U.S. equities look different without mega caps
Chart • November 11, 2026
Source: MSCI. GICS sector weights as of October 30, 2026. Past performance — whether actual, backtested or simulated — is no indication or guarantee of future performance.
Mega-cap companies have tilted U.S. equity exposure heavily toward information technology. As of Oct. 30, 2026, the sector accounted for 37.2% of the MSCI USA Index, more than three times the weight of financials, the next-largest sector.
Exclude the mega caps, and the picture changes. Information technology's weight falls to 16.9% in the MSCI USA ex Mega Cap Select Index, while industrials more than doubles to 17.1%, becoming the largest sector. Seven of the 11 sectors gain weight.
For investors assessing sector concentration in U.S. equities, the distinction highlights how much the largest companies influence the market's overall sector mix.