There are moments in markets where the noise becomes so loud, it drowns out common sense. Tariffs, geopolitics, inflation, central banks, and a US Congress with a taste for budgetary excess. And yet, despite all the reasons to panic, a certain type of company is quietly thriving. Welcome to the age of “Trust in Rust”: the reindustrialisation of the global economy and the surprising strength of companies that build, move, power, and fix things.

At TAMIM, we’ve been positioning for this shift for some time. But recent developments, from the passage of the Big Beautiful Bill (BBB) in the US to signs of supply chain nationalism in China and Europe, suggest that the tailwinds are growing stronger. This isn’t a speculative tech play. It’s the resurgence of hard assets, infrastructure, and industrial muscle.

The Macro Shift: From Build Back Better to Big Beautiful Business

In Washington, the BBB may be an awkward acronym, but it signals a return to old-school capital spending. The new bill echoes aspects of the 2017 Tax Cuts and Jobs Act, which delivered some Laffer curve benefits to the US economy before being eclipsed by the more pork-laden Build Back Better. This time, the goal is clear: nudge private investment while reducing the burden of state-driven inefficiency.

Across the Atlantic, Europe struggles under the weight of debt and slow growth, expanding the definition of “defence spending” to include wind turbines and climate initiatives. Japan, meanwhile, quietly restarts its nuclear power fleet while inflation finally stirs.

In Australia, recent news from Woodside’s renewed control of the Bass Strait gas field echoes the theme, a recommitment to energy security and critical infrastructure. While our main investment lens is global, we’re always watching for domestic parallels that reinforce the thesis.

In short, the paradigm is shifting. Governments are realising that growth, resilience, and sovereignty require more than services and software. They require steel, ports, power grids, and real industrial capacity.

The Stocks We Trust

Here are three companies in our Global High Conviction (GHC) portfolio that embody this industrial renaissance.

CK Hutchison Holdings Ltd. (HKEX: 1)

CK Hutchison is not your typical infrastructure play. With 53 ports across 24 countries, telecommunications, logistics, and retail assets, it’s a listed infrastructure powerhouse with optionality built in. Earlier this year, we sold our holding when China blocked BlackRock’s bid for a stake in the Panama Canal, a signal that geopolitical risk was rising.

But now we’re back in. Why? Because the stock has corrected to around 10x P/E, and signs of a US-China thaw are emerging. COSCO, China’s state-owned shipping firm, has been invited to join a revised consortium for the Panama Canal asset, indicating that both sides want to de-escalate.

The potential windfall for CK Hutchison from the canal deal is estimated at $19 billion, a figure that nearly equals its entire market cap. That kind of optionality is rare. And because it’s listed, we can increase or reduce exposure as needed, unlike an unlisted infrastructure fund.

Santen Pharmaceutical Co., Ltd. (TSE: 4536)

Santen Pharma may not immediately scream “industrial,” but it fits our thesis perfectly. In a world of increasingly fraught US pharmaceutical regulation, we looked to Japan. Santen focuses on eye care, a niche but growing segment driven by ageing populations and rising diabetes rates across Asia.

It has 70+ products, a presence in 60 countries, and 50 million global users. Its R&D spend exceeds 10% of revenue, signalling a commitment to innovation. Competitors like Novartis and Bausch + Lomb may have scale, but Santen has geographic positioning and a clean runway.

More importantly, this is a company that makes things, ophthalmic drugs and devices, at scale and profitably. It’s a play on health infrastructure, demographic trends, and a non-Western path to global pharmaceutical leadership.

The Australian Angle: Woodside (WDS.AX)

While this is a global thesis, we’d be remiss not to mention what’s happening at home. In the last two days, Woodside Energy has resumed full operational control of its Bass Strait gas assets, part of a larger national trend to reassert energy independence. Woodside Energy (ASX: WDS) remains one of Australia’s key players in the global energy transition conversation. As the world grapples with the dual mandate of reducing emissions while maintaining energy security, companies like Woodside stand to benefit from a more pragmatic, diversified approach to energy. The company offers exposure to LNG, a critical bridge fuel in the shift from coal to renewables, especially in fast-developing economies across Asia. With robust free cash flow generation, a disciplined capital allocation strategy, and high-return project options in the Gulf of Mexico and Senegal, Woodside provides investors with both income and growth. Recent developments such as the Scarborough gas project are evidence of the company’s ability to execute large-scale, long-life projects that align with energy security and transition goals. While the stock has been under pressure due to lower spot LNG pricing and sentiment around fossil fuels, we believe that such pressures are transient. In a world where energy diversification and reliability are being reprioritised—especially in the wake of supply shocks—Woodside offers a resilient, cash-generative business with strategic assets and optionality in both conventional and transitional energy markets.

TAMIM Takeaway

The world is rediscovering that economic resilience isn’t built in the cloud alone. It’s built with ports, power plants, factories, and physical infrastructure. While speculative tech grabs headlines, the real gains may come from the so-called “boring” sectors.

We’re doubling down on this global pivot to making, building, and fixing. Whether it’s a Japanese nuclear restart, a Hong Kong logistics conglomerate, or a US-based digital disruptor getting its cost base right, the opportunity set is broad and increasingly compelling.

Trust in rust.

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Disclaimer: CK Hutchison Holdings Ltd. (HKEX: 1), Santen Pharmaceutical Co., Ltd. (TSE: 4536) and Woodside (WDS.AX) are held in TAMIM Portfolios as at date of article publication. Holdings can change substantially at any given time.