GICS
®
Global Industry Classification Standard
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The Global Industry Classification Standard (GICS) was developed by and is the exclusive property of, Standard & Poor’s Financial Services LLC (S&P) and MSCI. “GICS” is the trademark of
Standard & Poor’s Financial Services LLC (S&P) and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of Standard & Poor’s Financial Services LLC
(S&P) and MSCI. GICS Direct is a joint product of Standard & Poor’s Financial Services LLC (S&P) and MSCI, which provides the current, company-level GICS classification codes for over 40,000
companies worldwide.
Copyright © 2016 by S&P Global Market Intelligence, a division of S&P Global Inc. All rights reserved.
Contents
The Global Industry Classification Standard (GICS
®
) ........................................................ 3
A Guide to the GICS Methodology ........................................................................ 4
Company Classification Guidelines ...................................................................... 5
The GICS Structure .................................................................................... 6
Energy ........................................................................................... 12
Materials ......................................................................................... 14
Industrials ........................................................................................18
Consumer Discretionary ............................................................................24
Consumer Staples .................................................................................32
Health Care ....................................................................................... 36
Financials ........................................................................................38
Information Technology .............................................................................42
Telecommunication Services ........................................................................46
Utilities .......................................................................................... 48
Real Estate .......................................................................................50
3GLOBAL INDUSTRY CLASSIFICATION STANDARD
The Global Industry Classification Standard (GICS
®
)
The Global Industry Classification Standard (GICS
®
) was developed by S&P Dow Jones Indices, an independent
international financial data and investment services company and a leading provider of global equity indices, and
MSCI, a premier independent provider of global indices and benchmark-related products and services.
The GICS methodology aims to enhance the investment research and asset management process for financial
professionals worldwide. It is the result of numerous discussions with asset owners, portfolio managers and
investment analysts around the world. It was designed in response to the global financial community’s need for
accurate, complete and standard industry definitions.
The GICS structure consists of 11 Sectors, 24 Industry groups, 68 Industries and 157 sub-industries. The full GICS
structure is detailed in the last section of this document.
The GICS structure is:
– Universal: the structure applies to companies globally
– Reliable: the structure correctly reflects the current state of industries in the equity investment universe
– Flexible: the structure offers four levels of analysis, ranging from the most general sector to the most specialized
sub-industry
– Evolving: annual reviews are conducted by S&P Dow Jones Indices and MSCI to ensure that the structure remains
fully representative of today’s global markets
The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio
management and asset allocation. Its universal approach to industries worldwide has contributed to transparency and
efficiency in the investment process, and the GICS methodology supports the trend towards sector-based investing.
Find GICS Maps (Full History) at:
http://www.spcapitaliq.com/gicsmaps/
4S&P Global Market Intelligence | MSCI
A Guide to the GICS Methodology
The way investors classify securities into asset classes has far reaching consequences for the investment community.
Most often, security research and portfolio management are structured along the same definition of asset classes.
Thus, the relative merits of securities are determined primarily within asset classes. A well-defined industry
classification system makes it easier for analysts to compare companies’ relative valuations and to build return and
risk estimates for industries.
While most investors agree on the way a company is assigned to a country, this is not necessarily the case for any
other grouping, be it value versus growth, small versus large cap or even industry classification. Nevertheless, as far as
industry classification is concerned, we can distinguish four approaches.
At one extreme lies a purely statistical method. It is financial market-based and uses past returns. For each region,
aggregations are formed on the basis of securities’ correlations, building groups with high correlation within them and
low correlation across them. The statistical approach has several drawbacks: the resulting aggregations often differ
across regions; the method relies on historical data only; and, finally, it often yields illogical groups.
A more pragmatic approach is to define a priori financial market-oriented groups or themes — for example cyclical,
non-cyclical, and interest rate sensitivity. The difficulty lies in determining groups that are widely accepted by
investors, applicable globally and are relatively stable over time.
The last two approaches are based on an economic perspective on companies. One is production-oriented while the
other focuses on a demand or market perspective. These classifications have limitations as the structure of the global
economy has evolved and many new industries have emerged.
S&P Dow Jones Indices and MSCI offer an alternative classification system, which has been devised to address the
needs of the changing global economy. We recognize that the emergence of the service era and the availability of
global communications have changed the market focus from producers to consumers. The GICS methodology remains
profoundly rooted in the microstructure of industries, but has shifted towards a market-oriented perspective.
In today’s economy, for example, drawing the line between goods and services is increasingly difficult and arbitrary,
as almost all goods are sold with a service. Thus, the distinction between consumer goods and services has been
replaced by the more market-oriented sectors of “Consumer Discretionary” and “Consumer Staples” which both
contain goods and services sub-industries.
Finally, sectors such as Health Care, Information Technology and Telecommunication Services accurately represent
industries that provide significant value to the consumer in today’s global, integrated economy. This contributes to a
more uniform distribution of weights among the 11 GICS sectors and provides investors with clearly defined sectors.
5GLOBAL INDUSTRY CLASSIFICATION STANDARD
Company Classification Guidelines
The GICS methodology assigns each company to a sub-industry, and to a corresponding industry, industry group and
sector, according to the definition of its principal business activity. Since the classification is strictly hierarchical, at
each of the four levels a company can only belong to one grouping.
The classification aims to provide an accurate, complete and long-term view of the global investment universe from
an industrial perspective. For most companies, revenues reflect companies’ activities more precisely than earnings,
as they are less volatile than earnings. Also, while many companies do not provide earnings breakdowns, industrial
and geographic breakdowns of revenues are generally available. Nevertheless, company valuations are more closely
related to earnings than revenues and, therefore, earnings remain an important consideration. Consequently,
companies are classified based primarily on revenues; however, earnings and market perception are also considered
important criteria for analysis.
The primary sources of information used to classify companies are the annual reports, financial statements and
investment research reports. As a general rule, a company is classified in the sub-industry whose definition most
closely describes the business activities that generate the majority of the company’s revenues. However, a company
engaged in two or more substantially different business activities, none of which contributes 60% or more of revenues,
is classified in the sub-industry that provides the majority of both the company’s revenues and earnings. When no
sub-industry provides the majority of both the company’s revenues and earnings, the classification will be determined
based on further analysis.
A company significantly diversified across three or more sectors, none of which contributes the majority of revenues
or earnings, is classified either in the Industrial Conglomerates sub-industry (Industrials Sector) or the Multi-Sector
Holdings sub-industry (Financials Sector).
In the case of a new company, the initial classification is based primarily on the description of the company’s activities
and pro-forma results as given in the prospectus.
A company’s industry classification is reviewed either when a significant corporate restructuring occurs or when a new
financial report is made available. To provide a stable industry classification, we attempt to minimize changes in the
industry classification by disregarding temporary fluctuations in the results of a company’s different business activities.
In the event that the above guidelines should not appropriately capture a particular company’s business activity, its
classification will be determined based on more extensive analysis.
6S&P Global Market Intelligence | MSCI
10 Energy
1010 Energy
101010 Energy Equipment & Services
10101010 Oil & Gas Drilling
10101020 Oil & Gas Equipment & Services
101020 Oil, Gas & Consumable Fuels
10102010 Integrated Oil & Gas
10102020 Oil & Gas Exploration & Production
10102030 Oil & Gas Refining & Marketing
10102040 Oil & Gas Storage & Transportation
10102050 Coal & Consumable Fuels
15 Materials
1510 Materials
151010 Chemicals
15101010 Commodity Chemicals
15101020 Diversified Chemicals
15101030 Fertilizers & Agricultural Chemicals
15101040 Industrial Gases
15101050 Specialty Chemicals
151020 Construction Materials
15102010 Construction Materials
151030 Containers & Packaging
15103010 Metal & Glass Containers
15103020 Paper Packaging
151040 Metals & Mining
15104010 Aluminum
15104020 Diversified Metals & Mining
15104025 Copper
15104030 Gold
15104040 Precious Metals & Minerals
15104045 Silver
15104050 Steel
151050 Paper & Forest Products
15105010 Forest Products
15105020 Paper Products
The GICS Structure
7GLOBAL INDUSTRY CLASSIFICATION STANDARD
20 Industrials
2010 Capital Goods
201010 Aerospace & Defense
20101010 Aerospace & Defense
201020 Building Products
20102010 Building Products
201030 Construction & Engineering
20103010 Construction & Engineering
201040 Electrical Equipment
20104010 Electrical Components & Equipment
20104020 Heavy Electrical Equipment
201050 Industrial Conglomerates
20105010 Industrial Conglomerates
201060 Machinery
20106010 Construction Machinery & Heavy Trucks
20106015 Agricultural & Farm Machinery
20106020 Industrial Machinery
201070 Trading Companies & Distributors
20107010 Trading Companies & Distributors
2020 Commercial & Professional Services
202010 Commercial Services & Supplies
20201010 Commercial Printing
20201050 Environmental & Facilities Services
20201060 Office Services & Supplies
20201070 Diversified Support Services
20201080 Security & Alarm Services
202020 Professional Services
20202010 Human Resource & Employment Services
20202020 Research & Consulting Services
2030 Transportation
203010 Air Freight & Logistics
20301010 Air Freight & Logistics
203020 Airlines
20302010 Airlines
203030 Marine
20303010 Marine
203040 Road & Rail
20304010 Railroads
20304020 Trucking
203050 Transportation Infrastructure
20305010 Airport Services
20305020 Highways & Railtracks
20305030 Marine Ports & Services
25 Consumer Discretionary
2510 Automobiles & Components
251010 Auto Components
25101010 Auto Parts & Equipment
25101020 Tires & Rubber
251020 Automobiles
25102010 Automobile Manufacturers
25102020 Motorcycle Manufacturers
2520 Consumer Durables & Apparel
252010 Household Durables
25201010 Consumer Electronics
25201020 Home Furnishings
25201030 Homebuilding
25201040 Household Appliances
25201050 Housewares & Specialties
252020 Leisure Products
25202010 Leisure Products
252030 Textiles, Apparel & Luxury Goods
25203010 Apparel, Accessories & Luxury Goods
25203020 Footwear
25203030 Textiles
2530 Consumer Services
253010 Hotels, Restaurants & Leisure
25301010 Casinos & Gaming
25301020 Hotels, Resorts & Cruise Lines
25301030 Leisure Facilities
25301040 Restaurants
253020 Diversified Consumer Services
25302010 Education Services
25302020 Specialized Consumer Services
2540 Media
254010 Media
25401010 Advertising
25401020 Broadcasting
25401025 Cable & Satellite
25401030 Movies & Entertainment
25401040 Publishing
8S&P Global Market Intelligence | MSCI
25 Consumer Discretionary (continued)
2550 Retailing
255010 Distributors
25501010 Distributors
255020 Internet & Direct Marketing Retail
25502020 Internet & Direct Marketing Retail
255030 Multiline Retail
25503010 Department Stores
25503020 General Merchandise Stores
255040 Specialty Retail
25504010 Apparel Retail
25504020 Computer & Electronics Retail
25504030 Home Improvement Retail
25504040 Specialty Stores
25504050 Automotive Retail
25504060 Homefurnishing Retail
30 Consumer Staples
3010 Food & Staples Retailing
301010 Food & Staples Retailing
30101010 Drug Retail
30101020 Food Distributors
30101030 Food Retail
30101040 Hypermarkets & Super Centers
3020 Food, Beverage & Tobacco
302010 Beverages
30201010 Brewers
30201020 Distillers & Vintners
30201030 Soft Drinks
302020 Food Products
30202010 Agricultural Products
30202030 Packaged Foods & Meats
302030 Tobacco
30203010 Tobacco
3030 Household & Personal Products
303010 Household Products
30301010 Household Products
303020 Personal Products
30302010 Personal Products
9GLOBAL INDUSTRY CLASSIFICATION STANDARD
35 Health Care
3510 Health Care Equipment & Services
351010 Health Care Equipment & Supplies
35101010 Health Care Equipment
35101020 Health Care Supplies
351020 Health Care Providers & Services
35102010 Health Care Distributors
35102015 Health Care Services
35102020 Health Care Facilities
35102030 Managed Health Care
351030 Health Care Technology
35103010 Health Care Technology
3520 Pharmaceuticals, Biotechnology & Life Sciences
352010 Biotechnology
35201010 Biotechnology
352020 Pharmaceuticals
35202010 Pharmaceuticals
352030 Life Sciences Tools & Services
35203010 Life Sciences Tools & Services
40 Financials
4010 Banks
401010 Banks
40101010 Diversified Banks
40101015 Regional Banks
401020 Thrifts & Mortgage Finance
40102010 Thrift & Mortgage Finance
4020 Diversified Financials
402010 Diversified Financial Services
40201020 Other Diversified Financial Services
40201030 Multi-Sector Holdings
40201040 Specialized Finance
402020 Consumer Finance
40202010 Consumer Finance
402030 Capital Markets
40203010 Asset Management & Custody Banks
40203020 Investment Banking & Brokerage
40203030 Diversified Capital Markets
40203040 Financial Exchanges & Data
402040 Mortgage Real Estate Investment Trusts (REITs)
40204010 Mortgage REITs
4030 Insurance
403010 Insurance
40301010 Insurance Brokers
40301020 Life & Health Insurance
40301030 Multi-line Insurance
40301040 Property & Casualty Insurance
40301050 Reinsurance
10S&P Global Market Intelligence | MSCI
45 Information Technology
4510 Software & Services
451010 Internet Software & Services
45101010 Internet Software & Services
451020 IT Services
45102010 IT Consulting & Other Services
45102020 Data Processing & Outsourced Services
451030 Software
45103010 Application Software
45103020 Systems Software
45103030 Home Entertainment Software
4520 Technology Hardware & Equipment
452010 Communications Equipment
45201020 Communications Equipment
452020 Technology Hardware, Storage & Peripherals
45202030 Technology Hardware, Storage & Peripherals
452030 Electronic Equipment, Instruments & Components
45203010 Electronic Equipment & Instruments
45203015 Electronic Components
45203020 Electronic Manufacturing Services
45203030 Technology Distributors
4530 Semiconductors & Semiconductor Equipment
453010 Semiconductors & Semiconductor Equipment
45301010 Semiconductor Equipment
45301020 Semiconductors
50 Telecommunication Services
5010 Telecommunication Services
501010 Diversified Telecommunication Services
50101010 Alternative Carriers
50101020 Integrated Telecommunication Services
501020 Wireless Telecommunication Services
50102010 Wireless Telecommunication Services
11GLOBAL INDUSTRY CLASSIFICATION STANDARD
55 Utilities
5510 Utilities
551010 Electric Utilities
55101010 Electric Utilities
551020 Gas Utilities
55102010 Gas Utilities
551030 Multi-Utilities
55103010 Multi-Utilities
551040 Water Utilities
55104010 Water Utilities
551050 Independent Power and Renewable Electricity Producers
55105010 Independent Power Producers & Energy Traders
55105020 Renewable Electricity
60 Real Estate
6010 Real Estate
601010 Equity Real Estate Investment Trusts (REITs)
60101010 Diversified REITs
60101020 Industrial REITs
60101030 Hotel & Resort REITs
60101040 Office REITs
60101050 Health Care REITs
60101060 Residential REITs
60101070 Retail REITs
60101080 Specialized REITs
601020 Real Estate Management & Development
60102010 Diversified Real Estate Activities
60102020 Real Estate Operating Companies
60102030 Real Estate Development
60102040 Real Estate Services
12S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Energy Energy Energy Equipment & Services Oil & Gas Drilling Drilling contractors or owners of drilling rigs that contract their services for drilling wells.
10 1010 101010 10101010
Oil & Gas Equipment & Services Manufacturers of equipment, including drilling rigs and equipment, and providers of supplies and services to companies involved in the
10101020 drilling, evaluation and completion of oil and gas wells.
Oil, Gas & Consumable Fuels Integrated Oil & Gas Integrated oil companies engaged in the exploration and production of oil and gas, as well as at least one other significant activity in
101020 10102010 either refining, marketing and transportation, or chemicals.
Oil & Gas Exploration & Production Companies engaged in the exploration and production of oil and gas not classified elsewhere.
10102020
Oil & Gas Refining & Marketing Companies engaged in the refining and marketing of oil, gas and/or refined products not classified in the Integrated Oil & Gas or
10102030 Independent Power Producers & Energy Traders sub-industries.
Oil & Gas Storage & Transportation Companies engaged in the storage and/or transportation of oil, gas and/or refined products. Includes diversified midstream natural gas
10102040 companies facing competitive markets, oil and refined product pipelines, coal slurry pipelines and oil & gas shipping companies.
Coal & Consumable Fuels Companies primarily involved in the production and mining of coal, related products and other consumable fuels related to the
10102050 generation of energy. Excludes companies primarily producing gases classified in the Industrial Gases sub-industry.
13GLOBAL INDUSTRY CLASSIFICATION STANDARD
Energy
Sector Industry Group Industry Sub-Industry
Energy Energy Energy Equipment & Services Oil & Gas Drilling Drilling contractors or owners of drilling rigs that contract their services for drilling wells.
10 1010 101010 10101010
Oil & Gas Equipment & Services Manufacturers of equipment, including drilling rigs and equipment, and providers of supplies and services to companies involved in the
10101020 drilling, evaluation and completion of oil and gas wells.
Oil, Gas & Consumable Fuels Integrated Oil & Gas Integrated oil companies engaged in the exploration and production of oil and gas, as well as at least one other significant activity in
101020 10102010 either refining, marketing and transportation, or chemicals.
Oil & Gas Exploration & Production Companies engaged in the exploration and production of oil and gas not classified elsewhere.
10102020
Oil & Gas Refining & Marketing Companies engaged in the refining and marketing of oil, gas and/or refined products not classified in the Integrated Oil & Gas or
10102030 Independent Power Producers & Energy Traders sub-industries.
Oil & Gas Storage & Transportation Companies engaged in the storage and/or transportation of oil, gas and/or refined products. Includes diversified midstream natural gas
10102040 companies facing competitive markets, oil and refined product pipelines, coal slurry pipelines and oil & gas shipping companies.
Coal & Consumable Fuels Companies primarily involved in the production and mining of coal, related products and other consumable fuels related to the
10102050 generation of energy. Excludes companies primarily producing gases classified in the Industrial Gases sub-industry.
14S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Materials Materials Chemicals Commodity Chemicals Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to plastics, synthetic fibers, films,
15 1510 151010 15101010 commodity-based paints and pigments, explosives and petrochemicals. Excludes chemical companies classified in the Diversified
Chemicals, Fertilizers & Agricultural Chemicals, Industrial Gases, or Specialty Chemicals sub-industries.
Diversified Chemicals Manufacturers of a diversified range of chemical products not classified in the Industrial Gases, Commodity Chemicals, Specialty
15101020 Chemicals or Fertilizers & Agricultural Chemicals sub-industries.
Fertilizers & Agricultural Chemicals Producers of fertilizers, pesticides, potash or other agriculture-related chemicals not classified elsewhere.
15101030
Industrial Gases Manufacturers of industrial gases.
15101040
Specialty Chemicals Companies that primarily produce high value-added chemicals used in the manufacture of a wide variety of products, including but not
15101050 limited to fine chemicals, additives, advanced polymers, adhesives, sealants and specialty paints, pigments and coatings.
Construction Materials Construction Materials Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete and bricks. Other finished
151020 15102010 or semi-finished building materials are classified in the Building Products sub-industry.
Containers & Packaging Metal & Glass Containers Manufacturers of metal, glass or plastic containers. Includes corks and caps.
151030 15103010
Paper Packaging Manufacturers of paper and cardboard containers and packaging.
15103020
Metals & Mining Aluminum Producers of aluminum and related products, including companies that mine or process bauxite and companies that recycle
151040 15104010 aluminum to produce finished or semi-finished products. Excludes companies that primarily produce aluminum building materials
classified in the Building Products sub-industry.
Diversified Metals & Mining Companies engaged in the diversified production or extraction of metals and minerals not classified elsewhere. Including, but not limited to,
15104020 nonferrous metal mining (except bauxite) salt and borate mining, phosphate rock mining, and diversified mining operations. Excludes iron
ore mining, classified in the Steel Sub-Industry, bauxite mining, classified in the Aluminum Sub-Industry, and coal mining, classified in
either the Steel or Coal & Consumable Fuels Sub-Industries.
Copper Companies involved primarily in copper ore mining.
15104025
15GLOBAL INDUSTRY CLASSIFICATION STANDARD
Materials
Sector Industry Group Industry Sub-Industry
Materials Materials Chemicals Commodity Chemicals Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to plastics, synthetic fibers, films,
15 1510 151010 15101010 commodity-based paints and pigments, explosives and petrochemicals. Excludes chemical companies classified in the Diversified
Chemicals, Fertilizers & Agricultural Chemicals, Industrial Gases, or Specialty Chemicals sub-industries.
Diversified Chemicals Manufacturers of a diversified range of chemical products not classified in the Industrial Gases, Commodity Chemicals, Specialty
15101020 Chemicals or Fertilizers & Agricultural Chemicals sub-industries.
Fertilizers & Agricultural Chemicals Producers of fertilizers, pesticides, potash or other agriculture-related chemicals not classified elsewhere.
15101030
Industrial Gases Manufacturers of industrial gases.
15101040
Specialty Chemicals Companies that primarily produce high value-added chemicals used in the manufacture of a wide variety of products, including but not
15101050 limited to fine chemicals, additives, advanced polymers, adhesives, sealants and specialty paints, pigments and coatings.
Construction Materials Construction Materials Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete and bricks. Other finished
151020 15102010 or semi-finished building materials are classified in the Building Products sub-industry.
Containers & Packaging Metal & Glass Containers Manufacturers of metal, glass or plastic containers. Includes corks and caps.
151030 15103010
Paper Packaging Manufacturers of paper and cardboard containers and packaging.
15103020
Metals & Mining Aluminum Producers of aluminum and related products, including companies that mine or process bauxite and companies that recycle
151040 15104010 aluminum to produce finished or semi-finished products. Excludes companies that primarily produce aluminum building materials
classified in the Building Products sub-industry.
Diversified Metals & Mining Companies engaged in the diversified production or extraction of metals and minerals not classified elsewhere. Including, but not limited to,
15104020 nonferrous metal mining (except bauxite) salt and borate mining, phosphate rock mining, and diversified mining operations. Excludes iron
ore mining, classified in the Steel Sub-Industry, bauxite mining, classified in the Aluminum Sub-Industry, and coal mining, classified in
either the Steel or Coal & Consumable Fuels Sub-Industries.
Copper Companies involved primarily in copper ore mining.
15104025
16S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Materials Materials Metals & Mining Gold Producers of gold and related products, including companies that mine or process gold and the South African finance houses which
15 1510 151040 15104030 primarily invest in, but do not operate, gold mines.
Precious Metals & Minerals Companies mining precious metals and minerals not classified in the Gold sub-industry. Includes companies primarily mining latinum.
15104040
Silver Companies primarily mining silver. Excludes companies classified in the Gold or Precious Metals and Minerals Sub-Industries.
15104045
Steel Producers of iron and steel and related products, including metallurgical (coking) coal mining used for steel production.
15104050
Paper & Forest Products Forest Products Manufacturers of timber and related wood products. Includes lumber for the building industry.
151050 15105010
Paper Products Manufacturers of all grades of paper. Excludes companies specializing in paper packaging classified in the Paper
15105020 Packaging sub-industry.
17GLOBAL INDUSTRY CLASSIFICATION STANDARD
Materials
continued from previous page
Sector Industry Group Industry Sub-Industry
Materials Materials Metals & Mining Gold Producers of gold and related products, including companies that mine or process gold and the South African finance houses which
15 1510 151040 15104030 primarily invest in, but do not operate, gold mines.
Precious Metals & Minerals Companies mining precious metals and minerals not classified in the Gold sub-industry. Includes companies primarily mining latinum.
15104040
Silver Companies primarily mining silver. Excludes companies classified in the Gold or Precious Metals and Minerals Sub-Industries.
15104045
Steel Producers of iron and steel and related products, including metallurgical (coking) coal mining used for steel production.
15104050
Paper & Forest Products Forest Products Manufacturers of timber and related wood products. Includes lumber for the building industry.
151050 15105010
Paper Products Manufacturers of all grades of paper. Excludes companies specializing in paper packaging classified in the Paper
15105020 Packaging sub-industry.
18S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Industrials Capital Goods Aerospace & Defense Aerospace & Defense Manufacturers of civil or military aerospace and defense equipment, parts or products. Includes defense electronics and space equipment.
20 2010 201010 20101010
Building Products Building Products Manufacturers of building components and home improvement products and equipment. Excludes lumber and plywood classified under
201020 20102010 Forest Products and cement and other materials classified in the Construction Materials sub-industry.
Construction & Engineering Construction & Engineering Companies engaged in primarily non-residential construction. Includes civil engineering companies and large-scale contractors.
201030 20103010 Excludes companies classified in the Homebuilding sub-industry.
Electrical Equipment Electrical Components & Equipment Companies that produce electric cables and wires, electrical components or equipment not classified in the Heavy Electrical
201040 20104010 Equipment sub-industry
Heavy Electrical Equipment Manufacturers of power-generating equipment and other heavy electrical equipment, including power turbines, heavy electrical
20104020 machinery intended for fixed-use and large electrical systems. Excludes cables and wires, classified in the Electrical Components &
Equipment sub-industry.
Industrial Conglomerates Industrial Conglomerates Diversified industrial companies with business activities in three or more sectors, none of which contribute a majority of revenues. Stakes
201050 20105010 held are predominantly of a controlling nature, and stake holders maintain an operational interest in the running of the subsidiaries.
Machinery Construction Machinery & Heavy Trucks Manufacturers of heavy duty trucks, rolling machinery, earth-moving and construction equipment, and manufacturers of related parts.
201060 20106010 Includes non-military shipbuilding.
Agricultural & Farm Machinery Companies manufacturing agricultural machinery, farm machinery, and their related parts. Includes machinery used for the production
20106015 of crops and agricultural livestock, agricultural tractors, planting and fertilizing machinery, fertilizer and chemical application
equipment, and grain dryers and blowers.
Industrial Machinery Manufacturers of industrial machinery and industrial components. Includes companies that manufacture presses, machine tools,
20106020 compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings and other metal fabrications.
Trading Companies & Distributors Trading Companies & Distributors Trading companies and other distributors of industrial equipment and products.
201070 20107010
19GLOBAL INDUSTRY CLASSIFICATION STANDARD
Industrials
Sector Industry Group Industry Sub-Industry
Industrials Capital Goods Aerospace & Defense Aerospace & Defense Manufacturers of civil or military aerospace and defense equipment, parts or products. Includes defense electronics and space equipment.
20 2010 201010 20101010
Building Products Building Products Manufacturers of building components and home improvement products and equipment. Excludes lumber and plywood classified under
201020 20102010 Forest Products and cement and other materials classified in the Construction Materials sub-industry.
Construction & Engineering Construction & Engineering Companies engaged in primarily non-residential construction. Includes civil engineering companies and large-scale contractors.
201030 20103010 Excludes companies classified in the Homebuilding sub-industry.
Electrical Equipment Electrical Components & Equipment Companies that produce electric cables and wires, electrical components or equipment not classified in the Heavy Electrical
201040 20104010 Equipment sub-industry
Heavy Electrical Equipment Manufacturers of power-generating equipment and other heavy electrical equipment, including power turbines, heavy electrical
20104020 machinery intended for fixed-use and large electrical systems. Excludes cables and wires, classified in the Electrical Components &
Equipment sub-industry.
Industrial Conglomerates Industrial Conglomerates Diversified industrial companies with business activities in three or more sectors, none of which contribute a majority of revenues. Stakes
201050 20105010 held are predominantly of a controlling nature, and stake holders maintain an operational interest in the running of the subsidiaries.
Machinery Construction Machinery & Heavy Trucks Manufacturers of heavy duty trucks, rolling machinery, earth-moving and construction equipment, and manufacturers of related parts.
201060 20106010 Includes non-military shipbuilding.
Agricultural & Farm Machinery Companies manufacturing agricultural machinery, farm machinery, and their related parts. Includes machinery used for the production
20106015 of crops and agricultural livestock, agricultural tractors, planting and fertilizing machinery, fertilizer and chemical application
equipment, and grain dryers and blowers.
Industrial Machinery Manufacturers of industrial machinery and industrial components. Includes companies that manufacture presses, machine tools,
20106020 compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings and other metal fabrications.
Trading Companies & Distributors Trading Companies & Distributors Trading companies and other distributors of industrial equipment and products.
201070 20107010
20S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Industrials Commercial & Professional Services Commercial Services & Supplies Commercial Printing Companies providing commercial printing services. Includes printers primarily serving the media industry.
20 2020 202010 20201010
Environmental & Facilities Services Companies providing environmental and facilities maintenance services. Includes waste management, facilities management and
20201050 pollution control services. Excludes large-scale water treatment systems classified in the Water Utilities sub-industry.
Office Services & Supplies Providers of office services and manufacturers of office supplies and equipment not classified elsewhere.
20201060
Diversified Support Services Companies primarily providing labor oriented support services to businesses and governments. Includes commercial cleaning services,
20201070 dining & catering services, equipment repair services, industrial maintenance services, industrial auctioneers, storage & warehousing,
transaction services, uniform rental services, and other business support services.
Security & Alarm Services Companies providing security and protection services to business and governments. Includes companies providing services such as
20201080 correctional facilities, security & alarm services, armored transportation & guarding. Excludes companies providing security software
classified under the Systems Software sub-industry and home security services classified under the Specialized Consumer Services
sub-industry. Also excludes companies manufacturing security system equipment classified under the Electronic Equipment &
Instruments sub-industry.
Professional Services Human Resource & Employment Services Companies providing business support services relating to human capital management. Includes employment agencies, employee
202020 20202010 training, payroll & benefit support services, retirement support services and temporary agencies.
Research & Consulting Services Companies primarily providing research and consulting services to businesses and governments not classified elsewhere.
20202020 Includes companies involved in management consulting services, architectural design, business information or scientific research,
marketing, and testing & certification services. Excludes companies providing information technology consulting services
classified in the IT Consulting & Other Services sub-industry.
21GLOBAL INDUSTRY CLASSIFICATION STANDARD
continued from previous page
Industrials
Sector Industry Group Industry Sub-Industry
Industrials Commercial & Professional Services Commercial Services & Supplies Commercial Printing Companies providing commercial printing services. Includes printers primarily serving the media industry.
20 2020 202010 20201010
Environmental & Facilities Services Companies providing environmental and facilities maintenance services. Includes waste management, facilities management and
20201050 pollution control services. Excludes large-scale water treatment systems classified in the Water Utilities sub-industry.
Office Services & Supplies Providers of office services and manufacturers of office supplies and equipment not classified elsewhere.
20201060
Diversified Support Services Companies primarily providing labor oriented support services to businesses and governments. Includes commercial cleaning services,
20201070 dining & catering services, equipment repair services, industrial maintenance services, industrial auctioneers, storage & warehousing,
transaction services, uniform rental services, and other business support services.
Security & Alarm Services Companies providing security and protection services to business and governments. Includes companies providing services such as
20201080 correctional facilities, security & alarm services, armored transportation & guarding. Excludes companies providing security software
classified under the Systems Software sub-industry and home security services classified under the Specialized Consumer Services
sub-industry. Also excludes companies manufacturing security system equipment classified under the Electronic Equipment &
Instruments sub-industry.
Professional Services Human Resource & Employment Services Companies providing business support services relating to human capital management. Includes employment agencies, employee
202020 20202010 training, payroll & benefit support services, retirement support services and temporary agencies.
Research & Consulting Services Companies primarily providing research and consulting services to businesses and governments not classified elsewhere.
20202020 Includes companies involved in management consulting services, architectural design, business information or scientific research,
marketing, and testing & certification services. Excludes companies providing information technology consulting services
classified in the IT Consulting & Other Services sub-industry.
22S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Industrials Transportation Air Freight & Logistics Air Freight & Logistics Companies providing air freight transportation, courier and logistics services, including package and mail delivery and customs agents.
20 2030 203010 20301010 Excludes those companies classified in the Airlines, Marine or Trucking sub-industries.
Airlines Airlines Companies providing primarily passenger air transportation.
203020 20302010
Marine Marine Companies providing goods or passenger maritime transportation. Excludes cruise ships classified in the Hotels, Resorts & Cruise Lines
203030 20303010 sub-industry.
Road & Rail Railroads Companies providing primarily goods and passenger rail transportation.
203040 20304010
Trucking Companies providing primarily goods and passenger land transportation. Includes vehicle rental and taxi companies.
20304020
Transportation Infrastructure Airport Services Operators of airports and companies providing related services.
203050 20305010
Highways & Railtracks Owners and operators of roads, tunnels and railtracks.
20305020
Marine Ports & Services Owners and operators of marine ports and related services.
20305030
23GLOBAL INDUSTRY CLASSIFICATION STANDARD
Industrials
continued from previous page
Sector Industry Group Industry Sub-Industry
Industrials Transportation Air Freight & Logistics Air Freight & Logistics Companies providing air freight transportation, courier and logistics services, including package and mail delivery and customs agents.
20 2030 203010 20301010 Excludes those companies classified in the Airlines, Marine or Trucking sub-industries.
Airlines Airlines Companies providing primarily passenger air transportation.
203020 20302010
Marine Marine Companies providing goods or passenger maritime transportation. Excludes cruise ships classified in the Hotels, Resorts & Cruise Lines
203030 20303010 sub-industry.
Road & Rail Railroads Companies providing primarily goods and passenger rail transportation.
203040 20304010
Trucking Companies providing primarily goods and passenger land transportation. Includes vehicle rental and taxi companies.
20304020
Transportation Infrastructure Airport Services Operators of airports and companies providing related services.
203050 20305010
Highways & Railtracks Owners and operators of roads, tunnels and railtracks.
20305020
Marine Ports & Services Owners and operators of marine ports and related services.
20305030
24S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Consumer Discretionary Automobiles & Components Auto Components Auto Parts & Equipment Manufacturers of parts and accessories for automobiles and motorcycles. Excludes companies classified in the Tires & Rubber
25 2510 251010 25101010 sub-industry.
Tires & Rubber Manufacturers of tires and rubber.
25101020
Automobiles Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks. Excludes companies producing mainly motorcycles and
251020 25102010 three-wheelers classified in the Motorcycle Manufacturers sub-industry and heavy duty trucks classified in the Construction & Farm
Machinery & Heavy Trucks sub-industry.
Motorcycle Manufacturers Companies that produce motorcycles, scooters or three-wheelers. Excludes bicycles classified in the Leisure Products sub-industry.
25102020
Consumer Durables & Apparel Household Durables Consumer Electronics Manufacturers of consumer electronics products including TVs, home audio equipment, game consoles, digital cameras, and related products.
2520 252010 25201010 Excludes personal home computer manufacturers classified in the Technology Hardware, Storage & Peripherals Sub-Industry, and electric
household appliances classified in the Household Appliances sub-industry.
Home Furnishings Manufacturers of soft home furnishings or furniture, including upholstery, carpets and wall-coverings.
25201020
Homebuilding Residential construction companies. Includes manufacturers of prefabricated houses and semi-fixed manufactured homes.
25201030
Household Appliances Manufacturers of electric household appliances and related products. Includes manufacturers of power and hand tools, including
25201040 garden improvement tools. Excludes TVs and other audio and video products classified in the Consumer Electronics sub-industry
and personal computers classified in the Computer Hardware sub-industry.
Housewares & Specialties Manufacturers of durable household products, including cutlery, cookware, glassware, crystal, silverware, utensils, kitchenware and
25201050 consumer specialties not classified elsewhere.
Leisure Products Leisure Products Manufacturers of leisure products and equipment including sports equipment, bicycles and toys.
252020 25202010
25GLOBAL INDUSTRY CLASSIFICATION STANDARD
Consumer Discretionary
Sector Industry Group Industry Sub-Industry
Consumer Discretionary Automobiles & Components Auto Components Auto Parts & Equipment Manufacturers of parts and accessories for automobiles and motorcycles. Excludes companies classified in the Tires & Rubber
25 2510 251010 25101010 sub-industry.
Tires & Rubber Manufacturers of tires and rubber.
25101020
Automobiles Automobile Manufacturers Companies that produce mainly passenger automobiles and light trucks. Excludes companies producing mainly motorcycles and
251020 25102010 three-wheelers classified in the Motorcycle Manufacturers sub-industry and heavy duty trucks classified in the Construction & Farm
Machinery & Heavy Trucks sub-industry.
Motorcycle Manufacturers Companies that produce motorcycles, scooters or three-wheelers. Excludes bicycles classified in the Leisure Products sub-industry.
25102020
Consumer Durables & Apparel Household Durables Consumer Electronics Manufacturers of consumer electronics products including TVs, home audio equipment, game consoles, digital cameras, and related products.
2520 252010 25201010 Excludes personal home computer manufacturers classified in the Technology Hardware, Storage & Peripherals Sub-Industry, and electric
household appliances classified in the Household Appliances sub-industry.
Home Furnishings Manufacturers of soft home furnishings or furniture, including upholstery, carpets and wall-coverings.
25201020
Homebuilding Residential construction companies. Includes manufacturers of prefabricated houses and semi-fixed manufactured homes.
25201030
Household Appliances Manufacturers of electric household appliances and related products. Includes manufacturers of power and hand tools, including
25201040 garden improvement tools. Excludes TVs and other audio and video products classified in the Consumer Electronics sub-industry
and personal computers classified in the Computer Hardware sub-industry.
Housewares & Specialties Manufacturers of durable household products, including cutlery, cookware, glassware, crystal, silverware, utensils, kitchenware and
25201050 consumer specialties not classified elsewhere.
Leisure Products Leisure Products Manufacturers of leisure products and equipment including sports equipment, bicycles and toys.
252020 25202010
26S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Consumer Discretionary Consumer Durables & Apparel Textiles, Apparel & Luxury Goods Apparel, Accessories & Luxury Goods Manufacturers of apparel, accessories and luxury goods. Includes companies primarily producing designer handbags, wallets, luggage,
25 2520 252030 25203010 jewelry and watches. Excludes shoes classified in the Footwear sub-industry.
Footwear Manufacturers of footwear. Includes sport and leather shoes.
25203020
Textiles Manufacturers of textile and related products not classified in the Apparel, Accessories & Luxury Goods, Footwear or Home Furnishings
25203030 sub-industries.
Consumer Services Hotels, Restaurants & Leisure Casinos & Gaming Owners and operators of casinos and gaming facilities. Includes companies providing lottery and betting services.
2530 253010 25301010
Hotels, Resorts & Cruise Lines Owners and operators of hotels, resorts and cruise ships. Includes travel agencies, tour operators and related services not classified
25301020 elsewhere. Excludes casino-hotels classified in the Casinos & Gaming sub-industry.
Leisure Facilities Owners and operators of leisure facilities, including sport and fitness centers, stadiums, golf courses and amusement parks not
25301030 classified in the Movies & Entertainment sub-industry.
Restaurants Owners and operators of restaurants, bars, pubs, fast-food or take-out facilities. Includes companies that provide food catering services.
25301040
Diversified Consumer Services Education Services Companies providing education services, either online or through conventional teaching methods. Includes private universities,
253020 25302010 correspondence teaching, providers of educational seminars, educational materials and technical education. Excludes companies
providing employee education programs classified in the Human Resources & Employment Services sub-industry.
Specialized Consumer Services Companies providing consumer services not classified elsewhere. Includes residential services, home security, legal services, personal
25302020 services, renovation & interior design services, consumer auctions and wedding & funeral services.
27GLOBAL INDUSTRY CLASSIFICATION STANDARD
Consumer Discretionary
continued from previous page
Sector Industry Group Industry Sub-Industry
Consumer Discretionary Consumer Durables & Apparel Textiles, Apparel & Luxury Goods Apparel, Accessories & Luxury Goods Manufacturers of apparel, accessories and luxury goods. Includes companies primarily producing designer handbags, wallets, luggage,
25 2520 252030 25203010 jewelry and watches. Excludes shoes classified in the Footwear sub-industry.
Footwear Manufacturers of footwear. Includes sport and leather shoes.
25203020
Textiles Manufacturers of textile and related products not classified in the Apparel, Accessories & Luxury Goods, Footwear or Home Furnishings
25203030 sub-industries.
Consumer Services Hotels, Restaurants & Leisure Casinos & Gaming Owners and operators of casinos and gaming facilities. Includes companies providing lottery and betting services.
2530 253010 25301010
Hotels, Resorts & Cruise Lines Owners and operators of hotels, resorts and cruise ships. Includes travel agencies, tour operators and related services not classified
25301020 elsewhere. Excludes casino-hotels classified in the Casinos & Gaming sub-industry.
Leisure Facilities Owners and operators of leisure facilities, including sport and fitness centers, stadiums, golf courses and amusement parks not
25301030 classified in the Movies & Entertainment sub-industry.
Restaurants Owners and operators of restaurants, bars, pubs, fast-food or take-out facilities. Includes companies that provide food catering services.
25301040
Diversified Consumer Services Education Services Companies providing education services, either online or through conventional teaching methods. Includes private universities,
253020 25302010 correspondence teaching, providers of educational seminars, educational materials and technical education. Excludes companies
providing employee education programs classified in the Human Resources & Employment Services sub-industry.
Specialized Consumer Services Companies providing consumer services not classified elsewhere. Includes residential services, home security, legal services, personal
25302020 services, renovation & interior design services, consumer auctions and wedding & funeral services.
28S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Consumer Discretionary Media Media Advertising Companies providing advertising, marketing or public relations services.
25 2540 254010 25401010
Broadcasting Owners and operators of television or radio broadcasting systems, including programming. Includes radio and television,
25401020 broadcasting, radio networks, and radio stations.
Cable & Satellite Providers of cable or satellite television and satellite radio services. Includes cable networks and program distribution.
25401025
Movies & Entertainment Companies that engage in producing and selling entertainment products and services, including companies engaged in the production,
25401030 distribution and screening of movies and television shows, producers and distributors of music, entertainment theaters and sports teams.
Publishing Publishers of newspapers, magazines and books, and providers of information in print or electronic formats.
25401040
29GLOBAL INDUSTRY CLASSIFICATION STANDARD
Consumer Discretionary
continued from previous page
Sector Industry Group Industry Sub-Industry
Consumer Discretionary Media Media Advertising Companies providing advertising, marketing or public relations services.
25 2540 254010 25401010
Broadcasting Owners and operators of television or radio broadcasting systems, including programming. Includes radio and television,
25401020 broadcasting, radio networks, and radio stations.
Cable & Satellite Providers of cable or satellite television and satellite radio services. Includes cable networks and program distribution.
25401025
Movies & Entertainment Companies that engage in producing and selling entertainment products and services, including companies engaged in the production,
25401030 distribution and screening of movies and television shows, producers and distributors of music, entertainment theaters and sports teams.
Publishing Publishers of newspapers, magazines and books, and providers of information in print or electronic formats.
25401040
30S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Consumer Discretionary Retailing Distributors Distributors Distributors and wholesalers of general merchandise not classified elsewhere. Includes vehicle distributors.
25 2550 255010 25501010
Internet & Direct Marketing Retail Internet & Direct Marketing Retail Companies providing retail services primarily on the internet, through mail order, and TV home shopping retailers.
255020 25502020
Multiline Retail Department Stores Owners and operators of department stores.
255030 25503010
General Merchandise Stores Owners and operators of stores offering diversified general merchandise. Excludes hypermarkets and large-scale super centers classified
25503020 in the Hypermarkets & Super Centers sub-industry.
Specialty Retail Apparel Retail Retailers specialized mainly in apparel and accessories.
255040 25504010
Computer & Electronics Retail Owners and operators of consumer electronics, computers, video and related products retail stores.
25504020
Home Improvement Retail Owners and operators of home and garden improvement retail stores. Includes stores offering building materials and supplies.
25504030
Specialty Stores Owners and operators of specialty retail stores not classified elsewhere. Includes jewelry stores, toy stores, office supply stores, health &
25504040 vision care stores and book & entertainment stores.
Automotive Retail Owners and operators of stores specializing in automotive retail. Includes auto dealers, gas stations, and retailers of auto accessories,
25504050 motorcycles & parts, automotive glass and automotive equipment & parts.
Homefurnishing Retail Owners and operators of furniture and home furnishings retail stores. Includes residential furniture, homefurnishings, housewares, and
25504060 interior design. Excludes home and garden improvement stores, classified in the Home Improvement Retail sub-industry.
31GLOBAL INDUSTRY CLASSIFICATION STANDARD
Consumer Discretionary
continued from previous page
Sector Industry Group Industry Sub-Industry
Consumer Discretionary Retailing Distributors Distributors Distributors and wholesalers of general merchandise not classified elsewhere. Includes vehicle distributors.
25 2550 255010 25501010
Internet & Direct Marketing Retail Internet & Direct Marketing Retail Companies providing retail services primarily on the internet, through mail order, and TV home shopping retailers.
255020 25502020
Multiline Retail Department Stores Owners and operators of department stores.
255030 25503010
General Merchandise Stores Owners and operators of stores offering diversified general merchandise. Excludes hypermarkets and large-scale super centers classified
25503020 in the Hypermarkets & Super Centers sub-industry.
Specialty Retail Apparel Retail Retailers specialized mainly in apparel and accessories.
255040 25504010
Computer & Electronics Retail Owners and operators of consumer electronics, computers, video and related products retail stores.
25504020
Home Improvement Retail Owners and operators of home and garden improvement retail stores. Includes stores offering building materials and supplies.
25504030
Specialty Stores Owners and operators of specialty retail stores not classified elsewhere. Includes jewelry stores, toy stores, office supply stores, health &
25504040 vision care stores and book & entertainment stores.
Automotive Retail Owners and operators of stores specializing in automotive retail. Includes auto dealers, gas stations, and retailers of auto accessories,
25504050 motorcycles & parts, automotive glass and automotive equipment & parts.
Homefurnishing Retail Owners and operators of furniture and home furnishings retail stores. Includes residential furniture, homefurnishings, housewares, and
25504060 interior design. Excludes home and garden improvement stores, classified in the Home Improvement Retail sub-industry.
32S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Consumer Staples Food & Staples Retailing Food & Staples Retailing Drug Retail Owners and operators of primarily drug retail stores and pharmacies.
30 3010 301010 30101010
Food Distributors Distributors of food products to other companies and not directly to the consumer.
30101020
Food Retail Owners and operators of primarily food retail stores.
30101030
Hypermarkets & Super Centers Owners and operators of hypermarkets and super centers selling food and a wide-range of consumer staple products. Excludes Food
30101040 and Drug Retailers classified in the Food Retail and Drug Retail sub-industries, respectively.
Food, Beverage & Tobacco Beverages Brewers Producers of beer and malt liquors. Includes breweries not classified in the Restaurants sub-industry.
3020 302010 30201010
Distillers & Vintners Distillers, vintners and producers of alcoholic beverages not classified in the Brewers sub-industry.
30201020
Soft Drinks Producers of non-alcoholic beverages including mineral waters. Excludes producers of milk classified in the Packaged Foods sub-industry.
30201030
Food Products Agricultural Products Producers of agricultural products. Includes crop growers, owners of plantations and companies that produce and process foods but
302020 30202010 do not package and market them. Excludes companies classified in the Forest Products sub-industry and those that package and
market the food products classified in the Packaged Foods & Meats sub-industry.
Packaged Foods & Meats Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods.
30202030
Tobacco Tobacco Manufacturers of cigarettes and other tobacco products.
302030 30203010
33GLOBAL INDUSTRY CLASSIFICATION STANDARD
Consumer Staples
Sector Industry Group Industry Sub-Industry
Consumer Staples Food & Staples Retailing Food & Staples Retailing Drug Retail Owners and operators of primarily drug retail stores and pharmacies.
30 3010 301010 30101010
Food Distributors Distributors of food products to other companies and not directly to the consumer.
30101020
Food Retail Owners and operators of primarily food retail stores.
30101030
Hypermarkets & Super Centers Owners and operators of hypermarkets and super centers selling food and a wide-range of consumer staple products. Excludes Food
30101040 and Drug Retailers classified in the Food Retail and Drug Retail sub-industries, respectively.
Food, Beverage & Tobacco Beverages Brewers Producers of beer and malt liquors. Includes breweries not classified in the Restaurants sub-industry.
3020 302010 30201010
Distillers & Vintners Distillers, vintners and producers of alcoholic beverages not classified in the Brewers sub-industry.
30201020
Soft Drinks Producers of non-alcoholic beverages including mineral waters. Excludes producers of milk classified in the Packaged Foods sub-industry.
30201030
Food Products Agricultural Products Producers of agricultural products. Includes crop growers, owners of plantations and companies that produce and process foods but
302020 30202010 do not package and market them. Excludes companies classified in the Forest Products sub-industry and those that package and
market the food products classified in the Packaged Foods & Meats sub-industry.
Packaged Foods & Meats Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods.
30202030
Tobacco Tobacco Manufacturers of cigarettes and other tobacco products.
302030 30203010
34S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Consumer Staples Household & Personal Products Household Products Household Products Producers of non-durable household products, including detergents, soaps, diapers and other tissue and household paper products not
30 3030 303010 30301010 classified in the Paper Products sub-industry.
Personal Products Personal Products Manufacturers of personal and beauty care products, including cosmetics and perfumes.
303020 30302010
35GLOBAL INDUSTRY CLASSIFICATION STANDARD
Consumer Staples
continued from previous page
Sector Industry Group Industry Sub-Industry
Consumer Staples Household & Personal Products Household Products Household Products Producers of non-durable household products, including detergents, soaps, diapers and other tissue and household paper products not
30 3030 303010 30301010 classified in the Paper Products sub-industry.
Personal Products Personal Products Manufacturers of personal and beauty care products, including cosmetics and perfumes.
303020 30302010
36S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Health Care Health Care Equipment & Services Health Care Equipment & Supplies Health Care Equipment Manufacturers of health care equipment and devices. Includes medical instruments, drug delivery systems,
35 3510 351010 35101010 cardiovascular & orthopedic devices, and diagnostic equipment.
Health Care Supplies Manufacturers of health care supplies and medical products not classified elsewhere. Includes eye care products,
35101020 hospital supplies, and safety needle & syringe devices.
Health Care Providers & Services Health Care Distributors Distributors and wholesalers of health care products not classified elsewhere.
351020 35102010
Health Care Services Providers of patient health care services not classified elsewhere. Includes dialysis centers, lab testing services, and pharmacy
35102015 management services. Also includes companies providing business support services to health care providers, such as clerical
support services, collection agency services, staffing services and outsourced sales & marketing services.
Health Care Facilities Owners and operators of health care facilities, including hospitals, nursing homes, rehabilitation and retirement centers and
35102020 animal hospitals.
Managed Health Care Owners and operators of Health Maintenance Organizations (HMOs) and other managed plans.
35102030
Health Care Technology Health Care Technology Companies providing information technology services primarily to health care providers. Includes companies providing application,
351030 35103010 systems and/or data processing software, internet-based tools, and IT consulting services to doctors, hospitals or businesses
operating primarily in the Health Care sector.
Pharmaceuticals & Biotechnology & Life Sciences Biotechnology Biotechnology Companies primarily engaged in the research, development, manufacturing and/or marketing of products based on genetic analysis
3520 352010 35201010 and genetic engineering. Includes companies specializing in protein-based therapeutics to treat human diseases. Excludes companies
manufacturing products using biotechnology but without a health care application.
Pharmaceuticals Pharmaceuticals Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary drugs.
352020 35202010
Life Sciences Tools & Services Life Sciences Tools & Services Companies enabling the drug discovery, development and production continuum by providing analytical tools, instruments, consumables
352030 35203010 & supplies, clinical trial services and contract research services. Includes firms primarily servicing the pharmaceutical
and biotechnology industries.
37GLOBAL INDUSTRY CLASSIFICATION STANDARD
Health Care
Sector Industry Group Industry Sub-Industry
Health Care Health Care Equipment & Services Health Care Equipment & Supplies Health Care Equipment Manufacturers of health care equipment and devices. Includes medical instruments, drug delivery systems,
35 3510 351010 35101010 cardiovascular & orthopedic devices, and diagnostic equipment.
Health Care Supplies Manufacturers of health care supplies and medical products not classified elsewhere. Includes eye care products,
35101020 hospital supplies, and safety needle & syringe devices.
Health Care Providers & Services Health Care Distributors Distributors and wholesalers of health care products not classified elsewhere.
351020 35102010
Health Care Services Providers of patient health care services not classified elsewhere. Includes dialysis centers, lab testing services, and pharmacy
35102015 management services. Also includes companies providing business support services to health care providers, such as clerical
support services, collection agency services, staffing services and outsourced sales & marketing services.
Health Care Facilities Owners and operators of health care facilities, including hospitals, nursing homes, rehabilitation and retirement centers and
35102020 animal hospitals.
Managed Health Care Owners and operators of Health Maintenance Organizations (HMOs) and other managed plans.
35102030
Health Care Technology Health Care Technology Companies providing information technology services primarily to health care providers. Includes companies providing application,
351030 35103010 systems and/or data processing software, internet-based tools, and IT consulting services to doctors, hospitals or businesses
operating primarily in the Health Care sector.
Pharmaceuticals & Biotechnology & Life Sciences Biotechnology Biotechnology Companies primarily engaged in the research, development, manufacturing and/or marketing of products based on genetic analysis
3520 352010 35201010 and genetic engineering. Includes companies specializing in protein-based therapeutics to treat human diseases. Excludes companies
manufacturing products using biotechnology but without a health care application.
Pharmaceuticals Pharmaceuticals Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary drugs.
352020 35202010
Life Sciences Tools & Services Life Sciences Tools & Services Companies enabling the drug discovery, development and production continuum by providing analytical tools, instruments, consumables
352030 35203010 & supplies, clinical trial services and contract research services. Includes firms primarily servicing the pharmaceutical
and biotechnology industries.
38S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Financials Banks Banks Diversified Banks Large, geographically diverse banks with a national footprint whose revenues are derived primarily from conventional banking operations,
40 4010 401010 40101010 have significant business activity in retail banking and small and medium corporate lending, and provide a diverse range of financial
services. Excludes banks classified in the Regional Banks and Thrifts & Mortgage Finance Sub-Industries. Also excludes investment
banks classified in the Investment Banking & Brokerage Sub-Industry.
Regional Banks Commercial banks whose businesses are derived primarily from conventional banking operations and have significant business activity
40101015 in retail banking and small and medium corporate lending. Regional banks tend to operate in limited geographic regions. Excludes
companies in the Diversified Banks and Thrifts & Mortgage Banks sub-industries. Also excludes investment banks classified in the
Investment Banking & Brokerage sub-industry.
Thrifts & Mortgage Finance Thrifts & Mortgage Finance Financial institutions providing mortgage and mortgage related services. These include financial institutions whose assets are
401020 40102010 primarily mortgage related, savings & loans, mortgage lending institutions, building societies and companies providing insurance
to mortgage banks.
Diversified Financials Diversified Financial Services Other Diversified Financial Services Providers of a diverse range of financial services and/or with some interest in a wide range of financial services including banking,
4020 402010 40201020 insurance and capital markets, but with no dominant business line. Excludes companies classified in the Regional Banks and
Diversified Banks Sub-Industries.
Multi-Sector Holdings A company with significantly diversified holdings across three or more sectors, none of which contribute a majority of profit and/or sales.
40201030 Stakes held are predominantly of a non-controlling nature. Includes diversified financial companies where stakes held are of a
controlling nature. Excludes other diversified companies classified in the Industrials Conglomerates sub-industry.
Specialized Finance Providers of specialized financial services not classified elsewhere. Companies in this sub-industry derive a majority of revenue from
40201040 one specialized line of business. Includes, but not limited to, commercial financing companies, central banks, leasing institutions,
factoring services, and specialty boutiques. Excludes companies classified in the Financial Exchanges & Data sub-industry.
Consumer Finance Consumer Finance Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related money services and
402020 40202010 pawn shops. Excludes mortgage lenders classified in the Thrifts & Mortgage Finance sub-industry.
39GLOBAL INDUSTRY CLASSIFICATION STANDARD
Financials
Sector Industry Group Industry Sub-Industry
Financials Banks Banks Diversified Banks Large, geographically diverse banks with a national footprint whose revenues are derived primarily from conventional banking operations,
40 4010 401010 40101010 have significant business activity in retail banking and small and medium corporate lending, and provide a diverse range of financial
services. Excludes banks classified in the Regional Banks and Thrifts & Mortgage Finance Sub-Industries. Also excludes investment
banks classified in the Investment Banking & Brokerage Sub-Industry.
Regional Banks Commercial banks whose businesses are derived primarily from conventional banking operations and have significant business activity
40101015 in retail banking and small and medium corporate lending. Regional banks tend to operate in limited geographic regions. Excludes
companies in the Diversified Banks and Thrifts & Mortgage Banks sub-industries. Also excludes investment banks classified in the
Investment Banking & Brokerage sub-industry.
Thrifts & Mortgage Finance Thrifts & Mortgage Finance Financial institutions providing mortgage and mortgage related services. These include financial institutions whose assets are
401020 40102010 primarily mortgage related, savings & loans, mortgage lending institutions, building societies and companies providing insurance
to mortgage banks.
Diversified Financials Diversified Financial Services Other Diversified Financial Services Providers of a diverse range of financial services and/or with some interest in a wide range of financial services including banking,
4020 402010 40201020 insurance and capital markets, but with no dominant business line. Excludes companies classified in the Regional Banks and
Diversified Banks Sub-Industries.
Multi-Sector Holdings A company with significantly diversified holdings across three or more sectors, none of which contribute a majority of profit and/or sales.
40201030 Stakes held are predominantly of a non-controlling nature. Includes diversified financial companies where stakes held are of a
controlling nature. Excludes other diversified companies classified in the Industrials Conglomerates sub-industry.
Specialized Finance Providers of specialized financial services not classified elsewhere. Companies in this sub-industry derive a majority of revenue from
40201040 one specialized line of business. Includes, but not limited to, commercial financing companies, central banks, leasing institutions,
factoring services, and specialty boutiques. Excludes companies classified in the Financial Exchanges & Data sub-industry.
Consumer Finance Consumer Finance Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related money services and
402020 40202010 pawn shops. Excludes mortgage lenders classified in the Thrifts & Mortgage Finance sub-industry.
40S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Financials Diversified Financials Capital Markets Asset Management & Custody Banks Financial institutions primarily engaged in investment management and/or related custody and securities fee-based services. Includes
40 4020 402030 40203010 companies operating mutual funds, closed-end funds and unit investment trusts. Excludes banks and other financial institutions
primarily involved in commercial lending, investment banking, brokerage and other specialized financial activities.
Investment Banking & Brokerage Financial institutions primarily engaged in investment banking and brokerage services, including equity and debt underwriting, mergers
40203020 and acquisitions, securities lending and advisory services. Excludes banks and other financial institutions primarily involved in
commercial lending, asset management and specialized financial activities.
Diversified Capital Markets Financial institutions primarily engaged in diversified capital markets activities, including a significant presence in at least two of the
40203030 following areas: large/major corporate lending, investment banking, brokerage and asset management. Excludes less diversified
companies classified in the Asset Management & Custody Banks or Investment Banking & Brokerage sub-industries. Also excludes
companies classified in the Banks or Insurance industry groups or the Consumer Finance sub-industry.
Financial Exchanges & Data Financial exchanges for securities, commodities, derivatives and other financial instruments, and providers of financial decision
40203040 support tools and products including ratings agencies.
Financials Diversified Financials Mortgage Real Estate Investment Trusts (REITs) Mortgage REITs Companies or Trusts that service, originate, purchase and/or securitize residential and/or commercial mortgage loans. Includes trusts
40 4020 402040 40204010 that invest in mortgage-backed securities and other mortgage related assets.
Insurance Insurance Insurance Brokers Insurance and reinsurance brokerage firms.
4030 403010 40301010
Life & Health Insurance Companies providing primarily life, disability, indemnity or supplemental health insurance. Excludes managed care companies
40301020 classified in the Managed Health Care sub-industry.
Multi-line Insurance Insurance companies with diversified interests in life, health and property and casualty insurance.
40301030
Property & Casualty Insurance Companies providing primarily property and casualty insurance.
40301040
Reinsurance Companies providing primarily reinsurance.
40301050
41GLOBAL INDUSTRY CLASSIFICATION STANDARD
Financials
continued from previous page
Sector Industry Group Industry Sub-Industry
Financials Diversified Financials Capital Markets Asset Management & Custody Banks Financial institutions primarily engaged in investment management and/or related custody and securities fee-based services. Includes
40 4020 402030 40203010 companies operating mutual funds, closed-end funds and unit investment trusts. Excludes banks and other financial institutions
primarily involved in commercial lending, investment banking, brokerage and other specialized financial activities.
Investment Banking & Brokerage Financial institutions primarily engaged in investment banking and brokerage services, including equity and debt underwriting, mergers
40203020 and acquisitions, securities lending and advisory services. Excludes banks and other financial institutions primarily involved in
commercial lending, asset management and specialized financial activities.
Diversified Capital Markets Financial institutions primarily engaged in diversified capital markets activities, including a significant presence in at least two of the
40203030 following areas: large/major corporate lending, investment banking, brokerage and asset management. Excludes less diversified
companies classified in the Asset Management & Custody Banks or Investment Banking & Brokerage sub-industries. Also excludes
companies classified in the Banks or Insurance industry groups or the Consumer Finance sub-industry.
Financial Exchanges & Data Financial exchanges for securities, commodities, derivatives and other financial instruments, and providers of financial decision
40203040 support tools and products including ratings agencies.
Financials Diversified Financials Mortgage Real Estate Investment Trusts (REITs) Mortgage REITs Companies or Trusts that service, originate, purchase and/or securitize residential and/or commercial mortgage loans. Includes trusts
40 4020 402040 40204010 that invest in mortgage-backed securities and other mortgage related assets.
Insurance Insurance Insurance Brokers Insurance and reinsurance brokerage firms.
4030 403010 40301010
Life & Health Insurance Companies providing primarily life, disability, indemnity or supplemental health insurance. Excludes managed care companies
40301020 classified in the Managed Health Care sub-industry.
Multi-line Insurance Insurance companies with diversified interests in life, health and property and casualty insurance.
40301030
Property & Casualty Insurance Companies providing primarily property and casualty insurance.
40301040
Reinsurance Companies providing primarily reinsurance.
40301050
42S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Information Technology Software & Services Internet Software & Services Internet Software & Services Companies developing and marketing internet software and/or providing internet services including online databases and
45 4510 451010 45101010 interactive services, as well as companies deriving a majority of their revenues from online advertising. Excludes companies
classified in the Internet Retail sub-industry.
IT Services IT Consulting & Other Services Providers of information technology and systems integration services not classified in the Data Processing & Outsourced Services or
451020 45102010 Internet Software & Services sub-industries. Includes information technology consulting and information management services.
Data Processing & Outsourced Services Providers of commercial electronic data processing and/or business process outsourcing services. Includes companies that provide
45102020 services for back-office automation.
Software Application Software Companies engaged in developing and producing software designed for specialized applications for the business or consumer market.
451030 45103010 Includes enterprise and technical software. Excludes companies classified in the Home Entertainment Software sub-industry. Also
excludes companies producing systems or database management software classified in the Systems Software sub-industry
Systems Software Companies engaged in developing and producing systems and database management software.
45103020
Home Entertainment Software Manufacturers of home entertainment software and educational software used primarily in the home.
45103030
Technology Hardware & Equipment Communications Equipment Communications Equipment Manufacturers of communication equipment and products, including LANs, WANs, routers, telephones, switchboards and exchanges.
4520 452010 45201020 Excludes cellular phone manufacturers classified in the Technology Hardware, Storage & Peripherals Sub-Industry.
Technology Hardware, Storage & Peripherals Technology Hardware, Storage & Peripherals Manufacturers of cellular phones, personal computers, servers, electronic computer components and peripherals. Includes data
452020 45202030 storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Excludes
semiconductors classified in the Semiconductors Sub-Industry.
43GLOBAL INDUSTRY CLASSIFICATION STANDARD
Information Technology
Sector Industry Group Industry Sub-Industry
Information Technology Software & Services Internet Software & Services Internet Software & Services Companies developing and marketing internet software and/or providing internet services including online databases and
45 4510 451010 45101010 interactive services, as well as companies deriving a majority of their revenues from online advertising. Excludes companies
classified in the Internet Retail sub-industry.
IT Services IT Consulting & Other Services Providers of information technology and systems integration services not classified in the Data Processing & Outsourced Services or
451020 45102010 Internet Software & Services sub-industries. Includes information technology consulting and information management services.
Data Processing & Outsourced Services Providers of commercial electronic data processing and/or business process outsourcing services. Includes companies that provide
45102020 services for back-office automation.
Software Application Software Companies engaged in developing and producing software designed for specialized applications for the business or consumer market.
451030 45103010 Includes enterprise and technical software. Excludes companies classified in the Home Entertainment Software sub-industry. Also
excludes companies producing systems or database management software classified in the Systems Software sub-industry
Systems Software Companies engaged in developing and producing systems and database management software.
45103020
Home Entertainment Software Manufacturers of home entertainment software and educational software used primarily in the home.
45103030
Technology Hardware & Equipment Communications Equipment Communications Equipment Manufacturers of communication equipment and products, including LANs, WANs, routers, telephones, switchboards and exchanges.
4520 452010 45201020 Excludes cellular phone manufacturers classified in the Technology Hardware, Storage & Peripherals Sub-Industry.
Technology Hardware, Storage & Peripherals Technology Hardware, Storage & Peripherals Manufacturers of cellular phones, personal computers, servers, electronic computer components and peripherals. Includes data
452020 45202030 storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. Excludes
semiconductors classified in the Semiconductors Sub-Industry.
44S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Information Technology Technology Hardware & Equipment Electronic Equipment, Instruments & Components Electronic Equipment & Instruments Manufacturers of electronic equipment and instruments including analytical, electronic test and measurement instruments,
45 4520 452030 45203010 scanner/barcode products, lasers, display screens, point-of-sales machines, and security system equipment.
Electronic Components Manufacturers of electronic components. Includes electronic components, connection devices, electron tubes, electronic capacitors
45203015 and resistors, electronic coil, printed circuit board, transformer and other inductors, signal processing technology/components and
other electronic equipment not classified elsewhere.
Electronic Manufacturing Services Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers) markets.
45203020
Technology Distributors Distributors of technology hardware and equipment. Includes distributors of communications equipment,
45203030 computers & peripherals, semiconductors, and electronic equipment and components.
Semiconductors & Semiconductor Equipment Semiconductors & Semiconductor Equipment Semiconductor Equipment Manufacturers of semiconductor equipment.
4530 453010 45301010
Semiconductors Manufacturers of semiconductors and related products.
45301020
45GLOBAL INDUSTRY CLASSIFICATION STANDARD
Information Technology
continued from previous page
Sector Industry Group Industry Sub-Industry
Information Technology Technology Hardware & Equipment Electronic Equipment, Instruments & Components Electronic Equipment & Instruments Manufacturers of electronic equipment and instruments including analytical, electronic test and measurement instruments,
45 4520 452030 45203010 scanner/barcode products, lasers, display screens, point-of-sales machines, and security system equipment.
Electronic Components Manufacturers of electronic components. Includes electronic components, connection devices, electron tubes, electronic capacitors
45203015 and resistors, electronic coil, printed circuit board, transformer and other inductors, signal processing technology/components and
other electronic equipment not classified elsewhere.
Electronic Manufacturing Services Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers) markets.
45203020
Technology Distributors Distributors of technology hardware and equipment. Includes distributors of communications equipment,
45203030 computers & peripherals, semiconductors, and electronic equipment and components.
Semiconductors & Semiconductor Equipment Semiconductors & Semiconductor Equipment Semiconductor Equipment Manufacturers of semiconductor equipment.
4530 453010 45301010
Semiconductors Manufacturers of semiconductors and related products.
45301020
46S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Telecommunication Services Telecommunication Services Diversified Telecommunication Services Alternative Carriers Providers of communications and high-density data transmission services primarily through a high bandwidth/fiber-optic
50 5010 501010 50101010 cable network.
Integrated Telecommunication Services Operators of primarily fixed-line telecommunications networks and companies providing both wireless and fixed-line
50101020 telecommunications services not classified elsewhere.
Wireless Telecommunication Services Wireless Telecommunication Services Providers of primarily cellular or wireless telecommunication services, including paging services.
501020 50102010
47GLOBAL INDUSTRY CLASSIFICATION STANDARD
Telecommunication Services
continued from previous page
Sector Industry Group Industry Sub-Industry
Telecommunication Services Telecommunication Services Diversified Telecommunication Services Alternative Carriers Providers of communications and high-density data transmission services primarily through a high bandwidth/fiber-optic
50 5010 501010 50101010 cable network.
Integrated Telecommunication Services Operators of primarily fixed-line telecommunications networks and companies providing both wireless and fixed-line
50101020 telecommunications services not classified elsewhere.
Wireless Telecommunication Services Wireless Telecommunication Services Providers of primarily cellular or wireless telecommunication services, including paging services.
501020 50102010
48S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Utilities Utilities Electric Utilities Electric Utilities Companies that produce or distribute electricity. Includes both nuclear and non-nuclear facilities.
55 5510 551010 55101010
Gas Utilities Gas Utilities Companies whose main charter is to distribute and transmit natural and manufactured gas. Excludes companies primarily involved in
551020 55102010 gas exploration or production classified in Oil & Gas Exploration & Production sub-industry. Also excludes diversified midstream natural
gas companies classified in the Oil & Gas Storage & Transportation sub-industry.
Multi-Utilities Multi-Utilities Utility companies with significantly diversified activities in addition to core electric utility, gas utility and/or water utility operations.
551030 55103010
Water Utilities Water Utilities Companies that purchase and redistribute water to the end-consumer. Includes large-scale water treatment systems.
551040 55104010
Independent Power & Renewable Independent Power Producers & Energy Traders Companies that operate as Independent Power Producers (IPPs), Gas & Power Marketing & Trading Specialists and/or Integrated Energy
Electricity Producers 55105010 Merchants. Excludes producers of electricity using renewable sources, such as solar power, hydropower, and wind power. Also excludes
551050 electric transmission companies and utility distribution companies classified in the Electric Utilities Sub-Industry.
Renewable Electricity Companies that engage in generation and distribution of electricity using renewable sources, including, but not limited to, companies
55105020 that produce electricity using biomass, geothermal energy, solar energy, hydropower, and wind power. Excludes companies manufacturing
capital equipment used to generate electricity using renewable sources, such as manufacturers of solar power systems and installers
of photovoltaic cells and companies involved in the provision of technology, components, and services mainly to this market.
49GLOBAL INDUSTRY CLASSIFICATION STANDARD
Utilities
Sector Industry Group Industry Sub-Industry
Utilities Utilities Electric Utilities Electric Utilities Companies that produce or distribute electricity. Includes both nuclear and non-nuclear facilities.
55 5510 551010 55101010
Gas Utilities Gas Utilities Companies whose main charter is to distribute and transmit natural and manufactured gas. Excludes companies primarily involved in
551020 55102010 gas exploration or production classified in Oil & Gas Exploration & Production sub-industry. Also excludes diversified midstream natural
gas companies classified in the Oil & Gas Storage & Transportation sub-industry.
Multi-Utilities Multi-Utilities Utility companies with significantly diversified activities in addition to core electric utility, gas utility and/or water utility operations.
551030 55103010
Water Utilities Water Utilities Companies that purchase and redistribute water to the end-consumer. Includes large-scale water treatment systems.
551040 55104010
Independent Power & Renewable Independent Power Producers & Energy Traders Companies that operate as Independent Power Producers (IPPs), Gas & Power Marketing & Trading Specialists and/or Integrated Energy
Electricity Producers 55105010 Merchants. Excludes producers of electricity using renewable sources, such as solar power, hydropower, and wind power. Also excludes
551050 electric transmission companies and utility distribution companies classified in the Electric Utilities Sub-Industry.
Renewable Electricity Companies that engage in generation and distribution of electricity using renewable sources, including, but not limited to, companies
55105020 that produce electricity using biomass, geothermal energy, solar energy, hydropower, and wind power. Excludes companies manufacturing
capital equipment used to generate electricity using renewable sources, such as manufacturers of solar power systems and installers
of photovoltaic cells and companies involved in the provision of technology, components, and services mainly to this market.
50S&P Global Market Intelligence | MSCI
Sector Industry Group Industry Sub-Industry
Real Estate Real Estate Equity Real Estate Investment Trusts (REITs) Diversified REITs Companies or trusts with significantly diversified operations across two or more property types.
60 6010 601010 60101010
Industrial REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of industrial properties.
60101020 Includes companies operating industrial warehouses and distribution properties.
Hotel & Resort REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of hotel and
60101030 resort properties.
Office REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of office properties.
60101040
Health Care REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties serving the
60101050 health care industry, including hospitals, nursing homes, and assisted living properties.
Residential REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of residential properties
60101060 including multi-family homes, apartments, manufactured homes and student housing properties.
Retail REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of shopping malls,
60101070 outlet malls, neighborhood and community shopping centers.
Specialized REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties not
60101080 classified elsewhere. Includes trusts that operate and invest in storage properties. It also includes REITs that do not generate
a majority of their revenues and income from real estate rental and leasing operations.
Real Estate Management & Development Diversified Real Estate Activities Companies engaged in a diverse spectrum of real estate activities including real estate development & sales, real estate management,
601020 60102010 or real estate services, but with no dominant business line.
Real Estate Operating Companies Companies engaged in operating real estate properties for the purpose of leasing & management.
60102020
Real Estate Development Companies that develop real estate and sell the properties after development. Excludes companies classified in the
60102030 Homebuilding sub-industry.
Real Estate Services Real estate service providers such as real estate agents, brokers & real estate appraisers.
60102040
51GLOBAL INDUSTRY CLASSIFICATION STANDARD
Real Estate
Sector Industry Group Industry Sub-Industry
Real Estate Real Estate Equity Real Estate Investment Trusts (REITs) Diversified REITs Companies or trusts with significantly diversified operations across two or more property types.
60 6010 601010 60101010
Industrial REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of industrial properties.
60101020 Includes companies operating industrial warehouses and distribution properties.
Hotel & Resort REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of hotel and
60101030 resort properties.
Office REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of office properties.
60101040
Health Care REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties serving the
60101050 health care industry, including hospitals, nursing homes, and assisted living properties.
Residential REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of residential properties
60101060 including multi-family homes, apartments, manufactured homes and student housing properties.
Retail REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of shopping malls,
60101070 outlet malls, neighborhood and community shopping centers.
Specialized REITs Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties not
60101080 classified elsewhere. Includes trusts that operate and invest in storage properties. It also includes REITs that do not generate
a majority of their revenues and income from real estate rental and leasing operations.
Real Estate Management & Development Diversified Real Estate Activities Companies engaged in a diverse spectrum of real estate activities including real estate development & sales, real estate management,
601020 60102010 or real estate services, but with no dominant business line.
Real Estate Operating Companies Companies engaged in operating real estate properties for the purpose of leasing & management.
60102020
Real Estate Development Companies that develop real estate and sell the properties after development. Excludes companies classified in the
60102030 Homebuilding sub-industry.
Real Estate Services Real estate service providers such as real estate agents, brokers & real estate appraisers.
60102040
MSCI | S&P Global Market Intelligence GLOBAL INDUSTRY CLASSIFICATION STANDARD
For more information on the GICS structure,
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