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Munitions Restocking

Munitions restocking covers the artillery, missiles, and propellant being replaced after inventories were drawn down faster than they could be built. Capacity expansion here is slow and capital intensive.

11 stocks

#	Name	Holding	Trade Value	Theme Stocks	% of Portfolio	Status
251	Cullen Capital Management New York	$47.8M	-$7.55M	1	2.65%	Reduced
252	Emerald Mutual Fund Advisers Trust Leola, Pennsylvania	$47.3M	-$21.6M	2	1.65%	Reduced
253	MUFG Securities EMEA London, United Kingdom	$47.1M	+$8.54M	4	0.36%	Increased
254	Federated Hermes Pittsburgh, Pennsylvania	$46.3M	-$58.4M	7	0.09%	Reduced
255	CI Investments Inc Toronto, Ontario, Canada	$46.2M	-$12.1M	4	0.2%	Reduced
256	Oregon Public Employees Retirement Fund Tigard, Oregon	$45.9M	+$24.4M	7	0.6%	Increased
257	WorldQuant Millennium Advisors New York	$45.1M	+$5.8M	2	0.99%	Increased
258	Nomura Asset Management Tokyo, Japan	$44.7M	+$3.59M	3	0.3%	Increased
259	SCC Spring Creek Capital Wichita, Kansas	$44.4M	+$33.8M	1	3.26%	New
260	Reinhart Partners Mequon, Wisconsin	$44.4M	+$6.51M	1	2.69%	Increased
261	Hudson Bay Capital Management Stamford, Connecticut	$44.3M	+$40.7M	2	0.48%	Increased
262	Schroder Investment Management Group London, United Kingdom	$43.7M	+$1.76M	3	0.06%	Increased
263	R.M. Davis Inc Portland, Maine	$43.5M	-$1.34M	3	1.25%	Reduced
264	MSL Mackay Shields LLC New York	$43.5M	-$5.25M	5	0.3%	Reduced
265	Homestead Advisers Arlington, Virginia	$43.4M	-$1.01M	1	1.07%	Reduced
266	TPSF Texas Permanent School Fund Austin, Texas	$43M	-$3.54M	7	0.54%	Reduced
267	Oppenheimer Asset Management New York	$41.5M	-$576K	4	0.69%	Reduced
268	TA Teton Advisors Rye, New York	$41.5M	-$2.43M	1	5.83%	Reduced
269	State of Tennessee, Department of Treasury Nashville, Tennessee	$41M	-$38M	6	0.17%	Reduced
270	ELC Edgar Lomax Company Kingstowne, Virginia	$40.9M	-$685K	1	2.78%	Reduced
271	Cubist Systematic Strategies Stamford, Connecticut	$40.5M	-$19.3M	7	0.56%	Reduced
272	SW SVB Wealth Boston, Massachusetts	$40.3M	+$961K	3	0.59%	Increased
273	FCI Financial Counselors Inc Overland Park, Kansas	$39.6M	+$4.41M	2	0.99%	Increased
274	Burney Company Reston, Virginia	$38.9M	-$2M	5	2.14%	Reduced
275	British Columbia Investment Management Victoria, British Columbia, Canada	$38.8M	-$667K	3	0.27%	Reduced