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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
101
TCI Fund Management
TCI Fund Management
United Kingdom
$712M +$721M 1 2.82% New
102
EARNEST Partners
EARNEST Partners
Georgia
$702M -$26.2M 31 6.63% Reduced
103
Davis Selected Advisers
Davis Selected Advisers
Arizona
$694M -$163M 1 4.02% Reduced
104
Harris Associates
Harris Associates
Illinois
$692M +$58.1M 3 1.68% Increased
105
Kayne Anderson Rudnick Investment Management
Kayne Anderson Rudnick Investment Management
California
$691M +$59.1M 11 2.88% Increased
106
HSBC Holdings
HSBC Holdings
United Kingdom
$682M -$124M 40 1.29% Reduced
107
Veritas Asset Management
Veritas Asset Management
United Kingdom
$672M +$681M 1 4.92% New
108
Pzena Investment Management
Pzena Investment Management
New York
$659M +$68.5M 4 4.3% Increased
109
Ensign Peak Advisors
Ensign Peak Advisors
Utah
$659M +$150M 43 1.79% Increased
110
Mitsubishi UFJ Trust & Banking
Mitsubishi UFJ Trust & Banking
Japan
$658M +$41.1M 26 1.59% Increased
111
Amundi Asset Management US
Amundi Asset Management US
Massachusetts
$649M +$176M 34 0.77% Increased
112
Korea Investment Corp
Korea Investment Corp
South Korea
$648M +$64.4M 17 2.38% Increased
113
Federated Hermes
Federated Hermes
Pennsylvania
$633M +$13.2M 45 1.57% Increased
114
Canada Life
Canada Life
Manitoba, Canada
$629M +$7.56M 53 1.44% Increased
115
Stockbridge Partners
Stockbridge Partners
Massachusetts
$628M +$98.2M 1 19.71% Increased
116
Fisher Asset Management
Fisher Asset Management
Washington
$613M -$208M 17 0.6% Reduced
117
Envestnet Asset Management
Envestnet Asset Management
Illinois
$601M +$151M 41 0.59% Increased
118
Lord, Abbett & Co
Lord, Abbett & Co
New Jersey
$595M +$107M 13 2.08% Increased
119
Aberdeen Group
Aberdeen Group
United Kingdom
$578M -$16.3M 19 1.56% Reduced
120
BNP Paribas Financial Markets
BNP Paribas Financial Markets
France
$577M +$150M 60 1.02% Increased
121
Chevy Chase Trust
Chevy Chase Trust
Maryland
$570M +$55.8M 15 2.31% Increased
122
GAMCO Investors
GAMCO Investors
Connecticut
$556M -$64M 27 6.32% Reduced
123
Public Employees Retirement Association of Colorado
Public Employees Retirement Association of Colorado
Colorado
$544M +$121M 43 3.11% Increased
124
VVP
Vulcan Value Partners
Alabama
$538M +$472M 3 4.24% Increased
125
Westfield Capital Management
Westfield Capital Management
Massachusetts
$536M -$11.9M 6 3.69% Reduced