Home / Themes / Fiscal Spend '25: HVAC

Fiscal Spend '25: HVAC

Last updated

Theme thesis · 5/5 sections · Tickers 7 with notes · 3 pending

Loading…

Bull / Bear Details has the investment thesis and bull/bear points. Overview is monitoring guidance (hiring, forums, second-order trends, search keywords, Google Trends, datasets).

Bull / Bear Details

Fiscal-driven reindustrialization, energy transition, and extraordinary data center/AI infrastructure spending are driving sustained multi-year demand for elect

Thesis

Fiscal-driven reindustrialization, energy transition, and extraordinary data center/AI infrastructure spending are driving sustained multi-year demand for electrification, thermal management, and efficient power conversion across industrial and HVAC-linked ecosystems. The bull case is more compelling due to accelerating demand, despite persistent supply chain and labor challenges.

Bull case

  • Extraordinary growth in data center and AI infrastructure buildout is creating unprecedented demand for advanced thermal management and power solutions, with nearly 100 GW of new data centers expected between 2026 and 2030, effectively doubling global capacity.

  • Accelerating electrification and energy efficiency mandates, coupled with the ongoing refrigerant transition (phasing out R-410A for lower GWP alternatives like R-454B and R-32), are driving a secular pull for new and upgraded HVAC, power conversion, and energy storage systems across commercial, industrial, and federal facilities.

  • Ongoing infrastructure and manufacturing fiscal programs, including the final year of authorization for Infrastructure Investment and Jobs Act (IIJA) funds in FY26, continue to accelerate public and private project starts, boosting order pipelines for equipment and system suppliers, particularly for U.S.-centric manufacturers aligned with domestic production priorities.

Bear case

  • Persistent and evolving supply chain challenges, including fluctuating raw material costs (e.g., copper, aluminum), component shortages (e.g., heat pumps, AC units), global shipping delays, and tariffs on imported components, continue to drive up equipment prices and introduce significant execution risks, potentially delaying project revenue and compressing margins.

  • Intensifying skilled labor shortages across both the general HVAC industry and, critically, the rapidly expanding data center construction sector, pose a significant constraint on project execution and capacity expansion, leading to rising labor costs and potential project delays.

  • High valuations for companies within the theme, coupled with the risk of political gridlock potentially moderating new fiscal project awards or leading to budget cuts in some government programs, could make the sector vulnerable to any perceived slowdown in demand or execution missteps, leading to multiple compression.

LLM_Approved · Updated 2026-06-04

Overview

Hiring Trend Watchpoints

High-performing operators within the Fiscal Spend '25: HVAC theme, such as Comfort Systems (FIX), Modine (MOD), and Vertiv (VRT), are actively expanding their workforces to meet accelerating demand, particularly in data center and AI infrastructure projects. Expect to see sustained and increasing job postings across critical operational and technical roles. **Confirmation of theme execution (Bullish):** Look for consistent growth in job postings for project managers, field service engineers, and skilled trades (e.g., HVAC technicians, electricians, pipefitters, welders, assemblers, sheet metal mechanics). Specifically, for Modine and Vertiv, watch for roles related to manufacturing and production in their expanded facilities (e.g., Ironton, OH for Vertiv; Rockbridge County, VA and Buena Vista, VA for Modine). An increase in engineering roles (mechanical, electrical, application engineers) and BAS technicians signals continued innovation and complex project execution. Strong hiring in regions with significant data center construction (e.g., Ohio, North Carolina, Virginia, Texas) would further validate the theme's strength. Comfort Systems USA currently has 272 open jobs, covering a wide range of these critical roles. Vertiv plans to create up to 730 jobs through 2029, focusing on manufacturing, engineering, sales, services, and project management in Ohio. Modine is also adding jobs related to data center cooling equipment and heating business expansion. **Warning of deterioration (Bearish):** A notable slowdown or freeze in hiring for these key operational and technical positions, especially if accompanied by increased mentions of 'labor constraints' or 'execution risks' in earnings calls without clear mitigation strategies, would signal a weakening in project pipeline or an inability to convert backlog. A shift towards a disproportionately higher number of administrative or sales roles compared to technical and production roles could also be a yellow flag. Any significant reduction in workforce size or a decline in year-over-year employee growth rates (e.g., Modine's 2.4% YoY growth in 2025) would indicate a contraction.

Forum Watchlist

  • Reddit — r/HVACHigh

    General industry sentiment, technician insights on supply chain, product performance, and labor availability.

  • Reddit — r/datacenterHigh

    Discussions on data center construction, cooling technologies (liquid cooling), power infrastructure, and AI workload impacts.

  • Industry Forum — Data Center Dynamics (DCD)High

    News, expert opinions, and community discussions on hyperscale data center development, AI infrastructure, and thermal management innovations.

  • Industry Forum — HVAC-Talk.comMedium

    Professional discussions on technical challenges, refrigerant transition (A2L), equipment reliability, and labor market dynamics.

  • Professional Network — LinkedIn Groups (e.g., 'Data Center Professionals', 'HVAC Industry Leaders')Medium

    Professional insights, job market trends, company announcements, and strategic partnerships.

  • Reddit — r/investingLow

    Broader investor sentiment and discussions around theme constituents, but often less granular than industry-specific forums.

Second Order Trends

The Fiscal Spend '25: HVAC theme is currently being reshaped by several intensifying second-order trends: 1. **Hyper-acceleration of AI-Driven Data Center Infrastructure:** The demand for data center cooling and power solutions is no longer just strong; it's experiencing a 'supercycle' driven by unprecedented AI infrastructure spending. Major cloud and AI providers are committing hundreds of billions to capital expenditure in 2026, nearly doubling 2025 levels, with projections of trillions by 2030. This is creating a sustained, multi-year build-out that prioritizes speed to power and advanced thermal management, including liquid cooling solutions. 2. **Modularization and Prefabrication as a Dominant Construction Model:** To meet the rapid deployment demands of hyperscale data centers, modular and prefabricated construction methods are becoming the standard. This extends beyond structural components to include power skids, cooling assemblies, and integrated rack systems, indicating a shift towards more industrialized and efficient project delivery. This favors companies with strong offsite manufacturing and assembly capabilities, like Comfort Systems' investments in modular capacity. 3. **Intensifying Skilled Labor Shortage and Wage Inflation:** The rapid growth in data center construction and the broader HVAC industry is exacerbating the skilled labor shortage, leading to rising labor costs and potential project delays. This pressure is driving companies to invest more in recruiting, training, and potentially automation, while also impacting operational efficiency and margins. 4. **Full Impact of A2L Refrigerant Transition:** The mandatory transition to lower-GWP A2L refrigerants (R-454B, R-32) for new residential and light commercial HVAC installations as of January 1, 2026, is now fully in effect. This is driving a significant replacement cycle for older R-410A systems, requiring redesigned equipment, new safety features (like leak detection), and specialized technician training. This regulatory shift is creating both a demand tailwind for new, compliant systems and a service opportunity for maintenance and upgrades. 5. **Emergence of AI-Driven HVAC Diagnostics and Predictive Maintenance:** AI-driven fault detection and diagnostics (AFDD) systems are moving from pilot projects to operational standards for tier-one building operators, including data centers. This trend emphasizes proactive maintenance over reactive repairs, offering significant cost savings and improved uptime. This creates a new value proposition and revenue stream for HVAC service providers capable of integrating advanced AI solutions. 6. **Persistent Supply Chain Volatility and Cost Pressures:** The HVAC industry continues to grapple with fluctuating raw material costs (e.g., copper, aluminum), component shortages, global shipping delays, and tariffs, leading to ongoing price increases for equipment. Companies are focusing on supply chain resilience, diversification, and potentially more localized sourcing to mitigate these risks, favoring vertically integrated or U.S.-centric manufacturers.

Search Keywords Brand Product

  • data center cooling solutions
  • liquid cooling for AI
  • modular data center HVAC
  • A2L refrigerants
  • heat pump technology
  • BASX cooling
  • energy efficient HVAC systems
  • 800V DC power Vertiv

Search Keywords Policy Regulatory

  • Inflation Reduction Act HVAC
  • CHIPS Act manufacturing
  • energy efficiency mandates US
  • HFC phasedown regulations
  • US tariffs HVAC components
  • data center power regulations
  • AIM Act refrigerant

Search Keywords Event Phrases

  • Q2 2026 earnings HVAC
  • AI infrastructure spending outlook 2026
  • data center construction starts 2026
  • HVAC supply chain issues 2026
  • A2L refrigerant transition deadline
  • hyperscaler capex 2026

Google Trend Product Category Intent

• data center cooling cost • liquid cooling systems • modular HVAC units • heat pump vs AC • A2L refrigerant price • energy efficient AC unit

Google Trend Consumer Intent

• HVAC replacement cost • energy efficient home cooling • smart thermostat installation • home heat pump incentives • AC repair near me • HVAC upgrade 2026

Google Trend Macro Policy Terms

• US infrastructure bill impact • clean energy tax credits • manufacturing jobs growth US • data center power demand US • electrification incentives

Top datasets to track

1. Total Construction Spending: Manufacturing in the United States Type: Economic Data · Provider: U.S. Census Bureau / FRED Cadence: Monthly Why it matters: Tracks the 'reindustrialization' aspect of the theme, indicating the pace of new factory and manufacturing facility construction, which drives demand for industrial HVAC and related systems. Recent data shows a decline, making it a critical watchpoint for theme strength. Suggested query: FRED: Total Construction Spending: Manufacturing in the United States Confidence: High

2. Data Center Construction Starts Spending Type: Industry Data · Provider: ConstructConnect / Dodge Construction Network / CBRE Cadence: Monthly / Quarterly Why it matters: Directly gauges demand pull-through for thermal and modular HVAC systems, reflecting the core AI/data center build cycle. Recent data shows extraordinary growth, far surpassing previous years. Suggested query: ConstructConnect Data Center Construction Starts Spending Confidence: High

3. Privately Owned Housing Starts: Total New Privately Owned Housing Units Started Type: Economic Data · Provider: U.S. Census Bureau / FRED Cadence: Monthly Why it matters: Residential markets impact a portion of the theme (e.g., Watsco, Ferguson). Housing starts are a leading indicator for new construction and repair, maintenance, and improvement (RMI) activity, signaling demand for residential HVAC equipment. Suggested query: FRED: Privately Owned Housing Starts Confidence: High

4. AHRI U.S. HVAC Shipments (Central AC + Heat Pumps) Type: Industry Data · Provider: Air-Conditioning, Heating, and Refrigeration Institute (AHRI) Cadence: Monthly Why it matters: Gauges residential and light commercial HVAC demand, particularly important for tracking the impact of the A2L refrigerant transition and heat pump adoption. Suggested query: AHRI monthly HVAC shipments Confidence: High

5. Company Job Postings (Engineering, Project Management, Skilled Trades) Type: Alternative Data · Provider: Thinknum / Revelio Labs / Indeed / Company Career Pages Cadence: Weekly / Monthly Why it matters: Provides real-time insight into backlog conversion, capacity expansion, and project execution momentum by tracking hiring trends for critical roles at key theme constituents (FIX, MOD, VRT). Suggested query: Thinknum: Comfort Systems USA job postings, Modine Manufacturing job postings, Vertiv Holdings job postings Confidence: High

LLM_Approved · Updated 2026-06-04

Key Metrics3 rows
MetricCadenceWhat It SignalsUpdate Source
U.S. nonresidential construction spending (Mechanical & Electrical)MonthlyConfirms demand backdrop and fiscal project flow for FIX, MOD, and FERGGoogle_Sheets
Data center construction starts / capacity additions (MW)QuarterlyGauges demand pull-through for thermal and modular HVAC systems (MOD, AAON, FIX)Google_Sheets
Engineering & Project Management headcount growth (Manager–Staff)MonthlyTracks real-time backlog conversion and project execution momentumGoogle_Sheets

U.S. Census Bureau Construction Put-in-Place · Updated 2025-12-17

Upcoming Catalysts26 rows
CatalystEstimated TimingEstimated Date StartEstimated Date EndWhy It MattersTicker Or Theme SpecificSource TypesContributing TickersMention CountBase ScoreSource WeightSpecificity WeightMacro BridgeMacro Bridge MultiplierTheme ScoreDate AggregatedManual OverrideBridge Mention CountTheme Base ScoreTheme Importance ScoreCatalyst SourceCatalyst IDTranscript DateSource Type
Achievement of Ferguson's calendar year 2026 guidance, including low to mid-single-digit revenue growth and an operating margin range of 9.4% to 9.8%.calendar 20262026-01-012026-12-31Meeting or exceeding this guidance would validate management's strategy and operational execution, positively impacting investor sentiment and valuation. Missing it would have a negative impact.TickerFERG (ticker)FERG_5f70315e2026-02-24earnings_transcript
Ferguson's execution of a more active M&A year in 2026 compared to 2025, leveraging a healthy pipeline of bolt-on acquisitions.calendar '262026-01-012026-12-31Successful and increased M&A activity is crucial for Ferguson to achieve its long-term growth algorithm of 1% to 3% incremental annual growth and consolidate fragmented markets.TickerFERG (ticker)FERG_63038b6f2026-02-24earnings_transcript
Stabilization and eventual recovery of the residential end markets, including the alleviation of pressure in the HVAC segment as the industry navigates new efficiency standards.as we move throughout the year2026-03-012026-12-31Residential markets represent approximately half of Ferguson's revenue. A recovery would remove a significant headwind, contribute to overall revenue growth, and potentially allow the company to achieve the higher end of its 2026 guidance.TickerFERG (ticker)FERG_eae52a862026-02-24earnings_transcript
The extent and impact of gross margin normalization and potential compression in calendar year 2026, following outsized gains in 2025.next year2026-01-012026-12-31Gross margin directly impacts operating profit and the achievement of the 9.4% to 9.8% operating margin guidance. Greater-than-expected compression would be bearish, while stabilization or less compression would be bullish.TickerFERG (ticker)FERG_a628d1162026-02-24earnings_transcript
Completion of the spin-off of Modine's Performance Technology segment and its merger with Gentherm, pending SEC and shareholder approvals, and an IRS determination letter.before the end of the calendar year2026-06-032026-12-31This strategic action will allow Modine to focus on higher-growth businesses, potentially improving its valuation and investor sentiment, and will lead to an updated full-year outlook for the remaining business.TickerMOD (ticker)MOD_ab6390942026-05-26earnings_transcript
Modine's team addressing and resolving the shortage of critical components impacting data center production schedules and efficiency in fiscal Q1 2027.during our first quarter2026-04-012026-06-30Successful resolution is crucial to avoid further production delays and ensure the capacity ramp, supporting the full-year data center growth outlook and preventing negative margin impact beyond Q1.TickerMOD (ticker)MOD_995378d12026-05-26earnings_transcript
Modine completing the ramp-up of its data center production capacity, effectively doubling the current operational capacity by the end of fiscal year 2027.by the end of the fiscal year2026-04-012027-03-31This milestone is critical for meeting the strong demand from existing and new data center customers, including the $4 billion LTA, and achieving the aggressive data center revenue growth targets.TickerMOD (ticker)MOD_b8f034eb2026-05-26earnings_transcript
Modine securing additional long-term capacity agreements (LTAs) with other hyperscale data center customers beyond the recently announced $4 billion LTA.ongoing, long-term2026-06-032029-12-31Such agreements would further de-risk future revenue streams, provide greater visibility into demand, and potentially necessitate further capacity investments, reinforcing Modine's position in the hyper-growth data center market.TickerMOD (ticker)MOD_8e0155352026-05-26earnings_transcript
The Scott Springfield commercial HVAC business achieving a strong recovery in fiscal 2027 after being negatively impacted by tariffs in the prior year.expected to rebound in fiscal 272026-04-012027-03-31A rebound in this segment would contribute to the overall commercial HVAC growth and profitability, diversifying revenue streams within the Climate Solutions segment.TickerMOD (ticker)MOD_99fa89032026-05-26earnings_transcript
Successful mitigation of tariff exposures, including recent changes under Section 122 and 232.continue to materially offset those2026-04-012026-12-31Effective tariff countermeasures are essential for protecting Vertiv's adjusted operating margins and achieving its profitability guidance amidst evolving trade dynamics.TickerVRT (ticker)VRT_c7ea5f9b2026-04-22earnings_transcript
Realization of the demand trajectory for the aftermarket add-on replacement HVAC market in 2026, as management hopes for normalization after a 6% decline in 2025.the season, balance of this year2026-04-012026-12-31A stronger-than-expected recovery or normalization in this market would be bullish for Watsco's unit volumes and sales, while continued weakness could negatively impact revenue and profitability.ThemeWSO (ticker)WSO_d4c3d0572026-02-17earnings_transcript
Achievement of incremental progress towards Watsco's long-term goal of 30% gross margins, driven by accelerating the use of pricing optimization tools and the new VCR initiative for non-equipment sales.over the next several years2026-01-012028-12-31Consistent margin expansion would be bullish for profitability and valuation, demonstrating the effectiveness of strategic initiatives. Failure to make progress could negatively impact investor sentiment.TickerWSO (ticker)WSO_04b69b092026-02-17earnings_transcript
Successful execution of Watsco's game plan to improve inventory turns from the low 3s (post-pandemic) to a target of 5x.over the next couple of years2026-01-012028-12-31Higher inventory turns would generate significant incremental free cash flow, which can be reinvested in the business or returned to shareholders, positively impacting valuation and financial flexibility.TickerWSO (ticker)WSO_b2770bc52026-02-17earnings_transcript
Realization of the overall industry sell-through volumes for HVAC equipment in 2026, as management acknowledges OEM forecasts (some down 0-15%) but states it's 'too early to tell' for their own business, hoping for normalization.this year, in 90 days (from Feb 17, 2026)2026-05-172026-12-31Stronger-than-expected industry demand would be bullish for Watsco's sales and market share, while weaker demand could negatively impact revenue and profitability.ThemeWSO (ticker)WSO_ae6f47ed2026-02-17earnings_transcript
The full impact of diminishing 410A refrigerant availability on HVAC system replacement dynamics, requiring contractors to replace both indoor and outdoor units with new A2L systems.near 0 today and will be at 0 soon, this coming year, next year, '272026-01-012027-12-31This shift could drive higher unit volumes for full systems but also potentially lead to consumers delaying replacements due to increased cost, impacting overall demand and replacement cycles.ThemeWSO (ticker)WSO_08751f722026-02-17earnings_transcript
Federal Open Market Committee (FOMC) interest rate decisions and economic projections.June 2026 - December 2026 (ongoing meetings)2026-06-162026-12-09Monetary policy, particularly interest rate changes, influences overall economic activity, construction spending, and the cost of capital for projects. Falling interest rates could reduce fiscal urgency and moderate new project awards, impacting the broader fiscal spend theme. The FOMC meetings provide crucial updates on the Federal Reserve's stance and economic outlook.Themetheme_composerALL60.00171.180.92Regulatory/Policy, Economic1.6880.30752026-06-04False11.0119185.3776Theme composer
Congressional action on the reauthorization of surface transportation programs under the Infrastructure Investment and Jobs Act (IIJA).Q3 2026, leading up to the September 30, 2026 expiration2026-07-012026-09-30The IIJA's surface transportation programs expire on September 30, 2026, and congressional action on a new multiyear transportation law or an extension will directly impact federal funding for infrastructure projects. This is a significant demand driver for the HVAC theme, particularly for companies involved in public works and large capital projects like Ferguson and Comfort Systems.Themetheme_composerFERG, FIX, MOD, TT40.00621.181.0Economic1.250.91762026-06-04False10.650495.9313Theme composer
Modine's ability to successfully pass through and recover higher material costs and tariffs, including the new 32 aluminum tariffs, through pricing adjustments and surcharges.in fiscal 272026-07-012027-03-31Successful recovery is expected to drive margin improvement across all three business segments in fiscal 2027, significantly impacting profitability and investor sentiment.TickerMOD (ticker)MOD_01e5ca022026-05-26earnings_transcript
EMEA returning to year-over-year sales growth.second half2026-07-012026-12-31A recovery in EMEA sales would validate management's confidence in the region's demand trajectory, contributing to overall revenue growth and mitigating concerns about regional weakness.TickerVRT (ticker)VRT_b01bf2f82026-04-22earnings_transcript
Realization of benefits from accelerated strategic capacity investments.a lot of that capacity start to hit us in the second half2026-07-012026-12-31Successful capacity expansion is critical to meet the strong demand for data center infrastructure, enabling Vertiv to convert its robust pipeline into higher sales and maintain market leadership.TickerVRT (ticker)VRT_6f11cf232026-04-22earnings_transcript
Closing of the Thermal Key acquisition.anticipated to close in a few months2026-07-012026-09-30The acquisition is expected to expand Vertiv's thermal management portfolio and enhance capabilities for AI data centers, potentially driving revenue growth and strengthening its competitive position in a critical market segment.TickerVRT (ticker)VRT_af10a1622026-04-22earnings_transcript
Launch of Vertiv's 800-volt architecture product portfolio.second half this year launches of portfolio2026-07-012026-12-31The successful introduction of 800-volt products is crucial for Vertiv to maintain its leadership and capture market share in the rapidly evolving high-density AI data center segment, expanding its addressable market.TickerVRT (ticker)VRT_eaa285962026-04-22earnings_transcript
Q2 2026 earnings reports and capital expenditure updates from major hyperscale cloud providers (e.g., Alphabet, Amazon, Microsoft).Late July - Early August 20262026-07-222026-08-05Updates on capital expenditures and AI infrastructure build-out pace from hyperscalers are crucial for the HVAC theme, as data center demand is a primary growth driver for multiple constituent tickers. Stronger-than-expected spending signals sustained demand for thermal management and power solutions, benefiting companies like Modine, Vertiv, Comfort Systems, Trane, and AAON.Themetheme_composerMOD, FIX, VRT, TT, AAON50.00811.181.051.01.00172026-06-04False10.8715107.9812Theme composer
Comfort Systems USA (FIX) Q2 2026 earnings report, focusing on sustained gross profit margins and continued growth in its record backlog, particularly from the technology sector.Late July 20262026-07-232026-07-29Comfort Systems has demonstrated strong performance driven by robust demand from tech customers and modular construction, resulting in record backlog and high gross margins. The Q2 earnings report will indicate if the company can sustain these levels and continue to capitalize on the AI build cycle, providing insights into execution and profitability within key sub-segments of the HVAC theme.Themetheme_composerFIX10.00151.181.05Regulatory/Policy1.350.25132026-06-04False10.01442.4084Theme composer
Modine (MOD) Q1 FY27 earnings call, providing updates on data center capacity expansion progress and the ramp-up of its $4 billion long-term capacity locking agreement (LTA).August 20262026-08-012026-08-31Modine is rapidly transforming into a data center cooling leader, with a significant $100 million capacity expansion and a landmark $4 billion LTA for 2027-2029. Updates on the progress of this expansion, utilization rates, and initial revenue recognition from the LTA will be critical indicators of the company's execution and future growth in the hyper-growth data center market, with read-throughs for other data center-exposed constituents.Themetheme_composerMOD10.00031.181.05Economic1.250.05312026-06-04False10.00350.5453Theme composer
Modine beginning to recognize revenue from the $4 billion long-term capacity locking agreement for data center cooling products in fiscal Q4 2027.some ramp beginning in Q42027-01-012027-03-31This marks the start of a significant revenue stream with high visibility, validating the capacity expansion investment and providing strong top-line growth for calendar years 2027-2029.TickerMOD (ticker)MOD_8f9713ef2026-05-26earnings_transcript

LLM_Approved · Updated 2026-06-04

Notes2 rows

Earnings Overview

DateTypeCommentDetailSentimentTickersIS CHANGE
2025-10-04Earnings SummaryThe Fiscal Spend '25: HVAC group saw broadly mixed Q2 (Jul–Sep 2025) results as execution and supply-chain dynamics diverged. Comfort Systems (FIX) led, posting record margins and +20% sales growth on electrical and modular demand, driving strong stock gains. Modine (MOD) and Belimo (BEAN) delivered steady results with resilient commercial demand but limited multiple expansion. AAON (AAON) missed on ERP and coil supply issues, sending shares down ~14% despite robust BASX growth and backlog strength. Trane (TT) and Johnson Controls (JCI) both cited order strength but faced China weakness and refrigerant headwinds. Overall, service-heavy names outperformed, while manufacturing-heavy peers lagged on execution risk.

Earnings Overview

mixed
2026-06-04Theme Refresh SynthesisThe Fiscal Spend '25: HVAC theme is strongly validated by robust data center demand driving significant capacity expansion and record backlogs for Modine, Comfort Systems, and Vertiv. While fiscal-driven infrastructure projects continue to benefit Ferguson, execution risks and residential market weakness persist for some, highlighting a divergence between high-growth data center beneficiaries and broader market segments.

Earnings Summary

PositiveMOD, FIX, VRT, FERG, AAON, WSO, TTFalse

Google_Sheets · Updated 2026-06-04

Constituents

  • AAONT3
    — AAON, Inc.
  • FERGT3
    — Ferguson plc
  • FIXT3
    — Comfort Systems USA, Inc.
  • MODT3
    — Modine Manufacturing Company
  • TTT3
    — Trane Technologies plc
  • VRTT3
    — Vertiv Holdings Co
  • WSOT3
    — Watsco, Inc.
  • BEAN.SWT3
    · no notes yet
  • JCIT3
    · no notes yet
  • LIIT3
    · no notes yet