The tracked universe currently spans 2,124 companies across eight sectors. But rank them by number of names and rank them by aggregate market capitalisation, and you get two almost unrecognisable lists. That tension is the most interesting thing in today's snapshot.
By headcount: a technology-heavy tape
By company count, the list leans decisively toward Technology, Industrials and Healthcare:
- Technology — 586 companies (~28%)
- Industrials — 412 (~19%)
- Healthcare — 354 (~17%)
- Basic Materials — 285 (~13%)
Those four sectors account for roughly three-quarters of everything tracked. Technology alone contributes more than one name in four, anchored by the usual megacaps — Apple, Microsoft and NVIDIA — alongside AMD, Salesforce and Intel. Industrials is a genuinely global mix, from Honeywell and nVent to Archer Aviation, shipping via ZIM, and listings in Shanghai and Taipei. Healthcare pairs defensive giants like Johnson & Johnson, UnitedHealth and AbbVie with smaller, more speculative names. Consumer Cyclical (152), Energy (126), Financials (125) and Communication Services (84) fill out the long tail.
By market cap: Financials and Energy take over
Weight the same universe by aggregate market cap and the picture inverts. Financials leads at roughly $159T of the tracked total, followed by Energy near $106T and Basic Materials around $47T. Technology — despite having by far the most names and the largest individual companies — sits fourth by aggregate cap. Healthcare and Consumer Cyclical, well-populated by count, contribute almost nothing to the cap total.
That ordering should raise an eyebrow. It is hard to reconcile a world where 84 Communication Services names and 586 Technology names together carry less aggregate weight than a 126-name Energy bucket. The most likely culprit is not economics but bookkeeping.
What the sample names hint at
Look at the sample tickers and the double-counting jumps out. Novo Resources appears as both NVO.TO and NVO.AX; Galantas Gold as GAL.V and GAL.L; Obsidian Energy as OBE and OBE.TO; Tesla as TL0.F and TL0.DE; Alphabet as GOOG and GOOGL. Cross-listings inflate company counts and, where each line carries a full market cap, can badly distort sector aggregates. The Basic Materials, Energy and Financials cap figures in particular look more like artefacts of duplicated or mis-scaled listings than a real read on those sectors.
What an investor might watch
Two takeaways. First, breadth lives in Technology, Industrials and Healthcare — if you want a wide opportunity set, that is where the names are, and where the recognisable leaders cluster. Second, treat the aggregate market-cap column with scepticism until dual listings are de-duplicated and each cap is verified in a single reporting currency. Concentration risk is real, but the numbers here overstate where it sits.
The honest summary: the tracked universe is tech-and-industrials by population, and the cap-weighted view needs a cleaning pass before anyone leans on it.