What smart money is saying about Caterpillar Inc.
1 fund in our archive has pitched Caterpillar Inc. — most recently Platinium AM Platinum Trust in June 2026.
Caterpillar Inc., a global enterprise founded in 1925 and headquartered in Deerfield, Illinois (having previously operated as Caterpillar Tractor Co. until its rebranding in 1986), is a premier manufacturer and vendor of heavy construction and mining equipment, diesel and natural gas power units, and industrial gas turbines across the world. The company's extensive offerings are organized into several operational divisions: Construction Industries: This segment delivers a broad spectrum of machinery for construction projects, including asphalt pavers, versatile backhoe and skid steer loaders, various sizes of excavators (from compact to heavy-duty), compactors, road-building equipment like cold planers and motorgraders, pipelayers, site preparation tractors, telehandlers, and utility vehicles, alongside a range of wheel loaders and track-type equipment. Resource Industries: Dedicated to the mining sector, this division supplies powerful equipment such as electric rope and hydraulic shovels, draglines, rotary drills, specialized hard rock vehicles, and a diverse fleet of mining, off-highway, and articulated trucks. It also offers longwall miners, wheel dozers, fleet management systems, autonomous vehicle solutions, crucial machinery components, selected work tools, and comprehensive safety and performance solutions for mining operations. Energy & Transportation: This segment focuses on power generation and propulsion systems. It provides reciprocating engines, generator sets, integrated power solutions, industrial turbines and associated services, remanufactured engines and parts, centrifugal gas compressors, and diesel-electric locomotives with related components and services. These products serve critical sectors including marine, oil and gas, industrial applications, and electric power generation. Financial Products: This segment supports customers with a variety of financial services, such as operating and finance leases, installment sale agreements, working capital loans, and wholesale financing schemes. It also offers insurance and risk management products tailored for vehicles, power generation facilities, and marine vessels. All Other: This encompassing segment is responsible for manufacturing essential consumables and components like filters, fluids, undercarriage parts, and ground engaging tools.
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Fund signal · last 12 months
14 lettersToo few moves on Caterpillar Inc. yet for a clear signal
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q2 2025 and Q3 2026, 15 fund letters reported a position in Caterpillar Inc., with 2 buys (opened or added) and 3 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 5 | 0 | 1 | 0 |
| Q2 2026 | 8 | 0 | 2 | 1 |
| Q1 2026 | 1 | 1 | 0 | 0 |
| Q2 2025 | 1 | 1 | 0 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 15 positions · 7 moves
- September 2026
Listed in Platinium AM Platinum Asia Fund’s reported holdings.
Caterpillar Inc. - September 2026
“TOP DETRACTORS Caterpillar underperformed as moves to restrict/regulate data center expansion raised concerns about the potential for slower growth.”
Caterpillar Inc. - September 2026
“Caterpillar (-24%) fell despite the record quarter described above (-0.3).”
Caterpillar Inc. - September 2026
“The breadth mattered as much as the pace. Caterpillar, sitting at the bottleneck of power demand, recorded the first $20 billion quarter in its history, with earnings up 73% and its backlog up 92% to a record $72 billion.”
Caterpillar Inc. - September 2026
Listed in Liontrust Global Innovation Fund’s reported holdings.
Caterpillar Inc. - June 2026
“While technology remained an important contributor, returns were generated across multiple sectors and investment themes. Taiwan Semiconductor, Applied Materials, Analog Devices, NVIDIA, Astera Labs and Seagate contributed meaningfully as part of our Compute Infrastructure theme. Rolls-Royce and GE Aerospace continued to benefit from favorable aerospace fundamentals, Caterpillar participated in the ongoing expansion of domestic industrial investment, and Goldman Sachs generated strong returns as improving capital markets activity and expectations for regulatory reform supported financials.”
Caterpillar Inc. - June 2026
“Portfolio performance was also notably broad-based. While technology remained an important contributor, returns were generated across multiple sectors and investment themes. Taiwan Semiconductor, Applied Materials, Analog Devices, NVIDIA, Astera Labs and Seagate contributed meaningfully as part of our Compute Infrastructure theme. Rolls-Royce and GE Aerospace continued to benefit from favorable aerospace fundamentals, Caterpillar participated in the ongoing expansion of domestic industrial investment, and Goldman Sachs generated strong returns as improving capital markets activity and expectations for regulatory reform supported financials.”
Caterpillar Inc. - June 2026
Listed in Gabelli Funds Shareholder Commentary: Open-End Funds’s reported holdings.
Caterpillar Inc. - June 2026
“The Artificial Intelligence theme again drove the largest positive returns in the market and in the Fund for the second quarter. Indeed, the market has cast several cyclical, industrial companies as AI plays; these include Caterpillar Inc. (4.0% of net assets as of June 30, 2026; +51%), whose gas turbines are utilized for data center backup power and Watts Water Technologies Inc. (0.8%; +35%), which provides data centers with critical cooling components.”
Caterpillar Inc. - June 2026
“We took significant profit in Caterpillar, cutting the share count by two thirds after a 53% run year to date while retaining a c.1% position at the power chokepoint of the buildout.”
Caterpillar Inc. - June 2026
“Here too we sold into the rally, reducing Bloom Energy by a third, GE Vernova by more than half and Caterpillar by almost half.”
Caterpillar Inc. - June 2026
“We took significant profit in Caterpillar, cutting the share count by two thirds after a 53% run year to date while retaining a c.1% position at the power chokepoint of the buildout.”
Caterpillar Inc. - June 2026
“Then there is power, where the scarcest input in the AI economy is no longer the chip but the electron. Bloom Energy (+122%), added this year after a research trip to Silicon Valley, delivered a vindicating print: product revenue up 208% year on year, full year guidance raised from 60% to 80% growth, adjusted operating margin up 1,330 basis points, and its first positive first quarter operating cash flow as a public company. Validation came with Oracle’s Project Jupiter, a campus of up to 2.45GW, roughly the power draw of a small US state, to run entirely on Bloom fuel cells: no grid connection, no turbines, no diesel. More than half of Bloom’s data centre backlog now comes from customers beyond Oracle. The same scarcity runs through the power complex: GE Vernova booked $18.3 billion of first quarter orders, up 71% organically, taking backlog to $163 billion, while Caterpillar, a new holding this year, beat consensus on both revenue ($17.4 billion versus $16.78 billion) and earnings ($5.54 versus $4.65). Here too we sold into the rally, reducing Bloom Energy by a third, GE Vernova by more than half and Caterpillar by almost half.”
Caterpillar Inc. - AddedAntero Peak StrategyMarch 2026
“Our portfolio navigated these dynamics in Q1. Among our top contributors were several newer positions, including Caterpillar, Applied Materials and Analog Devices, while AI-related semiconductors (NVIDIA and Broadcom) and Capital One Financial were notable detractors.”
Caterpillar Inc. - AddedTitan Wealth Global Blue ChipJune 2025
“Key Purchases: Atlas Copco, Caterpillar, and Siemens added diversified exposure to industrial automation, and infrastructure spending.”
Caterpillar Inc.
Also mentioned · 6
These funds discuss Caterpillar Inc. — as a competitor, benchmark or comparable — without disclosing a position in it.
- September 2026
“On an individual stock basis, the largest contributors to relative returns were Thermo Fisher Scientific and not owning Applied Materials, KLA, Lam Research and Caterpillar.”
Caterpillar Inc. - MentionedAristotle Value Equity StrategySeptember 2026
“Concentrated capital, driven by speculative enthusiasm and drawing attention away from fundamentally stable, predictable businesses; we’ve spoken about this at length. More recently, significant changes in the composition of our primary benchmark, the Russell 1000 Value, have reshaped the Index. Seven of the Index’s ten largest contributors to returns during the first half of the year were removed at the end of June: Micron, Caterpillar, Applied Materials, AMD, Sandisk, Western Digital and Marvell Technology.”
Caterpillar Inc. - MentionedO'Keefe Stevens NVIDIA StrategyJuly 2026
“Across industrial AI, Caterpillar is using NVIDIA Omniverse digital twins to accelerate AI-driven manufacturing and automation.”
Caterpillar Inc. - June 2026
“Running large fleets of heavy machinery in remote and often hazardous environments leaves little room for operational disruptions. Yet the industry is gradually 2Q 2026Region -0.1Canada 13.9Emerging Markets 9.3Europe EMU 7.1Europe ex EMU 12.5Japan 6.9Middle East 5.4Pacific ex Japan 9.8MSCI ACWI ex US Small Cap Index Trailing 12 Months -6.6 -1.2 -2.1 35.8 20.4 -3.9 21.1 74.1 39.7 1.9 21.5 Trailing 12 Months 40.2 21.3 11.1 5.6 29.0 50.7 15.9 20.4 2Q 2026Sector 2.5Communication Services 6.6Consumer Discretionary -1.4Consumer Staples -7.8Energy 9.8Financials -1.5Health Care 11.7Industrials 44.4Information Technology 4.5Materials 2.6Real Estate 1.9Utilities Source: FactSet, MSCI Inc. Data as of June 30, 2026. Market Snapshot The Information Technology (IT) sector rose more than 40% as small caps supplying large semiconductor companies projected significant earnings gains amid a surge in demand from AI data centers. Industrials outperformed as engineering and consulting companies enjoyed strong demand from customers building data centers. Energy was the biggest laggard, as oil prices fell to near pre-conflict levels in anticipation of Iran and the US arriving at a resolution. Strong returns in IT also lifted Emerging Markets, especially Taiwan, where companies such as Silergy are based. Canada was the worst performing major market due to lower commodity prices and the country’s significant exposure to Energy and Materials businesses. Index Performance (USD %) MSCI ACWI ex US Small Cap Index 3International Small Companies Equity Second Quarter 2026 Report embracing automation. Mining companies are increasingly deploying autonomous haul trucks and using remote software platforms to monitor equipment, coordinate operations, and anticipate maintenance needs before breakdowns occur. At a major mine in southern Peru, the country’s first autonomous truck fleet is already at work. There were only 32 trucks as of last year—Caterpillar vehicles equipped with its MineStar Command software—but they provide a glimpse of how automation may reshape the mining industry in the coming years.”
Caterpillar Inc. - MentionedQV Market LetterJune 2026
“Roughly half of the S&P 500’s expected earnings growth can be attributed to the buildout of AI infrastructure as ~$750 billion in hyperscaler capital expenditure directly translates into revenue and earnings growth for microchip and equipment suppliers. Semiconductor earnings alone are expected to rise 133% this year, while businesses such as Caterpillar, whose generators are being deployed to power AI data centers, are expected to grow earnings by nearly 30%.”
Caterpillar Inc. - MentionedQV InvestorsJune 2026
“businesses such as Caterpillar, whose generators are being deployed to power AI data centers, are expected to grow earnings by nearly 30%.”
Caterpillar Inc.
Fund coverage · 1 thesis
- Platinium AM Platinum TrustJune 2026
Caterpillar is benefiting from heating demand across engines, turbines and datacentres, plus a broader mining, energy and construction recovery.
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