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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	Westwood Holdings Group Dallas, Texas	$618M	-$53.6M	9	4.86%	Reduced
127	Retirement Systems of Alabama Montgomery, Alabama	$606M	-$1.34M	22	3.39%	Reduced
128	Brown Advisory Baltimore, Maryland	$603M	-$151M	19	1.94%	Reduced
129	Two Sigma Investments New York	$602M	+$138M	33	2.69%	Increased
130	Commerzbank Aktiengesellschaft Frankfurt, Germany	$591M	+$182M	13	2.38%	Increased
131	Chevy Chase Trust Bethesda, Maryland	$575M	+$32M	13	3.72%	Increased
132	Wedge Capital Management Charlotte, North Carolina	$564M	-$11.3M	12	6.02%	Reduced
133	Citigroup New York	$559M	-$197M	64	0.49%	Reduced
134	Diamond Hill Capital Management Columbus, Ohio	$559M	+$42.4M	3	4.31%	Increased
135	Ohio Public Employees Retirement System (OPERS) Columbus, Ohio	$550M	-$34.2M	40	3.25%	Reduced
136	National Rural Electric Cooperative Association Arlington, Virginia	$545M	+$17.4M	9	10.28%	Increased
137	Fred Alger Management New York	$545M	-$7.46M	9	2.65%	Reduced
138	Veritas Asset Management London, United Kingdom	$542M	-$77.5M	1	8.65%	Reduced
139	Panagora Asset Management Boston, Massachusetts	$542M	-$132M	42	2.63%	Reduced
140	Winslow Capital Management Minneapolis, Minnesota	$541M	+$201M	1	1.65%	Increased
141	1832 Asset Management Toronto, Ontario, Canada	$537M	-$49.1M	9	1.75%	Reduced
142	Manning & Napier Advisors Fairport, New York	$518M	+$183M	5	2.15%	Increased
143	First Manhattan New York	$512M	-$79.9M	20	2.98%	Reduced
144	Ruffer LLP London, United Kingdom	$511M	-$140M	2	18.32%	Reduced
145	VVP Vulcan Value Partners Birmingham, Alabama	$510M	+$385M	4	7.26%	Increased
146	State of Tennessee, Department of Treasury Nashville, Tennessee	$508M	-$23.6M	34	2.9%	Reduced
147	Renaissance Technologies New York	$504M	-$107M	40	1.38%	Reduced
148	Thrivent Financial for Lutherans Minneapolis, Minnesota	$502M	+$2.43M	36	2.88%	Increased
149	Hotchkis & Wiley Capital Management Los Angeles, California	$494M	-$118M	4	1.79%	Reduced
150	Pzena Investment Management New York	$494M	+$129M	3	2.7%	Increased