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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	Franklin Resources San Mateo, California	$1.19B	+$28.4M	4	0.59%	Increased
27	Dimensional Fund Advisors Austin, Texas	$1.19B	+$82.3M	9	0.45%	Increased
28	Janus Henderson Group London,	$1.18B	-$57M	6	0.63%	Reduced
29	Third Point New York	$1.17B	+$107M	1	8.21%	Increased
30	Davis Selected Advisers Tucson, Arizona	$1.15B	-$19.6M	1	4.93%	Reduced
31	TIAA CREF Investment Management New York	$1.01B	-$1.75M	8	0.66%	Reduced
32	Viking Global Investors Stamford, Connecticut	$1.01B	-$560M	2	5.58%	Reduced
33	Invesco Atlanta, Georgia	$965M	-$184M	9	0.3%	Reduced
34	Macquarie Group Sydney, NSW 2000, Australia	$883M	+$68.1M	6	1.44%	Increased
35	Charles Schwab San Francisco, California	$819M	+$33M	8	0.55%	Increased
36	Legal & General Group London, United Kingdom	$808M	+$255K	8	0.58%	Increased
37	PNC Financial Services Group Pittsburgh, Pennsylvania	$730M	+$59.9M	8	0.69%	Increased
38	Royal Bank of Canada Toronto, Ontario, Canada	$699M	+$4.85M	9	0.29%	Increased
39	Pershing Square Capital Management New York	$692M	+$54.3M	1	13.28%	Increased
40	AQR Capital Management Greenwich, Connecticut	$667M	-$216M	7	0.64%	Reduced
41	Swiss National Bank Zurich, Switzerland	$653M	-$21M	9	0.73%	Reduced
42	Sumitomo Mitsui Trust Group Minato-Ku, Tokyo, Japan	$648M	+$9.95M	4	0.7%	Increased
43	Artisan Partners Milwaukee, Wisconsin	$646M	-$15M	3	1.23%	Reduced
44	Burgundy Asset Management Toronto, Ontario, Canada	$623M	-$10.1M	2	5.79%	Reduced
45	Parametric Portfolio Associates Seattle, Washington	$617M	+$5.95M	9	0.54%	Increased
46	California Public Employees Retirement System Sacramento, California	$604M	+$56.1M	8	0.78%	Increased
47	Fisher Asset Management Camas, Washington	$587M	+$14.5M	2	0.71%	Increased
48	Manulife (Manufacturers Life Insurance) Canada, Ontario, Canada	$579M	-$131M	9	0.61%	Reduced
49	Lazard Asset Management New York	$567M	+$30M	3	0.92%	Increased
50	UBS AM Chicago, Illinois	$555M	-$38M	9	0.41%	Reduced