Overview
Small and mid-cap American industrials and the community banks that finance them — the reshoring trade in its most domestic form.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| FIX | Comfort Systems USA | 4.4% |
| EME | EMCOR Group | 4.1% |
| STRL | Sterling Infrastructure | 3.8% |
| PWR | Quanta Services | 3.4% |
| MLI | Mueller Industries | 3.1% |
| GVA | Granite Construction | 2.9% |
| DY | Dycom Industries | 2.8% |
| PRIM | Primoris Services | 2.7% |
| ROAD | Construction Partners | 2.5% |
| AGX | Argan Inc. | 2.4% |
Fund Details
Investment Thesis
AIRR bet on American factories a decade before it was policy — and the CHIPS-era capex boom turned it into one of the great thematic runs, $9B in assets and the contractors in its book (EMCOR, Sterling, Comfort Systems) posting record backlogs building data centres and fabs. Deliberately small/mid-cap and deliberately domestic: no multinationals diluting the reshoring signal.
Who It's For
Conviction investors in the American build-out who want the pure domestic contractors rather than global industrials. The concentrated, higher-octane cousin of PAVE.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $26.46 | -- |
| 2017 | $30.43 | +15.0% |
| 2018 | $24.35 | -20.0% |
| 2019 | $31.16 | +28.0% |
| 2020 | $34.28 | +10.0% |
| 2021 | $42.85 | +25.0% |
| 2022 | $38.56 | -10.0% |
| 2023 | $54.76 | +42.0% |
| 2024 | $71.19 | +30.0% |
| 2025 | $84.00 | +18.0% |
| Year | Yield |
|---|---|
| 2016 | 0.60% |
| 2017 | 0.50% |
| 2018 | 0.60% |
| 2019 | 0.50% |
| 2020 | 0.40% |
| 2021 | 0.20% |
| 2022 | 0.30% |
| 2023 | 0.20% |
| 2024 | 0.10% |
| 2025 | 0.10% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.1B | -- |
| 2017 | $0.1B | +0.0% |
| 2018 | $0.2B | +100.0% |
| 2019 | $0.3B | +50.0% |
| 2020 | $0.4B | +33.3% |
| 2021 | $0.6B | +50.0% |
| 2022 | $0.7B | +16.7% |
| 2023 | $2B | +185.7% |
| 2024 | $5B | +150.0% |
| 2025 | $7.5B | +50.0% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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