Market Expression
Which equities should benefit if this thesis is correct — tracked over time as an accountability mechanism.
Not investment advice. We track these equities to see how they confirm or challenge our thesis, not to make investment recommendations. Do your own research.
Reference Index
iShares U.S. Industrials ETF(IYJ)
Broad U.S. industrials benchmark — captures manufacturing, infrastructure, and construction themes
12m
+23.8%Since inception
+1.0%Updated Feb 19, 2026
| Stock | Rationale | 12m | Since Add |
|---|---|---|---|
AMKR1st Order Amkor Technology | +167.7% | +1.8% | |
IFNNY1st Order Infineon Technologies | +62.6% | +4.5% | |
URI1st Order United Rentals | +41.9% | +2.2% | |
SBGSY1st Order Schneider Electric | +32.9% | -2.2% | |
FANUY1st Order Fanuc Corporation | +52.5% | -2.2% | |
EMR1st Order Emerson Electric | +38.0% | +2.1% | |
FANG1st Order Diamondback Energy | +9.3% | +3.3% | |
ACM2nd Order AECOM | +4.2% | +9.4% | |
MTZ2nd Order MasTec Inc | +136.1% | +2.3% | |
DSCSY2nd Order Disco Corporation | +134.2% | -2.5% | |
PRIM2nd Order Primoris Services Corporation | +188.7% | -0.5% | |
FNB3rd Order F.N.B. Corporation | +34.9% | +0.4% | |
GOLD3rd Order Barrick Gold Corporation | +131.3% | -3.7% |
12m
+167.7%Since add
+1.8%Amkor Technology
Advanced semiconductor packaging — the overlooked bottleneck. Building $2B Arizona facility near TSMC fabs. Packaging is almost entirely in Asia today; direct CHIPS Act reshoring play.
12m
+62.6%Since add
+4.5%Infineon Technologies
European semiconductor champion. Building EUR 5B fab in Dresden under EU Chips Act. Power semiconductors for automotive and industrial — backbone of European reindustrialization.
12m
+41.9%Since add
+2.2%United Rentals
Equipment rental scales with factory construction. Capital-light exposure to CHIPS Act and IRA construction cycle.
12m
+32.9%Since add
-2.2%Schneider Electric
European factory infrastructure — energy management and industrial automation. Every reshored European factory needs power distribution, building management, and industrial controls.
12m
+52.5%Since add
-2.2%Fanuc Corporation
Japanese factory robotics leader. If labor costs matter less because of automation, Fanuc makes the automation. Global leader in CNC and industrial robots.
12m
+38.0%Since add
+2.1%Emerson Electric
Factory automation leader. Demand rises directly with reshoring buildout — PLCs, sensors, control systems for every new domestic facility.
12m
+9.3%Since add
+3.3%Diamondback Energy
Reshored manufacturing is energy-intensive. Permian Basin pure-play benefits from increased domestic demand and energy independence policy.
12m
+4.2%Since add
+9.4%AECOM
Engineering & construction management. Every new factory needs environmental permitting, site engineering, and project management. The $40B professional services demand thesis made tangible.
12m
+136.1%Since add
+2.3%MasTec Inc
Infrastructure contractor — grid connections, utility hookups, and road access for new factories. The 'last mile' connector between grid and factory.
12m
+134.2%Since add
-2.5%Disco Corporation
Japanese precision semiconductor equipment — wafer cutting, grinding, polishing. Critical step in chip manufacturing. Benefits from global fab construction without the 'already had a massive run' problem.
12m
+188.7%Since add
-0.5%Primoris Services Corporation
Infrastructure contractor specializing in power delivery, industrial construction, and pipeline. Reshored factories need grid capacity — Primoris builds the power infrastructure to support them.
12m
+34.9%Since add
+0.4%F.N.B. Corporation
Manufacturing belt regional bank (PA, OH, NC). Factory construction drives commercial lending, workforce housing mortgages, and small business formation in reshoring corridors.
12m
+131.3%Since add
-3.7%Barrick Gold Corporation
Currency debasement hedge. If every major economy pursues industrial policy and fiscal expansion, precious metals are the only 'currency' not subject to deliberate debasement.
Prices updated on market close. Returns since addition date.