GICS
®
Global Industry Classification Standard
2 S&P Global Market Intelligence | MSCI
Global Industry Classification Standard 3
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
Communication Services ................................................................................................................................................... 46
Utilities .............................................................................................................................................................................. 48
Real Estate ......................................................................................................................................................................... 50
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Global Industry Classification Standard 3
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, 69 Industries and 158 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:
www.spcapitaliq.com/gicsmaps
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build and manage better portfolios. Clients rely on our offerings for deeper insights into the drivers of performance
and risk in their portfolios, broad asset class coverage and innovative research. Our line of products and services
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100 largest asset managers, based upon P&I data as of December 2014 and MSCI client data as of June 2015.
For more information, visit us at www.msci.com.
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Global Industry Classification Standard 5
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 Communication 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.
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.
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Global Industry Classification Standard 7
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
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
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
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
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
The GICS Structure
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Global Industry Classification Standard 9
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
45 Information Technology
4510 Software & Services
451020 IT Services
45102010 IT Consulting & Other Services
45102020 Data Processing &
Outsourced Services
45102030 Internet Services & Infrastructure
451030 Software
45103010 Application Software
45103020 Systems 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 Communication Services
5010 Telecommunication Services
501010 Diversified Telecommunication Services
50101010 Alternative Carriers
50101020 Integrated Telecommunication
Services
501020 Wireless Telecommunication Services
50102010 Wireless Telecommunication
Services
5020 Media & Entertainment
502010 Media
50201010 Advertising
50201020 Broadcasting
50201030 Cable & Satellite
50201040 Publishing
502020 Entertainment
50202010 Movies & Entertainment
50202020 Interactive Home Entertainment
502030 Interactive Media & Services
50203010 Interactive Media & Services
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
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Global Industry Classification Standard 11
Sector
S&P Global Market Intelligence | MSCI 12
Industry Group Industry
Energy
10
Energy
1010
Energy Equipment & Services
101010
Oil, Gas & Consumable Fuels
101020
Energy
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 13
Oil & Gas Drilling
10101010
Drilling contractors or owners of drilling rigs that contract their services for drilling wells.
Oil & Gas Equipment & Services
10101020
Manufacturers of equipment, including drilling rigs and equipment, and providers of supplies and services to companies involved in the
drilling, evaluation and completion of oil and gas wells.
Integrated Oil & Gas
10102010
Integrated oil companies engaged in the exploration and production of oil and gas, as well as at least one other significant activity in
either refining, marketing and transportation, or chemicals.
Oil & Gas Exploration & Production
10102020
Companies engaged in the exploration and production of oil and gas not classified elsewhere.
Oil & Gas Refining & Marketing
10102030
Companies engaged in the refining and marketing of oil, gas and/or refined products not classified in the Integrated Oil & Gas or
Independent Power Producers & Energy Traders sub-industries.
Oil & Gas Storage & Transportation
10102040
Companies engaged in the storage and/or transpo
rtation of oil, gas and/or refined products. Includes diversified midstream natural gas
companies facing competitive markets, oil and refined product pipelines, coal slurry pipelines and oil & gas shipping companies.
Coal & Consumable Fuels
10102050
Companies primarily involved in the production and mining of coal, related products and other consumable fuels related to the
generation of energy. Excludes companies primarily producing gases classified in the Industrial Gases sub-industry.
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Global Industry Classification Standard 13
Sector
S&P Global Market Intelligence | MSCI 14
Industry Group Industry
Materials
15
Materials
1510
Chemicals
151010
Construction Materials
151020
Containers & Packaging
151030
Metals & Mining
151040
Materials
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 15
Commodity Chemicals
15101010
Companies that primarily produce industrial chemicals and basic chemicals. Including but not limited to plastics, synthetic fibers, films,
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
15101020
Manufacturers of a diversified range of chemical products not classified in the Industrial Gases, Commodity Chemicals, Specialty
Chemicals or Fertilizers & Agricultural Chemicals sub-industries.
Fertilizers & Agricultural Chemicals
15101030
Producers of fertilizers, pesticides, potash or other agriculture-related chemicals not classified elsewhere.
Industrial Gases
15101040
Manufacturers of industrial gases.
Specialty Chemicals
15101050
Companies that primarily produce high value-added chemicals used in the manufacture of a wide variety of products, including but not
limited to fine chemicals, additives, advanced polymers, adhesives, sealants and specialty paints, pigments
and coatings.
Construction Materials
15102010
Manufacturers of construction materials including sand, clay, gypsum, lime, aggregates, cement, concrete and bricks. Other finished
or semi-finished building materials are classified in the Building Products sub-industry.
Metal & Glass Containers
15103010
Manufacturers of metal, glass or plastic containers. Includes corks and caps.
Paper Packaging
15103020
Manufacturers of paper and cardboard containers and packaging.
Aluminum
15104010
Producers of aluminum and related products, including companies that mine or process bauxite and companies that recycle
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
15104020
Companies engaged in the diversified production or extraction of metals and minerals not classified elsewhere. Including, but not limited to,
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
15104025
Companies involved primarily in copper ore mining.
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Global Industry Classification Standard 15
Sector
S&P Global Market Intelligence | MSCI 16
Industry Group Industry
Materials
15
Materials
1510
Metals & Mining
151040
Paper & Forest Products
151050
Materials
continued from previous page
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 17
Gold
15104030
Producers of gold and related products, including companies that mine or process gold and the South African finance houses which
primarily invest in, but do not operate, gold mines.
Precious Metals & Minerals
15104040
Companies mining precious metals and minerals not classified in the Gold sub-industry. Includes companies primarily mining latinum.
Silver
15104045
Companies primarily mining silver. Excludes companies classified in the Gold or Precious Metals and Minerals Sub-Industries.
Steel
15104050
Producers of iron and steel and related products, including metallurgical (coking) coal mining used for steel production.
Forest Products
15105010
Manufacturers of timber and related wood products. Includes lumber for the building industry.
Paper Products
15105020
Manufacturers of all grades of paper. Excludes companies specializing in paper packaging classified in the Paper
Packaging sub-industry.
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Global Industry Classification Standard 17
Sector
S&P Global Market Intelligence | MSCI 18
Industry Group Industry
Industrials
20
Capital Goods
2010
Aerospace & Defense
201010
Building Products
201020
Construction & Engineering
201030
Electrical Equipment
201040
Industrial Conglomerates
201050
Machinery
201060
Trading Companies & Distributors
201070
Industrials
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 19
Aerospace & Defense
20101010
Manufacturers of civil or military aerospace and defense equipment, parts or products. Includes defense electronics and space equipment.
Building Products
20102010
Manufacturers of building components and home improvement products and equipment. Excludes lumber and plywood classified under
Forest Products and cement and other materials classified in the Construction Materials sub-industry.
Construction & Engineering
20103010
Companies engaged in primarily non-residential construction. Includes civil engineering companies and large-scale contractors.
Excludes companies classified in the Homebuilding sub-industry.
Electrical Components & Equipment
20104010
Companies that produce electric cables and wires, electrical components or equipment not classified in the Heavy Electrical
Equipment sub-industry
Heavy Electrical Equipment
20104020
Manufacturers of power-generating equipment and other heavy electrical equipment, including power turbines, heavy electrical
machinery intended for fixed
-use and large electrical systems. Excludes cables and wires, classified in the Electrical Components &
Equipment sub-industry.
Industrial Conglomerates
20105010
Diversified industrial companies with business activities in three or more sectors, none of which contribute a majority of revenues. Stakes
held are predominantly of a controlling nature, and stake holders maintain an operational interest in the running of the subsidiaries.
Construction Machinery & Heavy Trucks
20106010
Manufacturers of heavy duty trucks, rolling machinery, earth-moving and construction equipment, and manufacturers of related parts.
Includes non-military shipbuilding.
Agricultural & Farm Machinery
20106015
Companies manufacturing agricultural machinery, farm machinery, and their related parts. Includes machinery used for the production
of crops and agricultural livestock, agricultural tractors, planting and fertilizing machinery, fertilizer and chemical application
equipment, and grain dryers
and blowers.
Industrial Machinery
20106020
Manufacturers of industrial machinery and industrial components. Includes companies that manufacture presses, machine tools,
compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings and other metal fabrications.
Trading Companies & Distributors
20107010
Trading companies and other distributors of industrial equipment and products.
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Global Industry Classification Standard 19
Sector
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Industry Group Industry
Industrials
20
Commercial & Professional Services
2020
Commercial Services & Supplies
202010
Professional Services
202020
Industrials
continued from previous page
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 21
Commercial Printing
20201010
Companies providing commercial printing services. Includes printers primarily serving the media industry.
Environmental & Facilities Services
20201050
Companies providing environmental and facilities maintenance services. Includes waste management, facilities management and
pollution control services. Excludes large-scale water treatment systems classified in the Water Utilities sub-industry.
Office Services & Supplies
20201060
Providers of office services and manufacturers of office supplies and equipment not classified elsewhere.
Diversified Support Services
20201070
Companies primarily providing labor oriented support services to businesses and governments. Includes commercial cleaning services,
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
20201080
Companies providing security and protection services to business and governments. Includes companies providing services such as
correctional facilities, security & alarm services, armored transpo
rtation & 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.
Human Resource & Employment Services
20202010
Companies providing business support services relating to human capital management. Includes employment agencies, employee
training, payroll & benefit support services, retirement support services and temporary agencies.
Research & Consulting Services
20202020
Companies primarily providing research and consulting services to businesses and governments not classified elsewhere. 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.
20 S&P Global Market Intelligence | MSCI
Global Industry Classification Standard 21
2120
Sector
S&P Global Market Intelligence | MSCI 22
Industry Group Industry
Industrials
20
Transportation
2030
Air Freight & Logistics
203010
Airlines
203020
Marine
203030
Road & Rail
203040
Transportation Infrastructure
203050
Industrials
continued from previous page
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 23
Air Freight & Logistics
20301010
Companies providing air freight transportation, courier and logistics services, including package and mail delivery and customs agents.
Excludes those companies classified in the Airlines, Marine or Trucking sub-industries.
Airlines
20302010
Companies providing primarily passenger air transportation.
Marine
20303010
Companies providing goods or passenger maritime transportation. Excludes cruise ships classified in the Hotels, Resorts & Cruise Lines
sub-industry.
Railroads
20304010
Companies providing primarily goods and passenger rail transportation.
Trucking
20304020
Companies providing primarily goods and passenger land transportation. Includes vehicle rental and taxi companies.
Airport Services
20305010
Operators of airports and companies providing related services.
Highways & Railtracks
20305020
Owners and operators of roads, tunnels and railtracks.
Marine Ports & Services
20305030
Owners and operators of marine ports and related services.
22 S&P Global Market Intelligence | MSCI
Global Industry Classification Standard 23
Sector
S&P Global Market Intelligence | MSCI 24
Industry Group Industry
Consumer Discretionary
25
Automobiles & Components
2510
Auto Components
251010
Automobiles
251020
Consumer Durables & Apparel
2520
Household Durables
252010
Leisure Products
252020
Consumer Discretionary
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 25
Auto Parts & Equipment
25101010
Manufacturers of parts and accessories for automobiles and motorcycles. Excludes companies classified in the Tires & Rubber
sub-industry.
Tires & Rubber
25101020
Manufacturers of tires and rubber.
Automobile Manufacturers
25102010
Companies that produce mainly passenger automobiles and light trucks. Excludes companies producing mainly motorcycles and
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
25102020
Companies that produce motorcycles, scooters or three-wheelers. Excludes bicycles classified in the Leisure Products sub-industry.
Consumer Electronics
25201010
Manufacturers of consumer electronics products including TVs, home audio
equipment, game consoles, digital cameras, and related products.
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
25201020
Manufacturers of soft home furnishings or furniture, including upholstery, carpets and wall-coverings.
Homebuilding
25201030
Residential construction companies. Includes manufacturers of prefabricated houses and semi-fixed manufactured homes.
Household Appliances
25201040
Manufacturers of electric household appliances and related products. Includes manufacturers of power and hand tools, including
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
25201050
Manufacturers of durable household products, including cutl
ery, cookware, glassware, crystal, silverware, utensils, kitchenware and
consumer specialties not classified elsewhere.
Leisure Products
25202010
Manufacturers of leisure products and equipment including sports equipment, bicycles and toys.
24 S&P Global Market Intelligence | MSCI
Global Industry Classification Standard 25
Sector
S&P Global Market Intelligence | MSCI 26
Industry Group Industry
Consumer Discretionary
25
Consumer Durables & Apparel
2520
Textiles, Apparel & Luxury Goods
252030
Consumer Services
2530
Hotels, Restaurants & Leisure
253010
Diversified Consumer Services
253020
Consumer Discretionary
continued from previous page
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 27
Apparel, Accessories & Luxury Goods
25203010
Manufacturers of apparel, accessories and luxury goods. Includes companies primarily producing designer handbags, wallets, luggage,
jewelry and watches. Excludes shoes classified in the Footwear sub-industry.
Footwear
25203020
Manufacturers of footwear. Includes sport and leather shoes.
Textiles
25203030
Manufacturers of textile and related products not classified in the Apparel, Accessories & Luxury Goods, Footwear or Home Furnishings
sub-industries.
Casinos & Gaming
25301010
Owners and operators of casinos and gaming facilities. Includes companies providing lottery and betting services.
Hotels, Resorts & Cruise Lines
25301020
Owners and operators of hotels, resorts and cruise ships. Includes travel agencies, tour operators and related services not classified
elsewhere. Excludes casino-hotels classified in the Casinos & Gaming sub-industry.
Leisure Facilities
25301030
Owners and operators of leisure facilities, including sport and fitness centers, stadiums, golf courses and amusement parks not
classified in the Movies & Entertainment sub-industry.
Restaurants
25301040
Owners and operators of restaurants, bars, pubs, fast-food or take-out facilities. Includes companies that provide food catering services.
Education Services
25302010
Companies providing education services, either online or through conventional teaching methods. Includes private universities,
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
25302020
Companies providing consumer services not classified elsewhere. Includes residential services, home security, legal services, personal
services, renovation & interior design services, consumer auctions and wedding & funeral services.
26 S&P Global Market Intelligence | MSCI
Global Industry Classification Standard 27
Sector
S&P Global Market Intelligence | MSCI 30
Industry Group Industry
Consumer Discretionary
25
Retailing
2550
Distributors
255010
Internet & Direct Marketing Retail
255020
Multiline Retail
255030
Specialty Retail
255040
Consumer Discretionary
continued from previous page
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 31
Distributors
25501010
Distributors and wholesalers of general merchandise not classified elsewhere. Includes vehicle distributors.
Internet & Direct Marketing Retail
25502020
Companies providing retail services primarily on the internet, through mail order, and TV home shopping retailers. Also
includes companies providing online marketplaces for consumer products and services.
Department Stores
25503010
Owners and operators of department stores.
General Merchandise Stores
25503020
Owners and operators of stores offering diversified general merchandise. Excludes hypermarkets and large-scale super
centers classified in the Hypermarkets & Super Centers sub-industry.
Apparel Retail
25504010
Retailers specialized mainly in apparel and accessories.
Computer & Electronics Retail
25504020
Owners and operators of consumer electronics, computers, video and related products retail stores.
Home Improvement Retail
25504030
Owne
rs and operators of home and garden improvement retail stores. Includes stores offering building materials and supplies.
Specialty Stores
25504040
Owners and operators of specialty retail stores not classified elsewhere. Includes jewelry stores, toy stores, office supply
stores, health & vision care stores and book & entertainment stores.
Automotive Retail
25504050
Owners and operators of stores specializing in automotive retail. Includes auto dealers, gas stations, and retailers of auto
accessories, motorcycles & parts, automotive glass and automotive equipment & parts.
Homefurnishing Retail
25504060
Owners and operators of furniture and home furnishings retail stores. Includes residential furniture, homefurnishings,
housewares, and interior design. Excludes home and garden improvement stores, classified in the Home Improvement Retail
sub-industry.
28 S&P Global Market Intelligence | MSCI
Global Industry Classification Standard 29
Sector
S&P Global Market Intelligence | MSCI 32
Industry Group Industry
Consumer Staples
30
Food & Staples Retailing
3010
Food & Staples Retailing
301010
Food, Beverage & Tobacco
3020
Beverages
302010
Food Products
302020
Tobacco
302030
Consumer Staples
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 33
Drug Retail
30101010
Owners and operators of primarily drug retail stores and pharmacies.
Food Distributors
30101020
Distributors of food products to other companies and not directly to the consumer.
Food Retail
30101030
Owners and operators of primarily food retail stores.
Hypermarkets & Super Centers
30101040
Owners and operators of hypermarkets and super centers selling food and a wide-range of consumer staple products. Excludes Food
and Drug Retailers classified in the Food Retail and Drug Retail sub-industries, respectively.
Brewers
30201010
Producers of beer and malt liquors. Includes breweries not classified in the Restaurants sub-industry.
Distillers & Vintners
30201020
Distillers, vintners and producers of alcoholic beverages not classified in the Brewers sub-industry.
Soft Drinks
30201030
Producers of non-alcoholic beverages including mineral water
s. Excludes producers of milk classified in the Packaged Foods sub-industry.
Agricultural Products
30202010
Producers of agricultural products. Includes crop growers, owners of plantations and companies that produce and process foods but
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
30202030
Producers of packaged foods including dairy products, fruit juices, meats, poultry, fish and pet foods.
Tobacco
30203010
Manufacturers of cigarettes and other tobacco products.
30 S&P Global Market Intelligence | MSCI
Global Industry Classification Standard 31
Sector
S&P Global Market Intelligence | MSCI 34
Industry Group Industry
Consumer Staples
30
Household & Personal Products
3030
Household Products
303010
Personal Products
303020
Consumer Staples
continued from previous page
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 35
Household Products
30301010
Producers of non-durable household products, including detergents, soaps, diapers and other tissue and household paper products not
classified in the Paper Products sub-industry.
Personal Products
30302010
Manufacturers of personal and beauty care products, including cosmetics and perfumes.
32 S&P Global Market Intelligence | MSCI
Global Industry Classification Standard 33
Sector
S&P Global Market Intelligence | MSCI 36
Industry Group Industry
Health Care
35
Health Care Equipment & Services
3510
Health Care Equipment & Supplies
351010
Health Care Providers & Services
351020
Health Care Technology
351030
Pharmaceuticals & Biotechnology & Life Sciences
3520
Biotechnology
352010
Pharmaceuticals
352020
Life Sciences Tools & Services
352030
Health Care
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 37
Health Care Equipment
35101010
Manufacturers of health care equipment and devices. Includes medical instruments, drug delivery systems,
cardiovascular & orthopedic devices, and diagnostic equipment.
Health Care Supplies
35101020
Manufacturers of health care supplies and medical products not classified elsewhere. Includes eye care products,
hospital supplies, and safety needle & syringe devices.
Health Care Distributors
35102010
Distributors and wholesalers of health care products not classified elsewhere.
Health Care Services
35102015
Providers of patient health care services not classified elsewhere. Includes dialysis centers, lab testing services, and pharmacy
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
35102020
Owners and operators of health care facilities, including hospitals, nursing homes,
rehabilitation and retirement centers and
animal hospitals.
Managed Health Care
35102030
Owners and operators of Health Maintenance Organizations (HMOs) and other managed plans.
Health Care Technology
35103010
Companies providing information technology services primarily to health care providers. Includes companies providing application,
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.
Biotechnology
35201010
Companies primarily engaged in the research, development, manufacturing and/or marketing of products based on genetic analysis
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
35202010
Companies engaged in the research, development or production of pharmaceuticals. Includes veterinary drugs.
Life Sciences Tools & Services
35203010
Companies enabling the drug discovery, development and production continuum by providing analytical tools,
instruments, consumables
& supplies, clinical trial services and contract research services. Includes firms primarily servicing the pharmaceutical
and biotechnology industries.
34 S&P Global Market Intelligence | MSCI
Global Industry Classification Standard 35
Sector
S&P Global Market Intelligence | MSCI 38
Industry Group Industry
Financials
40
Banks
4010
Banks
401010
Thrifts & Mortgage Finance
401020
Diversified Financials
4020
Diversified Financial Services
402010
Consumer Finance
402020
Financials
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 39
Diversified Banks
40101010
Large, geographically diverse banks with a national footprint whose revenues are derived primarily from conventional banking operations,
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
40101015
Commercial banks whose businesses are derived primarily from conventional banking operations and have significant business activity
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
40102010
Financial institutions providing mortga
ge and mortgage related services. These include financial institutions whose assets are
primarily mortgage related, savings & loans, mortgage lending institutions, building societies and companies providing insurance
to mortgage banks.
Other Diversified Financial Services
40201020
Providers of a diverse range of financial services and/or with some interest in a wide range of financial services including banking,
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
40201030
A company with significantly diversified holdings across three or more sectors, none of which contribute a majority of profit and/or sales.
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
40201040
Providers of specialized financial services not classified elsewhere. Companies in this sub-industry derive a majority of revenue from
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
40202010
Providers of consumer finance services, including personal credit, credit cards, lease financing, travel-related money services and
pawn shops. Excludes mortgage lenders classified in the Thrifts & Mortgage Finance sub-industry.
36 S&P Global Market Intelligence | MSCI
Global Industry Classification Standard 37
Sector
S&P Global Market Intelligence | MSCI 40
Industry Group Industry
Financials
40
Diversified Financials
4020
Capital Markets
402030
Mortgage Real Estate Investment Trusts (REITs)
402040
Insurance
4030
Insurance
403010
Financials
continued from previous page
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 41
Asset Management & Custody Banks
40203010
Financial institutions primarily engaged in investment management and/or related custody and securities fee-based services. Includes
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
40203020
Financial institutions primarily engaged in investment banking and brokerage services, including equity and debt underwriting, mergers
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
40203030
Financial institutions primarily engaged in diversified capital markets activities, including a significant presence in at least two of the
following areas: large/major corporate lending, investment banking, brokerage and asse
t 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 for securities, commodities, derivatives and other financial instruments, and providers of financial decision
support tools and products including ratings agencies.
Financial Exchanges & Data
40203040
Mortgage REITs
40204010
Companies or Trusts that service, originate, purchase and/or securitize residential and/or commercial mortgage loans. Includes trusts
that invest in mortgage-backed securities and other mortgage related assets.
Insurance Brokers
40301010
Insurance and reinsurance brokerage firms.
Life & Health Insurance
40301020
Companies providing primarily life, disability, indemnity or supplemental health insurance. Excludes managed care companies
classified in the Managed Health Care sub-industry.
Multi-line Insurance
40301030
Insurance companies with diversified interests in life, health and property and casualty insurance
.
Property & Casualty Insurance
40301040
Companies providing primarily property and casualty insurance.
Reinsurance
40301050
Companies providing primarily reinsurance.
38 S&P Global Market Intelligence | MSCI
Global Industry Classification Standard 39
Sector
S&P Global Market Intelligence | MSCI 42
Industry Group Industry
Information Technology
45
IT Services
451020
Software
451030
Technology Hardware & Equipment
4520
Communications Equipment
452010
Technology Hardware, Storage & Peripherals
452020
IT Services
451020
IT Services
451020
Software & Services
4510
Information Technology
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 43
IT Consulting & Other Services
45102010
Providers of information technology and systems integration services not classified in the Data Processing & Outsourced
Services or Internet Software & Services Sub-Industries. Includes information technology consulting and information
management services.
Data Processing & Outsourced Services
45102020
Providers of commercial electronic data processing and/or business process outsourcing services. Includes companies that provide
services for back-office automation.
Internet Services & Infrastructure
45102030
Companies providing services and infrastructure for the internet industry including data centers and cloud networking and storage
infrastructure. Also includes companies providing web hosting services. Excludes companies classified in the Software Industry.
Application Software
45103010
Companies engaged in developing and producing software designed for specialized applications for the business or consumer market.
Includes enterprise and technical software, as well as cloud-based software. Excludes companies classified in the Interactive Home
Entertainment Sub-Industry. Also excludes companies producing systems or database management software classified in the
Systems Software Sub-Industry.
Systems Software
45103020
Companies engaged in developing and producing systems and database management software.
Home Entertainment Software
45103030
Communications Equipment
45201020
Manufacturers of communication equipment and products, including LANs, WANs, routers, telephones, switchboards and exchanges.
Excludes cellular phone manufacturers classified in the Technology Hardware, Storage & Peripherals Sub-Industry.
Technology Hardware, Storage & Peripherals
45202030
Manufacturers of cellular phones, personal computers, servers, electronic computer components and peripherals. Includes data
storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals
. Excludes
semiconductors classified in the Semiconductors Sub-Industry.
40 S&P Global Market Intelligence | MSCI
Global Industry Classification Standard 41
Sector
S&P Global Market Intelligence | MSCI 44
Industry Group Industry
Information Technology
45
Technology Hardware & Equipment
4520
Electronic Equipment, Instruments & Components
452030
Semiconductors & Semiconductor Equipment
4530
Semiconductors & Semiconductor Equipment
453010
Information Technology
continued from previous page
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 45
Electronic Equipment & Instruments
45203010
Manufacturers of electronic equipment and instruments including analytical, electronic test and measurement instruments,
Electronic Components
45203015
Manufacturers of electronic components. Includes electronic components, connection devices, electron tubes, electronic capacitors
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
45203020
Producers of electronic equipment mainly for the OEM (Original Equipment Manufacturers) markets.
Technology Distributors
45203030
Distributors of technology hardware and equipment. Includes distributors of communications equipment,
computers & peripherals
, semiconductors, and electronic equipment and components.
Semiconductor Equipment
45301010
Manufacturers of semiconductor equipment.
Semiconductors
45301020
Manufacturers of semiconductors and related products.
42 S&P Global Market Intelligence | MSCI
Global Industry Classification Standard 43
Sector
S&P Global Market Intelligence | MSCI 46
Industry Group Industry
Communication Services
50
Telecommunication Services
5010
Diversified Telecommunication Services
501010
Wireless Telecommunication Services
501020
Media & Entertainment
5020
Media
502010
Interactive Media & Services
502030
Entertainment
502020
Communication Services
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 47
Alternative Carriers
50101010
Providers of communications and high-density data transmission services primarily through a high bandwidth/fiber-optic
cable network.
Integrated Telecommunication Services
50101020
Operators of primarily fixed-line telecommunications networks and companies providing both wireless and fixed-line
telecommunications services not classified elsewhere. Also includes internet service providers offering internet
access to end users.
Wireless Telecommunication Services
50102010
Providers of primarily cellular or wireless telecommunication services.
Advertising
50201010
Broadcasting
50201020
Cable & Satellite
50201030
Publishing
50201040
Movies & Entertainment
50202010
Interactive Home Entertainment
50202020
Interactive Media & Services
50203010
Companies providing advertising, marketing or public relations services.
Owners and operators of television or radio broadcasting systems, including programming. Includes radio and television
broadcasting, radio networks, and radio stations.
Providers of cable or satellite television services. Includes cable networks and program distribution.
Publishers of newspapers, magazines and books in print or electronic formats.
Companies that engage in producing and selling entertainment products and services, including companies engaged in the
production, distribution and screening of movies and television shows, producers and distributors of music, entertainment
theaters and sports teams. Also includes companies offering and/or producing entertainment content streamed online.
Producers of interactive gaming products, including mobile gaming applications. Also includes educational software used
primarily in the home. Excludes online gambling companies classified in the Casinos & Gaming Sub-Industry.
Companies engaging in content and information creation or distribution through proprietary platforms, where revenues are
derived primarily through pay-per-click advertisements. Includes search engines, social media and networking platforms,
online classifieds, and online review companies. Excludes companies operating online marketplaces classified in Internet &
Direct Marketing Retail.
44 S&P Global Market Intelligence | MSCI
Global Industry Classification Standard 45
Sector
S&P Global Market Intelligence | MSCI 48
Industry Group Industry
Utilities
55
Utilities
5510
Electric Utilities
551010
Gas Utilities
551020
Multi-Utilities
551030
Water Utilities
551040
Independent Power & Renewable
Electricity Producers
551050
Utilities
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 49
Electric Utilities
55101010
Companies that produce or distribute electricity. Includes both nuclear and non-nuclear facilities.
Gas Utilities
55102010
Companies whose main charter is to distribute and transmit natural and manufactured gas. Excludes companies primarily involved in
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
55103010
Utility companies with significantly diversified activities in addition to core electric utility, gas utility and/or water utility operations.
Water Utilities
55104010
Companies that purchase and redistribute water to the end-consumer. Includes large-scale water treatment systems.
Independent Power Producers & Energy Traders
55105010
Companies that operate as Independent Power Producers (IPPs), Gas & Power Marketing & Trading Specialists and/or Integrated Energy
Merchants. E
xcludes producers of electricity using renewable sources, such as solar power, hydropower, and wind power. Also excludes
electric transmission companies and utility distribution companies classified in the Electric Utilities Sub-Industry.
Renewable Electricity
55105020
Companies that engage in generation and distribution of electricity using renewable sources, including, but not limited to, companies
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.
46 S&P Global Market Intelligence | MSCI
Global Industry Classification Standard 47
Sector
S&P Global Market Intelligence | MSCI 50
Industry Group Industry
Real Estate
60
Real Estate
6010
Equity Real Estate Investment Trusts (REITs)
601010
Real Estate Management & Development
601020
Real Estate
Sub-Industry
GLOBAL INDUSTRY CLASSIFICATION STANDARD 51
Diversified REITs
60101010
Companies or trusts with significantly diversified operations across two or more property types.
Industrial REITs
60101020
Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of industrial properties.
Includes companies operating industrial warehouses and distribution properties.
Hotel & Resort REITs
60101030
Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of hotel and
resort properties.
Office REITs
60101040
Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of office properties.
Health Care REITs
60101050
Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties serving the
health care industry, including hospitals, nursing homes, and assisted living properties.
Residential REITs
60101060
Companies or trusts engaged in the acquisition, development, ownership, leasing, management and oper
ation of residential properties
including multi-family homes, apartments, manufactured homes and student housing properties.
Retail REITs
60101070
Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of shopping malls,
outlet malls, neighborhood and community shopping centers.
Specialized REITs
60101080
Companies or trusts engaged in the acquisition, development, ownership, leasing, management and operation of properties not
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.
Diversified Real Estate Activities
60102010
Companies engaged in a diverse spectrum of real estate activities including real estate development & sales, real estate management,
or real estate services, but with no dominant business line.
Real Estate Operating Companies
60102020
Companies engaged in operating real estate properties for the purpose o
f leasing & management.
Real Estate Development
60102030
Companies that develop real estate and sell the properties after development. Excludes companies classified in the
Homebuilding sub-industry.
Real Estate Services
60102040
Real estate service providers such as real estate agents, brokers & real estate appraisers.
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 © 2018 S&P Global Market Intelligence. All rights reserved.
For more information on the GICS structure, please contact us at the following numbers:
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