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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	Davis Selected Advisers Tucson, Arizona	$890M	-$11.7M	1	3.79%	Reduced
102	Citigroup New York	$888M	+$45.9M	53	0.73%	Increased
103	Raymond James & Associates St Petersburg, Florida	$883M	+$23.3M	43	1.77%	Increased
104	USAA United Services Automobile Association San Antonio, Texas	$863M	-$29.1M	28	2.53%	Reduced
105	Aberdeen Group Edinburgh, United Kingdom	$860M	+$832M	15	1.57%	New
106	US Bancorp Minneapolis, Minnesota	$851M	-$98.5K	52	2.73%	Reduced
107	Schroder Investment Management Group London, United Kingdom	$850M	-$62.7M	21	1.48%	Reduced
108	Baupost Group Boston, Massachusetts	$846M	$0	1	10.55%	Maintained
109	First Pacific Advisors El Segundo, California	$844M	-$221M	2	6.49%	Reduced
110	Brown Advisory Baltimore, Maryland	$841M	+$82.6M	23	2.79%	Increased
111	Prudential plc London, England, United Kingdom	$838M	-$20.3M	20	2.65%	Reduced
112	Diamond Hill Capital Management Columbus, Ohio	$836M	+$12.7M	4	4.4%	Increased
113	Epoch Investment Partners New York	$834M	-$240M	7	2.79%	Reduced
114	Tiger Global Management New York	$833M	-$200M	1	5.65%	Reduced
115	Guggenheim Capital Chicago, Illinois	$812M	-$37.9M	43	1.91%	Reduced
116	Credit Agricole Montrouge Cedex, France	$805M	-$39.9M	26	2.74%	Reduced
117	Fidelity International Hamilton, Bermuda	$804M	-$167M	12	2.31%	Reduced
118	Fiduciary Management Inc Milwaukee, Wisconsin	$798M	+$1.73M	3	4.73%	Increased
119	Chevy Chase Trust Bethesda, Maryland	$791M	+$3.2M	14	3.58%	Increased
120	State of New Jersey Common Pension Fund D Trenton, New Jersey	$778M	+$80.1M	17	3.11%	Increased
121	NFA Nationwide Fund Advisors Columbus, Ohio	$774M	-$29.6M	57	3.04%	Reduced
122	STRS Ohio Columbus, Ohio	$769M	+$24.8M	30	3.3%	Increased
123	Winslow Capital Management Minneapolis, Minnesota	$757M	-$30.6M	4	4.08%	Reduced
124	Thrivent Financial for Lutherans Minneapolis, Minnesota	$755M	+$35.2M	44	2.67%	Increased
125	Aristotle Capital Management Los Angeles, California	$752M	+$18.8M	4	5.84%	Increased