The munKNEE Infrastructure Bill Beneficiaries Index continued to forge ahead last week in spite of the shortened trading session and is now up 10.3% so far in November.

Below is the performance of the 12 constituents in the Index last week, in descending order, and in the last 4 weeks (i.e. since the end of October):

1. Deere & Company (DE): UP 6.6% last week; DOWN 11.2% in past 4 weeks 
   • As a major producer of earth-moving and road-building and forestry equipment, DE should see an increased demand for its machinery.
2. Nucor (NUE): UP 5.0% last week; UP 11.3% in past 4 weeks
   • As the largest domestic steelmaker in North America, the pent-up demand from automakers and other industrial buyers should benefit NUE considerably going forward.
3. United Rentals (URI): UP 3.9% last week; UP 16.0% in past 4 weeks
   • As the provider of specialty equipment specifically designed for underground work and fluid treatment URI should benefit from business generated by the infrastructure bill.
4. Crown Castle International (CCI): UP 3.9% last week; UP 6.6% in past 4 weeks
   • As one of America's leading wireless tower real estate investment trusts, CCI should benefit from the expansion of mobile data usage.
5. Martin Marietta Materials (MLM): UP 3.2% last week; UP 8.7% in past 4 weeks
   • As a producer of crushed sand and gravel products, ready-mixed concrete and asphalt, paving products and services, dolomitic lime for the steel and mining industries, and chemical products for use in flame retardants, wastewater treatment, and assorted environmental applications should be of major benefit to MLM.
6. Vulcan Materials (VMC): UP 2.5% last week; UP 10.7% in past 4 weeks
   • Being America's largest producer of construction aggregates, asphalt and cement should benefit VMC going forward.
7. Freeport-McMoRan (FCX): UP 2.2% last week; UP 15.4% in past 4 weeks
   • With 43% of all copper mined being used in building construction, with another 20% used in transportation equipment, the Infrastructure Bill should benefit FCX.
8. Brookfield Infrastructure Corporation (BIPC): UP 1.8% last week; UP 5.2% in past 4 weeks
   • With operations spanning utilities, transportation, energy, and even data infrastructure, BIPC should benefit enormously from business generated by the infrastructure bill.
9. Caterpillar (CAT): UP 1.8% last week; UP 7.5% in past 4 weeks
   •  As the manufacturer of asphalt pavers, compactors, excavators, pipe layers, backhoes, etc., CAT will benefit from future major infrastructure projects.
10. Oshkosh Corp. (OSK):UP 0.9% last week; UP 5.4% in past 4 weeks
    • As the manufacturer of specialty trucks used in heavy construction projects as well as cement mixers, truck-mounted cranes, "cherry pickers" and other hydraulic lifting systems OSK is well placed to meet the demand for the electrification of the federal vehicle fleet.
11. Eaton Corp. (ETN): UP 0.7% last week; UP 10.5% in past 4 weeks
    • As a major supplier of electrical components and systems the integration of wind and solar farms into the national grid should benefit ETN considerably.
12. ChargePoint Holdings (CHPT): DOWN 3.7% last week; DOWN 11.3% in past 4 weeks
    • The planned building of 250,00 customized charging stations should be a major benefit to CHPT.

In summary, the munKNEE Infrastructure Bill Beneficiaries Index went UP 3.5% last week and is now UP 10.3% so far in November. To put that in perspective, the S&P 500 only went UP 1.5% last week and is only UP 4.0% since the beginning of November.

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