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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
1	Vanguard Group Malvern, Pennsylvania	$137B	+$2.9B	93	2.46%	Increased
2	BlackRock New York	$109B	+$2.36B	94	2.3%	Increased
3	State Street Boston, Massachusetts	$86.6B	+$1.69B	88	3.52%	Increased
4	Fidelity Investments Boston, Massachusetts	$36.2B	-$517M	78	2.2%	Reduced
5	Capital International Investors Los Angeles, California	$31.7B	-$2.09B	13	6.08%	Reduced
6	Capital Research Global Investors Los Angeles, California	$30.5B	-$3.53B	11	6.34%	Reduced
7	Geode Capital Management Boston, Massachusetts	$30.2B	+$1.23B	98	2.45%	Increased
8	Morgan Stanley New York	$28.3B	+$532M	95	2.05%	Increased
9	Bank of America Charlotte, North Carolina	$22B	+$910M	99	1.77%	Increased
10	Newport Trust Company Washington, District of Columbia	$21.5B	-$513M	6	52.17%	Reduced
11	JP Morgan Chase New York	$20.9B	+$669M	91	1.59%	Increased
12	T. Rowe Price Associates Baltimore, Maryland	$19.2B	-$700M	59	2.21%	Reduced
13	Capital World Investors Los Angeles, California	$19.1B	+$312M	11	2.97%	Increased
14	Wellington Management Group Boston, Massachusetts	$17.5B	-$1.25B	34	3.06%	Reduced
15	Invesco Atlanta, Georgia	$16.1B	+$992M	65	3.11%	Increased
16	Charles Schwab San Francisco, California	$12.9B	+$135K	74	2.47%	Increased
17	Northern Trust Chicago, Illinois	$12.4B	-$6.2M	87	2.03%	Reduced
18	Massachusetts Financial Services Boston, Massachusetts	$11.6B	-$235M	22	3.46%	Reduced
19	Bank of New York Mellon New York	$10.9B	-$286M	72	2.02%	Reduced
20	Ameriprise Minneapolis, Minnesota	$10.3B	-$2.1M	55	2.63%	Reduced
21	Wells Fargo San Francisco, California	$9.44B	+$73.5M	91	2.14%	Increased
22	Franklin Resources San Mateo, California	$9.37B	+$127M	50	2.63%	Increased
23	Dimensional Fund Advisors Austin, Texas	$9.32B	+$112M	74	2.26%	Increased
24	Norges Bank Oslo, Norway	$9.24B	-$314M	36	1.29%	Reduced
25	TCI Fund Management London, United Kingdom	$9.09B	$0	1	20.64%	Maintained