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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	AQR Capital Management Greenwich, Connecticut	$944M	+$107M	44	1.54%	Increased
102	CIBC Private Wealth Group Atlanta, Georgia	$942M	+$90.2M	16	2.37%	Increased
103	Diamond Hill Capital Management Columbus, Ohio	$937M	+$34.5M	3	3.79%	Increased
104	Thrivent Financial for Lutherans Minneapolis, Minnesota	$932M	+$74.4M	41	2.05%	Increased
105	Russell Investments Group London, United Kingdom	$927M	+$20.4M	59	1.64%	Increased
106	Stockbridge Partners Boston, Massachusetts	$914M	$0	1	22.26%	Maintained
107	TPG Group Holdings (SBS) Advisors Fort Worth, Texas	$896M	-$304M	1	10.46%	Reduced
108	Brown Advisory Baltimore, Maryland	$887M	-$102M	26	1.52%	Reduced
109	Mackenzie Financial Toronto Ontario, Ontario, Canada	$883M	+$361M	18	1.35%	Increased
110	VOYA Investment Management Atlanta, Georgia	$874M	-$45.3M	59	1.76%	Reduced
111	Fisher Asset Management Camas, Washington	$874M	+$33.2M	16	0.62%	Increased
112	BNP Paribas Financial Markets Paris, France	$867M	+$300M	57	1.27%	Increased
113	Two Sigma Advisers New York	$854M	-$138M	45	2.35%	Reduced
114	Longview Partners St Peter Port, Guernsey	$790M	-$127M	1	4.2%	Reduced
115	Baupost Group Boston, Massachusetts	$783M	$0	1	6.24%	Maintained
116	Bessemer Group Woodbridge, New Jersey	$782M	+$172M	30	1.87%	Increased
117	Canada Pension Plan Investment Board Toronto Ontario, Ontario, Canada	$768M	-$232M	25	1%	Reduced
118	VanEck Associates New York	$753M	+$170M	22	2.05%	Increased
119	Natixis Paris, France	$727M	-$161M	29	2.38%	Reduced
120	Cooke & Bieler Philadelphia, Pennsylvania	$716M	+$111M	5	6.95%	Increased
121	Lord, Abbett & Co Jersey City, New Jersey	$715M	-$74.2M	10	1.82%	Reduced
122	BHH Baker Hughes Holdings Houston, Texas	$713M	$0	1	99.76%	Maintained
123	Bahl & Gaynor Cincinnati, Ohio	$707M	-$46.5M	13	4.48%	Reduced
124	Baird Financial Group Milwaukee, Wisconsin	$682M	+$15M	23	1.91%	Increased
125	US Bancorp Minneapolis, Minnesota	$682M	-$7.4M	63	1.38%	Reduced