ACR Alpine Capital Research LLC on Caterpillar
Thesis
Caterpillar is positioned around the fund's US Output theme and the expansion of domestic industrial investment. The strategy estimates that years of underinvestment have left a large gap in US productive capacity. Energy investment, automation, AI infrastructure, defense spending and reshoring are now driving what the fund views as a sustained rebuilding cycle. Caterpillar participates directly in this expansion of domestic industrial and infrastructure investment.
“Caterpillar participated in the ongoing expansion of domestic industrial investment”