Industry Sectors

Equity markets consist of a number of major groups and sub-groups, all of which respond differently to exogenous issues such as the trend in interest rates, government actions, economic data, and cyclical and secular trends.

When a market shifts its focus, it is helpful to keep the following list because, for instance, some cyclicals may lag other components and represent better undiscovered value.

Generally these groups are either cyclical, i.e. highly sensitive to economic cycles, or defensive, i.e. their products sell regardless of levels of economic activity. For instance, people need electricity, phone service, drugs, toiletries , beverages, etc. However, purchases of discretionary items such as cars, electronic gadgets, etc. can be postponed.

Basic Materials

Chemicals

• Chemicals, Commodity
• Chemicals, Specialty

Mining and Metals

• Mining, Diversified
• Aluminum
• Non-ferrous Metals (ex Aluminum)
• Steel

Forest Products and Paper

• Forest Products
• Paper Products

Consumer, Cyclical

Entertainment & Leisure

• Casinos
• Entertainment
• Recreational Products & Services
• Toys
• Restaurants

Travel

• Airlines
• Lodging

Automobiles & Parts

• Automobiles
• Tires
• Auto Parts

Home Construction & Furnishings

• Home Construction
• Furnishings

Retailers

• Broadline Retailers
• Apparel Retailers
• Drug-based Retailers
• Specialty Retailers

Textiles & Apparel

• Footwear
• Clothing/Fabrics

Advertising & Media

• Advertising
• Broadcasting
• Publishing

Consumer, Non-Cyclical

Food & Beverage

• Distillers & Brewers

• Soft Drinks

• Food Products

Tobacco

Consumer Services

Food Retailers & Wholesales

Household Products

• Household Products- Durable

• Household Products- Non-Durable

Cosmetics

Energy

Oil & Gas

• Oil Drilling

• Oilfield Equipment & Services

• Oil Companies, Major

• Oil Companies, Secondary

• Pipelines

Coal

Financial

Banks

Insurance

• Insurance, Full Line

• Insurance, Life

• Insurance, Property/Casualty

Real Estate

Specialty Finance

• Diversified Financial

• Securities Brokers

• Savings & Loan

Healthcare

Medical Products

• Medical Supplies

• Advanced Medical Devices

Pharmaceuticals & Biotechnology

• Pharmaceuticals

• Biotechnology

Healthcare Providers

Industrial

Construction & Materials

• Heavy Construction

• Building Materials

Industrial Equipment

• Advanced Industrial Equipment

• Electric Components & Equipment

• Factory Equipment

• Heavy Machinery

General Industrial Services

• Pollution Control

• Industrial Services

Containers & Packaging

Industrial, Diversified

Industrial Transportation

• Marine Transport

• Railroads

• Trucking

• Air Freight

Aerospace

Transportation Equipment

• Land Transportation Equipment

• Shipbuilding

Technology

Technology, Hardware, & Equipment

• Communication Technology

• Computers

• Office Equipment

• Semiconductors

Technology, Software

Telecommunications

• Fixed Line Communications

• Wireless Communications

Utilities

• Electric Utilities

• Gas Utilities

• Water Utilities