.28B -$216M 9 5.08% Reduced
81
Citadel Advisors
Citadel Advisors
Florida
$1.28B +$238M 48 1.39% Increased
82
Lazard Asset Management
Lazard Asset Management
New York
$1.24B +$106M 14 2.84% Increased
83
Swiss National Bank
Swiss National Bank
Switzerland
$1.24B -$173M 45 2.99% Reduced
84
First Eagle Investment Management
First Eagle Investment Management
New York
$1.19B -$680M 9 2.98% Reduced
85
MTB
Mizuho Trust & Banking
Japan
$1.14B -$19.1M 14 3.75% Reduced
86
London Company of Virginia
London Company of Virginia
Virginia
$1.13B +$45.1M 5 9.78% Increased
87
RhumbLine Advisers
RhumbLine Advisers
Massachusetts
$1.06B -$20.5M 51 3.41% Reduced
88
Primecap Management
Primecap Management
California
$1.04B -$27M 6 1.07% Reduced
89
State Board of Administration of Florida Retirement System
State Board of Administration of Florida Retirement System
Florida
$1B -$40.5M 47 3.74% Reduced
90
BlackRock Japan
BlackRock Japan
Japan
$997M +$536K 18 3.73% Increased
91
State of Wisconsin Investment Board
State of Wisconsin Investment Board
Wisconsin
$976M -$60.8M 32 3.76% Reduced
92
First Pacific Advisors
First Pacific Advisors
California
$966M -$5.22M 3 8.57% Reduced
93
Artemis Investment Management
Artemis Investment Management
United Kingdom
$956M +$164M 8 23.91% Increased
94
Caisse de Depot et Placement du Quebec (CDPQ)
Caisse de Depot et Placement du Quebec (CDPQ)
Quebec, Canada
$950M -$360M 13 2.62% Reduced
95
Macquarie Group
Macquarie Group
Australia
$939M -$13.6M 28 1.93% Reduced
96
Westwood Holdings Group
Westwood Holdings Group
Texas
$918M +$64.6M 12 7.97% Increased
97
HSBC Holdings
HSBC Holdings
United Kingdom
$908M -$167M 33 2.19% Reduced
98
Credit Agricole
Credit Agricole
France
$905M -$19.2M 21 4.23% Reduced
99
Lone Pine Capital
Lone Pine Capital
Connecticut
$899M +$381M 2 3.84% Increased
100
Fiduciary Management Inc
Fiduciary Management Inc
Wisconsin
$890M -$39.7M 2 5.06% Reduced