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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
101	Fred Alger Management New York	$902M	-$143M	9	4.76%	Reduced
102	USAA United Services Automobile Association San Antonio, Texas	$899M	+$12.7M	27	3.21%	Increased
103	D.E. Shaw & Co New York	$895M	+$300M	44	1.65%	Increased
104	State of Wisconsin Investment Board Madison, Wisconsin	$883M	-$61.4M	33	3.56%	Reduced
105	STRS Ohio Columbus, Ohio	$854M	-$3.87M	30	3.8%	Reduced
106	HSBC Holdings London, United Kingdom	$852M	-$43M	34	2.34%	Reduced
107	Renaissance Technologies New York	$842M	-$261M	57	1.6%	Reduced
108	AIG American International Group New York	$827M	-$4.86M	52	3.47%	Reduced
109	Caisse de Depot et Placement du Quebec (CDPQ) Montreal, Quebec, Canada	$826M	-$66.6M	14	2.12%	Reduced
110	Credit Agricole Montrouge Cedex, France	$813M	+$59.4M	23	3.13%	Increased
111	Stifel Financial St. Louis, Missouri	$810M	+$49.9M	33	3.75%	Increased
112	US Bancorp Minneapolis, Minnesota	$790M	+$8.21M	54	3.01%	Increased
113	William Blair Investment Management Chicago, Illinois	$776M	+$111M	9	3.07%	Increased
114	Prudential plc London, England, United Kingdom	$776M	-$23.5M	14	3.04%	Reduced
115	State of Tennessee, Department of Treasury Nashville, Tennessee	$746M	+$110M	34	3.78%	Increased
116	State of New Jersey Common Pension Fund D Trenton, New Jersey	$743M	+$68.2M	18	3.37%	Increased
117	Burgundy Asset Management Toronto, Ontario, Canada	$742M	+$53.1M	5	7.41%	Increased
118	Chevy Chase Trust Bethesda, Maryland	$711M	+$14M	13	3.96%	Increased
119	NFA Nationwide Fund Advisors Columbus, Ohio	$708M	-$14M	57	3.06%	Reduced
120	Longview Partners St Peter Port, Guernsey	$659M	-$15.2M	1	4.39%	Reduced
121	Gabelli Funds Rye, New York	$644M	-$20.7M	26	3.8%	Reduced
122	Retirement Systems of Alabama Montgomery, Alabama	$632M	-$3.26M	25	3.7%	Reduced
123	Winslow Capital Management Minneapolis, Minnesota	$623M	-$280M	2	2.54%	Reduced
124	Homestead Advisers Arlington, Virginia	$622M	$0	8	10.68%	Maintained
125	Millennium Management New York	$616M	+$198M	45	1.41%	Increased