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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	AL AIP LLC New York	$753M	$0	1	69.51%	Maintained
127	Thrivent Financial for Lutherans Minneapolis, Minnesota	$739M	-$10.9M	45	1.8%	Reduced
128	Snyder Capital Management San Francisco, California	$738M	+$12.4M	8	15.73%	Increased
129	Korea Investment Corp Seoul, South Korea	$737M	-$6.68M	19	2.15%	Reduced
130	Toronto Dominion Bank Toronto, Ontario, Ontario, Canada	$727M	+$113M	26	1.19%	Increased
131	Luther King Capital Management (LKCM) Fort Worth, Texas	$716M	+$2.62M	19	3.78%	Increased
132	Fred Alger Management New York	$688M	-$109M	13	3.68%	Reduced
133	Marshall Wace London, United Kingdom	$674M	+$356M	30	1.43%	Increased
134	Raymond James Financial Services Advisors St. Petersburg, Florida	$635M	-$16.3M	45	1.2%	Reduced
135	GAMCO Investors Greenwich, Connecticut	$628M	-$26.3M	30	6.75%	Reduced
136	State of New Jersey Common Pension Fund D Trenton, New Jersey	$627M	-$5.95M	43	2.24%	Reduced
137	Mitsubishi UFJ Trust & Banking Tokyo, Japan	$617M	-$13.6M	24	1.5%	Reduced
138	Ohio Public Employees Retirement System (OPERS) Columbus, Ohio	$611M	-$32.8M	44	2.54%	Reduced
139	Mirae Asset Global Investments Seoul, South Korea	$600M	+$45.6M	40	1.4%	Increased
140	Panagora Asset Management Boston, Massachusetts	$592M	-$49.2M	31	3.74%	Reduced
141	BNP Paribas Financial Markets Paris, France	$590M	-$132M	54	0.83%	Reduced
142	STRS Ohio Columbus, Ohio	$586M	-$27.7M	39	2.54%	Reduced
143	Chevy Chase Trust Bethesda, Maryland	$558M	-$15.6M	15	2.21%	Reduced
144	Baupost Group Boston, Massachusetts	$551M	$0	1	9.43%	Maintained
145	Commonwealth Equity Services Waltham, Massachusetts	$550M	+$10.4M	50	1.15%	Increased
146	HighTower Advisors Chicago, Illinois	$548M	-$15.2M	40	1.2%	Reduced
147	Osaic Holdings Scottsdale, Arizona	$547M	+$4.58M	89	1.03%	Increased
148	AGF Management Toronto, Ontario, Canada	$542M	+$106M	19	3.72%	Increased
149	Point72 Asset Management Stamford, Connecticut	$542M	-$63.3M	31	1.68%	Reduced
150	Jane Street New York	$537M	+$136M	61	0.22%	Increased