The result of the run-off remains balanced on a razor’s edge. But here are two FTSE 100 and FTSE 250 stocks I believe could rise in value if Kamala Harris wins the keys to the White House.

Ashtead Group

The election result could have very different consequences for the US construction industry. I think a Harris victory could be supportive of the sector, and by extension for rental equipment suppliers like Ashtead Group (LSE:AHT).

As Vice President, she helped oversee the $1.2trn Infrastructure Investment and Jobs Act back in 2021. It’s one of the biggest spending packages in US history to boost the country’s transport, telecoms, water, and energy architecture.

On the election stump, Harris has vowed further measures to boost infrastructure-related and broader construction activity. This includes fast-tracking the permit process and boosting supply of affordable housing.

Ashtead could receive a big boost from such measures. It’s Sunbelt Rentals brand spans the US, UK, and Canada, but sources the lion’s share (86%) of revenues from the States. It operates over 1,200 stores in all 50 states.

Irrespective of the election result, I think the FTSE firm has a bright future. It’s second only to United Rentals in terms of market share. And it’s still rapidly expanding to keep sales and profits on the sharp upward slant of the past decade.

On the downside, acquisition-based growth strategies like Ashtead’s come with added risk. Costs can balloon and revenues disappoint. But on balance, I believe things are looking good here.

US Solar Fund

As Joe Biden’s second-in-command, Harris also assisted in the rollout of the Inflation Reduction Act two years ago. This was also the largest clean energy investment in US history, providing $400bn in funding to companies through tax breaks, grants, and loan guarantees.

While espousing the importance of the country’s oil industry, the VP’s made it clear that renewable energy investment would be a key plank of her own adminstration. This would be good for multiple UK stocks, including the US Solar Fund (LSE:USF).

This FTSE 250 business owns 41 solar farms spanning California, North Carolina, Oregon, and Utah, and sells the electricity its hardware creates onto energy suppliers via long-term contracts.

A Harris election victory could give the renewables sector a large boost. But I’d expect it to continue growing strongly even if Trump wins. The former President oversaw a huge boost to commissioned capacity between 2016 and 2020.

There are dangers to investing in renewable energy stocks like US Solar Fund. Power production is highly vulnerable to weather conditions. Keeping solar panels up and running is also hugely expensive business.

However, the sector still has significant investment potential in my opinion.

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Here are three companies I think offer the best of both worlds.

Anglo American

Mega miner Anglo American (LSE:AAL) produces copper, nickel, iron ore and other everyday essential commodities. I therefore expect its revenues to soar as the world embarks on a new commodities supercycle.

Take copper alone. Analysts at Fitch expect red metal demand for the green energy revolution to surge 13% each year over the next 10 years.

Anglo American’s profits could take a hit next year as the global economy cools. Commodities consumption could also suffer badly if the Covid-19 crisis in China worsens.

But, pleasingly, the FTSE 100 miner’s predicted dividend for 2023 is covered 2.4 times by anticipated earnings. This gives a wide margin of safety in case profits disappoint.

Anglo American’s dividend yield for next year sits at a mighty 6.1%.

Triple Point Social Housing REIT

Real estate investment trusts (REITs) can be great ways to generate passive income. This is because their classification under this banner obliges them to pay a minimum of 90% of annual profits in the form of dividends.

Triple Point Social Housing REIT (LSE:SOHO) is one of my favourite dividend stocks for next year. Its dividend yield for 2023 stands at 8.3%.

Property stocks have a great ability to raise rents to protect profits from increased costs. This is a huge advantage given that inflation is tipped to remain high in 2023.

I also like the fact that rental income from residential property is usually more predictable than that of other classes. So Triple Point could be well-placed to weather a prolonged downturn in the UK economy.

I’d buy the business even though a lack of attractive acquisitions could dent its growth plans. The supported social housing (SSH) segment in which it operates is tipped for rapid growth.

US Solar Fund

Renewable energy stocks offer terrific investment potential as the transition to green power sources accelerates. It’s why I invested in The Renewables Infrastructure Group earlier this year.

US Solar Fund (LSE:USF) is another attractive low-carbon share I’d buy today. The business owns more than 40 solar farms in North Carolina, Utah, California, and Oregon. Thanks to hefty tax credit awards in 2022, these territories have become even more profitable places for renewable energy stocks to do business.

Electricity use remains broadly constant at all points of the economic cycle. So profits at the fund might hold up better than those of other UK shares as conditions worsen. That’s assuming it doesn’t endure crippling costs to keep its panels in operation (solar power is notoriously expensive to produce for now).

For next year, US Solar Fund carries an enormous 6.7% dividend yield.  

The post 3 of my top dividend shares to buy in 2023! appeared first on The Twelfth Magpie.