U.S. Capital Goods Healthy potentially undervalued

Oshkosh

Market Cap: US$8.4b

Provides purpose-built vehicles and equipment worldwide.

Atmus Filtration Technologies

Market Cap: US$4.1b

Designs, manufactures, and sells filtration products under the Fleetguard brand in the United States and internationally.

Pentair

Market Cap: US$11.9b

Provides various water solutions in the United States, Western Europe, China, Latin America, the Middle East, Southeast Asia, Australia, and Canada.

EMCOR Group

Market Cap: US$36.6b

Provides electrical and mechanical construction and facilities, building, and industrial services in the United States and the United Kingdom.

Titan International

Market Cap: US$497.0m

Manufactures and sells wheels, tires, and undercarriage systems and components for off-highway industry in North America, Europe, CIS, Latin America, Asia, and internationally.

Innovative Aerosystems

Market Cap: US$330.7m

Engages in the engineering, manufacturing, and supply of advanced avionic solutions.

Huntington Ingalls Industries

Market Cap: US$11.7b

Designs, builds, overhauls, and repairs military ships in the United States.

AECOM

Market Cap: US$9.0b

Provides professional infrastructure consulting services for governments, businesses, and organizations internationally.

Middleby

Market Cap: US$7.2b

Designs, manufactures, markets, distributes, and services of commercial restaurant and food processing equipment worldwide.

StandardAero

Market Cap: US$8.9b

Provides aerospace engine aftermarket services for fixed and rotary wing aircraft in the United States, Canada, the United Kingdom, Rest of Europe, Asia, and internationally.

Blue Bird

Market Cap: US$2.3b

Designs, engineers, manufactures, and sells school buses in the United States, Canada, and internationally.

BETA Technologies

Market Cap: US$3.7b

An electric aerospace company, designs, manufactures, and sells electric aircraft, electric propulsion systems, components, and charging systems worldwide.

Limbach Holdings

Market Cap: US$942.8m

Operates as a building systems solution company in the United States.

PACCAR

Market Cap: US$62.4b

Designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Australia, Mexico, Europe, Central and South America, and internationally.

L3Harris Technologies

Market Cap: US$57.3b

Provides mission-critical solutions for government and commercial customers worldwide.

Douglas Dynamics

Market Cap: US$1.1b

Operates as a manufacturer and upfitter of commercial vehicle attachments and equipment in North America.

Allison Transmission Holdings

Market Cap: US$9.7b

Designs, manufactures, and sells fully automatic transmissions for medium- and heavy-duty commercial vehicles and medium- and heavy-tactical U.S.

Textron

Market Cap: US$16.1b

Operates in the aircraft, defense, industrial, and finance businesses worldwide.

APi Group

Market Cap: US$18.3b

Provides fire and life safety, security, elevator and escalator, and specialty services worldwide.

SOLV Energy

Market Cap: US$6.4b

Provides infrastructure services to the power industry in the United States.

Rush Enterprises

Market Cap: US$5.5b

Through its subsidiaries, operates as an integrated retailer of commercial vehicles and related services in the United States and Canada.

A. O. Smith

Market Cap: US$8.1b

Manufactures and markets residential and commercial gas and electric water heaters, boilers, heat pumps, tanks, and water treatment products in North America, China, Europe, and India.

Armstrong World Industries

Market Cap: US$6.6b

Engages in the design, manufacture, and sale of ceiling and wall solutions in the Americas.

Mueller Water Products

Market Cap: US$4.0b

Manufactures and markets products and services for the transmission, distribution, and measurement of water used by municipalities, and the residential and non-residential construction industries in the United States, Canada, and internationally.

AGCO

Market Cap: US$8.1b

Manufactures and distributes agricultural equipment and replacement parts worldwide.

Primoris Services

Market Cap: US$5.4b

Provides infrastructure services primarily in the United States and Canada.

Lockheed Martin

Market Cap: US$124.6b

An aerospace and defense company, engages in the research, design, development, manufacture, integration, and sustainment of technology systems, products, and services in the United States, Europe, Asia, the Middle East, and internationally.

Symbotic

Market Cap: US$25.1b

An automation technology company, develops technologies to enhance operating efficiencies in modern warehouses.

ZKH Group

Market Cap: US$445.0m

Develops and operates a maintenance, repair, and operating (MRO) products trading and service platform that offers spare parts, chemicals, manufacturing parts, general consumables, and office supplies in the People’s Republic of China.

Alamo Group

Market Cap: US$1.9b

Manufactures and sells industrial and vegetation management equipment for governmental, industrial, and agricultural uses worldwide.

McGrath RentCorp

Market Cap: US$2.8b

Operates as a business-to-business rental company in the United States and internationally.

Acuity

Market Cap: US$9.0b

Provides lighting, lighting controls, building management system, and an audio, video, and control platform in the United States and internationally.

Carlisle Companies

Market Cap: US$13.9b

Operates as a manufacturer and supplier of building envelope products and solutions in the United States, Europe, North America, and internationally.

Xylem

Market Cap: US$26.2b

Engages in the design, manufacture, and servicing of engineered products and solutions for utility, industrial, and residential and commercial building services settings worldwide.

Janus International Group

Market Cap: US$729.7m

Manufactures and supplies turn-key self-storage, commercial, and industrial building solutions in North America and internationally.

Archer Aviation

Market Cap: US$3.9b

Designs and develops aircraft and related technologies and services for commercial and defense sectors in the United States and internationally.