The shape of the universe
As of 24 August 2026, the tracked universe spans 2,105 companies across eight GICS-style sectors. By raw headcount, the ranking is unambiguous:
| Sector | Companies |
|---|---|
| Technology | 584 |
| Industrials | 407 |
| Healthcare | 350 |
| Basic Materials | 280 |
| Consumer Cyclical | 152 |
| Energy | 125 |
| Financials | 124 |
| Communication Services | 83 |
Technology alone accounts for roughly 28% of every name we follow. Its sample reads like the modern index core — Apple, Microsoft, NVIDIA, AMD, Salesforce, Intel — a concentration of compute, silicon, and software that mirrors where the last decade of investor attention has pooled. Industrials and Healthcare fill out the broad middle, with names ranging from Honeywell and Johnson & Johnson to smaller cross-border listings.
When cap weight disagrees with count
Here is where it gets interesting. Rank the same sectors by aggregate market capitalisation and the order inverts almost completely:
- Financials — ~$159T
- Energy — ~$107T
- Basic Materials — ~$47T
- Technology — ~$23T
- Industrials — ~$12T
Financials and Energy carry only 124 and 125 names respectively — among the smallest cohorts by count — yet dominate the cap-weighted view. Consumer Cyclical, despite housing Amazon and Tesla, posts the smallest aggregate at under $1T. That is a large gap to explain from headcount alone, and it is the single most important thing an investor should interrogate before trusting these totals.
Read the tickers, not just the totals
The sample names hint at the mechanism. Look closely and duplicates appear everywhere: NVO.TO and NVO.AX, GAL.V and GAL.L, OBE and OBE.TO, TL0.F and TL0.DE, GOOG and GOOGL. These are the same underlying companies listed across multiple exchanges. Cross-listings can inflate a sector's aggregate cap when each line is summed independently, which plausibly explains why resource-heavy and financial sectors — dense with international dual listings — show totals that outrun their company counts.
What to watch
Three takeaways for anyone building on this universe:
- Breadth vs. weight are different questions. Technology gives you the widest opportunity set; Financials and Energy dominate any cap-weighted exposure. A strategy screening one metric inherits a very different portfolio than one screening the other.
- Treat the cap aggregates as directional, not precise. Duplicate listings mean sector totals should be de-duplicated before they drive allocation.
- Concentration lives at the top. A handful of mega-caps in Tech and Communication Services (Alphabet, Meta) anchor those sectors regardless of tail breadth.
The universe is wide. Just make sure you know whether you are counting companies or counting dollars — the two point in different directions here.