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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
301	JHP James Hambro & Partners London, United Kingdom	$30.5M	+$2.39M	1	8.93%	Increased
302	ANI American National Insurance Galveston, Texas	$30.5M	$0	2	1.6%	Maintained
303	Scout Investments Kansas City, Missouri	$30.3M	+$4.36M	2	0.62%	Increased
304	Advisors Asset Management Monument, Colorado	$30.3M	-$3.07M	5	0.55%	Reduced
305	Squarepoint New York	$30.2M	-$24M	3	0.32%	Reduced
306	SFM Systematic Financial Management Teaneck, New Jersey	$30M	+$346K	4	1.03%	Increased
307	MUFG Americas New York	$29.9M	-$928K	4	0.86%	Reduced
308	Emerald Mutual Fund Advisers Trust Leola, Pennsylvania	$29.8M	+$733K	1	1.2%	Increased
309	Jane Street New York	$29.7M	+$9.32M	8	0.05%	Increased
310	NPA Nichols & Pratt Advisers Boston, Massachusetts	$29.6M	+$42K	1	2.49%	Increased
311	Nordea Investment Management Stockholm, Sweden	$29.3M	+$210K	4	0.06%	Increased
312	MSA Mason Street Advisors Milwaukee, Wisconsin	$29.2M	+$146K	7	0.59%	Increased
313	MN Services Vermogensbeheer The Hague, Netherlands	$29.1M	+$285K	3	0.34%	Increased
314	FGP Foyston, Gordon, & Payne Toronto, Ontario, Canada	$29M	+$2.61M	1	5.54%	Increased
315	MIS Morningstar Investment Services Chicago, Illinois	$29M	-$627K	1	0.5%	Reduced
316	Markel Group Glen Allen, Virginia	$28.9M	$0	1	0.48%	Maintained
317	FCM Flinton Capital Management Philadelphia, Pennsylvania	$28.8M	+$525K	5	0.94%	Increased
318	ACM Alta Capital Management Salt Lake City, Utah	$28.6M	+$248K	1	1.68%	Increased
319	Clifford Swan Investment Counsel Pasadena, California	$28.5M	+$304K	3	1.53%	Increased
320	GAI General American Investors New York	$28M	$0	1	2.78%	Maintained
321	Tocqueville Asset Management New York	$28M	+$11.4M	3	0.37%	Increased
322	MNBTD Moody National Bank Trust Division Galveston, Texas	$27.9M	+$90.6K	6	0.77%	Increased
323	Advisor Group Phoenix, Arizona	$27.7M	+$954K	9	0.23%	Increased
324	Luther King Capital Management (LKCM) Fort Worth, Texas	$27.5M	-$4.02M	2	0.21%	Reduced
325	Welch Group Birmingham, Alabama	$27.5M	+$1.24M	2	3.03%	Increased