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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	Janus Henderson Group London,	$1.13B	-$4.05M	6	0.62%	Reduced
27	Franklin Resources San Mateo, California	$1.1B	-$154K	4	0.59%	Reduced
28	Davis Selected Advisers Tucson, Arizona	$1.07B	+$6.72M	1	5.25%	Increased
29	Artisan Partners Milwaukee, Wisconsin	$1.04B	+$209M	2	2.06%	Increased
30	Deutsche Bank Frankfurt Am Main Ge, Germany	$1.02B	-$167M	9	0.61%	Reduced
31	Legal & General Group London, United Kingdom	$990M	+$169M	8	0.57%	Increased
32	Invesco Atlanta, Georgia	$961M	+$8.85M	9	0.32%	Increased
33	Macquarie Group Sydney, NSW 2000, Australia	$917M	+$115M	6	1.56%	Increased
34	Viking Global Investors Stamford, Connecticut	$913M	+$12.5M	1	5.24%	Increased
35	Charles Schwab San Francisco, California	$856M	+$57.2M	8	0.55%	Increased
36	Third Point New York	$835M	+$782M	1	9.29%	New
37	Citadel Advisors Miami, Florida	$817M	+$379M	7	0.41%	Increased
38	Soroban Capital Partners New York	$758M	+$258M	1	13.72%	Increased
39	Pershing Square Capital Management New York	$750M	+$29.1M	1	11.17%	Increased
40	Sumitomo Mitsui Trust Group Minato-Ku, Tokyo, Japan	$712M	+$5.85M	4	0.66%	Increased
41	AllianceBernstein Nashville, Tennessee	$682M	-$250M	9	0.44%	Reduced
42	TIAA CREF Investment Management New York	$670M	-$210M	8	0.47%	Reduced
43	Burgundy Asset Management Toronto, Ontario, Canada	$606M	+$26.5M	2	6.23%	Increased
44	ClearBridge Investments New York	$604M	+$342M	5	0.53%	Increased
45	Royal Bank of Canada Toronto, Ontario, Canada	$582M	+$53.9M	9	0.25%	Increased
46	Fisher Asset Management Camas, Washington	$575M	+$14M	1	0.67%	Increased
47	Parametric Portfolio Associates Seattle, Washington	$572M	-$20.9M	9	0.49%	Reduced
48	PNC Financial Services Group Pittsburgh, Pennsylvania	$565M	-$8.08M	9	0.57%	Reduced
49	Manulife (Manufacturers Life Insurance) Canada, Ontario, Canada	$561M	+$21.8M	7	0.61%	Increased
50	UBS AM Chicago, Illinois	$556M	+$34.2M	9	0.41%	Increased