We view Hubbell as an intelligent play on industrial infrastructure spending, particularly from improvements made to the US power grid. The company has one of the most comprehensive offerings across the entire electrical supply chain, from power generation to the end user. In our view, it has wisely chosen to position itself competitively in the highly differentiated electrical components market, avoiding global players that focus on large electrical equipment as well as commoditized portions of the market that sell replicable products like wires and cables.