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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	BlackRock New York	$186B	+$4.34B	107	3.25%	Increased
2	Vanguard Capital Management Malvern, Pennsylvania	$133B	+$141B	102	3.29%	New
3	State Street Boston, Massachusetts	$124B	+$215M	100	4.28%	Increased
4	Vanguard Portfolio Management Malvern, Pennsylvania	$58.6B	+$62.2B	73	3.06%	New
5	Fidelity Investments Boston, Massachusetts	$53.8B	+$2.26B	91	2.84%	Increased
6	Geode Capital Management Boston, Massachusetts	$52.1B	+$2.54B	107	3.24%	Increased
7	Morgan Stanley New York	$39.9B	+$773M	117	2.41%	Increased
8	Invesco Atlanta, Georgia	$37.1B	+$12.7M	75	3.62%	Increased
9	Capital World Investors Los Angeles, California	$30.3B	-$947M	21	4.13%	Reduced
10	Bank of America Charlotte, North Carolina	$29.9B	-$95.3M	90	2.19%	Reduced
11	Capital Research Global Investors Los Angeles, California	$29.9B	+$284M	18	4.64%	Increased
12	JP Morgan Chase New York	$28.9B	+$2.01B	91	1.86%	Increased
13	Capital International Investors Los Angeles, California	$23.6B	-$13.9B	17	5.52%	Reduced
14	T. Rowe Price Associates Baltimore, Maryland	$22.8B	-$2.18B	75	2.63%	Reduced
15	Charles Schwab San Francisco, California	$20B	-$400M	79	3.06%	Reduced
16	Northern Trust Chicago, Illinois	$19.7B	+$101M	101	2.6%	Increased
17	Newport Trust Company Washington, District of Columbia	$19.4B	-$360M	6	47.67%	Reduced
18	Goldman Sachs New York	$18.1B	+$3.5B	97	2.08%	Increased
19	Wellington Management Group Boston, Massachusetts	$15.8B	+$2.6B	45	2.95%	Increased
20	Bank of New York Mellon New York	$14.2B	-$624M	83	2.62%	Reduced
21	UBS Group Zurich, Switzerland	$13.7B	+$984M	123	2.05%	Increased
22	Franklin Resources San Mateo, California	$13.6B	-$5.59M	63	3.33%	Reduced
23	Massachusetts Financial Services Boston, Massachusetts	$13.5B	-$28.6M	31	4.54%	Reduced
24	TCI Fund Management London, United Kingdom	$13.5B	$0	1	29.85%	Maintained
25	Dimensional Fund Advisors Austin, Texas	$13.2B	-$277M	78	2.74%	Reduced