The munKNEE Infrastructure Bill Beneficiaries Index has continued to outperform the S&P 500 over the past 2 weeks (+6.9% vs. +3.1%) with gains of 5.5% last week and then 5.2% this week. Below is the performance of the 12 constituents this week, in descending order, and in the last 6 weeks (i.e. since the end of September):

1. Freeport-McMoRan (FCX): UP 8.1% this week; UP 39.2% in past 6 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.
2. Crown Castle International (CCI): UP 8.0% this week; DOWN 2.8% in past 6 weeks
   • As one of America's leading wireless tower real estate investment trusts, CCI should benefit from the expansion of mobile data usage.
3. United Rentals (URI): UP 7.9% this week; UP 29.3% in past 6 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. Martin Marietta Materials (MLM): UP 7.4% this week; UP 12.4% in past 6 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.
5. ChargePoint Holdings (CHPT): UP 6.5% this week; DOWN 9.3% in past 6 weeks
   • The planned building of 250,00 customized charging stations should be a major benefit to CHPT.
6. Vulcan Materials (VMC): UP 5.2% this week; UP 13.5% in past 6 weeks
   • Being America's largest producer of construction aggregates, asphalt and cement should benefit VMC going forward.
7. Brookfield Infrastructure Corporation (BIPC): UP 4.7% this week; UP 10.4% in past 6 weeks
   • With operations spanning utilities, transportation, energy, and even data infrastructure, BIPC should benefit enormously from business generated by the infrastructure bill.
8. Oshkosh Corp. (OSK):UP 4.3% this week; UP 31.7% in past 6 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.
9. Nucor (NUE): UP 3.9% this week; UP 29.7% in past 6 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.
10. Caterpillar (CAT): UP 3.8% this week; UP 44.1% in past 6 weeks
    •  As the manufacturer of asphalt pavers, compactors, excavators, pipe layers, backhoes, etc., CAT will benefit from future major infrastructure projects.
11. Deere & Company (DE): UP 2.8% this week; UP 21.6% in past 6 weeks 
    • As a major producer of earth-moving and road-building and forestry equipment, DE should see an increased demand for its machinery.
12. Eaton Corp. (ETN): UP 1.8% this week; UP 21.2% in past 6 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.

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