If interest rates continue to rise, it would indicate a loosening of monetary policy and a pro-growth, high-spending political and economic environment. Initially, and understandably, the bond-proxy and income stocks have sold-off markedly: property trusts, infrastructure and, in Australia, the major banks and telcos. Liquidated funds would quite rightly be expected to rotate into higher growth economic plays: commodities, building materials, construction firms, consumer discretionary and a smattering of industrials. As well as the implications of interest rates and currency moves, it would be naive to ignore 'secondary' factors following the Election of Trump such as the potential impact on US/China trade relations, and movement in commodity prices, particularly gold, iron ore and coal. In this wire we look at one smallcap industrial that we think is well positioned to benefit.