James Hardie is an Australian manufacturer and global leader in fibre-reinforced cement. The business has been operating for 125 years producing products used in new residential construction, manufactured housing, repair & remodelling and other applications. Whether you believe that President Trump can achieve greater GDP growth or not, US housing should continue to recover from historically depressed levels. Despite rising steadily over the last few years, housing starts remain 20% below a midpoint of historic housing activity. With more than 70% of the company’s business exposed to US housing and its strong market position, James Hardie will continue to benefit from the normalisation in the US housing sector.