A tech-heavy map
The tracked universe spans 2,331 companies across eight sectors, and it leans unmistakably toward Technology. With 632 names, Technology alone accounts for roughly 27% of everything we follow — more than Energy, Financials, and Communication Services combined. Industrials (446) and Healthcare (383) fill out a crowded second tier, and Basic Materials (332) rounds out a top four that together make up nearly 77% of the universe by company count.
The thinner end is just as telling. Communication Services carries only 90 names, Financials 139, and Energy 141 — concentrated corners where a handful of mega-caps do most of the work.
Count versus capitalisation
Ranking by reported market cap tells a very different — and frankly suspect — story. The aggregates put Financials first at about $159T, Energy at roughly $106T, and Basic Materials near $47T, pushing Technology down to about $23T despite its far larger company count. Those totals do not pass a smell test: no single sector's capitalisation is plausibly in the hundreds of trillions.
The sample names explain why. The universe is riddled with cross-listings — NVO.TO and NVO.AX, GAL.V and GAL.L, TL0.F and TL0.DE, GOOG and GOOGL — the same issuer counted on multiple exchanges, likely in mixed currencies. That double-counting inflates company tallies and, more severely, market-cap sums. Treat the capitalisation ranking as noise until the feed is de-duplicated; the count-based picture is the more trustworthy signal today.
Names worth watching
Despite the noise, the anchors are recognisable. Technology leans on Apple, Microsoft, and NVIDIA, with AMD and Intel adding a semiconductor-cyclical angle and Salesforce the enterprise-software one. Healthcare is defensive and familiar — Johnson & Johnson, UnitedHealth, AbbVie. Financials concentrate in Berkshire Hathaway, JPMorgan, Visa, and Mastercard, while Communication Services is essentially Alphabet, Meta, Netflix, Disney, and Tencent. Industrials is the most eclectic bucket, mixing Honeywell with Archer Aviation and a long tail of Asian listings.
What to watch
Three things. First, concentration risk: a portfolio mirroring this universe is a tech-and-semis bet first and everything else second. Second, the cross-listing clutter is a data-hygiene problem, not a market signal — it distorts any cap-weighted view and should be cleaned before allocation decisions rely on it. Third, the long tail of smaller international names in Industrials, Basic Materials, and Healthcare offers genuine breadth, but coverage and liquidity there will be uneven. For now, follow the count-weighted leaders and discount the headline capitalisation figures.