Infrastructure Companies Gaining Traction

The munKNEE Infrastructure Bill Beneficiaries Index outperformed the S&P 500 last week (+5.5% vs. 4.7%) with only 1 of the 12 constituents actually declining (-3.2%). In addition, the Index is +6.1% since the beginning of October vs. only +4.66% for the S&P 500. Below is the performance of the 12 constituents last week, in descending order, and in the last 3 weeks:

  1. Freeport-McMoRan (FCX): UP 15.9% this past week; UP 17.2% in past 3 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. Nucor (NUE): UP 14.2% this past week; UP 26.7% in past 3 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. Oshkosh Corp. (OSK): UP 8.5% this past week; UP 16.8% in past 3 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.
  4. Deere & Company (DE): UP 7.3% this past week; UP 14.7% in past 3 weeks 
    • As a major producer of earth-moving and road-building and forestry equipment, DE should see an increased demand for its machinery.
  5. Caterpillar (CAT): UP 6.8% this past week; UP 15.9% in past 3 weeks
    •  As the manufacturer of asphalt pavers, compactors, excavators, pipe layers, backhoes, etc., CAT will benefit from future major infrastructure projects.
  6. Martin Marietta Materials (MLM): UP 5.5% this past week; DOWN 2.1% in past 3 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.
  7. Vulcan Materials (VMC): UP 4.7% this past week; DOWN 1.4% in past 3 weeks 
    • Being America's largest producer of construction aggregates, asphalt and cement should benefit VMC going forward.
  8. Eaton Corp. (ETN): UP 3.7% this past week; UP 4.5% in past 3 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.
  9. Brookfield Infrastructure Corporation (BIPC): UP 3.2% this past week; DOWN 1.0% in past 3 weeks 
    • With operations spanning utilities, transportation, energy, and even data infrastructure, BIPC should benefit enormously from business generated by the infrastructure bill.
  10. United Rentals (URI): UP 2.8% this past week; UP 5.4% in past 3 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.
  11. ChargePoint Holdings (CHPT): UP 0.5% this past week; DOWN 14.5% in past 3 weeks 
    • The planned building of 250,00 customized charging stations should be a major benefit to CHPT.
  12. Crown Castle International (CCI): DOWN 3.2% this past week; DOWN 14.5% in past 3 weeks 
    • As one of America's leading wireless tower real estate investment trusts, CCI should benefit from the expansion of mobile data usage.

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