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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	Jane Street New York	$706M	+$272M	59	0.23%	Increased
127	LPL Financial San Diego, California	$702M	+$27.3M	56	0.59%	Increased
128	MCMC Matrix Capital Management Company Portsmouth, New Hampshire	$697M	$0	1	7.76%	Maintained
129	Ceredex Value Advisors Orlando, Florida	$689M	-$2.03M	7	7.44%	Reduced
130	ProShare Advisors Bethesda, Maryland	$679M	+$148M	44	1.33%	Increased
131	Barrow, Hanley, Mewhinney & Strauss Dallas, Texas	$675M	-$581M	10	2.13%	Reduced
132	Cooke & Bieler Philadelphia, Pennsylvania	$672M	+$14.8M	4	5.78%	Increased
133	Luther King Capital Management (LKCM) Fort Worth, Texas	$670M	-$1.31M	20	3.03%	Reduced
134	Longview Partners St Peter Port, Guernsey	$660M	-$47.4M	1	4.21%	Reduced
135	Korea Investment Corp Seoul, South Korea	$656M	+$30.7M	16	1.7%	Increased
136	BP Berkshire Partners Boston, Massachusetts	$650M	$0	1	39.34%	Maintained
137	US Bancorp Minneapolis, Minnesota	$648M	-$7.97M	64	1.02%	Reduced
138	GAMCO Investors Greenwich, Connecticut	$637M	-$3.35M	29	5.45%	Reduced
139	Alkeon Capital Management New York	$636M	+$17.4M	2	1.18%	Increased
140	Ohio Public Employees Retirement System (OPERS) Columbus, Ohio	$630M	-$21.9M	50	2.11%	Reduced
141	WPL WINDACRE PARTNERSHIP LLC Houston, Texas	$627M	+$198M	1	13.98%	Increased
142	Mirae Asset Global Investments Seoul, South Korea	$616M	+$66.7M	20	1.32%	Increased
143	Fort Washington Investment Advisors Cincinnati, Ohio	$612M	-$21.9M	14	3.71%	Reduced
144	Toronto Dominion Bank Toronto, Ontario, Ontario, Canada	$607M	+$31.1M	32	0.81%	Increased
145	Schroder Investment Management Group London, United Kingdom	$599M	+$29.4M	32	0.78%	Increased
146	State of New Jersey Common Pension Fund D Trenton, New Jersey	$599M	+$1.66M	42	1.73%	Increased
147	Aberdeen Group Edinburgh, United Kingdom	$591M	-$204M	22	1.3%	Reduced
148	Fidelity International Hamilton, Bermuda	$590M	+$197M	16	0.61%	Increased
149	VanEck Associates New York	$581M	-$4.32M	21	1.34%	Reduced
150	BNP Paribas Financial Markets Paris, France	$579M	-$138M	60	0.82%	Reduced