The shape of the universe
As of 7 November 2026, the tracked universe spans 2,483 companies across eight sectors. By headcount, three sectors do most of the work:
- Technology — 657 companies (~26%)
- Industrials — 475 (~19%)
- Healthcare — 411 (~17%)
- Basic Materials — 359 (~14%)
The tail is thinner: Consumer Cyclical (187), Financials and Energy (149 each), and Communication Services (96). Together, Technology and Industrials alone account for roughly 45% of every name we follow.
Who's inside each bucket
Technology reads like the obvious roll call — Apple, Microsoft, NVIDIA, AMD, Salesforce, Intel — but the breadth matters more than the megacaps. With 657 constituents, this is where single-name noise averages out and genuine sector trends emerge.
Industrials is the quiet surprise. Alongside Honeywell and nVent sit Archer Aviation (eVTOL), ZIM (container shipping), and listings from Xiamen and Taiwan. It's the most globally distributed sector in the set, which makes it a useful read on cross-border industrial demand rather than a US-only story.
Healthcare leans defensive at the top — Johnson & Johnson, UnitedHealth, AbbVie — but trails off into small-cap and international biotech (GoodRx, Shanghai and Korean pharma names). Basic Materials is almost entirely a resources play: fertiliser, gold, and lithium names from Hong Kong, Toronto, Australia, and London, many dual-listed.
The heavyweight brands cluster in the smaller buckets. Communication Services (just 96 names) holds Alphabet, Meta, Netflix, Disney, and Tencent. Consumer Cyclical (187) carries Amazon, Tesla, Home Depot, and Alibaba. Financials is anchored by Berkshire, JPMorgan, Visa, and Mastercard.
A note on the market-cap column
Here's where I'll be blunt: the aggregate market-cap figures in this dataset don't hold up, and I'd rather flag that than build a narrative on them. Financials is reported at ~$159T and Energy at ~$107T — numbers that exceed any plausible value for those sectors — while Consumer Cyclical, home to Amazon, Tesla, and Alibaba, shows just ~$584B. That ordering is backwards from reality.
The likely culprits are dual-listed tickers double-counting (note NVO.TO / NVO.AX, GAL.V / GAL.L, TL0.F / TL0.DE) and mixed or unconverted currency units. Until that's reconciled, treat the cap totals as unreliable and lean on company counts as the composition signal.
What an investor might watch
- Technology's weight means the universe's overall tone will track semis and software first. Breadth here is a feature: watch whether gains are broad or concentrated in a handful of megacaps.
- Industrials and Basic Materials are the cyclical pulse — aviation, shipping, fertiliser, and metals. Rising breadth in these two often precedes a risk-on rotation.
- Healthcare is the ballast; its large, defensive top end tends to hold up when the cyclicals wobble.
- Data hygiene first. The duplicate-listing and currency issues above should be cleaned before any cap-weighted analysis — otherwise every weighting is wrong at the root.