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Morningstar Fund Industry Weightings

For specialty funds (also called sector funds), we replace the standard sector weightings, which include broad industry classifications such as hardware, with a breakdown of the fund’s weightings in the sector’s subindustries, or subsectors.

Each sector has its own breakdown of subsectors, which can help investors determine which specific areas of an industry the fund invests in and how pure its focus is.

The industry weightings show at a glance whether a fund is conservatively diversified across a sector, betting on just a couple of risky subsectors to charge up returns, or crouching defensively in the mildest corner of the specialty.

The fund’s weightings relative to its category average are also shown. Each specialty’s breakdown also includes an Other classification, but a large weighting there doesn’t mean the fund is investing outside of its specialty. This is merely a catchall designation to classify the stocks that don’t meet the exact criteria for any specific subsector.

It’s impossible to capture every nook and cranny of the sprawling technology category, for example, in the eight subsectors included on the page. Thus, a fair number of tech stocks fall into Other.

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