US MACHINERY: +ve outlook on focused equipment spending (ROK, TT, RAL, AYI, VRT, ETN & JCI). "US producers have been able to quickly ramp capacity + output post 2025 Liberation Day because the initial wave of spend has been focused on efficiency + productivity investment, smaller projects w/ quicker payoffs relative to large capacity expansion.... Automation led efficiency projects allow facilities to ramp production in months vs greenfields which take years to come on line - this signals urgency from the customer to drive domestic production & mitigate tariffs, a marked difference when compared to the slow moving & incentive laden "Mega Project" wave in 2021-23. But ultimately, we do believe greenfields will follow - we are already seeing the incremental unit of production shift into the US market in response to changing supply chain costs (ie tariffs), a leading indicator for where larger capacity projects will land when they are ultimately needed."