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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
151	EARNEST Partners Atlanta, Georgia	$577M	-$12.5M	30	5.52%	Reduced
152	Public Employees Retirement Association of Colorado Denver, Colorado	$565M	+$39.8M	45	3.6%	Increased
153	Royce & Associates New York	$562M	-$27.3M	32	3.74%	Reduced
154	Aviva London, United Kingdom	$560M	-$79.9M	12	3.17%	Reduced
155	SEI Investments Oaks, Pennsylvania	$553M	-$11.4M	46	1.92%	Reduced
156	BNP Paribas Financial Markets Paris, France	$545M	-$609M	54	0.97%	Reduced
157	TOGEPT Trustees of General Electric Pension Trust Norwalk, Connecticut	$541M	$0	1	100%	Maintained
158	Tiger Global Management New York	$527M	-$364M	1	4.16%	Reduced
159	Pictet Asset Management (UK) London, United Kingdom	$525M	-$5.94M	15	1.35%	Reduced
160	Two Sigma Investments New York	$518M	-$222M	34	1.69%	Reduced
161	Aperio Group Sausalito, California	$514M	+$7.57M	47	2.61%	Increased
162	Bahl & Gaynor Cincinnati, Ohio	$506M	+$5.05M	8	5.21%	Increased
163	Natixis Paris, France	$503M	+$122M	25	3.86%	Increased
164	BP Berkshire Partners Boston, Massachusetts	$497M	$0	1	48.01%	Maintained
165	Stockbridge Partners Boston, Massachusetts	$495M	$0	1	23.26%	Maintained
166	Wedge Capital Management Charlotte, North Carolina	$458M	-$34M	14	4.11%	Reduced
167	Bank of Nova Scotia Toronto, Ontario, Canada	$448M	-$5.14M	18	2.04%	Reduced
168	Los Angeles Capital Management Los Angeles, California	$443M	-$109M	28	2.42%	Reduced
169	Brandes Investment Partners La Jolla, California	$433M	+$11.1M	3	8.75%	Increased
170	OMERS Administration Corp Toronto, Ontario, Canada	$432M	+$44.4M	10	4.31%	Increased
171	Mairs & Power Inc St Paul, Minnesota	$432M	-$14.2M	6	5%	Reduced
172	Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada	$425M	+$75.2M	14	2.48%	Increased
173	KeyBank National Association Cleveland, Ohio	$422M	-$27.2M	19	2.42%	Reduced
174	Comerica Bank Dallas, Texas	$420M	-$8.05M	47	2.8%	Reduced
175	FP FPR Partners San Francisco, California	$420M	+$106M	1	9.01%	Increased