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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	Two Sigma Advisers New York	$494M	-$614M	42	1.89%	Reduced
127	Baupost Group Boston, Massachusetts	$493M	$0	1	7.28%	Maintained
128	Burgundy Asset Management Toronto, Ontario, Canada	$492M	+$11M	5	6.68%	Increased
129	Retirement Systems of Alabama Montgomery, Alabama	$484M	-$16.8M	25	2.69%	Reduced
130	Chevy Chase Trust Bethesda, Maryland	$479M	-$83.2M	14	2.23%	Reduced
131	US Bancorp Minneapolis, Minnesota	$479M	-$6.76M	54	1.49%	Reduced
132	Fiduciary Management Inc Milwaukee, Wisconsin	$474M	-$22.6M	3	4.13%	Reduced
133	Fidelity International Hamilton, Bermuda	$473M	-$89.6M	16	0.78%	Reduced
134	APG Asset Management Amsterdam, Netherlands	$466M	-$67.3M	13	0.91%	Reduced
135	SEI Investments Oaks, Pennsylvania	$464M	-$29.3M	47	1.71%	Reduced
136	Ensign Peak Advisors Salt Lake City, Utah	$461M	+$113M	42	1.54%	Increased
137	Baird Financial Group Milwaukee, Wisconsin	$461M	+$3.18M	24	2.11%	Increased
138	Aperio Group Sausalito, California	$453M	-$10.3M	48	2%	Reduced
139	Lord, Abbett & Co Jersey City, New Jersey	$452M	-$194M	14	2%	Reduced
140	1832 Asset Management Toronto, Ontario, Canada	$442M	-$17.5M	12	1.6%	Reduced
141	Mackenzie Financial Toronto Ontario, Ontario, Canada	$437M	-$298M	24	1.4%	Reduced
142	Bank of Nova Scotia Toronto, Ontario, Canada	$434M	-$212M	19	1.49%	Reduced
143	Bessemer Group Woodbridge, New Jersey	$431M	-$27.5M	32	1.73%	Reduced
144	State of New Jersey Common Pension Fund D Trenton, New Jersey	$429M	-$90.1M	33	2.08%	Reduced
145	Laurion Capital Management New York	$419M	+$436M	7	4.56%	Increased
146	Arrowstreet Capital Boston, Massachusetts	$417M	-$386K	27	1.17%	Reduced
147	Envestnet Asset Management Chicago, Illinois	$412M	-$3.59M	42	0.49%	Reduced
148	SCA Southpoint Capital Advisors New York	$410M	+$294M	2	11.99%	Increased
149	Gabelli Funds Rye, New York	$407M	+$13.6M	26	3.63%	Increased
150	BNP Paribas Financial Markets Paris, France	$407M	-$2.18M	59	0.83%	Reduced