Sector Ticker Audit — June 2026
Monthly review of 24 sectors and 68 tickers against the S&P 500 constituent list.
Generated on: 2026-06-01
← May 2026
June 2026
Executive Summary
This month's audit recommends targeted additions to fill obvious capability gaps in AI/data-center infrastructure, enterprise software, and core financial & health coverage, and one removal where a holding no longer matches the sector's focus. Most sectors are sized appropriately (2–5 names) and overlap reasonably with the S&P 500; only a few non‑S&P or licensing/IP businesses warrant adjustment.
Proposals to Add
ADI
Analog Devices
Chip Supply Chain
Medium
Analog Devices is a leading mixed-signal/precision analog and data-conversion chip designer used across data center, communications and AI edge applications. The Chip Supply Chain sector targets fabless/semiconductor designers with meaningful AI/data-center exposure; ADI expands coverage of analog/data-conversion components that feed AI inference and networking workloads.
ANET
Arista Networks
Infrastructure
High
Arista is a data-center networking hardware leader with products explicitly sold into hyperscale cloud and AI-driven data centers. Infrastructure's thesis is hardware and systems tied to data-center build-outs — Arista fills a clear networking gap in the current group.
ORCL
Oracle
Enterprise Software
Medium
Oracle is a large enterprise software and cloud platform provider (SaaS/PaaS/DB) with recurring enterprise revenue and growing cloud/AI platform offerings. The Enterprise Software sector targets recurring-revenue, enterprise-focused SaaS/PaaS leaders; Oracle strengthens platform-level exposure and complements CRM/ServiceNow/Adobe.
BAC
Bank of America
Finance
High
Bank of America is a systemically important US universal bank that fits the Finance thesis of large, systemically important financial institutions. Adding BAC increases coverage of the US banking complex beyond JPMorgan and Goldman Sachs.
JNJ
Johnson & Johnson
Healthcare
Medium
Johnson & Johnson is a diversified healthcare leader spanning pharmaceuticals, medical devices, and consumer health. Healthcare seeks large-cap, diversified healthcare companies; JNJ improves representation across device and pharma segments alongside UnitedHealth and Eli Lilly.
CTSH
Cognizant Technology Solutions
IT Services
Low
Cognizant is a major IT consulting and managed services provider focused on enterprise digital transformation and managed cloud services. IT Services targets firms whose primary revenue is consulting/outsourcing; CTSH broadens exposure beyond Accenture and IBM to include an additional large integrator.
LUV
Southwest Airlines
Airlines
Medium
Southwest is a major US passenger carrier with nationwide route network and scale. The Airlines sector requires large US carriers; LUV closes coverage to three carriers, improving representativeness of US airline industry dynamics.
YUM
Yum! Brands
Food & Restaurant
Low
Yum! Brands operates scalable, franchise-heavy global restaurant chains (KFC/Taco Bell/Pizza Hut). The Food & Restaurant thesis focuses on global, franchise-driven quick-service leaders; YUM complements McDonald's and Starbucks with additional franchise-oriented exposure.
FTNT
Fortinet
Cybersecurity
Medium
Fortinet is a pure-play cybersecurity vendor whose primary business is network and cloud security appliances and services. Cybersecurity requires companies where >70% of revenue is security-related; FTNT fits that criterion and strengthens vendor diversity beyond CrowdStrike, Palo Alto, and Zscaler.
VRTX
Vertex Pharmaceuticals
Biotech
Medium
Vertex is a pipeline- and product-driven biotech leader (not a big diversified pharma conglomerate) with science-driven valuation characteristics. The Biotech sector targets pure biotech companies focused on drug discovery/biologics; VRTX adds high-quality biotech exposure alongside Amgen and Gilead.
ON
ON Semiconductor
Analog & Embedded Chips
Medium
ON Semiconductor designs power management, sensor, and mixed-signal devices widely used in automotive, industrial and IoT applications. The Analog & Embedded Chips sector targets firms with majority revenue from embedded/automotive/industrial markets; ON fits cleanly and broadens coverage of automotive-grade analog and power solutions.
Proposals to Remove
ARM
Chip Supply Chain
Medium
ARM is primarily an IP/licensing architecture company rather than a fabless semiconductor designer whose revenue is directly tied to AI/data-center silicon. The Chip Supply Chain sector targets pure-play chip designers and foundries with significant AI/data-center revenue; ARM's licensing/IP model and product mix mean it does not cleanly match the sector's operational/revenue-focused criteria.
Sector Health Assessment
Mag 7 (AI Spenders)
7 tickers
S&P 500 Overlap: 7
Fixed sector — canonical Magnificent Seven present; no action.
Chip Supply Chain
7 tickers
S&P 500 Overlap: 4
Good core coverage of CPU/GPU/foundry players but lacks more analog/data-conversion designers and one IP/licensing name (ARM) misaligned with the sector thesis.
Infrastructure
5 tickers
S&P 500 Overlap: 5
Strong coverage of data-center hardware and power systems; adding a pure networking OEM (Arista) would round out exposure.
Enterprise Software
4 tickers
S&P 500 Overlap: 4
Well populated with SaaS/platform leaders; adding an enterprise cloud/platform vendor (Oracle) improves depth in database/PaaS.
Finance
2 tickers
S&P 500 Overlap: 2
Underweight for a systemically important-bank thesis — adding another large universal bank (Bank of America) is recommended.
Healthcare
2 tickers
S&P 500 Overlap: 2
Solid start but would benefit from an additional diversified healthcare conglomerate (e.g., J&J) to cover devices and consumer health.
Retail
2 tickers
S&P 500 Overlap: 2
Appropriate focused coverage of dominant omnichannel retailers.
IT Services
2 tickers
S&P 500 Overlap: 2
Core leaders present; consider expanding to a third major integrator for coverage of managed services and outsourcing dynamics.
Airlines
2 tickers
S&P 500 Overlap: 2
Two of the largest carriers covered; adding Southwest would improve representation of legacy vs low-cost network strategies.
Hospitality & Travel
2 tickers
S&P 500 Overlap: 2
Good coverage of hotel and OTA exposure; no change necessary.
Food & Restaurant
2 tickers
S&P 500 Overlap: 2
Strong global restaurant brands included; adding a third franchise-heavy name would broaden coverage across different formats.
Logistics
2 tickers
S&P 500 Overlap: 2
Major parcel carriers covered; sizing is appropriate.
Industrial
2 tickers
S&P 500 Overlap: 2
Two diversified industrials provide exposure to heavy equipment and automation; keep focused.
Cybersecurity
3 tickers
S&P 500 Overlap: 3
Healthy set of pure-play security vendors; adding an edge-network security vendor (Fortinet) increases product-stack coverage.
Chip Equipment
3 tickers
S&P 500 Overlap: 2
Contains major wafer fab equipment vendors but currently missing one non-US name overlap (ASML) in S&P — overall coverage is appropriate.
Data Center REITs
2 tickers
S&P 500 Overlap: 2
Core data-center REIT coverage (Equinix, Digital Realty) — sector is appropriately concentrated.
Utilities
3 tickers
S&P 500 Overlap: 3
Regulated electric utility exposure with renewable leader included; sizing is appropriate.
Energy
2 tickers
S&P 500 Overlap: 2
Two integrated supermajors present; this meets the supermajor-focused thesis.
Defense & Aerospace
3 tickers
S&P 500 Overlap: 3
Defence prime contractors covered; sector fits thesis.
Telecom
3 tickers
S&P 500 Overlap: 3
Major national carriers covered; sector health is good.
Media & Entertainment
2 tickers
S&P 500 Overlap: 2
Content creators/distributors represented; no immediate changes needed.
Biotech
2 tickers
S&P 500 Overlap: 2
Current holdings are large-cap biotech/biopharma; adding a pure pipeline-driven biotech (Vertex) would increase representation of R&D-driven valuation profiles.
Materials
2 tickers
S&P 500 Overlap: 2
Industrial gas/specialty chemical leaders in place; sector is appropriately concentrated.
Analog & Embedded Chips
2 tickers
S&P 500 Overlap: 2
Good base with Microchip and Texas Instruments; adding another automotive/industrial-focused semiconductor (ON Semiconductor) improves coverage of power and sensor components.
Stale Ticker Warnings
All tickers have recent price data.
Current Coverage
| Sector | Tickers | Symbols |
|---|---|---|
| Mag 7 (AI Spenders) Fixed | 7 | AAPL, MSFT, GOOG, AMZN, NVDA, META, TSLA |
| Chip Supply Chain | 7 | AMD, AVGO, TSM, MRVL, ARM, QCOM, INTC |
| Infrastructure | 5 | DELL, SMCI, VRT, HPE, CSCO |
| Enterprise Software | 4 | CRM, NOW, ADBE, PLTR |
| Finance | 2 | JPM, GS |
| Healthcare | 2 | UNH, LLY |
| Retail | 2 | WMT, COST |
| IT Services | 2 | ACN, IBM |
| Airlines | 2 | DAL, UAL |
| Hospitality & Travel | 2 | MAR, BKNG |
| Food & Restaurant | 2 | MCD, SBUX |
| Logistics | 2 | UPS, FDX |
| Industrial | 2 | CAT, HON |
| Cybersecurity | 3 | CRWD, PANW, ZS |
| Chip Equipment | 3 | ASML, LRCX, AMAT |
| Data Center REITs | 2 | EQIX, DLR |
| Utilities | 3 | NEE, SO, DUK |
| Energy | 2 | XOM, CVX |
| Defense & Aerospace | 3 | LMT, RTX, GD |
| Telecom | 3 | VZ, T, TMUS |
| Media & Entertainment | 2 | NFLX, DIS |
| Biotech | 2 | AMGN, GILD |
| Materials | 2 | LIN, APD |
| Analog & Embedded Chips | 2 | MCHP, TXN |
S&P 500 Reference Table
Show full S&P 500 list (503)
| Ticker | Company | GICS Sector | Sub-Industry | Tracked |
|---|---|---|---|---|
| A | Agilent Technologies | Health Care | Life Sciences Tools & Services | No |
| AAPL | Apple Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Yes |
| ABBV | AbbVie | Health Care | Biotechnology | No |
| ABNB | Airbnb | Consumer Discretionary | Hotels, Resorts & Cruise Lines | No |
| ABT | Abbott Laboratories | Health Care | Health Care Equipment | No |
| ACGL | Arch Capital Group | Financials | Property & Casualty Insurance | No |
| ACN | Accenture | Information Technology | IT Consulting & Other Services | Yes |
| ADBE | Adobe Inc. | Information Technology | Application Software | Yes |
| ADI | Analog Devices | Information Technology | Semiconductors | No |
| ADM | Archer Daniels Midland | Consumer Staples | Agricultural Products & Services | No |
| ADP | Automatic Data Processing | Industrials | Human Resource & Employment Services | No |
| ADSK | Autodesk | Information Technology | Application Software | No |
| AEE | Ameren | Utilities | Multi-Utilities | No |
| AEP | American Electric Power | Utilities | Electric Utilities | No |
| AES | AES Corporation | Utilities | Independent Power Producers & Energy Traders | No |
| AFL | Aflac | Financials | Life & Health Insurance | No |
| AIG | American International Group | Financials | Multi-line Insurance | No |
| AIZ | Assurant | Financials | Multi-line Insurance | No |
| AJG | Arthur J. Gallagher & Co. | Financials | Insurance Brokers | No |
| AKAM | Akamai Technologies | Information Technology | Internet Services & Infrastructure | No |
| ALB | Albemarle Corporation | Materials | Specialty Chemicals | No |
| ALGN | Align Technology | Health Care | Health Care Supplies | No |
| ALL | Allstate | Financials | Property & Casualty Insurance | No |
| ALLE | Allegion | Industrials | Building Products | No |
| AMAT | Applied Materials | Information Technology | Semiconductor Materials & Equipment | Yes |
| AMCR | Amcor | Materials | Paper & Plastic Packaging Products & Materials | No |
| AMD | Advanced Micro Devices | Information Technology | Semiconductors | Yes |
| AME | Ametek | Industrials | Electrical Components & Equipment | No |
| AMGN | Amgen | Health Care | Biotechnology | Yes |
| AMP | Ameriprise Financial | Financials | Asset Management & Custody Banks | No |
| AMT | American Tower | Real Estate | Telecom Tower REITs | No |
| AMZN | Amazon | Consumer Discretionary | Broadline Retail | Yes |
| ANET | Arista Networks | Information Technology | Communications Equipment | No |
| AON | Aon plc | Financials | Insurance Brokers | No |
| AOS | A. O. Smith | Industrials | Building Products | No |
| APA | APA Corporation | Energy | Oil & Gas Exploration & Production | No |
| APD | Air Products | Materials | Industrial Gases | Yes |
| APH | Amphenol | Information Technology | Electronic Components | No |
| APO | Apollo Global Management | Financials | Asset Management & Custody Banks | No |
| APP | AppLovin | Information Technology | Application Software | No |
| APTV | Aptiv | Consumer Discretionary | Automotive Parts & Equipment | No |
| ARE | Alexandria Real Estate Equities | Real Estate | Office REITs | No |
| ARES | Ares Management | Financials | Asset Management & Custody Banks | No |
| ATO | Atmos Energy | Utilities | Gas Utilities | No |
| AVB | AvalonBay Communities | Real Estate | Multi-Family Residential REITs | No |
| AVGO | Broadcom | Information Technology | Semiconductors | Yes |
| AVY | Avery Dennison | Materials | Paper & Plastic Packaging Products & Materials | No |
| AWK | American Water Works | Utilities | Water Utilities | No |
| AXON | Axon Enterprise | Industrials | Aerospace & Defense | No |
| AXP | American Express | Financials | Consumer Finance | No |
| AZO | AutoZone | Consumer Discretionary | Automotive Retail | No |
| BA | Boeing | Industrials | Aerospace & Defense | No |
| BAC | Bank of America | Financials | Diversified Banks | No |
| BALL | Ball Corporation | Materials | Metal, Glass & Plastic Containers | No |
| BAX | Baxter International | Health Care | Health Care Equipment | No |
| BBY | Best Buy | Consumer Discretionary | Computer & Electronics Retail | No |
| BDX | Becton Dickinson | Health Care | Health Care Equipment | No |
| BEN | Franklin Resources | Financials | Asset Management & Custody Banks | No |
| BF-B | Brown–Forman | Consumer Staples | Distillers & Vintners | No |
| BG | Bunge Global | Consumer Staples | Agricultural Products & Services | No |
| BIIB | Biogen | Health Care | Biotechnology | No |
| BKNG | Booking Holdings | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Yes |
| BKR | Baker Hughes | Energy | Oil & Gas Equipment & Services | No |
| BLDR | Builders FirstSource | Industrials | Building Products | No |
| BLK | BlackRock | Financials | Asset Management & Custody Banks | No |
| BMY | Bristol Myers Squibb | Health Care | Pharmaceuticals | No |
| BNY | BNY Mellon | Financials | Asset Management & Custody Banks | No |
| BR | Broadridge Financial Solutions | Industrials | Data Processing & Outsourced Services | No |
| BRK-B | Berkshire Hathaway | Financials | Multi-Sector Holdings | No |
| BRO | Brown & Brown | Financials | Insurance Brokers | No |
| BSX | Boston Scientific | Health Care | Health Care Equipment | No |
| BX | Blackstone Inc. | Financials | Asset Management & Custody Banks | No |
| BXP | BXP, Inc. | Real Estate | Office REITs | No |
| C | Citigroup | Financials | Diversified Banks | No |
| CAG | Conagra Brands | Consumer Staples | Packaged Foods & Meats | No |
| CAH | Cardinal Health | Health Care | Health Care Distributors | No |
| CARR | Carrier Global | Industrials | Building Products | No |
| CASY | Casey's | Consumer Staples | Food Retail | No |
| CAT | Caterpillar Inc. | Industrials | Construction Machinery & Heavy Transportation Equipment | Yes |
| CB | Chubb Limited | Financials | Property & Casualty Insurance | No |
| CBOE | Cboe Global Markets | Financials | Financial Exchanges & Data | No |
| CBRE | CBRE Group | Real Estate | Real Estate Services | No |
| CCI | Crown Castle | Real Estate | Telecom Tower REITs | No |
| CCL | Carnival Corporation | Consumer Discretionary | Hotels, Resorts & Cruise Lines | No |
| CDNS | Cadence Design Systems | Information Technology | Application Software | No |
| CDW | CDW Corporation | Information Technology | Technology Distributors | No |
| CEG | Constellation Energy | Utilities | Electric Utilities | No |
| CF | CF Industries | Materials | Fertilizers & Agricultural Chemicals | No |
| CFG | Citizens Financial Group | Financials | Regional Banks | No |
| CHD | Church & Dwight | Consumer Staples | Household Products | No |
| CHRW | C.H. Robinson | Industrials | Air Freight & Logistics | No |
| CHTR | Charter Communications | Communication Services | Cable & Satellite | No |
| CI | Cigna | Health Care | Health Care Services | No |
| CIEN | Ciena | Information Technology | Communications Equipment | No |
| CINF | Cincinnati Financial | Financials | Property & Casualty Insurance | No |
| CL | Colgate-Palmolive | Consumer Staples | Household Products | No |
| CLX | Clorox | Consumer Staples | Household Products | No |
| CMCSA | Comcast | Communication Services | Cable & Satellite | No |
| CME | CME Group | Financials | Financial Exchanges & Data | No |
| CMG | Chipotle Mexican Grill | Consumer Discretionary | Restaurants | No |
| CMI | Cummins | Industrials | Construction Machinery & Heavy Transportation Equipment | No |
| CMS | CMS Energy | Utilities | Multi-Utilities | No |
| CNC | Centene Corporation | Health Care | Managed Health Care | No |
| CNP | CenterPoint Energy | Utilities | Multi-Utilities | No |
| COF | Capital One | Financials | Consumer Finance | No |
| COHR | Coherent Corp. | Information Technology | Electronic Components | No |
| COIN | Coinbase | Financials | Financial Exchanges & Data | No |
| COO | Cooper Companies (The) | Health Care | Health Care Supplies | No |
| COP | ConocoPhillips | Energy | Oil & Gas Exploration & Production | No |
| COR | Cencora | Health Care | Health Care Distributors | No |
| COST | Costco | Consumer Staples | Consumer Staples Merchandise Retail | Yes |
| CPAY | Corpay | Financials | Transaction & Payment Processing Services | No |
| CPB | Campbell's Company (The) | Consumer Staples | Packaged Foods & Meats | No |
| CPRT | Copart | Industrials | Diversified Support Services | No |
| CPT | Camden Property Trust | Real Estate | Multi-Family Residential REITs | No |
| CRH | CRH plc | Materials | Construction Materials | No |
| CRL | Charles River Laboratories | Health Care | Life Sciences Tools & Services | No |
| CRM | Salesforce | Information Technology | Application Software | Yes |
| CRWD | CrowdStrike | Information Technology | Systems Software | Yes |
| CSCO | Cisco | Information Technology | Communications Equipment | Yes |
| CSGP | CoStar Group | Real Estate | Real Estate Services | No |
| CSX | CSX Corporation | Industrials | Rail Transportation | No |
| CTAS | Cintas | Industrials | Diversified Support Services | No |
| CTSH | Cognizant | Information Technology | IT Consulting & Other Services | No |
| CTVA | Corteva | Materials | Fertilizers & Agricultural Chemicals | No |
| CVNA | Carvana | Consumer Discretionary | Automotive Retail | No |
| CVS | CVS Health | Health Care | Health Care Services | No |
| CVX | Chevron Corporation | Energy | Integrated Oil & Gas | Yes |
| D | Dominion Energy | Utilities | Multi-Utilities | No |
| DAL | Delta Air Lines | Industrials | Passenger Airlines | Yes |
| DASH | DoorDash | Consumer Discretionary | Specialized Consumer Services | No |
| DD | DuPont | Materials | Specialty Chemicals | No |
| DDOG | Datadog | Information Technology | Application Software | No |
| DE | Deere & Company | Industrials | Agricultural & Farm Machinery | No |
| DECK | Deckers Brands | Consumer Discretionary | Footwear | No |
| DELL | Dell Technologies | Information Technology | Technology Hardware, Storage & Peripherals | Yes |
| DG | Dollar General | Consumer Staples | Consumer Staples Merchandise Retail | No |
| DGX | Quest Diagnostics | Health Care | Health Care Services | No |
| DHI | D. R. Horton | Consumer Discretionary | Homebuilding | No |
| DHR | Danaher Corporation | Health Care | Life Sciences Tools & Services | No |
| DIS | Walt Disney Company (The) | Communication Services | Movies & Entertainment | Yes |
| DLR | Digital Realty | Real Estate | Data Center REITs | Yes |
| DLTR | Dollar Tree | Consumer Staples | Consumer Staples Merchandise Retail | No |
| DOC | Healthpeak Properties | Real Estate | Health Care REITs | No |
| DOV | Dover Corporation | Industrials | Industrial Machinery & Supplies & Components | No |
| DOW | Dow Inc. | Materials | Commodity Chemicals | No |
| DPZ | Domino's | Consumer Discretionary | Restaurants | No |
| DRI | Darden Restaurants | Consumer Discretionary | Restaurants | No |
| DTE | DTE Energy | Utilities | Multi-Utilities | No |
| DUK | Duke Energy | Utilities | Electric Utilities | Yes |
| DVA | DaVita | Health Care | Health Care Services | No |
| DVN | Devon Energy | Energy | Oil & Gas Exploration & Production | No |
| DXCM | Dexcom | Health Care | Health Care Equipment | No |
| EA | Electronic Arts | Communication Services | Interactive Home Entertainment | No |
| EBAY | eBay Inc. | Consumer Discretionary | Broadline Retail | No |
| ECL | Ecolab | Materials | Specialty Chemicals | No |
| ED | Consolidated Edison | Utilities | Multi-Utilities | No |
| EFX | Equifax | Industrials | Research & Consulting Services | No |
| EG | Everest Group | Financials | Reinsurance | No |
| EIX | Edison International | Utilities | Electric Utilities | No |
| EL | Estée Lauder Companies (The) | Consumer Staples | Personal Care Products | No |
| ELV | Elevance Health | Health Care | Managed Health Care | No |
| EME | Emcor | Industrials | Construction & Engineering | No |
| EMR | Emerson Electric | Industrials | Electrical Components & Equipment | No |
| EOG | EOG Resources | Energy | Oil & Gas Exploration & Production | No |
| EPAM | EPAM Systems | Information Technology | IT Consulting & Other Services | No |
| EQIX | Equinix | Real Estate | Data Center REITs | Yes |
| EQR | Equity Residential | Real Estate | Multi-Family Residential REITs | No |
| EQT | EQT Corporation | Energy | Oil & Gas Exploration & Production | No |
| ERIE | Erie Indemnity | Financials | Insurance Brokers | No |
| ES | Eversource Energy | Utilities | Electric Utilities | No |
| ESS | Essex Property Trust | Real Estate | Multi-Family Residential REITs | No |
| ETN | Eaton Corporation | Industrials | Electrical Components & Equipment | No |
| ETR | Entergy | Utilities | Electric Utilities | No |
| EVRG | Evergy | Utilities | Electric Utilities | No |
| EW | Edwards Lifesciences | Health Care | Health Care Equipment | No |
| EXC | Exelon | Utilities | Electric Utilities | No |
| EXE | Expand Energy | Energy | Oil & Gas Exploration & Production | No |
| EXPD | Expeditors International | Industrials | Air Freight & Logistics | No |
| EXPE | Expedia Group | Consumer Discretionary | Hotels, Resorts & Cruise Lines | No |
| EXR | Extra Space Storage | Real Estate | Self-Storage REITs | No |
| F | Ford Motor Company | Consumer Discretionary | Automobile Manufacturers | No |
| FANG | Diamondback Energy | Energy | Oil & Gas Exploration & Production | No |
| FAST | Fastenal | Industrials | Trading Companies & Distributors | No |
| FCX | Freeport-McMoRan | Materials | Copper | No |
| FDS | FactSet | Financials | Financial Exchanges & Data | No |
| FDX | FedEx | Industrials | Air Freight & Logistics | Yes |
| FE | FirstEnergy | Utilities | Electric Utilities | No |
| FFIV | F5, Inc. | Information Technology | Communications Equipment | No |
| FICO | Fair Isaac | Information Technology | Application Software | No |
| FIS | Fidelity National Information Services | Financials | Transaction & Payment Processing Services | No |
| FISV | Fiserv | Financials | Transaction & Payment Processing Services | No |
| FITB | Fifth Third Bancorp | Financials | Regional Banks | No |
| FIX | Comfort Systems USA | Industrials | Construction & Engineering | No |
| FOX | Fox Corporation(Class B) | Communication Services | Broadcasting | No |
| FOXA | Fox Corporation(Class A) | Communication Services | Broadcasting | No |
| FRT | Federal Realty Investment Trust | Real Estate | Retail REITs | No |
| FSLR | First Solar | Information Technology | Semiconductors | No |
| FTNT | Fortinet | Information Technology | Systems Software | No |
| FTV | Fortive | Industrials | Industrial Machinery & Supplies & Components | No |
| GD | General Dynamics | Industrials | Aerospace & Defense | Yes |
| GDDY | GoDaddy | Information Technology | Internet Services & Infrastructure | No |
| GE | GE Aerospace | Industrials | Aerospace & Defense | No |
| GEHC | GE HealthCare | Health Care | Health Care Equipment | No |
| GEN | Gen Digital | Information Technology | Systems Software | No |
| GEV | GE Vernova | Industrials | Heavy Electrical Equipment | No |
| GILD | Gilead Sciences | Health Care | Biotechnology | Yes |
| GIS | General Mills | Consumer Staples | Packaged Foods & Meats | No |
| GL | Globe Life | Financials | Life & Health Insurance | No |
| GLW | Corning Inc. | Information Technology | Electronic Components | No |
| GM | General Motors | Consumer Discretionary | Automobile Manufacturers | No |
| GNRC | Generac | Industrials | Electrical Components & Equipment | No |
| GOOG | Alphabet Inc.(Class C) | Communication Services | Interactive Media & Services | Yes |
| GOOGL | Alphabet Inc.(Class A) | Communication Services | Interactive Media & Services | No |
| GPC | Genuine Parts Company | Consumer Discretionary | Distributors | No |
| GPN | Global Payments | Financials | Transaction & Payment Processing Services | No |
| GRMN | Garmin | Consumer Discretionary | Consumer Electronics | No |
| GS | Goldman Sachs | Financials | Investment Banking & Brokerage | Yes |
| GWW | W. W. Grainger | Industrials | Industrial Machinery & Supplies & Components | No |
| HAL | Halliburton | Energy | Oil & Gas Equipment & Services | No |
| HAS | Hasbro | Consumer Discretionary | Leisure Products | No |
| HBAN | Huntington Bancshares | Financials | Regional Banks | No |
| HCA | HCA Healthcare | Health Care | Health Care Facilities | No |
| HD | Home Depot (The) | Consumer Discretionary | Home Improvement Retail | No |
| HIG | Hartford (The) | Financials | Property & Casualty Insurance | No |
| HII | Huntington Ingalls Industries | Industrials | Aerospace & Defense | No |
| HLT | Hilton Worldwide | Consumer Discretionary | Hotels, Resorts & Cruise Lines | No |
| HON | Honeywell | Industrials | Industrial Conglomerates | Yes |
| HOOD | Robinhood Markets | Financials | Investment Banking & Brokerage | No |
| HPE | Hewlett Packard Enterprise | Information Technology | Technology Hardware, Storage & Peripherals | Yes |
| HPQ | HP Inc. | Information Technology | Technology Hardware, Storage & Peripherals | No |
| HRL | Hormel Foods | Consumer Staples | Packaged Foods & Meats | No |
| HSIC | Henry Schein | Health Care | Health Care Distributors | No |
| HST | Host Hotels & Resorts | Real Estate | Hotel & Resort REITs | No |
| HSY | Hershey Company (The) | Consumer Staples | Packaged Foods & Meats | No |
| HUBB | Hubbell Incorporated | Industrials | Industrial Machinery & Supplies & Components | No |
| HUM | Humana | Health Care | Managed Health Care | No |
| HWM | Howmet Aerospace | Industrials | Aerospace & Defense | No |
| IBKR | Interactive Brokers | Financials | Investment Banking & Brokerage | No |
| IBM | IBM | Information Technology | IT Consulting & Other Services | Yes |
| ICE | Intercontinental Exchange | Financials | Financial Exchanges & Data | No |
| IDXX | Idexx Laboratories | Health Care | Health Care Equipment | No |
| IEX | IDEX Corporation | Industrials | Industrial Machinery & Supplies & Components | No |
| IFF | International Flavors & Fragrances | Materials | Specialty Chemicals | No |
| INCY | Incyte | Health Care | Biotechnology | No |
| INTC | Intel | Information Technology | Semiconductors | Yes |
| INTU | Intuit | Information Technology | Application Software | No |
| INVH | Invitation Homes | Real Estate | Single-Family Residential REITs | No |
| IP | International Paper | Materials | Paper & Plastic Packaging Products & Materials | No |
| IQV | IQVIA | Health Care | Life Sciences Tools & Services | No |
| IR | Ingersoll Rand | Industrials | Industrial Machinery & Supplies & Components | No |
| IRM | Iron Mountain | Real Estate | Other Specialized REITs | No |
| ISRG | Intuitive Surgical | Health Care | Health Care Equipment | No |
| IT | Gartner | Information Technology | IT Consulting & Other Services | No |
| ITW | Illinois Tool Works | Industrials | Industrial Machinery & Supplies & Components | No |
| IVZ | Invesco | Financials | Asset Management & Custody Banks | No |
| J | Jacobs Solutions | Industrials | Construction & Engineering | No |
| JBHT | J.B. Hunt | Industrials | Cargo Ground Transportation | No |
| JBL | Jabil | Information Technology | Electronic Manufacturing Services | No |
| JCI | Johnson Controls | Industrials | Building Products | No |
| JKHY | Jack Henry & Associates | Financials | Transaction & Payment Processing Services | No |
| JNJ | Johnson & Johnson | Health Care | Pharmaceuticals | No |
| JPM | JPMorgan Chase | Financials | Diversified Banks | Yes |
| KDP | Keurig Dr Pepper | Consumer Staples | Soft Drinks & Non-alcoholic Beverages | No |
| KEY | KeyCorp | Financials | Regional Banks | No |
| KEYS | Keysight Technologies | Information Technology | Electronic Equipment & Instruments | No |
| KHC | Kraft Heinz | Consumer Staples | Packaged Foods & Meats | No |
| KIM | Kimco Realty | Real Estate | Retail REITs | No |
| KKR | KKR & Co. | Financials | Asset Management & Custody Banks | No |
| KLAC | KLA Corporation | Information Technology | Semiconductor Materials & Equipment | No |
| KMB | Kimberly-Clark | Consumer Staples | Household Products | No |
| KMI | Kinder Morgan | Energy | Oil & Gas Storage & Transportation | No |
| KO | Coca-Cola Company (The) | Consumer Staples | Soft Drinks & Non-alcoholic Beverages | No |
| KR | Kroger | Consumer Staples | Food Retail | No |
| KVUE | Kenvue | Consumer Staples | Personal Care Products | No |
| L | Loews Corporation | Financials | Multi-line Insurance | No |
| LDOS | Leidos | Industrials | Diversified Support Services | No |
| LEN | Lennar | Consumer Discretionary | Homebuilding | No |
| LH | Labcorp | Health Care | Health Care Services | No |
| LHX | L3Harris | Industrials | Aerospace & Defense | No |
| LII | Lennox International | Industrials | Building Products | No |
| LIN | Linde plc | Materials | Industrial Gases | Yes |
| LITE | Lumentum | Information Technology | Communications Equipment | No |
| LLY | Lilly (Eli) | Health Care | Pharmaceuticals | Yes |
| LMT | Lockheed Martin | Industrials | Aerospace & Defense | Yes |
| LNT | Alliant Energy | Utilities | Electric Utilities | No |
| LOW | Lowe's | Consumer Discretionary | Home Improvement Retail | No |
| LRCX | Lam Research | Information Technology | Semiconductor Materials & Equipment | Yes |
| LULU | Lululemon Athletica | Consumer Discretionary | Apparel, Accessories & Luxury Goods | No |
| LUV | Southwest Airlines | Industrials | Passenger Airlines | No |
| LVS | Las Vegas Sands | Consumer Discretionary | Casinos & Gaming | No |
| LYB | LyondellBasell | Materials | Specialty Chemicals | No |
| LYV | Live Nation Entertainment | Communication Services | Movies & Entertainment | No |
| MA | Mastercard | Financials | Transaction & Payment Processing Services | No |
| MAA | Mid-America Apartment Communities | Real Estate | Multi-Family Residential REITs | No |
| MAR | Marriott International | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Yes |
| MAS | Masco | Industrials | Building Products | No |
| MCD | McDonald's | Consumer Discretionary | Restaurants | Yes |
| MCHP | Microchip Technology | Information Technology | Semiconductors | Yes |
| MCK | McKesson Corporation | Health Care | Health Care Distributors | No |
| MCO | Moody's Corporation | Financials | Financial Exchanges & Data | No |
| MDLZ | Mondelez International | Consumer Staples | Packaged Foods & Meats | No |
| MDT | Medtronic | Health Care | Health Care Equipment | No |
| MET | MetLife | Financials | Life & Health Insurance | No |
| META | Meta Platforms | Communication Services | Interactive Media & Services | Yes |
| MGM | MGM Resorts | Consumer Discretionary | Casinos & Gaming | No |
| MKC | McCormick & Company | Consumer Staples | Packaged Foods & Meats | No |
| MLM | Martin Marietta Materials | Materials | Construction Materials | No |
| MMM | 3M | Industrials | Industrial Conglomerates | No |
| MNST | Monster Beverage | Consumer Staples | Soft Drinks & Non-alcoholic Beverages | No |
| MO | Altria | Consumer Staples | Tobacco | No |
| MOS | Mosaic Company (The) | Materials | Fertilizers & Agricultural Chemicals | No |
| MPC | Marathon Petroleum | Energy | Oil & Gas Refining & Marketing | No |
| MPWR | Monolithic Power Systems | Information Technology | Semiconductors | No |
| MRK | Merck & Co. | Health Care | Pharmaceuticals | No |
| MRNA | Moderna | Health Care | Biotechnology | No |
| MRSH | Marsh McLennan | Financials | Insurance Brokers | No |
| MS | Morgan Stanley | Financials | Investment Banking & Brokerage | No |
| MSCI | MSCI Inc. | Financials | Financial Exchanges & Data | No |
| MSFT | Microsoft | Information Technology | Systems Software | Yes |
| MSI | Motorola Solutions | Information Technology | Communications Equipment | No |
| MTB | M&T Bank | Financials | Regional Banks | No |
| MTD | Mettler Toledo | Health Care | Life Sciences Tools & Services | No |
| MU | Micron Technology | Information Technology | Semiconductors | No |
| NCLH | Norwegian Cruise Line Holdings | Consumer Discretionary | Hotels, Resorts & Cruise Lines | No |
| NDAQ | Nasdaq, Inc. | Financials | Financial Exchanges & Data | No |
| NDSN | Nordson Corporation | Industrials | Industrial Machinery & Supplies & Components | No |
| NEE | NextEra Energy | Utilities | Multi-Utilities | Yes |
| NEM | Newmont | Materials | Gold | No |
| NFLX | Netflix | Communication Services | Movies & Entertainment | Yes |
| NI | NiSource | Utilities | Multi-Utilities | No |
| NKE | Nike, Inc. | Consumer Discretionary | Apparel, Accessories & Luxury Goods | No |
| NOC | Northrop Grumman | Industrials | Aerospace & Defense | No |
| NOW | ServiceNow | Information Technology | Systems Software | Yes |
| NRG | NRG Energy | Utilities | Independent Power Producers & Energy Traders | No |
| NSC | Norfolk Southern | Industrials | Rail Transportation | No |
| NTAP | NetApp | Information Technology | Technology Hardware, Storage & Peripherals | No |
| NTRS | Northern Trust | Financials | Asset Management & Custody Banks | No |
| NUE | Nucor | Materials | Steel | No |
| NVDA | Nvidia | Information Technology | Semiconductors | Yes |
| NVR | NVR, Inc. | Consumer Discretionary | Homebuilding | No |
| NWS | News Corp(Class B) | Communication Services | Publishing | No |
| NWSA | News Corp(Class A) | Communication Services | Publishing | No |
| NXPI | NXP Semiconductors | Information Technology | Semiconductors | No |
| O | Realty Income | Real Estate | Retail REITs | No |
| ODFL | Old Dominion | Industrials | Cargo Ground Transportation | No |
| OKE | Oneok | Energy | Oil & Gas Storage & Transportation | No |
| OMC | Omnicom Group | Communication Services | Advertising | No |
| ON | ON Semiconductor | Information Technology | Semiconductors | No |
| ORCL | Oracle Corporation | Information Technology | Application Software | No |
| ORLY | O’Reilly Automotive | Consumer Discretionary | Automotive Retail | No |
| OTIS | Otis Worldwide | Industrials | Industrial Machinery & Supplies & Components | No |
| OXY | Occidental Petroleum | Energy | Oil & Gas Exploration & Production | No |
| PANW | Palo Alto Networks | Information Technology | Systems Software | Yes |
| PAYX | Paychex | Industrials | Human Resource & Employment Services | No |
| PCAR | Paccar | Industrials | Construction Machinery & Heavy Transportation Equipment | No |
| PCG | PG&E Corporation | Utilities | Multi-Utilities | No |
| PEG | Public Service Enterprise Group | Utilities | Electric Utilities | No |
| PEP | PepsiCo | Consumer Staples | Soft Drinks & Non-alcoholic Beverages | No |
| PFE | Pfizer | Health Care | Pharmaceuticals | No |
| PFG | Principal Financial Group | Financials | Life & Health Insurance | No |
| PG | Procter & Gamble | Consumer Staples | Personal Care Products | No |
| PGR | Progressive Corporation | Financials | Property & Casualty Insurance | No |
| PH | Parker Hannifin | Industrials | Industrial Machinery & Supplies & Components | No |
| PHM | PulteGroup | Consumer Discretionary | Homebuilding | No |
| PKG | Packaging Corporation of America | Materials | Paper & Plastic Packaging Products & Materials | No |
| PLD | Prologis | Real Estate | Industrial REITs | No |
| PLTR | Palantir Technologies | Information Technology | Application Software | Yes |
| PM | Philip Morris International | Consumer Staples | Tobacco | No |
| PNC | PNC Financial Services | Financials | Diversified Banks | No |
| PNR | Pentair | Industrials | Industrial Machinery & Supplies & Components | No |
| PNW | Pinnacle West Capital | Utilities | Multi-Utilities | No |
| PODD | Insulet Corporation | Health Care | Health Care Equipment | No |
| POOL | Pool Corporation | Consumer Discretionary | Distributors | No |
| PPG | PPG Industries | Materials | Specialty Chemicals | No |
| PPL | PPL Corporation | Utilities | Electric Utilities | No |
| PRU | Prudential Financial | Financials | Life & Health Insurance | No |
| PSA | Public Storage | Real Estate | Self-Storage REITs | No |
| PSKY | Paramount Skydance Corporation | Communication Services | Movies & Entertainment | No |
| PSX | Phillips 66 | Energy | Oil & Gas Refining & Marketing | No |
| PTC | PTC Inc. | Information Technology | Application Software | No |
| PWR | Quanta Services | Industrials | Construction & Engineering | No |
| PYPL | PayPal | Financials | Transaction & Payment Processing Services | No |
| Q | Qnity Electronics | Information Technology | Semiconductor Materials & Equipment | No |
| QCOM | Qualcomm | Information Technology | Semiconductors | Yes |
| RCL | Royal Caribbean Group | Consumer Discretionary | Hotels, Resorts & Cruise Lines | No |
| REG | Regency Centers | Real Estate | Retail REITs | No |
| REGN | Regeneron Pharmaceuticals | Health Care | Biotechnology | No |
| RF | Regions Financial Corporation | Financials | Regional Banks | No |
| RJF | Raymond James Financial | Financials | Investment Banking & Brokerage | No |
| RL | Ralph Lauren Corporation | Consumer Discretionary | Apparel, Accessories & Luxury Goods | No |
| RMD | ResMed | Health Care | Health Care Equipment | No |
| ROK | Rockwell Automation | Industrials | Electrical Components & Equipment | No |
| ROL | Rollins, Inc. | Industrials | Environmental & Facilities Services | No |
| ROP | Roper Technologies | Information Technology | Electronic Equipment & Instruments | No |
| ROST | Ross Stores | Consumer Discretionary | Apparel Retail | No |
| RSG | Republic Services | Industrials | Environmental & Facilities Services | No |
| RTX | RTX Corporation | Industrials | Aerospace & Defense | Yes |
| RVTY | Revvity | Health Care | Health Care Equipment | No |
| SATS | EchoStar | Communication Services | Wireless Telecommunication Services | No |
| SBAC | SBA Communications | Real Estate | Telecom Tower REITs | No |
| SBUX | Starbucks | Consumer Discretionary | Restaurants | Yes |
| SCHW | Charles Schwab Corporation | Financials | Investment Banking & Brokerage | No |
| SHW | Sherwin-Williams | Materials | Specialty Chemicals | No |
| SJM | J.M. Smucker Company (The) | Consumer Staples | Packaged Foods & Meats | No |
| SLB | Schlumberger | Energy | Oil & Gas Equipment & Services | No |
| SMCI | Supermicro | Information Technology | Technology Hardware, Storage & Peripherals | Yes |
| SNA | Snap-on | Industrials | Industrial Machinery & Supplies & Components | No |
| SNDK | Sandisk | Information Technology | Technology Hardware, Storage & Peripherals | No |
| SNPS | Synopsys | Information Technology | Application Software | No |
| SO | Southern Company | Utilities | Electric Utilities | Yes |
| SOLV | Solventum | Health Care | Health Care Technology | No |
| SPG | Simon Property Group | Real Estate | Retail REITs | No |
| SPGI | S&P Global | Financials | Financial Exchanges & Data | No |
| SRE | Sempra | Utilities | Multi-Utilities | No |
| STE | Steris | Health Care | Health Care Equipment | No |
| STLD | Steel Dynamics | Materials | Steel | No |
| STT | State Street Corporation | Financials | Asset Management & Custody Banks | No |
| STX | Seagate Technology | Information Technology | Technology Hardware, Storage & Peripherals | No |
| STZ | Constellation Brands | Consumer Staples | Distillers & Vintners | No |
| SW | Smurfit Westrock | Materials | Paper & Plastic Packaging Products & Materials | No |
| SWK | Stanley Black & Decker | Industrials | Industrial Machinery & Supplies & Components | No |
| SWKS | Skyworks Solutions | Information Technology | Semiconductors | No |
| SYF | Synchrony Financial | Financials | Consumer Finance | No |
| SYK | Stryker Corporation | Health Care | Health Care Equipment | No |
| SYY | Sysco | Consumer Staples | Food Distributors | No |
| T | AT&T | Communication Services | Integrated Telecommunication Services | Yes |
| TAP | Molson Coors Beverage Company | Consumer Staples | Brewers | No |
| TDG | TransDigm Group | Industrials | Aerospace & Defense | No |
| TDY | Teledyne Technologies | Information Technology | Electronic Equipment & Instruments | No |
| TECH | Bio-Techne | Health Care | Life Sciences Tools & Services | No |
| TEL | TE Connectivity | Information Technology | Electronic Manufacturing Services | No |
| TER | Teradyne | Information Technology | Semiconductor Materials & Equipment | No |
| TFC | Truist Financial | Financials | Diversified Banks | No |
| TGT | Target Corporation | Consumer Staples | Consumer Staples Merchandise Retail | No |
| TJX | TJX Companies | Consumer Discretionary | Apparel Retail | No |
| TKO | TKO Group Holdings | Communication Services | Movies & Entertainment | No |
| TMO | Thermo Fisher Scientific | Health Care | Life Sciences Tools & Services | No |
| TMUS | T-Mobile US | Communication Services | Wireless Telecommunication Services | Yes |
| TPL | Texas Pacific Land Corporation | Energy | Oil & Gas Exploration & Production | No |
| TPR | Tapestry, Inc. | Consumer Discretionary | Apparel, Accessories & Luxury Goods | No |
| TRGP | Targa Resources | Energy | Oil & Gas Storage & Transportation | No |
| TRMB | Trimble Inc. | Information Technology | Application Software | No |
| TROW | T. Rowe Price | Financials | Asset Management & Custody Banks | No |
| TRV | Travelers Companies (The) | Financials | Property & Casualty Insurance | No |
| TSCO | Tractor Supply | Consumer Discretionary | Other Specialty Retail | No |
| TSLA | Tesla, Inc. | Consumer Discretionary | Automobile Manufacturers | Yes |
| TSN | Tyson Foods | Consumer Staples | Packaged Foods & Meats | No |
| TT | Trane Technologies | Industrials | Building Products | No |
| TTD | Trade Desk (The) | Communication Services | Advertising | No |
| TTWO | Take-Two Interactive | Communication Services | Interactive Home Entertainment | No |
| TXN | Texas Instruments | Information Technology | Semiconductors | Yes |
| TXT | Textron | Industrials | Aerospace & Defense | No |
| TYL | Tyler Technologies | Information Technology | Application Software | No |
| UAL | United Airlines Holdings | Industrials | Passenger Airlines | Yes |
| UBER | Uber | Industrials | Passenger Ground Transportation | No |
| UDR | UDR, Inc. | Real Estate | Multi-Family Residential REITs | No |
| UHS | Universal Health Services | Health Care | Health Care Facilities | No |
| ULTA | Ulta Beauty | Consumer Discretionary | Other Specialty Retail | No |
| UNH | UnitedHealth Group | Health Care | Managed Health Care | Yes |
| UNP | Union Pacific Corporation | Industrials | Rail Transportation | No |
| UPS | United Parcel Service | Industrials | Air Freight & Logistics | Yes |
| URI | United Rentals | Industrials | Trading Companies & Distributors | No |
| USB | U.S. Bancorp | Financials | Diversified Banks | No |
| V | Visa Inc. | Financials | Transaction & Payment Processing Services | No |
| VEEV | Veeva Systems | Health Care | Health Care Technology | No |
| VICI | Vici Properties | Real Estate | Hotel & Resort REITs | No |
| VLO | Valero Energy | Energy | Oil & Gas Refining & Marketing | No |
| VLTO | Veralto | Industrials | Environmental & Facilities Services | No |
| VMC | Vulcan Materials Company | Materials | Construction Materials | No |
| VRSK | Verisk Analytics | Industrials | Research & Consulting Services | No |
| VRSN | Verisign | Information Technology | Internet Services & Infrastructure | No |
| VRT | Vertiv | Industrials | Electrical Components & Equipment | Yes |
| VRTX | Vertex Pharmaceuticals | Health Care | Biotechnology | No |
| VST | Vistra Corp. | Utilities | Electric Utilities | No |
| VTR | Ventas | Real Estate | Health Care REITs | No |
| VTRS | Viatris | Health Care | Pharmaceuticals | No |
| VZ | Verizon | Communication Services | Integrated Telecommunication Services | Yes |
| WAB | Wabtec | Industrials | Construction Machinery & Heavy Transportation Equipment | No |
| WAT | Waters Corporation | Health Care | Life Sciences Tools & Services | No |
| WBD | Warner Bros. Discovery | Communication Services | Broadcasting | No |
| WDAY | Workday, Inc. | Information Technology | Application Software | No |
| WDC | Western Digital | Information Technology | Technology Hardware, Storage & Peripherals | No |
| WEC | WEC Energy Group | Utilities | Electric Utilities | No |
| WELL | Welltower | Real Estate | Health Care REITs | No |
| WFC | Wells Fargo | Financials | Diversified Banks | No |
| WM | Waste Management | Industrials | Environmental & Facilities Services | No |
| WMB | Williams Companies | Energy | Oil & Gas Storage & Transportation | No |
| WMT | Walmart | Consumer Staples | Consumer Staples Merchandise Retail | Yes |
| WRB | W. R. Berkley Corporation | Financials | Property & Casualty Insurance | No |
| WSM | Williams-Sonoma, Inc. | Consumer Discretionary | Homefurnishing Retail | No |
| WST | West Pharmaceutical Services | Health Care | Health Care Supplies | No |
| WTW | Willis Towers Watson | Financials | Insurance Brokers | No |
| WY | Weyerhaeuser | Real Estate | Timber REITs | No |
| WYNN | Wynn Resorts | Consumer Discretionary | Casinos & Gaming | No |
| XEL | Xcel Energy | Utilities | Multi-Utilities | No |
| XOM | ExxonMobil | Energy | Integrated Oil & Gas | Yes |
| XYL | Xylem Inc. | Industrials | Industrial Machinery & Supplies & Components | No |
| XYZ | Block, Inc. | Financials | Transaction & Payment Processing Services | No |
| YUM | Yum! Brands | Consumer Discretionary | Restaurants | No |
| ZBH | Zimmer Biomet | Health Care | Health Care Equipment | No |
| ZBRA | Zebra Technologies | Information Technology | Electronic Equipment & Instruments | No |
| ZTS | Zoetis | Health Care | Pharmaceuticals | No |
Sector Definitions
Mag 7 (AI Spenders)
Fixed
Thesis: The seven mega-cap companies driving AI capital expenditure. These are the dominant platforms investing $100B+ collectively in AI infrastructure, cloud, and models.
Criteria: Only the canonical Magnificent 7 stocks. Not a general large-cap bucket.
Chip Supply Chain
Thesis: Companies that design or manufacture semiconductors powering AI, data centers, and consumer electronics. Focused on fabless chip designers and foundries.
Criteria: Pure-play semiconductor companies with significant AI/data center revenue. Excludes chip equipment makers (separate sector).
Infrastructure
Thesis: Hardware and systems companies building the physical infrastructure for AI and cloud computing — servers, networking, power systems.
Criteria: Companies whose revenue is primarily tied to data center build-outs and enterprise hardware.
Enterprise Software
Thesis: SaaS and platform companies selling software to businesses. Focused on leaders in CRM, workflow automation, analytics, and AI-enabled enterprise tools.
Criteria: Recurring revenue SaaS/PaaS businesses with enterprise focus. Excludes consumer software and cybersecurity (separate sector).
Finance
Thesis: Major US financial institutions — investment banks, universal banks.
Criteria: Systemically important financial institutions. Not insurance, asset managers, or fintech.
Healthcare
Thesis: Large-cap healthcare companies across managed care, pharma, and medical devices.
Criteria: Diversified healthcare leaders. Excludes pure biotech (separate sector).
Retail
Thesis: Large-cap retailers with dominant market positions in brick-and-mortar and omnichannel commerce.
Criteria: National/global retailers with massive scale and supply chain advantages.
IT Services
Thesis: Enterprise IT consulting, outsourcing, and technology services providers.
Criteria: Companies whose primary revenue comes from IT consulting, managed services, and enterprise technology solutions.
Airlines
Thesis: Major US passenger airlines.
Criteria: Large US carriers. Not regional airlines or cargo-only operators.
Hospitality & Travel
Thesis: Hotels, online travel agencies, and travel platforms.
Criteria: Companies whose revenue is directly tied to travel and accommodation.
Food & Restaurant
Thesis: Major restaurant chains and quick-service operators.
Criteria: Global restaurant/food-service brands with franchise-heavy models.
Logistics
Thesis: Package delivery and freight logistics companies.
Criteria: National/global logistics networks. Not trucking-only or last-mile startups.
Industrial
Thesis: Diversified industrial manufacturers — heavy equipment, automation, conglomerates.
Criteria: Industrial companies with global manufacturing operations.
Cybersecurity
Thesis: Pure-play cybersecurity vendors protecting enterprise networks, endpoints, and cloud workloads.
Criteria: Companies where cybersecurity is the primary business (>70% of revenue). Not diversified IT companies that happen to have a security product.
Chip Equipment
Thesis: Companies that manufacture the machines and tools used to produce semiconductors.
Criteria: Semiconductor capital equipment makers. Distinct from chip designers (Chip Supply Chain).
Data Center REITs
Thesis: Real estate investment trusts focused on data center facilities.
Criteria: REITs where the majority of assets are data center properties.
Utilities
Thesis: Regulated electric utilities and clean energy operators.
Criteria: Large utilities with regulated rate bases. Includes renewable energy leaders.
Energy
Thesis: Major integrated oil & gas companies.
Criteria: Supermajor energy companies with upstream, midstream, and downstream operations.
Defense & Aerospace
Thesis: Defense contractors and aerospace manufacturers.
Criteria: Companies with significant US defense department contracts.
Telecom
Thesis: Major US telecommunications carriers — wireless and wireline.
Criteria: National telecom operators with network infrastructure. Not cable/media companies.
Media & Entertainment
Thesis: Streaming, film studios, and entertainment conglomerates.
Criteria: Companies whose primary business is content creation and distribution.
Biotech
Thesis: Biotechnology companies focused on drug discovery and biologics.
Criteria: Pure biotech with pipeline-driven valuation. Distinct from big pharma (Healthcare).
Materials
Thesis: Industrial gas and specialty chemical companies.
Criteria: Essential materials suppliers with pricing power and global reach.
Analog & Embedded Chips
Thesis: Semiconductor companies designing analog, mixed-signal, and microcontroller chips for automotive, industrial, and IoT applications.
Criteria: Companies where the majority of revenue comes from embedded, automotive, or industrial chip markets. Distinct from AI/data center focused Chip Supply Chain.