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“We define the Industrial Tech sector as companies that design, manufacture, and offer mission critical components that enable technology to permeate into classic cyclical industrial processes.
We believe the industrial tech sector is becoming increasingly relevant due to reshoring and structural labor market dynamics that are unlikely to be solved by labor availability alone. Over time, we see scope for capital wallets to shift in favor of solutions that 1) digitalize operations and provide actionable insights like predictive maintenance, 2) help improve efficiency & productivity in manufacturing, fulfillment, and other processes, and 3) help mitigate the impact of labor scarcity and drive higher throughput from existing facilities and work forces. We think of this as the“efficiency of everything” theme.
In the near term, we look for more concrete signs of a short cycle recovery and/or reacceleration.We continue to prefer names within our coverage that have 1) already experienced or are recovering from demand troughs, 2) portfolio evolutions /pivots in strategy that are not fully appreciated, and 3) self-help stories with trough absolute & relative valuations.”
