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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
176	Homestead Advisers Arlington, Virginia	$435M	-$11.4M	6	10.76%	Reduced
177	Soros Fund Management New York	$435M	$0	1	8.21%	Maintained
178	PSSGI P-STS SPV GP IA San Francisco, California	$433M	+$329M	1	100%	New
179	AIG American International Group New York	$422M	-$9.59M	57	1.57%	Reduced
180	Holocene Advisors New York	$417M	-$52.2M	23	2.63%	Reduced
181	Teacher Retirement System of Texas Austin, Texas	$415M	+$30.1M	39	2.5%	Increased
182	Westwood Holdings Group Dallas, Texas	$415M	-$18.7M	13	4.77%	Reduced
183	Congress Asset Management Boston, Massachusetts	$414M	+$21.1M	12	3.9%	Increased
184	ProShare Advisors Bethesda, Maryland	$413M	+$31.5M	42	1.54%	Increased
185	AGF Investments Inc Toronto, Ontario, Canada	$413M	-$98.7M	14	3.52%	Reduced
186	First Manhattan New York	$410M	-$14.5M	26	1.96%	Reduced
187	MG Meritage Group San Francisco, California	$410M	+$86.5M	1	8.02%	Increased
188	Aviva London, United Kingdom	$408M	+$5.32M	20	2.12%	Increased
189	Baillie Gifford & Co Edinburgh, United Kingdom	$407M	+$101M	9	0.23%	Increased
190	Fifth Third Bancorp Cincinnati, Ohio	$407M	-$6.56M	38	2%	Reduced
191	Raymond James Financial Services Advisors St. Petersburg, Florida	$406M	+$4.98M	37	1.01%	Increased
192	Soroban Capital Partners New York	$406M	-$542M	1	3.08%	Reduced
193	Ceredex Value Advisors Orlando, Florida	$400M	+$6.93M	5	5.06%	Increased
194	Epoch Investment Partners New York	$398M	+$1.84M	9	1.83%	Increased
195	Nomura Holdings Tokyo, Japan	$396M	+$79.1M	21	0.66%	Increased
196	State Farm Mutual Automobile Insurance Bloomington, Illinois	$394M	$0	1	0.45%	Maintained
197	Verition Fund Management Greenwich, Connecticut	$391M	+$221M	20	3.42%	Increased
198	Commonwealth Equity Services Waltham, Massachusetts	$387M	+$9.37M	38	1.16%	Increased
199	Nisa Investment Advisors St. Louis, Missouri	$386M	+$90.6M	48	2.48%	Increased
200	GQG Partners Ft. Lauderdale, Florida	$382M	-$56.1M	1	1.31%	Reduced