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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	Fisher Asset Management Camas, Washington	$970M	+$36.2M	16	0.6%	Increased
102	CIBC Private Wealth Group Atlanta, Georgia	$957M	-$4.79M	16	2.23%	Reduced
103	HSBC Holdings London, United Kingdom	$944M	-$53.1M	45	0.95%	Reduced
104	Bessemer Group Woodbridge, New Jersey	$935M	+$36.7M	30	1.99%	Increased
105	Ensign Peak Advisors Salt Lake City, Utah	$927M	-$28.9M	44	1.93%	Reduced
106	Diamond Hill Capital Management Columbus, Ohio	$926M	+$3.52M	5	3.51%	Increased
107	TD Asset Management Toronto, Ontario, Canada	$922M	+$27.2M	27	0.96%	Increased
108	Russell Investments Group London, United Kingdom	$920M	+$22M	58	1.55%	Increased
109	Baupost Group Boston, Massachusetts	$897M	$0	1	8.24%	Maintained
110	William Blair Investment Management Chicago, Illinois	$875M	+$23.8M	10	2.47%	Increased
111	AQR Capital Management Greenwich, Connecticut	$870M	-$18.1M	45	1.61%	Reduced
112	Two Sigma Investments New York	$869M	+$174M	36	1.94%	Increased
113	Brown Advisory Baltimore, Maryland	$864M	+$2.17M	24	1.28%	Increased
114	Fred Alger Management New York	$838M	+$138M	13	2%	Increased
115	Select Equity Group New York	$837M	+$139M	3	2.81%	Increased
116	AP Altarock Partners West Palm Beach, Florida	$828M	+$43.7M	1	22.34%	Increased
117	Aberdeen Group Edinburgh, United Kingdom	$802M	-$120M	23	1.81%	Reduced
118	JP Morgan Private Wealth Advisors San Francisco, California	$794M	+$51.6M	33	1.94%	Increased
119	Thrivent Financial for Lutherans Minneapolis, Minnesota	$794M	-$69.6M	42	1.61%	Reduced
120	DZ Bank Frankfurt Am Main, Germany	$779M	+$24.8M	10	1.2%	Increased
121	Longview Partners St Peter Port, Guernsey	$729M	-$132M	1	4.6%	Reduced
122	Artisan Partners Milwaukee, Wisconsin	$720M	+$43.6M	6	0.88%	Increased
123	Sanders Capital West Palm Beach, Florida	$715M	+$718M	1	1.62%	New
124	Baird Financial Group Milwaukee, Wisconsin	$713M	+$23.3M	33	1.82%	Increased
125	BNP Paribas Financial Markets Paris, France	$709M	-$134M	59	1%	Reduced