The shape of the universe
As of 21 September 2026, our tracked universe spans 2,297 companies across eight sectors. By headcount, the concentration is unmistakable: Technology alone accounts for 620 names — roughly 27% of everything we follow. Industrials (440) and Healthcare (380) round out the top three, and together these three sectors make up nearly two-thirds of the list. Basic Materials (324) is a surprisingly deep fourth.
The tail is thinner but heavier in brand recognition. Consumer Cyclical (166), Financials (139), Energy (139) and Communication Services (89) carry fewer tickers, but they hold some of the most-watched megacaps on the planet.
Who's actually in here
Technology reads like the usual suspects — Apple, Microsoft, NVIDIA, AMD, Salesforce and Intel. Communication Services is small in count but front-loaded with Alphabet, Meta, Netflix, Disney and Tencent. Financials leans on Berkshire Hathaway, JPMorgan, Visa, Mastercard and Bank of America; Consumer Cyclical on Amazon, Tesla and Home Depot.
What's more interesting is the breadth further down the list. Industrials mixes Honeywell and nVent with Archer Aviation and Chinese and Taiwanese small-caps like Xiamen Solex and Arch Meter. Basic Materials is dominated by miners and fertilizer names — China XLX, Novo Resources, Galantas Gold, Argentina Lithium. This is a genuinely global, small-cap-inclusive universe, not just an S&P 500 mirror.
The market-cap paradox
Here's where an analyst has to be careful. If you rank by aggregate market cap rather than count, the ordering inverts in ways that don't survive scrutiny. Financials reports the largest total, followed by Energy and Basic Materials — while Technology, despite holding the most and largest companies, sits mid-pack. That is not plausible on its face.
The likely culprit is visible right in the sample names: the same underlying company appears under multiple tickers. Novo Resources shows up 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. Cross-listings and dual-venue quotes inflate sector aggregates when their caps are summed naively. The count-heavy, small-cap sectors (Materials, Energy) are exactly where duplicate international listings cluster.
What to watch
Two things. First, treat the sector market-cap totals as directional, not precise — they need de-duplication by underlying issuer before anyone builds an allocation view on them. Second, watch the concentration risk hiding in plain sight: a universe this Technology-weighted will move with a handful of megacaps regardless of how many mining tickers pad the tail. Breadth in the list is not the same as breadth in the exposure.