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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
76	SAM Southeastern Asset Management Memphis, Tennessee	$1.21B	-$49.2M	3	13.5%	Reduced
77	Fisher Asset Management Camas, Washington	$1.19B	+$26.6M	13	1.55%	Increased
78	State Board of Administration of Florida Retirement System Tallahassee, Florida	$1.15B	-$6.81M	48	3.08%	Reduced
79	Renaissance Technologies New York	$1.14B	-$308M	51	1.24%	Reduced
80	Victory Capital Management San Antonio, Texas	$1.14B	+$68.5M	38	2.42%	Increased
81	Macquarie Group Sydney, NSW 2000, Australia	$1.09B	+$12.8M	37	1.87%	Increased
82	Waddell & Reed Financial Overland Park, Kansas	$1.07B	-$303M	15	2.47%	Reduced
83	HSBC Holdings London, United Kingdom	$1.05B	-$286M	38	1.87%	Reduced
84	Davis Selected Advisers Tucson, Arizona	$1.04B	+$96.4M	1	4.44%	Increased
85	Amundi Asset Management US Boston, Massachusetts	$1.04B	+$30.5M	26	1.5%	Increased
86	Fred Alger Management New York	$1.02B	+$99M	14	4.27%	Increased
87	GAMCO Investors Greenwich, Connecticut	$1.02B	-$39.3M	22	6.93%	Reduced
88	State of Wisconsin Investment Board Madison, Wisconsin	$1.02B	-$28.7M	37	2.92%	Reduced
89	D.E. Shaw & Co New York	$1.01B	-$254M	43	1.32%	Reduced
90	Lord, Abbett & Co Jersey City, New Jersey	$998M	-$90M	19	2.92%	Reduced
91	Trian Fund Management New York	$964M	+$102K	1	9.36%	Increased
92	Caisse de Depot et Placement du Quebec (CDPQ) Montreal, Quebec, Canada	$960M	+$39.8M	16	2.28%	Increased
93	Third Point New York	$950M	+$62.2M	1	6.62%	Increased
94	Prudential plc London, England, United Kingdom	$948M	+$72.1M	20	2.97%	Increased
95	Canada Life Winnipeg, Manitoba, Canada	$923M	-$844K	50	2.17%	Reduced
96	Russell Investments Group London, United Kingdom	$918M	-$397M	50	1.92%	Reduced
97	Thrivent Financial for Lutherans Minneapolis, Minnesota	$914M	+$45.2M	43	2.98%	Increased
98	Baupost Group Boston, Massachusetts	$902M	+$4.72M	1	7.89%	Increased
99	Brown Advisory Baltimore, Maryland	$902M	+$15.4M	30	2.77%	Increased
100	Raymond James & Associates St Petersburg, Florida	$887M	+$16.7M	38	1.49%	Increased