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Arms Investments held by the University of Glasgow Endowment Fund on 31st July 2025
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By Rabindranath Jha. Raw data source: https://www.gla.ac.uk/myglasgow/finance/financialoperations/financialreporting/responsibleinvestmentpolicy/
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To define an "arms company" security, I picked any securities for companies listed on the Defense News Top 100 (https://people.defensenews.com/top-100/) or SIPRI (https://www.sipri.org/databases/armsindustry) lists of arms companies.
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Note that the Defense News "2024 Top 100" list, likely the most recent that was available at the time, is actually based on revenues from 2023, so I have reported the percentages as such in the table below. SIPRI's 2023 figures were also the most recent at the time.
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To view the file as it was originally intended or if you wish to sort / filter / mess around with the data, please download it by clicking File -> Download
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Security Description Quantity Market Value (£)Revenue from Defence in 2023 (Defense News)Revenue from Defence in 2023 (SIPRI)Consider for >10% (referendum criterion)
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AIRBUS SE1,585 241,324.00 18%18%YES
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AMENTUM HOLDINGS INC601 11,340.00 73%75%YES
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AMPHENOL CORP-CL A1,717 138,193.00 11%11%YES
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BAE SYSTEMS PLC13,795 248,862.00 96%98%YES
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BOEING CO/THE1,554 260,505.00 42%40%YES
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BOOZ ALLEN HAMILTON HOLDINGS181 14,680.00 64%65%YES
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EATON CORP PLC785 228,213.00 6%7.4%NO
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FUJITSU LIMITED8,100 134,419.00 6.9%NO
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GENERAL DYNAMICS CORP1,055 249,411.00 80%71%YES
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GENERAL ELECTRIC CO1,466 300,301.00 7%6.9%NO
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HONEYWELL INTERNATIONAL INC1,941 326,128.00 14%14%YES
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HUNTINGTON INGALLS INDUSTRIE230 48,466.00 100%81%YES
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HYUNDAI MOTOR CO1,004 116,527.00 44%YES
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HYUNDAI MOTOR CO LTD-2ND PRF187 16,833.00 44%YES
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HYUNDAI MOTOR CO LTD-PRF172 15,127.00 44%YES
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JACOBS SOLUTIONS INC567 60,785.00 20%14%YES
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KAWASAKI HEAVY INDUSTRIES1,000 55,835.00 16%YES
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KEYSIGHT TECHNOLOGIES IN291 36,043.00 23%23%YES
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L3HARRIS TECHNOLOGIES INC726 150,768.00 80%76%YES
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LEIDOS HOLDINGS INC549 66,232.00 72%57%YES
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LEONARDO SPA1,864 76,206.00 75%75%YES
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LOCKHEED MARTIN CORP900 286,305.00 96%90%YES
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LUMEN TECHNOLOGIES INC12,541 42,171.00 4%NO
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MITSUBISHI ELECTRIC CORP10,700 179,553.00 2.8%NO
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MITSUBISHI HEAVY INDUSTRIES10,300 187,736.00 12%YES
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NEC CORP7,000 154,616.00 4.6%NO
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NORTHROP GRUMMAN CORP497 216,553.00 90%91%YES
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PARKER HANNIFIN CORP252 139,373.00 8%13%MAYBE
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ROLLS-ROYCE HOLDINGS PLC8,891 95,312.00 26%33%YES
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RTX CORP5,216 621,064.00 59%59%YES
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SAFRAN SA686 171,764.00 17%18%YES
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TELEDYNE TECHNOLOGIES INC65 27,065.00 19%37%YES
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TEXTRON INC791 46,485.00 21%21%YES
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THALES SA389 79,333.00 53%52%YES
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THYSSENKRUPP AG7,93970,1744.9%NO
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TRANSDIGM GROUP INC92 111,821.00 39%39%YES
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Total Arms Investment 5,225,523.00
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Total for over 10% Arms companies
Low Estimate 3,976,703.00
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High Estimate 4,116,076.00
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Endowment Fund Grand Total 279,473,863.96
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Percentage of Grand TotalTotal Arms1.9%
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10% Low Estimate1.4%
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10% High Estimate1.5%
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Percentage of Total Arms10% Low Estimate76.1%
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10% High Estimate78.8%
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