24 Sep COTW: Updated GICS Sectors
The quilt below can be downloaded here.
The Global Industry Classification Standard (GICS) was introduced in 1999 to provide a framework for investing in and evaluating industries and their constituents. It is the most widely used industry classification system in the world. Today (September 24) we will see the most sweeping update to GICS in history, with the most visible change being the transition of the Telecommunications Services sector into a far larger and representative Communication Services sector. In addition to folding in Telecommunications, the new sector will include many large Technology and Consumer Discretionary names. The result will be a larger (by ~8%), more “growthy” Communication Services sector at the expense of the Technology (smaller by ~5%) and Consumer Discretionary (smaller by ~3%) sectors. The updated sector performance quilt below includes back-tested Communication Services returns for the last 10 years.
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