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% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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