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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
26	Fisher Asset Management Camas, Washington	$899M	+$13.1M	2	2.04%	Increased
27	Norges Bank Oslo, Norway	$886M	-$102M	5	0.51%	Reduced
28	Jennison Associates New York	$841M	-$27.6M	1	0.83%	Reduced
29	Evercore Trust Company New York	$802M	$0	1	2.88%	Maintained
30	BlackRock Investment Management Wilmington, Delaware	$777M	+$19.3M	8	1.15%	Increased
31	UBS AM Chicago, Illinois	$689M	-$17.1M	7	0.79%	Reduced
32	Managed Account Advisors Jersey City, New Jersey	$676M	-$29.2M	5	0.91%	Reduced
33	First Eagle Investment Management New York	$673M	-$246M	3	1.83%	Reduced
34	Eaton Vance Management Boston, Massachusetts	$663M	-$23.8M	4	1.9%	Reduced
35	AllianceBernstein Nashville, Tennessee	$652M	+$19.9M	9	0.58%	Increased
36	Legal & General Group London, United Kingdom	$648M	-$5.36M	4	0.78%	Reduced
37	Capital Research Global Investors Los Angeles, California	$624M	$0	1	0.23%	Maintained
38	London Company of Virginia Richmond, Virginia	$609M	+$167M	2	6.94%	Increased
39	Putnam Investments Boston, Massachusetts	$596M	-$61.7M	4	1.43%	Reduced
40	UBS Zurich, Switzerland	$574M	+$15.2M	9	0.54%	Increased
41	PNC Financial Services Group Pittsburgh, Pennsylvania	$565M	-$14M	9	0.75%	Reduced
42	American Century Companies Kansas City, Missouri	$557M	-$2.62M	6	0.66%	Reduced
43	Goldman Sachs New York	$550M	+$75.6M	9	0.18%	Increased
44	TIAA CREF Investment Management New York	$534M	+$16.6M	8	0.38%	Increased
45	Credit Suisse Zurich, Switzerland	$508M	+$50.8M	9	0.46%	Increased
46	Dimensional Fund Advisors Austin, Texas	$505M	+$3.16M	9	0.39%	Increased
47	ClearBridge Investments New York	$501M	-$1.43M	4	0.63%	Reduced
48	California Public Employees Retirement System Sacramento, California	$500M	+$72.5M	8	0.72%	Increased
49	Macquarie Group Sydney, NSW 2000, Australia	$494M	-$14.6M	5	0.89%	Reduced
50	Prudential plc London, England, United Kingdom	$475M	-$56.8M	4	2.03%	Reduced