Artisan Focus Fund on Caterpillar Inc.
Thesis
Caterpillar is positioned within Artisan's US Output theme and participated in the expansion of domestic industrial investment during Q2. The fund believes the apparent de-globalization trend has evolved into a broader rebuilding of U.S. productive capacity. Energy, automation, AI infrastructure, defense and reshoring are driving a sustained capital-spending cycle after years of manufacturing underinvestment. Caterpillar offers exposure to the machinery and equipment demand generated by that rebuild.
“Caterpillar participated in the ongoing expansion of domestic industrial investment”