® Sector Indexes
Portfolio diversification is generally thought of in terms of
excluded: American Depository Receipts; bulletin
market capitalization and investment style, yet sector
board stocks; convertible notes, warrants and rights; and
diversification is equally important. For example, the tech-
nology bubble in the late 1990’s demonstrated that
pursuing a growth investment strategy via Internet stocks
leads to substantially different portfolios—and results—
Securities that have more than 10 non-trading days in the
than pursuing growth via healthcare stocks.
prior quarter or that have average daily trading
volume over the preceding six months that falls in the
Morningstar Sector Index Family
In 2002, Morningstar introduced a sector classificationsystem that offers a unified and consistent framework for
mapping the equity universe based on the underlying
Index constituents are weighted according to their free
risk. The Morningstar Sector Index family consists of 15
float of shares outstanding. The free float is defined
indexes—three Super Sector and 12 Sector indexes—
as a company’s outstanding shares adjusted for block
that track the U.S. equity market using a consumption-
ownership to reflect only shares available for investment.
based analysis of economic sectors in a comprehensive,
The types of block ownership that are considered
during float adjustment are cross ownership, governmentownership, private ownership, and restricted shares.
Morningstar’s Super Sectors structure represent a uniqueway to classify companies based on the broad
Rebalancing & Reconstitution
economic spheres they operate in—manufacturing-,
Morningstar rebalances constituent shares and weights
service-, and information-based. This intuitive
of its sector indexes quarterly in March, June,
organization of sectors mimics the way economies evolve
September, and December. Immediate rebalancing occurs
from dependence on the production of physical
if two constituents merge or a company’s free-float
products to the delivery of services, which culminates in
changes by 10% or more. The indexes are reconstituted
(stocks are added or removed from the indexes) twice
Index constituents are drawn from the available pool of
Determining a Stock’s Sector
liquid U.S. domiciled stocks that trade on one of the
Driven by the insight and judgment of a team of stock
three major exchanges. The following security types are
analysts, Morningstar Sector Structure classifies companies engaged in similar lines of business in a three-tier hierarchy.
U.S. Sector Index Family Breakdown
Morningstar Super Sectors
Each company in the Morningstar® US MarketSM Index is
assigned to one of 129 Morningstar industries
based on the firm’s primary source of revenue. The indus-
tries are mapped into one of 12 sectors. The sectors are organized under one of three Super Sectors—the
The result is a unified hierarchical system that allows
investors to easily evaluate the similarities and
differences of funds and portfolios by comparing exposure
85 ee Super Sectors, while also permitting further
examination of holdings at a sector and industry level.
® Sector Indexes
p Business Services
Includes advertising, printing, publishing, business
h Information Economy Super Sector
support, consultants, employment, engineering
Industries that support and facilitate the exchange of
and construction, security services, waste management,
ideas and information as a basis for commerce.
distributors, and transportation companies. Examplesinclude FedEx, ADP, and Accenture.
Companies engaged in the design and marketing of
computer operating systems and applications. Examples
Includes banks, finance companies, money management
firms, savings and loans, securities brokers, and insurance companies. Examples include Citigroup, AIG,
Manufacturers of computer and communication equipment, semiconductors, and components. Examples
k Manufacturing Economy Super Sector
Smokestack industries that process raw materials into physical goods that are sold into industrial and
Companies that own and operate broadcast networks and those that create content or provide it to other media
companies. Examples include Time Warner and
Companies that manufacture or provide food, beverages,
household and personal products, apparel, shoes, textiles, autos and auto parts, consumer electronics,
luxury goods, packaging, and tobacco. Examples include
Companies that provide communication services using
Procter & Gamble, Altria, and Coca-Cola.
fixed-line networks or those that provide wireless accessand services. Examples include AT&T and Verizon.
d Industrial Materials
Includes aerospace and defense firms, and companies
j Service Economy Super Sector
that provide or manufacture chemicals, machinery,
Industries whose main source of revenue comes from the
building materials, and commodities. Examples include
provision of services, not physical products.
Biotechnology, pharmaceuticals, research services,
Companies that produce or refine oil and gas, oilfield
HMOs, home health, hospitals, medical equipment
services and equipment companies, and pipeline opera-
and supplies, and assisted living companies. Examples
tors. Examples include ExxonMobil and Schlumberger.
include Johnson & Johnson, Pfizer, and Genentech.
Companies that include electric, gas, and water utilities.
Includes retail stores, personal services, homebuilders,
Examples include Duke Energy and Exelon.
home supply, travel and entertainment companies, and educational providers. Examples include Wal-Martand Home Depot.
For more information on Morningstar Indexes:Call
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