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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	Millennium Management New York	$1.23B	-$140M	51	1.85%	Reduced
77	Aristotle Capital Management Los Angeles, California	$1.2B	+$40.8M	5	7.15%	Increased
78	Caisse de Depot et Placement du Quebec (CDPQ) Montreal, Quebec, Canada	$1.2B	+$25.7M	16	3.05%	Increased
79	Hotchkis & Wiley Capital Management Los Angeles, California	$1.2B	+$84.8M	9	4.71%	Increased
80	Waddell & Reed Financial Overland Park, Kansas	$1.2B	+$9.7M	12	2.97%	Increased
81	William Blair Investment Management Chicago, Illinois	$1.18B	-$332K	10	4.96%	Reduced
82	Lazard Asset Management New York	$1.17B	-$380M	19	1.92%	Reduced
83	State Board of Administration of Florida Retirement System Tallahassee, Florida	$1.14B	-$12.9M	49	3.03%	Reduced
84	Russell Investments Group London, United Kingdom	$1.1B	-$3.21M	51	2.04%	Reduced
85	State of Wisconsin Investment Board Madison, Wisconsin	$1.07B	-$15.5M	39	3.05%	Reduced
86	Baupost Group Boston, Massachusetts	$1.06B	$0	1	8.94%	Maintained
87	Thrivent Financial for Lutherans Minneapolis, Minnesota	$1.06B	+$3.45M	43	3.34%	Increased
88	HSBC Holdings London, United Kingdom	$1.04B	-$30.8M	43	1.89%	Reduced
89	Longview Partners St Peter Port, Guernsey	$1.03B	+$66.4M	1	5.45%	Increased
90	D.E. Shaw & Co New York	$1.03B	-$303M	48	1.34%	Reduced
91	SAM Southeastern Asset Management Memphis, Tennessee	$1.03B	-$178M	3	14.86%	Reduced
92	Raymond James & Associates St Petersburg, Florida	$1.02B	+$90.7M	45	1.55%	Increased
93	Epoch Investment Partners New York	$1.02B	-$2.28M	8	4.46%	Reduced
94	Two Sigma Advisers New York	$1B	-$451M	42	2.53%	Reduced
95	Mackenzie Financial Toronto Ontario, Ontario, Canada	$981M	-$28.6M	21	2.37%	Reduced
96	Charles Schwab Investment Advisory San Francisco, California	$974M	+$114M	3	1.64%	Increased
97	Fred Alger Management New York	$972M	+$77.1M	13	3.87%	Increased
98	DZ Bank Frankfurt Am Main, Germany	$961M	+$203M	12	3.12%	Increased
99	Citigroup New York	$947M	-$16.4M	57	0.91%	Reduced
100	Tiger Global Management New York	$938M	$0	1	5.18%	Maintained