Global Industry Classification Standard

Sure.

Sectors are basically what's defined by the Global Industry Classification Standard, or GICs.

There are 11 sectors.

Each sector provides targeted exposure to specific segments of the economy, consisting of companies with similar business activities and shared economic sensitivities.

Now, remember, why communication services? Some of the big tech names are classified as communication services.

I think Netflix is, I think Meta Platforms is, it just depends how they're classified by the GICS.

So they removed that and then they tracked the correlation between those two asset classes dating back to 99.

And you can see where we're at right now, sitting at about 0.03 correlation between those two groups that I think completely explains the performance of the market recently.

So you lose that diversification.

At, you know, at the same time though, we still have very good exposure from a GICS sector standpoint.

These are the, that, that's our classification system, the GIC-

Yes, sorry