The Universe at a Glance
As of 24 June 2026, the Headmars tracked universe spans 1,214 companies across eight sectors, carrying a combined market capitalisation of approximately $49.4 trillion. The coverage is intentionally broad — listings from the NYSE, NASDAQ, Hong Kong, Shanghai, Tokyo, Frankfurt, and Toronto all appear — making it a reasonable cross-section of globally accessible equities rather than a US-only snapshot.
Technology: The Dominant Gravitational Pull
With 381 companies and roughly $18.9 trillion in aggregate market cap, Technology is the single largest sector by both measures — representing about 38% of total tracked value. The sample names tell the familiar story: Apple, Microsoft, NVIDIA, AMD, Salesforce, and Intel sit at the top. What is striking is the depth of the tail: 381 names means the sector extends well beyond the megacaps into mid- and small-cap software, semiconductors, and hardware. For passive-leaning investors, this sector alone can dominate a portfolio's risk profile without any deliberate concentration.
Financials: Fewer Names, Enormous Weight
Financials is the sharpest illustration of per-company concentration in the universe. Just 69 companies carry roughly $16.1 trillion — a per-name average approaching $234 billion. Berkshire Hathaway, JPMorgan, Visa, Mastercard, and Bank of America drive most of that figure. The sector ranks second overall in market cap yet represents only 5.7% of total company count. An investor screening by company count would dramatically underestimate the sector's weight in value-weighted indices.
Communication Services: High Impact, Low Count
Fifty-one fewer companies than Energy, yet nearly three times the market cap: Communication Services (47 names, $5.25 trillion) is the universe's most cap-concentrated sector on a per-name basis after Financials. Alphabet (listed as both GOOGL and GOOG), Meta, Tencent, Netflix, and Disney make this a sector where a handful of platform businesses distort averages significantly. Watch for regulatory developments across the US, EU, and China simultaneously — the sector spans all three jurisdictions.
The Middle Tier: Healthcare and Industrials
Healthcare (216 companies, $3.29 trillion) and Industrials (254 companies, $3.32 trillion) are nearly identical in aggregate value despite the latter having 38 more names. Healthcare skews toward large-cap anchors — JNJ, UnitedHealth, AbbVie — with a long tail of small biotech and pharma across Korean, Chinese, and US exchanges. Industrials is genuinely diverse: ZIM's shipping exposure, Honeywell's conglomerate profile, and Archer Aviation's pre-revenue eVTOL bet sit side by side.
Peripheral Sectors to Watch
- Energy (67 companies, $1.80T): Global in scope — Exxon, Shell, Reliance Industries, and Canadian junior Obsidian Energy all coexist. Oil price sensitivity remains the dominant macro lever.
- Consumer Cyclical (100 companies, $534B): Amazon and Tesla alone account for the bulk of this sector's cap; the remaining 98 names carry a surprisingly modest aggregate, worth watching for mean-reversion signals.
- Basic Materials (80 companies, $158B): The smallest sector by market cap and the most speculative in composition — junior miners, lithium explorers, and fertiliser producers. High volatility, low liquidity, and commodity-cycle dependence make this a sector for active rather than passive positioning.
Key Takeaways for Portfolio Construction
Three patterns emerge from the data. First, cap-weighting magnifies Technology and Financials to a degree that equal-weight allocation would substantially dilute. Second, global cross-listings (dual-listed Tesla, Obsidian Energy on both US and Canadian exchanges) create apparent diversification that may not translate to genuine risk separation. Third, the long tails in Technology, Industrials, and Healthcare offer the hunting ground for higher-conviction individual bets — the sector-level figures are dominated by megacaps, but the breadth beneath them is real.