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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	Hotchkis & Wiley Capital Management Los Angeles, California	$644M	-$44.2M	5	2.61%	Reduced
127	Susquehanna International Group Bala Cynwyd, Pennsylvania	$634M	-$409M	46	0.29%	Reduced
128	Brandywine Global Investment Management Philadelphia, Pennsylvania	$634M	-$199M	17	4.03%	Reduced
129	I.G. Investment Management Winnipeg, Manitoba, Canada	$633M	-$99.9M	15	2.71%	Reduced
130	Retirement Systems of Alabama Montgomery, Alabama	$630M	-$37.3M	22	3.7%	Reduced
131	Gabelli Funds Rye, New York	$628M	-$40.6M	26	3.8%	Reduced
132	Longview Partners St Peter Port, Guernsey	$619M	+$9.84M	1	4.22%	Increased
133	Guggenheim Capital Chicago, Illinois	$612M	+$16.1M	43	1.78%	Increased
134	Ohio Public Employees Retirement System (OPERS) Columbus, Ohio	$612M	-$14.2M	41	3.75%	Reduced
135	State of Tennessee, Department of Treasury Nashville, Tennessee	$610M	+$76M	34	3.62%	Increased
136	Viking Global Investors Stamford, Connecticut	$610M	+$191M	2	2.3%	Increased
137	Amundi Asset Management US Boston, Massachusetts	$606M	+$86.5M	9	2.26%	Increased
138	Diamond Hill Capital Management Columbus, Ohio	$604M	+$6.88M	2	4.01%	Increased
139	Aristotle Capital Management Los Angeles, California	$585M	+$3.86M	6	7.06%	Increased
140	First Manhattan New York	$578M	-$42.9M	19	3.55%	Reduced
141	Raymond James & Associates St Petersburg, Florida	$578M	+$37.6M	25	2.07%	Increased
142	National Rural Electric Cooperative Association Arlington, Virginia	$571M	+$19.5M	9	10.23%	Increased
143	William Blair Investment Management Chicago, Illinois	$566M	+$157M	6	2.29%	Increased
144	Ruffer LLP London, United Kingdom	$548M	+$5.46M	6	24.06%	Increased
145	Citigroup New York	$545M	-$54.8M	66	0.54%	Reduced
146	AL AJO LP Philadelphia, Pennsylvania	$533M	-$81.7M	8	2.31%	Reduced
147	Royce & Associates New York	$527M	-$64.7M	30	3.14%	Reduced
148	Aberdeen Asset Management Aberdeen, United Kingdom	$509M	+$8.48M	13	1.73%	Increased
149	Thrivent Financial for Lutherans Minneapolis, Minnesota	$503M	+$38.3M	41	2.42%	Increased
150	Calamos Advisors Naperville, Illinois	$491M	+$13.7M	10	3.12%	Increased