The shape of the universe
Our tracked universe spans 1,904 companies across eight sectors, and the distribution is anything but even. Technology alone accounts for 549 names — about 29% of everything we follow — making it the single most-represented sector by a wide margin. Industrials (370) and Healthcare (316) round out the top three, and together those three sectors cover roughly two-thirds of the entire universe.
The long tail thins out quickly from there:
- Technology — 549 companies (~29%)
- Industrials — 370 (~19%)
- Healthcare — 316 (~17%)
- Basic Materials — 231 (~12%)
- Consumer Cyclical — 138 (~7%)
- Financials — 115 (~6%)
- Energy — 110 (~6%)
- Communication Services — 75 (~4%)
Familiar giants, global reach
The headline names are the ones you'd expect. Technology carries Apple, Microsoft, NVIDIA, AMD, Salesforce, and Intel. Communication Services — the smallest sector by count — is punchy for its size, holding Alphabet, Meta, Netflix, Disney, and Tencent. Consumer Cyclical leans on Amazon, Tesla, and Home Depot, while Financials is anchored by Berkshire Hathaway, JPMorgan, Visa, and Mastercard.
What stands out is how global the coverage is. Alongside the US mega-caps sit Shanghai-listed pharma and industrials (603992.SS, 603207.SS), Hong Kong names (Alibaba, Tencent, China XLX Fert), Indian energy (Reliance), Korean biotech, and Australian and Canadian miners. This isn't a domestic large-cap list — it's a worldwide cross-section that reaches deep into small and micro-cap territory, especially in Industrials and Basic Materials.
A word on the market-cap figures
Investors reading this should treat the aggregate market-cap column with caution. The numbers are internally inconsistent with the company counts — Basic Materials and Financials show far larger aggregate caps than Technology despite holding a fraction of the names and no comparable mega-caps. The likely culprits are visible right in the data: duplicate cross-listings such as NVO.TO / NVO.AX, TL0.F / TL0.DE, GAL.V / GAL.L, OBE / OBE.TO, and GOOGL / GOOG all appear as separate entries, and mixing local-currency caps without normalization inflates totals unpredictably. For now, company count is the more trustworthy measure of composition.
What to watch
Three things stand out for the weeks ahead. First, Technology concentration: with nearly a third of the universe here, sector-wide sentiment will disproportionately move the breadth of what we track. Second, the Industrials sprawl — a diverse mix from Honeywell to Archer Aviation to Chinese instrument makers means no single narrative captures it. Third, data hygiene: the cross-listing duplicates suggest de-duplication and FX normalization should precede any cap-weighted analysis. Until then, lean on counts and named leaders, not the aggregate totals.