In early December we added a new 1.5% position in FTT to the Balanced Equity Model Portfolio. We feel it continues to evolve from a traditional heavy-equipment distributor into a modern productivity, services, and tech-enabled solutions provider. It is the world's largest Caterpillar dealer, and it is increasingly focused on integrated equipment lifecycle management, AI-driven fleet analytics, and digital optimization tools for customers in mining, construction, and energy. It is a $9.9B company with a 1.6% yield, a decent valuation of 17X forward P/E, moderate sales growth is expected going forward, but with good margin expansion, and analyst estimates have largely been trending higher. We think it is a solid name in the heavy equipment/industrial distributor space.
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