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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	Chevy Chase Trust Bethesda, Maryland	$606M	+$4.46M	14	2.96%	Increased
127	Pzena Investment Management New York	$601M	+$301M	4	3.51%	Increased
128	Pershing Square Capital Management New York	$594M	+$78.6M	1	9.97%	Increased
129	EARNEST Partners Atlanta, Georgia	$586M	+$44M	31	6.38%	Increased
130	Mitsubishi UFJ Trust & Banking Tokyo, Japan	$574M	-$4.6M	16	2.39%	Reduced
131	Gabelli Funds Rye, New York	$565M	-$24.8M	27	3.87%	Reduced
132	Retirement Systems of Alabama Montgomery, Alabama	$559M	+$5.89M	26	3.08%	Increased
133	London Company of Virginia Richmond, Virginia	$557M	-$159M	4	5.32%	Reduced
134	WPL WINDACRE PARTNERSHIP LLC Houston, Texas	$555M	+$236M	1	31.98%	Increased
135	Burgundy Asset Management Toronto, Ontario, Canada	$538M	-$941K	4	5.75%	Reduced
136	Trian Fund Management New York	$536M	+$948	1	5.81%	Increased
137	State of Tennessee, Department of Treasury Nashville, Tennessee	$535M	+$24.8M	38	2.91%	Increased
138	Arrowstreet Capital Boston, Massachusetts	$531M	+$222M	22	1.39%	Increased
139	TimesSquare Capital Management New York	$527M	-$37.3M	7	4.55%	Reduced
140	First Trust Advisors Wheaton, Illinois	$525M	+$13.2M	42	1.24%	Increased
141	Lone Pine Capital Greenwich, Connecticut	$518M	-$82.6M	1	3.51%	Reduced
142	Panagora Asset Management Boston, Massachusetts	$515M	-$58.9M	42	2.4%	Reduced
143	SEI Investments Oaks, Pennsylvania	$512M	+$48.3M	47	1.82%	Increased
144	Ohio Public Employees Retirement System (OPERS) Columbus, Ohio	$508M	-$4.07M	41	2.96%	Reduced
145	Aviva London, United Kingdom	$501M	-$61.2M	14	3.73%	Reduced
146	Aberdeen Group Edinburgh, United Kingdom	$494M	-$109M	16	1.17%	Reduced
147	Select Equity Group New York	$488M	+$56.6M	4	3.68%	Increased
148	Schroder Investment Management Group London, United Kingdom	$486M	-$21.7M	20	0.88%	Reduced
149	Royce & Associates New York	$482M	-$19.4M	33	4.32%	Reduced
150	Fidelity International Hamilton, Bermuda	$472M	-$34.7M	16	0.84%	Reduced