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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
126	1832 Asset Management Toronto, Ontario, Canada	$677M	+$81.7M	8	2.6%	Increased
127	Ohio Public Employees Retirement System (OPERS) Columbus, Ohio	$672M	-$5.06M	41	3.6%	Reduced
128	PCM Pennant Capital Management Summit, New Jersey	$659M	-$55.2M	3	11.29%	Reduced
129	AIG American International Group New York	$658M	-$336M	51	3.17%	Reduced
130	I.G. Investment Management Winnipeg, Manitoba, Canada	$656M	+$46.1M	13	2.37%	Increased
131	Veritas Asset Management London, United Kingdom	$642M	-$59.9M	1	12.97%	Reduced
132	Retirement Systems of Alabama Montgomery, Alabama	$634M	+$11.5M	22	3.76%	Increased
133	Guggenheim Capital Chicago, Illinois	$617M	+$24M	45	1.88%	Increased
134	Axa Paris, France	$587M	+$8.5M	22	2.63%	Increased
135	State of Tennessee, Department of Treasury Nashville, Tennessee	$586M	-$39.6M	35	3.36%	Reduced
136	Ruffer LLP London, United Kingdom	$581M	+$83.9M	4	20.61%	Increased
137	Thrivent Financial for Lutherans Minneapolis, Minnesota	$577M	-$1.9M	35	3.51%	Reduced
138	Gateway Investment Advisers Cincinnati, Ohio	$567M	-$6.04M	13	4.53%	Reduced
139	National Rural Electric Cooperative Association Arlington, Virginia	$565M	+$39.3M	9	11.49%	Increased
140	Chevy Chase Trust Bethesda, Maryland	$565M	+$7.95M	13	4.13%	Increased
141	First Manhattan New York	$551M	-$11.3M	17	3.64%	Reduced
142	Fayez Sarofim & Co Houston, Texas	$549M	+$518M	7	2.55%	New
143	Diamond Hill Capital Management Columbus, Ohio	$533M	+$4.11M	3	4.87%	Increased
144	Capital Guardian Trust Los Angeles, California	$525M	-$61.1M	14	3.46%	Reduced
145	ING Group Amsterdam, Netherlands	$516M	-$26.7M	13	2.6%	Reduced
146	Atalanta Sosnoff Capital New York	$512M	+$96.8M	5	11.03%	Increased
147	LBG Lloyds Banking Group London, United Kingdom	$510M	+$19.7M	15	4.6%	Increased
148	BP Berkshire Partners Boston, Massachusetts	$499M	$0	1	100%	Maintained
149	William Blair & Company Chicago, Illinois	$495M	+$8.02M	20	0.82%	Increased
150	SG Americas Securities New York	$495M	-$925K	30	2.06%	Reduced