The Headmars tracked universe currently spans 2,081 companies across eight sectors. Before drawing conclusions, it is worth separating two very different lenses: how many names sit in each sector, and how much aggregate market capitalisation each carries. In this snapshot, those two lenses disagree — and the disagreement is itself the most interesting finding.
Technology dominates by count
By number of constituents, Technology is the clear leader with 579 companies, roughly 28% of the universe. Its sample names read like a roll-call of the megacaps: Apple, Microsoft, NVIDIA, AMD, Salesforce and Intel. Industrials follows with 404 names and Healthcare with 346. Together these three sectors account for close to 64% of everything tracked. The remaining share thins out quickly: Basic Materials (275), Consumer Cyclical (150), Energy (123), Financials (122) and Communication Services (82).
That long tail matters. Communication Services holds only 82 names, yet those names include Alphabet, Meta, Netflix, Disney and Tencent — a small, concentrated cluster of very large businesses. Breadth and weight are not the same thing.
The market-cap figures need a health warning
Ranked by reported aggregate market cap, the order flips almost completely. Financials, Energy and Basic Materials post the largest totals, while Technology sits well below them despite having by far the most constituents. Taken at face value, that would imply the 122 financial names collectively outweigh the 579 technology names several times over — a result sharply at odds with the megacap composition above.
The likely culprit is visible directly in the sample data: cross-listed duplicates. Novo Resources appears as both NVO.TO and NVO.AX; Galantas Gold as GAL.V and GAL.L; Tesla as TL0.F and TL0.DE; Obsidian Energy as OBE and OBE.TO; Alphabet as both GOOG and GOOGL. When the same underlying company is counted under multiple tickers, aggregate caps inflate — and sectors heavy in resource and dual-listed names inflate most. I would treat the sector-level cap totals as provisional until de-duplication is applied.
What an investor might watch
Three things stand out. First, concentration risk in the top sectors: with Technology, Industrials and Healthcare comprising nearly two-thirds of the universe, broad exposure here is really exposure to a handful of dominant themes. Second, the geographic spread hiding inside the samples — Xiamen Solex, Reliance Industries, Alibaba, Tencent and various Shanghai- and Korea-listed names — signals a genuinely global tracked set, not a US-only one. Third, and most practically, data hygiene: the cross-listing artefacts suggest any screen or ranking built on raw aggregate caps should collapse duplicate listings first.
The headline is simple. Technology leads the universe by breadth, the megacaps cluster where you would expect, but the capitalisation table is not yet clean enough to trust for sizing decisions. That is a fixable problem — and worth fixing before it feeds anything downstream.