President Joe Biden’s $1 trillion Infrastructure Investment and Jobs Act finally passed the House late on November 5. Now, investors are piling on infrastructure stocks.

                By                    Yaёl Bizouati-Kennedy

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The strength for those infrastructure stocks was reflected in the Global X US Infrastructure Investment ETF, which trades under the ticker PAVE, as it gained 1.5% and hit an all-time high in the opening minutes of the session, CNBC reported. The fund’s top holdings include stocks like Nucor and Vulcan Materials, which moved higher on Monday morning.

However, several experts see these initial gains waning.

“We expect these stocks to give up some of these gains as the infrastructure bill funds will be spent slowly over the next decade, so the real impact on earnings and cash flow will initially be modest,” Hatfield added.

“However, investors should understand that even $1 trillion spent on so many different initiatives and across a five-plus year window, isn’t likely to make any single company a huge investment winner,” Hall added.

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He said that all of the top-10 holdings in the U.S. Infrastructure Development ETF (PAVE) are within 10% of their five-year highs at recent prices.

“In other words, the market has largely already priced in the benefits of this infrastructure deal. Instead of looking for a quick return on government spending, investors would do better to focus on companies with strong, durable competitive advantages across market conditions, and regardless of large catalysts like the infrastructure bill,” Hall continued.

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“The first is when the bill is finally signed into law (which we are very confident in, especially since the House finally passed the plan), and the second is when project work actually begins over the next few years. There are plenty of growth catalysts for industrials in coming years,” she said.