OIA Research · Niche Finder lane The member-facing taxonomy, drafted for name approval
Tree v2 · 2026-08-13 · Pools v1 · 2026-08-14 Three-reviewer wave · name gate clean · pools consistency-reviewed
One Investment Away

The map of the investable world

One axis draws every line on this map: where a person meets the business. The bill you pay, the job you do, the aisle you walk, the visit you make. Twelve arenas of daily life, forty-nine lanes through them, one hundred fifty-five niches where a member can plant a flag, and under every niche its pool: the listed companies that honestly live there, one click below the name.

Arenas12big areas of life where money and attention already go
Lanes49ways people move through each arena
Niches155inch wide, mile deep: the businesses you could actually study
Companies1,907pooled under their niches · five sourcing layers, every gate green
Name gate0failures across five predicates · independence checked, not assumed
Statusv2tree and pools each reviewed independently · awaiting approval
Draft for approval

Every name on this page is a proposal until Ryan speaks it. The twelve arena names were adjudicated in July and stand; the lanes and niches below are the approval surface, and each card now carries two drawers: the boundary sentence (In, Out, and which neighbor owns the excluded thing) and the pool of companies placed there by judgment. OTC-market handles are out on Ryan's ruling. The approval ask.

Twelve arenas, one axis

An arena is a big area of life where your money and attention already go. Each is defined by the member's point of contact, never by what a company produces and never by who it serves. Choose an arena to jump to its lanes and niches.

Arena 01Where You LiveThe roof over your head: getting it, paying for it, fixing it, and the monthly bills, coverage included.5 lanes · 18 nichesArena 02Food and DrinkFarm to fridge to restaurant table, including the farm's own inputs and machines.4 lanes · 12 nichesArena 03Health and BodyStaying well, getting fixed, paying for both.5 lanes · 17 nichesArena 04Getting AroundCars, planes, freight, the commute, and the fuel pump.5 lanes · 17 nichesArena 05Money and PaymentsThe tapped card, the paycheck, the loan, and anyone whose product is a price, a rating, a trade, or custody of money.4 lanes · 12 nichesArena 06Running a BusinessWhat a business buys to run itself, sold per seat or per job.4 lanes · 14 nichesArena 07Screens and StoriesWhat you watch, read, scroll, play, listen to.3 lanes · 7 nichesArena 08Chips, Networks, and PowerSilicon, signals, server halls, and power at scale: what everything else runs on.5 lanes · 15 nichesArena 09What You Wear and CarryIf it goes on the body or in a pocket, it lives here, whatever its purpose.3 lanes · 11 nichesArena 10Free TimeHobbies, travel, sport: the activity, the venue, the trip, the weekend.3 lanes · 8 nichesArena 11Out of the GroundWhat gets dug, pumped, and grown, sold by the barrel and the tonne, before anyone brands it.4 lanes · 15 nichesArena 12Care, Schooling, and Public SafetyThe places a household hands over a child, a pet, a student, or a call for help, and the programs the public funds together, defense included.4 lanes · 9 niches

Where You Live

The roof over your head: getting it, paying for it, fixing it, and the monthly bills, coverage included.

196 companies pooled in this arena
Lane 1.1Buying, Renting, and BorrowingResidential Housing Access and Finance3 niches
Home Loans
Home Lending and Loan Books
The lender who funds the mortgage and whoever collects the payment each month
In · Out

In: origination, servicing, escrow, refis. Out: the agent and the closing table (Agents, Listings, and Closings); landlord loans (Property Loans for Landlords, Money and Payments)

11 companies · open the pool
RKTRocket Companieslarge · 5 NLIs
origination and servicing of household mortgages
AGNCAGNC Investmentmid
agency residential mortgage loan book
EQBEQB Inc.TSX · mid
Equitable Bank single-family mortgages, reverse mortgages and HELOCs
FIGRFigure Technology Solut Cl Amid · 2 NLIs
originates home equity lines of credit
NLYAnnaly Capital Managementmid
residential mortgage loan book plus servicing rights
NMIHNMI Holdingsmid · 2 NLIs
private mortgage insurance on home loans
PFSIPennyMac Financialmid
correspondent production and servicing
RITMRithm Capitalmid
Newrez origination and servicing
UWMCUWM Holdingsmid
wholesale residential origination
GHLDGuild Holdingssmall
retail origination plus servicing book
FOAFinance Of America Companies Inc.micro · 1 NLIs
originates and services reverse mortgages
Apartments and Rental Homes
Residential Rental Property
The building your rent check goes to
In · Out

In: owning and leasing homes people live in, including age-restricted rentals with no clinical staff. Out: the mortgage (Home Loans); residences where care is billed (Home Aides and Senior Living, Health and Body); the hotel night (Hotels and Resorts, Free Time)

14 companies · open the pool
AVBAvalonBay Communitieslarge · 1 NLIs
owns and leases apartments
CPTCamden Property Trustlarge · 3 NLIs
apartment landlord REIT
EQREquity Residentiallarge · 2 NLIs
owns and leases apartments
VNA.DEVonovialarge
owns and leases German apartments
AMHAmerican Homes 4 Rentmid · 2 NLIs
leases single-family rental homes
ELSEquity LifeStyle Propertiesmid
manufactured home communities are homes people live in
ESSEssex Property Trustmid
owns and leases apartments
INVHInvitation Homesmid
leases single-family homes people live in
MAAMid-America Apartmentmid · 2 NLIs
owns and leases apartments
SUISun Communitiesmid · 3 NLIs
manufactured housing communities lead the portfolio
UDRUDRmid
owns and leases apartments
KWKennedy-Wilson Holdingssmall
multifamily is the majority of net operating income
MRC.TOMorguard Corporationsmall
multi-suite residential is the largest asset class
UMHUMH Propertiessmall
manufactured housing community landlord
Agents, Listings, and Closings
Residential Brokerage and Title
The agent, the listing site, and the title office that move a house between owners
In · Out

In: commissions, listings, title, escrow work. Out: the loan itself (Home Loans)

9 companies · open the pool
BEKEKE Holdings Inc.large · 2 NLIs
Chinese housing agents and listing platform
CSGPCoStar Grouplarge · 5 NLIs
owns the listing sites, Homes.com and Apartments.com
FNFFidelity National FinancialNYSE · large · 3 NLIs
largest US title insurance and escrow franchise
ZZillow Grouplarge · 1 NLIs
the residential listing site and agent lead platform
COMPCompassmid · 2 NLIs
residential brokerage commissions
FAFFirst American FinancialNYSE · mid · 2 NLIs
title and escrow closing services
ITICInvestors Title Co.small · 2 NLIs
title insurance for home closings
MMIMarcus & Millichap Inc.small · 1 NLIs
property brokerage and financing commissions
REAXThe Real BrokerageNASDAQ · small
founder-led asset-light residential brokerage taking agent share
Lane 1.2Building New HomesNew Residential Construction and Land2 niches
New Homes and Builders
New-Home Construction
The builder whose sign sits in front of the new subdivision
In · Out

In: building and selling new homes; a builder who develops its own lots is placed by the house it sells. Out: turning raw ground into lots (Raw Land and New Lots); the materials themselves (Building Supplies); remodeling an existing house (Remodelers, Roofers, and the Trades)

14 companies · open the pool
DHID.R. Hortonlarge · 3 NLIs
builds and sells new homes
LENLennarlarge · 4 NLIs
builds and sells new homes
NVRNVRlarge · 3 NLIs
builds and sells new homes
PHMPulteGrouplarge · 3 NLIs
builds and sells new homes
CVCOCavco IndustriesNASDAQ · mid
factory-built and modular homes with captive finance
MTHMeritage Homes Corp.mid · 1 NLIs
builds and sells new houses
SKYSkyline Champion Corp.mid · 2 NLIs
builds factory-built manufactured and modular houses
TMHCTaylor Morrison Home Corp.mid · 3 NLIs
homebuilder
TOLToll Brothersmid · 3 NLIs
builds and sells luxury new homes
BZHBeazer Homes USAsmall · 1 NLIs
builds and sells new homes
DFHDream Finders HomesNYSE · small
founder-led asset-light builder using lot option contracts
GRBKGreen Brick Partnerssmall · 2 NLIs
develops its own lots but is placed by the house it sells
LEGHLegacy Housing Corp.small · 1 NLIs
manufactured homes builder
SDHCSmith Douglas Homes Corpsmall · 3 NLIs
entry level homebuilder in the Southeast
Raw Land and New Lots
Residential Land Assembly
The company that turns a field into lots with streets, curbs, and a sales trailer
In · Out

In: land assembly, entitlement, lot development. Out: the finished house (New Homes and Builders)

6 companies · open the pool
HHHHoward Hughes Holdingsmid · 1 NLIs
master planned community land entitlement and lot sales to builders
MRPMillrose Propertiesmid · 2 NLIs
develops land into finished homesites
FORForestar Groupsmall
develops finished lots and sells them to builders
FPHFive Point Holdingssmall · 1 NLIs
entitles California land and sells lots
JOEThe St. Joe Companysmall · 1 NLIs
entitles and sells Florida panhandle lots
TRCTejon Ranch Co.NYSE · small
land planning, entitlement, infrastructure and lot sales pure-play
Lane 1.3Fixing and FurnishingResidential Renovation and Furnishings Supply4 niches
Remodelers, Roofers, and the Trades
Residential Trade Contracting
The truck in the driveway and the quote stuck to the fridge
In · Out

In: remodel, roofing, HVAC, electrical, plumbing crews working on an existing house. Out: the new subdivision (New Homes and Builders); the parts they install (Building Supplies); the recurring visit (Lawn Care, Pest Control, and Gutters)

4 companies · open the pool
CHEChemedNYSE · mid
Roto-Rooter residential plumbing and drain crews; flag: VITAS hospice is the other half
FSVFirstService Corporationmid · 1 NLIs
painting, restoration, and closet crews working on existing homes
IBPInstalled Building ProductsNYSE · mid · 2 NLIs
the installation crew itself for insulation, gutters and garage doors
ANGIAngismall · 1 NLIs
the marketplace the contractor quote comes from
Building Supplies
Structural Building Materials and Components
The lumber, pipe, windows, and roofing delivered to the jobsite
In · Out

In: trade-specified products delivered in bulk, including wiring devices and fixtures. Out: the crew installing them (Remodelers, Roofers, and the Trades); the shelf and the pro desk (Hardware Stores and Pro Desks); cement by the tonne (Cement, Gravel, and Concrete, Out of the Ground)

24 companies · open the pool
AYIAcuity Brands Inc.large · 2 NLIs
lighting fixtures and controls specified for jobsites
BLDRBuilders FirstSource Inc.large · 6 NLIs
delivers lumber and trusses to jobsites
CARRCarrier Globallarge · 4 NLIs
residential and commercial HVAC equipment specified by the trade
CSLCarlisle Companieslarge · 4 NLIs
commercial roofing membranes and insulation
JCIJohnson Controlslarge · 4 NLIs
building HVAC and controls installed by mechanical trades
JHXJames Hardie Industries PLClarge · 3 NLIs
fiber cement siding and exterior products
LIILennox Internationallarge · 1 NLIs
residential HVAC equipment
OCOwens CorningNYSE · large · 3 NLIs
asphalt roofing shingles and insulation
QXOQXOlarge · 3 NLIs
roofing and wallboard delivered in bulk to the jobsite
TTTrane Technologieslarge · 1 NLIs
trade-specified HVAC equipment delivered to the jobsite
WMSAdvanced Drainage SystemsNYSE · large
corrugated pipe and septic systems delivered to the jobsite
ATKRAtkore International Group Inc.mid · 1 NLIs
electrical conduit, cable, and metal framing
AWIArmstrong World Industries Inc.mid · 2 NLIs
ceiling systems for commercial buildings
FBINFortune Brands Innovations Inc.mid · 4 NLIs
makes faucets, doors, and locks
LPXLouisiana-Pacificmid · 3 NLIs
siding is the largest segment and is trade-specified, not commodity lumber
MASMascomid · 3 NLIs
plumbing fixtures and paint specified for the job
SSDSimpson ManufacturingNYSE · mid · 2 NLIs
spec'd structural connectors, durable high-return niche monopoly
TREXTrex Company Inc.mid · 2 NLIs
makes composite decking and railing boards
BCCBoise Cascadesmall · 3 NLIs
engineered wood plus bulk building materials distribution to jobsites
BXCBlueLinx Holdings Inc.small · 1 NLIs
wholesale building products to jobsites
JBIJanus International Group Insmall · 1 NLIs
makes roll-up doors and self-storage building components
MBCMasterbrand Incsmall · 2 NLIs
kitchen and bath cabinets for jobsites
SWIMLatham Group Incsmall · 1 NLIs
in-ground fiberglass pools for installers
JELDJELD-WEN Holding Inc.micro · 1 NLIs
makes doors and windows for builders
Hardware Stores and Pro Desks
Do-It-Yourself and Contractor Counters
The aisle for the weekend project and the pro counter for today's job
In · Out

In: retail and pro-desk sales, including retail paint and pool and backyard supply. Out: bulk jobsite delivery (Building Supplies); industrial coatings sold on spec (Coatings, Catalysts, and Additives, Out of the Ground)

10 companies · open the pool
HDHome Depotmega · 8 NLIs
the DIY aisle and the pro desk
FERGFerguson Enterpriseslarge · 11 NLIs
plumbing and HVAC contractor counters, half residential
LOWLowe'slarge · 3 NLIs
the DIY aisle and the pro desk
SHWSherwin-Williamslarge · 7 NLIs
retail paint and its own contractor stores
FNDFloor & Decormid · 1 NLIs
specialty home improvement retail with a pro business
POOLPool Corporationmid · 2 NLIs
the tree names pool and backyard supply In at the pro desk
SWKStanley Black & Deckermid · 1 NLIs
tools met at the DIY aisle and the pro counter, not furniture or appliances
WSOWatscomid · 2 NLIs
branch counters where HVAC contractors buy today's job
SITESiteOne Landscape Supplysmall
backyard and landscape supply counters
LESLLeslie's Inc.micro · 1 NLIs
pool and spa supply retailer
Furniture and Appliances
Residential Furnishings and Fixtures
Everything carried in once the walls are done: sofas, fridges, faucets, lamps
In · Out

In: furniture, appliances, housewares, and their stores. Out: the TVs and speakers (TVs, Speakers, and Game Consoles, What You Wear and Carry)

20 companies · open the pool
SGISomnigroup Internationallarge · 2 NLIs
mattresses and their stores
WSMWilliams-Sonomalarge
home furnishings and housewares retail
MHKMohawk Industriesmid · 4 NLIs
flooring is a residential finish, not structural material
RHRHmid
home furnishings galleries
SNSharkNinjamid · 6 NLIs
small household appliances
WWayfairmid · 2 NLIs
online furniture store
WHRWhirlpoolmid · 1 NLIs
major household appliances
ARHSArhaussmall
furniture retail chain
ETDEthan Allensmall
furniture maker with its own galleries
FLXSFlexsteel Industries Inc.small · 1 NLIs
makes residential furniture for retailers
HELEHelen of Troysmall · 1 NLIs
OXO housewares and home appliances lead the portfolio
HVTHaverty Furnituresmall · 1 NLIs
home furniture retail stores
LCUTLifetime Brandssmall
kitchenware and housewares brands
LZBLa-Z-Boysmall
furniture maker and retailer
MLKNMillerKnollsmall · 4 NLIs
furniture maker with residential retail brands, though contract office leads
NWLNewell Brandssmall · 1 NLIs
housewares brands from Rubbermaid to Calphalon
SNBRSleep Numbersmall
mattress maker and retailer
UPBDUpbound Groupsmall · 1 NLIs
lease-to-own stores where furniture and appliances lead the mix
YETIYeti Holdingssmall · 2 NLIs
drinkware is the majority line, a houseware
HOFTHooker Furniture Corp.micro · 2 NLIs
home furniture importer and brands
Lane 1.4The Monthly BillsHousehold Utility and Property Coverage3 niches
The Power and Gas Bill
Regulated Household Energy Delivery
The company that keeps the lights on and the furnace lit, and bills you monthly
In · Out

In: the household bill, the meter, the local wires and mains. Out: power plants and the big wires (Power Plants and Power Traders, Chips, Networks, and Power); rooftop panels and home batteries (Solar Panels, Home Batteries, and Generators)

27 companies · open the pool
AEPAmerican Electric Powerlarge · 3 NLIs
regulated utility billing households
ATOAtmos Energylarge
gas distribution mains and the household bill
CNPCenterPoint Energylarge · 1 NLIs
electric and gas delivery to households
DDominion Energylarge · 1 NLIs
regulated Virginia household delivery
DTEDTE Energy Co.large · 1 NLIs
Michigan regulated electric and gas bills
DUKDuke Energylarge
regulated household electricity delivery
EDConsolidated Edisonlarge
New York household wires and mains
FTSFortis Inc.TSX · large
regulated electric and gas distribution to household meters; pool had no Canadian utility
LNTAlliant Energylarge · 1 NLIs
regulated electric and gas utility
NEENextEra Energylarge · 4 NLIs
Florida Power & Light is the household bill and the meter
NGGNational Grid Plc Sp ADRNYSE · large · 1 NLIs
regulated household power and gas delivery
PCGPG&E Corp.large · 2 NLIs
regulated California electric and gas utility
PEGPublic Service Enterprise Grouplarge · 2 NLIs
regulated New Jersey utility is most of earnings
PPLPPL Corp.large · 1 NLIs
regulated household electric and gas delivery
SOSouthern Companylarge
regulated electric and gas household delivery
SRESempralarge
California utilities and Oncor carry the earnings
WECWEC Energy Grouplarge · 1 NLIs
regulated midwest household delivery
XELXcel Energy Inc.large · 1 NLIs
regulated electric and gas utility
AQNAlgonquin Power & Utilitiesmid · 1 NLIs
regulated household electric, gas, water utility
BKHBlack Hillsmid · 2 NLIs
regulated electric and gas utility
IDAIDACORP Inc. Hldg. Co.mid · 2 NLIs
Idaho regulated household electric bills
NWENorthwestern Corp.mid · 1 NLIs
regulated electric and gas utility billing households
UGIUGI Corporationmid · 2 NLIs
gas utility plus household propane heating bill
GNEGenie Energy Ltd.small · 1 NLIs
sells electricity and gas to households
NJRNew Jersey Resourcessmall
regulated gas distribution
SGUStar Gas Partners LPsmall · 1 NLIs
home heating oil and propane delivery
SWXSouthwest Gas Holdingssmall · 1 NLIs
regulated gas distribution
Water, Sewer, and Trash
Municipal Water and Waste
Clean water in, wastewater and garbage out, every week without fail
In · Out

In: household water, sewer, curbside trash. Out: commercial dumpsters and industrial hauling (Dumpsters, Cleaning Crews, and Hauling, Running a Business). Growth split: rate-regulated water and competitive hauling divide at production

11 companies · open the pool
AWKAmerican Water Workslarge · 2 NLIs
regulated household water and wastewater
GFLGFL EnvironmentalNYSE · large · 1 NLIs
founder-led residential collection across Canada and the US
RSGRepublic Serviceslarge
residential collection routes plus landfills
WCNWaste Connectionslarge · 1 NLIs
secondary-market residential and commercial collection
WMWaste Managementlarge · 3 NLIs
curbside household collection at your bin
CWSTCasella Waste SystemsNASDAQ · mid
founder-led Northeast curbside collection and disposal
WTRGEssential Utilitiesmid
water-led regulated household utility
AWRAmerican States Watersmall
regulated household water
CWTCalifornia Water Servicesmall
regulated household water
SJWSJW Groupsmall
regulated household water
YORWThe York Water CompanyNASDAQ · small
small regulated drinking water and wastewater utility, longest US dividend record
Protecting the House
Residential Property Insurance and Claims
The policy that pays out when the roof comes off or a pipe bursts
In · Out

In: policies, premiums, claims, rebuild payouts on a dwelling. Out: alarm hardware and monitoring (Alarms, Cameras, and Locks); car policies (The Car Loan and the Policy, Getting Around); commercial lines (Business Policies and the Insurers Behind Them, Money and Payments)

9 companies · open the pool
ALLAllstatelarge · 3 NLIs
one of the largest homeowners books, a real dwelling franchise
IFCIntact FinancialTSX · large
Canada's largest personal property insurer, dwelling and contents
FTDRFrontdoormid
premiums and claims on a dwelling's systems, sold as coverage
HCIHCI GroupNYSE · mid
founder-led Florida homeowners carrier (Homeowners Choice, TypTap)
LMNDLemonade, Inc.mid · 1 NLIs
renters and homeowners policies are the core book
SLDESlide Insurance Holdings Incmid · 1 NLIs
writes Florida coastal homeowners policies
HIPOHippo Holdings Inc.small
home policies, premiums and claims on the dwelling
UVEUniversal Insurance HoldingsNYSE · small
homeowners pure-play running ~38% return on equity
KINSKingstone CompaniesNASDAQ · micro
pure Northeast homeowners book, 11th largest NY writer
Lane 1.5Keeping the House Safe and CleanHousehold Security, Energy, and Upkeep6 niches
Alarms, Cameras, and Locks
Residential Security Monitoring
The keypad by the door and the monitoring bill behind it
In · Out

In: home security hardware and monitoring. Out: the payout after damage (Protecting the House); commercial guarding (Guards, Fire Trucks, and Ambulances, Care, Schooling, and Public Safety)

7 companies · open the pool
ALLEAllegionNYSE · large
Schlage, the most-trusted US residential lock brand
ADTADTmid · 1 NLIs
home security hardware and monitoring bill
ALRMAlarm.com HoldingsNASDAQ · mid
the monitoring platform behind most US residential dealers, SaaS recurring
REZIResideo TechnologiesNYSE · mid · 5 NLIs
Honeywell Home and First Alert residential security and safety hardware
ARLOArlo TechnologiesNYSE · small
home cameras with 6.3M paid accounts, subscriptions 60% of sales
NSSCNAPCO Security TechnologiesNASDAQ · small · 1 NLIs
founder-run alarm hardware, 51% recurring service revenue at 90% gross margin
SMRTSmartRent Inc.micro · 1 NLIs
smart locks and access control for apartments
Solar Panels, Home Batteries, and Generators
Behind-the-Meter Home Energy
The panels on the roof, the battery in the garage, the generator that starts in a storm
In · Out

In: household generation, storage, backup, and their installers. Out: the utility bill (The Power and Gas Bill); the panel field at scale (Wind, Solar, and Big Batteries, Chips, Networks, and Power)

4 companies · open the pool
GNRCGenerac HoldingsNYSE · large · 6 NLIs
home standby generators plus PWRcell home batteries
ENPHEnphase EnergyNASDAQ · mid
residential microinverters and IQ home batteries, sold through installers
RUNSunrunNASDAQ · mid
largest US residential solar and home-battery installer, 1.21M homes
SEDGSolarEdge TechnologiesNASDAQ · mid
residential inverters, optimizers and home storage
Soap, Wipes, and Paper Towels
Under-Sink and Pantry Staples
What's under the sink and in the pantry closet: detergent, wipes, paper towels
In · Out

In: household consumable brands. Out: shampoo and skincare (Makeup, Skincare, and Shampoo, What You Wear and Carry)

9 companies · open the pool
PGProcter & Gamblemega · 9 NLIs
fabric and home care is the largest segment
CHDChurch & Dwightlarge · 2 NLIs
Arm & Hammer and OxiClean household consumables
CLColgate-Palmolivelarge · 5 NLIs
household consumable brands, though oral care leads revenue
KMBKimberly-Clarklarge · 2 NLIs
tissue, towels, and wipes
CLXCloroxmid · 5 NLIs
cleaners and disinfecting wipes
REYNReynolds Consumer ProductsNASDAQ · mid · 1 NLIs
Reynolds Wrap and Hefty, literal pantry and under-sink staples
SMGScotts Miracle-Gro Co.mid · 2 NLIs
consumer lawn, garden, and pest brands
WDFCWD-40 CompanyNASDAQ · mid
single-brand household consumable with high return on capital
ODCOil-Dri Corporation of AmericaNYSE · small
family-controlled Cat's Pride litter, repeat household purchase
Lawn Care, Pest Control, and Gutters
Recurring Home Visits
The truck in the driveway for the lawn, the bugs, or the gutters
In · Out

In: recurring household service visits. Out: renovation crews (Remodelers, Roofers, and the Trades); the products themselves (Soap, Wipes, and Paper Towels)

4 companies · open the pool
ROLRollinslarge · 4 NLIs
recurring residential pest control visits
RTORentokil InitialNYSE · large
Terminix residential pest routes, recurring household visits at scale
4665.TDuskin Co.other · small
TSE-listed recurring home cleaning, mop and mat rental, pest and home repair visits
BVBrightView HoldingsNYSE · small
recurring landscape maintenance routes; flag: HOA and commercial weighted, not pure household
Dry Cleaners, Tax Prep, and Funeral Homes
Household Life-Event Counters
The storefront errands of a household: the pressed shirt, the April appointment, the hardest arrangements
In · Out

In: household storefront and life-event work bought by the household. Out: the recurring house visit (Lawn Care, Pest Control, and Gutters); business tax and audit work (Consultants, Researchers, and Inspectors, Running a Business)

5 companies · open the pool
HRBH&R Blockmid · 2 NLIs
the household's April storefront appointment
SCIService Corporation Internationalmid
funeral and cemetery arrangements bought by the household
CSVCarriage ServicesNYSE · small
funeral home and cemetery operator, the small-cap counterpart to SCI
MATWMatthews Intl Corp. Asmall · 1 NLIs
caskets and cemetery memorials, plus industrial gear
MCWMister Car Washsmall
recurring household storefront errand, no car niche covers a wash
Movers and Storage Units
Household Moving and Storage
The moving truck and the roll-up door holding what didn't fit
In · Out

In: household moves and storage units. Out: freight that isn't yours (Trucking, Getting Around)

8 companies · open the pool
EXRExtra Space Storagelarge · 2 NLIs
self-storage units rented by households
PSAPublic Storagelarge · 1 NLIs
self-storage units rented by households
UHALU-Haul HoldingNYSE · large · 3 NLIs
the moving truck itself plus self-storage; pool held zero movers
UHAL.BU Haul Holding Co Non Votinglarge · 4 NLIs
rents moving trucks and storage, share class
CUBECubeSmartmid
self-storage units rented by households
NSANational Storage Affiliatessmall
self-storage consolidator
SELFGlobal Self Storagesmall
small-cap self-storage owner-operator
SVIStorageVault CanadaTSX · small
owner-operator Canadian self-storage and portable storage roll-up

Food and Drink

Farm to fridge to restaurant table, including the farm's own inputs and machines.

123 companies pooled in this arena
Lane 2.1From the FarmAgricultural Production and Inputs3 niches
Farms, Crops, and Livestock
Crop and Livestock Production
The field, the herd, the elevator, and the harvest check
In · Out

In: growing, raising, trading, and first-stage processing of crops and livestock. Out: the branded box (Packaged Foods and Snacks); fertilizer (Seed, Feed, and Fertilizer)

11 companies · open the pool
ADMArcher-Daniels-Midlandlarge · 2 NLIs
crop trading and first-stage processing at the elevator
BGBunge Globalmid · 1 NLIs
oilseed crushing and grain trading
CALMCal-Maine Foods, Inc.NASDAQ · mid · 2 NLIs
family-controlled largest US shell egg producer, net cash through the cycle
INGRIngredionmid · 1 NLIs
corn wet milling is first-stage crop processing, not a branded box
SEBSeaboard Corp.mid · 2 NLIs
pork production and grain trading milling
ANDEThe Andersonssmall
grain merchandising and elevators
AVOMission Produce, Inc.NASDAQ · small
vertically integrated avocado grower with owned farms, packing, and ripening centers
DARDarling Ingredientssmall · 2 NLIs
rendering is first-stage processing of livestock byproducts
DOLEDole Food Companysmall · 2 NLIs
grows and ships fresh produce
UVVUniversal Corporationsmall · 1 NLIs
leaf merchant trading and first-stage processing a crop, makes no nicotine product
VITLVital Farms, Inc.NASDAQ · small · 1 NLIs
founder-led pasture-raised egg and butter brand sourced from a contracted family-farm network
Seed, Feed, and Fertilizer
Crop Inputs and Nutrients
The bags, tanks, and totes that go on the field before anything grows
In · Out

In: seed, crop nutrients, crop protection, animal feed inputs. Out: the tractor (Tractors and Farm Machines); bulk compounds nobody farms with (Plastics, Resins, and Solvents, Out of the Ground)

9 companies · open the pool
CTVACortevalarge · 2 NLIs
seed and crop protection
NTRNutrienlarge · 2 NLIs
crop nutrients and the ag retail counter
BCPCBalchem CorporationNASDAQ · mid
encapsulated choline and feed-grade nutrients for dairy and livestock, high-ROIC compounder
CFCF Industriesmid
nitrogen crop nutrients
ICLICL Group LtdNYSE · mid
specialty fertilizer and growing solutions producer off a low-cost Dead Sea potash position
MOSMosaicmid · 3 NLIs
phosphate and potash crop nutrients
FMCFMC Corporationsmall
crop protection chemistry
LXULSB Industries Inc.small · 2 NLIs
nitrogen fertilizer and ammonia production
UANCVR Partners LPsmall · 1 NLIs
nitrogen fertilizer producer
Tractors and Farm Machines
Farm Iron and Dealer Networks
The dealership lot of green and red iron every farm town has
In · Out

In: farm machinery and its dealers. Out: construction iron (Heavy Machines and Yellow Iron, Getting Around)

8 companies · open the pool
DEDeere & Companylarge · 7 NLIs
farm iron and its dealer network
AGCOAGCOmid · 2 NLIs
pure-play farm machinery
ALGAlamo Group Inc.NYSE · mid · 1 NLIs
serial acquirer of tractor-powered agricultural implements and vegetation management equipment
CNHCNH Industrialmid · 5 NLIs
Case IH and New Holland ag machinery
TTCToro Companymid · 2 NLIs
turf and grounds iron plus ag irrigation on the same dealer network
LNNLindsay CorporationNYSE · small
Zimmatic center-pivot irrigation, the farm-equipment category the pool entirely lacks
TITNTitan Machinery Inc.NASDAQ · small · 1 NLIs
largest listed CNH agricultural dealer network
TWITitan International Inc.small · 1 NLIs
wheels and tires for farm and off-road iron
Lane 2.2On the ShelfPackaged Food and Drink Brands4 niches
Packaged Foods and Snacks
Branded Grocery Staples
The middle aisles: cereal, frozen, canned, snacks, and the meat case brands
In · Out

In: branded packaged food for people. Out: food formulated for an animal, wherever it is made (Pet Food, Toys, and Supplies, Care, Schooling, and Public Safety); the store itself (The Grocery Store); the raw crop (Farms, Crops, and Livestock)

20 companies · open the pool
PEPPepsiComega · 12 NLIs
Frito-Lay is half the business; dual home granted
GISGeneral Millslarge · 3 NLIs
cereal, baking, and middle-aisle brands with Blue Buffalo attached
HRLHormel Foods Corp.large · 4 NLIs
branded packaged meats and grocery foods
HSYHersheylarge · 5 NLIs
branded confection
JBSJbs Nv Alarge · 2 NLIs
global meat processor and protein brands
KHCKraft Heinz Co.large · 8 NLIs
branded packaged groceries and condiments
MDLZMondelez Internationallarge · 3 NLIs
branded snacking pure play
MICCMagnum Ice Cream Co NVlarge · 6 NLIs
ice cream brands spun out of Unilever
MKCMcCormick & Company, IncorporatedNYSE · large
wide-moat spice and condiment leader missing from an otherwise mega-cap pool
SJMJ.M. Smucker Colarge · 2 NLIs
coffee, peanut butter, and snack brands
CAGConagra Brands Inc.mid · 3 NLIs
frozen meals and pantry food brands
CPBCampbell's Co.mid · 2 NLIs
soup, sauces, and Goldfish snack brands
LWLamb Weston Hldgs Inc.mid · 1 NLIs
frozen potato products maker
MZTIThe Marzetti CompanyNASDAQ · mid
family-influenced branded dressings and dips maker, high ROIC, renamed from Lancaster Colony in 2025
NOMDNomad Foods Ltdmid · 1 NLIs
sells frozen food brands in Europe
SMPLSimply Good Foods Co.mid · 1 NLIs
Atkins and Quest branded nutrition snacks
TSNTyson Foodsmid · 5 NLIs
the meat case brands are named in the encounter
BRBRBellRing Brands, Inc.NYSE · small · 1 NLIs
asset-light Premier Protein owner with outsourced manufacturing and exceptional returns on capital
BRCCBRC Inc.micro · 1 NLIs
packaged coffee bags, pods, and cans
MAMAMama's Creations Incmicro · 2 NLIs
fresh deli prepared foods for grocers
Soda, Juice, and Bottled Drinks
Juice, Soda, and Water Brands
The cooler door and the fountain machine
In · Out

In: soft drinks, juices, water, energy drinks. Out: anything with alcohol (Beer, Wine, and Spirits)

10 companies · open the pool
KOCoca-Colamega · 9 NLIs
the cooler door and the fountain machine
CCEPCoca-Cola Europacific Partners PLCNASDAQ · large
largest listed Coke bottler by revenue, territory-franchise moat
COKECoca-Cola Consolidated, Inc.NASDAQ · large
Harrison family owner-operator, largest US Coca-Cola bottler
KDPKeurig Dr Pepperlarge · 2 NLIs
soda and coffee beverage brands
KOFCoca-Cola FEMSA S A CVlarge · 3 NLIs
bottles and distributes soft drinks
MNSTMonster Beveragelarge · 1 NLIs
energy drink brands
PEPPepsiColarge · 12 NLIs
beverage brands are the named encounter; Frito-Lay carries the dual home
CELHCelsius Holdingsmid · 2 NLIs
energy drink brand
COCOThe Vita Coco Company, Inc.NASDAQ · mid
founder-led asset-light category leader in coconut water
PRMBPrimo Brands Corpmid · 1 NLIs
bottled water brands
Beer, Wine, and Spirits
Alcohol Production and Brands
The six-pack, the bottle shop, and the tasting room
In · Out

In: brewing, distilling, winemaking. Out: the bar pouring it (Bars, Cafes, and Catering)

9 companies · open the pool
ABEVAmbevlarge · 3 NLIs
Latin American brewing
BUDAnheuser-Busch InBevlarge · 4 NLIs
world's largest brewer
DEODiageolarge · 8 NLIs
global spirits distilling and brands
STZConstellation Brandslarge · 7 NLIs
beer, wine, and spirits brand portfolio
BF.BBrown-Formanmid · 3 NLIs
whiskey distiller
CCUCompania Cervecerias Unidas SAmid · 1 NLIs
Chilean brewer and beverage producer
TAPMolson Coorsmid · 3 NLIs
North American brewing
MGPIMGP Ingredients Inc.small · 1 NLIs
distilled spirits and branded whiskey
SAMThe Boston Beer Company, Inc.NYSE · small · 1 NLIs
founder-controlled brewer, only owner-operator in a pool of widely-held global majors
Cigarettes, Vapes, and Pouches
Nicotine Product Brands
The counter case behind the register
In · Out

In: nicotine products in every form. Out: pharmacies selling cessation aids (Pharmacies and Drug Stores, Health and Body)

6 companies · open the pool
PMPhilip Morris Internationalmega · 10 NLIs
cigarettes, heated tobacco, and nicotine pouches
BTIBritish American Tobaccolarge · 3 NLIs
multi-category nicotine brands
MOAltria Grouplarge · 5 NLIs
US cigarettes and oral nicotine
RLXRLX Technology Inc.NYSE · mid
pure-play e-vapor maker, the vape dimension the pool otherwise only holds inside the majors
AIIRAir Holdings Ltdsmall · 1 NLIs
sells flavored shisha and hookah products
TPBTurning Point Brands, Inc.NYSE · small
Zig-Zag and Stoker's owner with strong capital allocation and a growing nicotine pouch line
Lane 2.3The Store RunGrocery and General Merchandise Retailing3 niches
The Grocery Store
Supermarket Chains
The weekly cart, the checkout line, the loyalty card
In · Out

In: supermarkets and grocery chains. Out: the warehouse club run (Supercenters, Clubs, and the Everything Store)

8 companies · open the pool
ACIAlbertsons Co Inc.large · 1 NLIs
supermarket chain
FMXFomento Economico Mexicanolarge · 2 NLIs
OXXO convenience stores plus Coca-Cola bottling
KRKrogerlarge · 3 NLIs
supermarket chain, the weekly cart
L.TOLoblaw Companieslarge
Canadian supermarkets lead, pharmacy is the smaller half
MRUMetro Inc.TSX · large
best-in-class Canadian supermarket operator, disciplined capital allocation
EMP.AEmpire Company LimitedTSX · mid
Sobey family controlled grocer running Sobeys, Safeway, IGA, and Longo's
SFMSprouts Farmers Marketmid · 1 NLIs
health-focused supermarket chain
IMKTAIngles Markets, IncorporatedNASDAQ · small
family-controlled Southeast supermarket chain that owns most of its real estate
Supercenters, Clubs, and the Everything Store
Warehouse Club and General Merchandise Trade
The big-box run and the doorstep box that could contain anything
In · Out

In: retailers whose assortment spans four or more areas of daily life. Out: retailers living on one shelf of it, like Electronics Stores (What You Wear and Carry), Clothing Stores and Malls (What You Wear and Carry), and Hardware Stores and Pro Desks (Where You Live)

18 companies · open the pool
AMZNAmazonmega · 34 NLIs
the doorstep box for most of daily life
BABAAlibaba Groupmega · 8 NLIs
Taobao and Tmall assortment spans most of daily life
COSTCostcomega · 7 NLIs
warehouse club spanning food, apparel, tires, pharmacy
WMTWalmartmega · 6 NLIs
the supercenter format itself
CPNGCoupang Inc.large · 8 NLIs
Korean everything-store with own delivery fleet
DGDollar Generallarge · 6 NLIs
small-box general merchandise across most of daily life, not a supermarket
DLTRDollar Tree Inc.large · 1 NLIs
discount variety chain spanning many aisles
EBAYeBaylarge · 2 NLIs
broad marketplace assortment across most of daily life
JDJD.comlarge · 6 NLIs
assortment spans most of daily life
MELIMercadoLibrelarge · 8 NLIs
largest encounter is the Latin American marketplace, not the wallet
PDDPDD Holdingslarge · 5 NLIs
Pinduoduo and Temu sell everything cheap
SESea Ltdlarge · 7 NLIs
Shopee marketplace spanning every category
TGTTargetlarge · 5 NLIs
general merchandise assortment across most of daily life
BJBJ's Wholesale Clubmid
membership warehouse club
CTC.ACanadian Tire Corporation, LimitedTSX · mid
multi-banner Canadian retailer spanning automotive, home, sporting goods, and apparel
FIVEFive Belowmid · 3 NLIs
discount variety assortment across most of daily life
OLLIOllie's Bargain Outlet Holdings, Inc.NASDAQ · mid
closeout retailer with assortment spanning food, HBA, pet, housewares, and seasonal
PSMTPriceSmart, Inc.NASDAQ · mid
membership warehouse club operator across Central America, the Caribbean, and Colombia
Food Warehouses and Delivery Trucks
Wholesale Food Supply
The truck at the restaurant's back door at 6 a.m.
In · Out

In: food wholesale and distribution. Out: the restaurant itself (Restaurants and Fast Food)

6 companies · open the pool
SYYSyscolarge · 4 NLIs
the 6 a.m. truck at the restaurant back door
CHEFThe Chefs' Warehousemid
specialty distribution to independent kitchens
PBH.TOPremium Brands Holdings CorporationTSX · mid
Canadian specialty food group whose Premium Food Distribution segment is a broadline foodservice distributor
PFGCPerformance Food Groupmid · 2 NLIs
foodservice and convenience distribution
USFDUS Foodsmid · 1 NLIs
broadline foodservice distribution
UNFIUnited Natural Foodssmall · 1 NLIs
natural and organic grocery wholesaler
Lane 2.4Eating OutFood Service2 niches
Restaurants and Fast Food
Restaurant Chains and Franchises
The drive-through window and the table you booked
In · Out

In: restaurants, fast food, franchising. Out: the food wholesaler behind them (Food Warehouses and Delivery Trucks); the delivery app at the door (Trains, Buses, and Rideshare, Getting Around)

15 companies · open the pool
CMGChipotle Mexican Grilllarge
company-operated fast casual line
DPZDomino's Pizza, Inc.NASDAQ · large · 2 NLIs
asset-light franchisor with decades of unit growth and very high return on capital
DRIDarden Restaurantslarge · 1 NLIs
operates casual dining restaurant chains
MCDMcDonald'slarge · 9 NLIs
the drive-through and the global franchise system
QSRRestaurant Brands Internationallarge · 3 NLIs
Burger King and Tim Hortons franchisor
TXRHTexas Roadhouse, Inc.NASDAQ · large
owner-operator culture casual dining chain with sustained traffic-led comps
YUMYum! Brandslarge · 3 NLIs
KFC, Taco Bell, Pizza Hut franchisor
YUMCYum China Holdings Inc.large · 3 NLIs
KFC and Pizza Hut operator in China
CAKECheesecake Factorymid · 2 NLIs
casual dining restaurant chain
WINGWingstop Inc.NASDAQ · mid
near-fully franchised model, one of the highest returns on capital in restaurants
ARCOArcos Dorados Holdings Inc.small · 3 NLIs
operates McDonald's restaurants in Latin America
BLMNBloomin Brands Inc.small · 1 NLIs
Outback Steakhouse casual dining chains
LOCOEl Pollo Loco Holdings Inc.small · 2 NLIs
fire-grilled chicken restaurant chain
PTLOPortillo's Inc Cl Asmall · 2 NLIs
fast casual restaurant chain
WENWendy's Co.small · 4 NLIs
franchises hamburger drive-throughs
Bars, Cafes, and Catering
Drinking Places and Catering
The coffee counter, the taproom, the catered lunch
In · Out

In: cafes, bars, catering. Out: the brands in the glass (Beer, Wine, and Spirits)

3 companies · open the pool
SBUXStarbuckslarge · 6 NLIs
the coffee counter is the encounter, not the table you booked
ARMKAramarkmid
contract catering and concessions at scale
BROSDutch Bros Inc.NYSE · mid
founder-rooted drive-thru coffee shop operator with best-in-class unit economics

Health and Body

Staying well, getting fixed, paying for both.

239 companies pooled in this arena
Lane 3.1Getting CareClinical Care Delivery4 niches
Hospitals and Surgery Centers
Inpatient and Surgical Treatment
The building you go to when something is serious
In · Out

In: hospitals, surgery centers, ERs. Out: the everyday visit (Everyday Clinics and Video Visits)

9 companies · open the pool
4013Dr. Sulaiman Al Habib Medical Servicesother · large
Tadawul; family-founded Saudi hospital compounder
EHCEncompass Healthlarge · 1 NLIs
licensed inpatient rehabilitation hospitals; home health was spun off
HCAHCA Healthcarelarge · 6 NLIs
largest US acute-care hospital operator
MAXHEALTHMax Healthcare Instituteother · large
NSE India; highest-return listed hospital operator, pool was US-only
THCTenet Healthcarelarge · 3 NLIs
hospitals plus ambulatory surgery centers
UHSUniversal Health Serviceslarge · 2 NLIs
acute-care and inpatient psychiatric hospitals
BDMSBangkok Dusit Medical Servicesother · mid
SET Thailand; largest private hospital network in Southeast Asia
NUTXNutex Health Inc.small
physician-owned micro-hospitals and emergency rooms
SGRYSurgery Partners Inc.small · 1 NLIs
operates ambulatory surgical facilities
Everyday Clinics and Video Visits
Ambulatory and Virtual Care
Primary care, urgent care, and the video visit
In · Out

In: general medical visits in person or by video. Out: dental, vision, and skin (The Dentist's Chair and its neighbours); the hospital stay (Hospitals and Surgery Centers); the charting software the clinic buys (Docs, CRM, and Invoicing Apps, Running a Business)

8 companies · open the pool
DVADaVitalarge · 1 NLIs
outpatient dialysis clinics are ambulatory care
FMSFresenius Medical Carelarge · 2 NLIs
recurring outpatient dialysis visits, not a hospital stay
CONConcentra Group HoldingsNYSE · mid · 2 NLIs
682 occupational health centers plus 411 onsite employer clinics, the everyday in-person visit at scale
HIMSHims & Hers HealthNYSE · mid
the video visit sold direct, licensed clinicians on a subscription
HNGEHinge Health Inc Amid · 1 NLIs
virtual physical therapy with licensed clinicians
PRVAPrivia Health Group Inc.mid · 1 NLIs
physician groups delivering primary care visits
STLNStarling Oncology, Inc.small
renamed Oncology Institute; outpatient oncology visits and infusion, $503M revenue
WELL.TOWELL Health TechnologiesTSX · small
founder-led owner-operator of 250-plus Canadian outpatient clinics with telehealth attached
Home Aides and Senior Living
Post-Acute and Home Care
The aide who comes to the house and the senior building with nurses on staff
In · Out

In: clinician-billed home health, skilled nursing, senior care with clinical staff, and the buildings built for care. Out: age-restricted rentals with no clinical staff (Apartments and Rental Homes, Where You Live); non-medical daily help (Caregivers and Adult Day Programs, Care, Schooling, and Public Safety)

12 companies · open the pool
ENSGThe Ensign GroupNASDAQ · large
owner-operator skilled nursing compounder, pool was REIT landlords with no operator
VTRVentaslarge
senior housing with care staff is the largest portfolio
WELLWelltowerlarge
owns and operates senior housing with clinical staff
AVAHAveanna Healthcare Holdings Inc.mid · 1 NLIs
billed home nursing and pediatric home health
BKDBrookdale Senior Living Inc.mid · 3 NLIs
assisted living and memory care communities
DOCHealthpeak Propertiesmid · 1 NLIs
outpatient medical buildings are buildings built for care
EXE.TOExtendicareTSX · mid
Canadian long-term care and home health care operator with clinical staff
HRHealthcare Realty Trust Inc.mid · 1 NLIs
landlord of outpatient medical office buildings, beside DOC by the buildings-built-for-care sentence
OHIOmega Healthcaremid
skilled nursing facility landlord
OPCHOption Care Health Inc.mid · 1 NLIs
home infusion nursing and therapy
PNTGThe Pennant GroupNASDAQ · small · 1 NLIs
home health, hospice and senior living carrying the Ensign operating culture
STRWStrawberry Fields Reit Incsmall · 1 NLIs
skilled nursing facility REIT
Pharmacies and Drug Stores
Prescription Counter and Wholesale
The counter where the prescription gets filled
In · Out

In: the dispensing store and the wholesalers stocking it. Out: discovering and making the molecule (Prescription Medicines); the benefit deciding the copay (Health Plans and Claims)

6 companies · open the pool
CAHCardinal Healthlarge · 3 NLIs
top-three pharmaceutical wholesaler
CORCencoralarge
drug wholesaler and specialty distribution channel
CVSCVS Healthlarge · 10 NLIs
the largest US dispensing counter footprint
MCKMcKessonlarge · 2 NLIs
the wholesaler stocking the dispensing counter
3349COSMOS Pharmaceuticalother · mid
Tokyo; founder-led best-in-class Japanese drugstore operator
3391.TTsuruha Holdingsmid
Japanese dispensing drugstore chain
Lane 3.2Pills, Implants, and ScansTherapeutics, Devices, and Diagnostics4 niches
Prescription Medicines
Prescription Therapeutics and Biologics
The pill, the injection, the vaccine on the pharmacy shelf
In · Out

In: discovering, making, and selling the molecule. Out: the counter that dispenses it (Pharmacies and Drug Stores)

93 companies · open the pool
ABBVAbbViemega · 7 NLIs
discovers and sells the molecule
AZNAstraZenecamega · 3 NLIs
oncology and respiratory drugmaker
JNJJohnson & Johnsonmega · 11 NLIs
innovative medicine is the larger half after the consumer spin
LLYEli Lillymega · 7 NLIs
the injection on the pharmacy shelf
MRKMerckmega · 10 NLIs
oncology and vaccine molecules
NVONovo Nordiskmega · 4 NLIs
GLP-1 and insulin maker
NVSNovartis AGmega · 5 NLIs
discovers and sells prescription drugs
ALNYAlnylam Pharmaceuticalslarge · 1 NLIs
RNAi therapeutics maker
AMGNAmgenlarge · 4 NLIs
biologics and biosimilars maker
BBIOBridgeBio Pharma Inc.large · 2 NLIs
rare disease drug developer
BIIBBiogen Inc.large · 3 NLIs
neuroscience biotech drug maker
BMRNBioMarin Pharmaceutical Inc.large · 3 NLIs
rare disease enzyme and gene therapies
BMYBristol-Myers Squibblarge · 8 NLIs
discovers and sells prescription drugs
BNTXBiontech Se ADRlarge · 1 NLIs
mRNA vaccines and cancer immunotherapies
GILDGilead Scienceslarge · 3 NLIs
HIV therapeutics maker
GSKGSK plclarge · 6 NLIs
prescription drug and vaccine maker
HALOHalozyme Therapeuticslarge · 2 NLIs
drug delivery technology and royalty medicines
INCYIncyte Corp.large · 2 NLIs
biopharma selling cancer and skin drugs
IONSIonis Pharmaceuticals Inc.large · 1 NLIs
develops antisense prescription drugs
JAZZJazz Pharmaceuticals plclarge · 2 NLIs
sells prescription sleep and oncology drugs
NBIXNeurocrine BiosciencesNASDAQ · large · 1 NLIs
INGREZZA and CRENESSITY CNS franchise, high-return non-mega operator
PFEPfizer Inc.large · 9 NLIs
discovers and sells prescription drugs
REGNRegeneron Pharmaceuticalslarge · 3 NLIs
antibody medicines maker
ROIVRoivant Sciences Ltdlarge · 4 NLIs
biopharma developing and selling medicines
RPRXRoyalty Pharma plclarge · 3 NLIs
buys royalties on prescription drug sales
RYTMRhythm Pharmaceuticals, Inc.large
IMCIVREE approved and selling
SNYSanofi Aventislarge · 4 NLIs
develops and sells prescription drugs and vaccines
TAKTakeda Pharmaceutical Co. Ltdlarge · 1 NLIs
discovers and sells prescription drugs worldwide
TEVATeva Pharmaceutical Industries Ltd.large · 2 NLIs
generic and specialty drug maker
UTHRUnited TherapeuticsNASDAQ · large
founder-led PAH franchise with organ manufacturing optionality, pool was mega-only
VRTXVertex Pharmaceuticalslarge · 2 NLIs
cystic fibrosis and cell therapy medicines
VTRSViatris Inc.large · 3 NLIs
sells generic and off-patent medicines
ADMAADMA Biologics Inc.mid · 1 NLIs
plasma-derived immune globulin biologics maker
ANIPANI Pharmaceuticals, Inc.mid
generics plus Cortrophin Gel, all own product sales
ATAIAtaiBeckley Inc.mid · 1 NLIs
clinical-stage psychedelic and mental health drug developer
AXSMAxsome Therapeutics Inc.mid · 2 NLIs
central nervous system medicines
BCRXBioCryst Pharmaceuticals, Inc.mid
ORLADEYO product sales
CNTACentessa Pharmaceuticals ADRmid · 1 NLIs
orexin drug developer
CPRXCatalyst Pharmaceuticals Inc.mid · 1 NLIs
rare disease prescription drugs
CRNXCrinetics Pharmaceuticals, Inc.mid
PALSONIFY approved Sept 2025, $24M of own product sales in Q2 2026
DNTHDianthus Therapeutics Incmid · 1 NLIs
clinical-stage antibody drug developer
IBRXImmunityBio, Inc.mid
ANKTIVA approved 2024, own commercial sales
IMCRImmunocore Holdings plcmid
KIMMTRAK approved and sold by Immunocore
IMVTImmunovant Inc.mid · 1 NLIs
clinical-stage autoimmune antibody developer
KNSAKiniksa Pharmaceuticals International, plcmid
ARCALYST product sales through its own salesforce
KRYSKrystal Biotech Inc.mid · 1 NLIs
gene therapy for rare skin disease
LEGNLegend Biotech Corporationmid
makes CARVYKTI and shares its commercial economics
LQDALiquidia Corporationmid
YUTREPIA approved and launched, own product sales
MANEVeradermics Incmid · 1 NLIs
hair loss and dermatology drug developer
MIRMMirum Pharmaceuticals, Inc.mid
LIVMARLI and the bile-acid portfolio, own product sales
NAMSNewamsterdam Pharma Co Nvmid · 2 NLIs
develops a cholesterol-lowering prescription drug
NUVBNuvation Bio Inc.mid · 2 NLIs
oncology drug developer
OGNOrganon & Co.mid · 1 NLIs
womens health drug maker
ORKAOruka Therapeutics Incmid · 1 NLIs
antibody developer for plaque psoriasis
PCVXVaxcyte Inc.mid · 1 NLIs
develops pneumococcal conjugate vaccines
PHVSPharvaris NVmid · 1 NLIs
hereditary angioedema drug developer
PTCTPTC Therapeutics, Inc.mid · 1 NLIs
rare-disease medicines it markets itself
PTGXProtagonist Therapeutics Inc.mid · 1 NLIs
peptide therapeutics developer
QUREuniQure NVmid · 1 NLIs
gene therapy developer
SUPNSupernus Pharmaceuticalsmid · 1 NLIs
sells prescription central nervous system drugs
TARSTarsus Pharmaceuticals, Inc.mid
XDEMVY approved and sold by Tarsus
TGTXTG Therapeutics, Inc.mid
BRIUMVI approved and selling at scale
TRVITrevi Therapeutics Inc.mid · 1 NLIs
clinical-stage chronic cough drug developer
URGNUrogen Pharma Ltdmid · 1 NLIs
develops and sells urologic cancer drugs
VRDNViridian Therapeutics, Inc.mid
Lumvoa approved June 2026, self-commercialized launch underway
XERSXeris Biopharma Holdings, Inc.mid
Gvoke, Recorlev and Keveyis sold by its own salesforce
AKTSAktis Oncology Incsmall · 1 NLIs
clinical-stage radiopharmaceutical cancer drug developer
ALVOAlvotech SAsmall · 1 NLIs
develops and manufactures biosimilar medicines
COLLCollegium Pharmaceutical Inc.small · 1 NLIs
sells prescription pain and ADHD medicines
CRMDCorMedix Inc.small
DefenCath approved and sold by CorMedix itself
DCTHDelcath Systems, Inc.small
HEPZATO KIT approved by NDA as a drug, $85M of own sales
DMACDiaMedica Therapeutics Inc.small · 1 NLIs
clinical-stage stroke and kidney drug developer
DMRADamora Therapeutics Inc.small · 1 NLIs
clinical-stage biotech, formerly Galecto
ETONEton Pharmaceuticals, Inc.small
rare-disease products it markets itself
GERNGeron Corporationsmall
RYTELO approved 2024, own commercial sales
INBXInhibrxsmall · 1 NLIs
biologic cancer therapy developer
INDVIndivior Pharmaceuticals Inc.small · 1 NLIs
makes opioid addiction treatment medicines
LKFTLakefront Biotherapeuticssmall · 1 NLIs
oncology and immunology drugs, formerly Galapagos
LXRXLexicon Pharmaceuticals, Inc.small
INPEFA approved and sold by Lexicon, small but real product sales
ORICORIC Pharmaceuticals Inc.small · 1 NLIs
clinical stage cancer drug developer
PGENPrecigen Inc.small · 1 NLIs
gene therapy drug developer
RCKTRocket Pharmaceuticals Inc.small · 1 NLIs
gene therapy developer
SNDXSyndax Pharmaceuticals Inc.small · 1 NLIs
oncology medicines for leukemia
SPRYArs Pharmaceuticals Incsmall · 1 NLIs
neffy epinephrine nasal spray maker
VSTMVerastem, Inc.small · 1 NLIs
AVMAPKI FAKZYNJA approved 2025, own sales
WVEWave Life Sciences Ltd.small · 1 NLIs
RNA medicine discovery and development
ZVRAZevra Therapeutics, Inc.small
MIPLYFFA and OLPRUVA, own product sales
BTAIBioxcel Therapeutics Incmicro · 1 NLIs
clinical-stage neuroscience drug developer
COYACoya Therapeutics Incmicro · 1 NLIs
regulatory T cell biologics for ALS
CRISCuris Inc.micro · 1 NLIs
clinical-stage cancer drug developer
IVVDInvivyd Inc.micro · 1 NLIs
monoclonal antibody developer
PEPGPepgen Incmicro · 1 NLIs
clinical-stage neuromuscular drug developer
SIONSionna Therapeutics Incmicro · 1 NLIs
cystic fibrosis drug developer
Implants, Pumps, and Surgical Tools
Interventional Devices and Implants
The hardware that goes into you or gets used on you
In · Out

In: implants, devices, surgical tools, their consumables. Out: the lab bench (Lab Instruments, Reagents, and Supplies)

33 companies · open the pool
ABTAbbott Laboratoriesmega · 7 NLIs
devices are the largest line: cardiac hardware and glucose sensors worn on you
4543Terumo Corporationother · large
Tokyo; vascular and interventional devices, only non-US name in a US-mega pool
BAXBaxter International Inc.large · 7 NLIs
makes IV solutions and infusion pumps
BDXBecton Dickinsonlarge · 7 NLIs
makes syringes, catheters, hospital devices
BSXBoston Scientificlarge · 6 NLIs
interventional implants and ablation catheters
EWEdwards Lifesciences Corp.large · 3 NLIs
heart valves and surgical monitoring devices
GEHCGE HealthCare Technologies Inc.large · 7 NLIs
makes MRI, CT, and ultrasound machines
GMEDGlobus Medical Inc.large · 2 NLIs
spine implants and surgical robots
ISRGIntuitive Surgicallarge · 2 NLIs
surgical robots and their per-procedure instruments
MDLNMedline Inc Cl Alarge · 5 NLIs
makes and ships hospital supplies, share class A
MDTMedtroniclarge · 7 NLIs
implantable cardiac, surgical, and pump devices
PHGKoninklijke Philips Electronics NVlarge · 2 NLIs
medical imaging scanners and patient monitors
RMDResMed Inc.large · 1 NLIs
sleep apnea machines and masks
SNNSmith & Nephew plclarge · 1 NLIs
orthopedic implants and surgical devices
SOLVSolventum Corplarge · 4 NLIs
makes wound care and surgical supplies
SYKStrykerlarge · 4 NLIs
orthopedic implants and surgical instruments
WSTWest Pharmaceutical Serviceslarge · 3 NLIs
the consumable containment and self-injection hardware for every injectable
ZBHZimmer Biomet Holdingslarge · 7 NLIs
makes hip and knee implants
ATRCAtriCure Inc.mid · 1 NLIs
surgical ablation devices for heart rhythm procedures
AXGNAxoGen Inc.mid · 2 NLIs
surgical nerve repair grafts
COHCochlear Limitedother · mid
ASX; dominant cochlear implant franchise with a recurring processor upgrade tail
HAEHaemonetics Corp.mid · 1 NLIs
blood and plasma collection devices for hospitals
MMSIMerit Medical Systems Inc.mid · 1 NLIs
catheters and interventional devices
TFXTeleflexmid · 3 NLIs
makes catheters and surgical devices
TMDXTransMedics Group, Inc.mid
OCS organ-perfusion device and its per-case consumables
EMBCEmbecta Corpsmall · 1 NLIs
diabetes pen needles and syringes
ENOVEnovis Corp.small · 1 NLIs
orthopedic implants and bracing
IARTIntegra LifeSciences Holdingssmall · 1 NLIs
surgical implants and regenerative tissue
OMIOwens & Minorsmall
surgical consumables and home medical equipment, never drug wholesale
PRCTPROCEPT BioRobotics Corporationsmall
Aquablation surgical robot and its per-procedure handpieces
SENSSenseonics Holdings, Inc.small
Eversense glucose sensor implanted under the skin
SSIISS Innovations International, Inc.small
SSi Mantra surgical robot installed in 80 hospitals
VREXVarex Imaging Corp.small · 2 NLIs
X-ray tubes and detectors for imaging
Tests, Scans, and Lab Work
Diagnostic Testing and Imaging
The blood draw, the scan, and the results that decide what happens next
In · Out

In: diagnostics and imaging as a service. Out: the instruments sold to labs (Lab Instruments, Reagents, and Supplies)

8 companies · open the pool
DGXQuest Diagnosticslarge · 3 NLIs
national clinical lab testing as a service
GHGuardant Health Inc.large · 1 NLIs
runs blood-based cancer tests for patients
LHLabcorplarge · 4 NLIs
national reference lab running the blood draw
NTRANateraNASDAQ · large · 3 NLIs
molecular testing as a service across prenatal screening and cancer monitoring
TEMTempus AIlarge · 2 NLIs
genomic sequencing billed per test out of its own CLIA labs
ADPTAdaptive Biotechnologies Corp.mid · 2 NLIs
runs blood cancer residual disease tests
RDNTRadNetNASDAQ · mid · 2 NLIs
largest US outpatient imaging network
SHLSonic Healthcareother · mid
ASX; global pathology and radiology services operator across Australia, US and Germany
Lab Instruments, Reagents, and Supplies
Research Bench Consumables and Instruments
The benches, reagents, and machines every lab reorders monthly
In · Out

In: research instruments, reagents, lab consumables. Out: running the patient's test (Tests, Scans, and Lab Work)

16 companies · open the pool
TMOThermo Fisher Scientificmega · 11 NLIs
the bench instruments, reagents, and consumables every lab reorders
AAgilent Technologieslarge · 2 NLIs
analytical instruments and lab columns
DHRDanaherlarge · 11 NLIs
bioprocessing consumables and lab instruments sold to labs
ILMNIllumina Inc.large · 2 NLIs
DNA sequencers and reagent consumables
MTDMettler-Toledolarge · 2 NLIs
precision lab balances and bench instruments are the core
SRT3Sartorius AGother · large
XETRA; family-controlled lab products and bioprocess consumables
WATWaters CorporationNYSE · large · 8 NLIs
LC and mass spec franchise with a high-margin recurring consumables tail
AVTRAvantor Inc.mid · 6 NLIs
lab chemicals and consumables distributor
BIOBio-Rad Laboratories Inc.mid · 4 NLIs
sells lab instruments and reagents
CRLCharles River Labsmid · 3 NLIs
research models and preclinical lab services
QGENQiagen N.V.NYSE · mid
sample prep kits and reagents, the monthly lab reorder in a box
RGENRepligen Corp.mid · 2 NLIs
bioprocessing filtration and chromatography supplies
TWSTTwist Bioscience Corp.mid · 1 NLIs
synthetic DNA and gene fragments for labs
DNAGinkgo Bioworks Holdings Inc.small · 1 NLIs
cell engineering tools and automated labs
LABStandard Biotools Incsmall · 1 NLIs
research instruments and proteomics reagents
MRVIMaravai LifeSciences Holdings Inc.small · 2 NLIs
mRNA capping reagents for biopharma
Lane 3.3Paying and Staying WellHealth Financing and Preventive Wellness3 niches
Health Plans and Claims
Health Benefit Underwriting and Administration
The card in your wallet that decides what you pay when you're sick
In · Out

In: health plans, benefits administration, claims, and pharmacy benefit managers (they administer a benefit, they do not dispense). Out: the dispensing counter (Pharmacies and Drug Stores); life policies (Life Policies and Annuities, Money and Payments)

14 companies · open the pool
UNHUnitedHealth Groupmega · 17 NLIs
the largest health benefit underwriter and claims payer
AFLAflaclarge · 2 NLIs
underwrites supplemental health benefits and pays the claims
CICigna Grouplarge · 7 NLIs
health plans plus the Evernorth benefit manager, which administers rather than dispenses
CNCCentenelarge · 3 NLIs
Medicaid managed care plans
CVSCVS Healthlarge · 10 NLIs
second encounter: Aetna coverage and the Caremark benefit, its largest revenue side
ELVElevance Healthlarge · 12 NLIs
Blue Cross plans and claims administration
HUMHumanalarge · 2 NLIs
Medicare Advantage plan underwriter
OSCROscar Health, Inc.large
individual health plans, premiums and claims
ALHCAlignment HealthcareNASDAQ · mid
founder-led Medicare Advantage plan, the only non-mega operator in the pool
HQYHealthEquityNASDAQ · mid
largest independent HSA custodian and benefits administrator
MMSMAXIMUS Inc.mid · 1 NLIs
administers government health benefit programs
MOHMolina Healthcare Inc.mid · 4 NLIs
runs Medicaid and marketplace health plans
CTEVClaritev Corp.small · 1 NLIs
claims pricing and cost management for health payers
EVHEvolent Health Inc.small · 2 NLIs
specialty care management for health plans
Gyms, Coaching, and Nutrition
Fitness and Nutrition Businesses
The gym floor, the coach, the supplement shelf
In · Out

In: fitness places sold by recurring membership, unlicensed self-paid coaching, supplements. Out: shoes, apparel, and watches (What You Wear and Carry); home fitness machines (Toys, Bikes, and Hobby Gear, Free Time); licensed billable therapy (Mental Health and Therapy); the day-ticket outing (Theme Parks, Stadiums, and Rinks, Free Time)

7 companies · open the pool
BFITBasic-Fit N.V.other · mid
Euronext Amsterdam; Europe's largest recurring-membership gym operator
PLNTPlanet Fitnessmid
fitness clubs sold by recurring membership
HLFHerbalife Nutrition Ltd.small · 1 NLIs
nutrition shakes and supplements sold by distributors
JWELJamieson WellnessTSX · small
Canada's leading vitamin and supplement brand, long-lived label moat
LTHLife Time Groupsmall · 3 NLIs
athletic clubs sold by monthly membership
PREPrenetics Global Limitedsmall
IM8 supplements are $60M of $92M revenue, ahead of DNA testing
USNAUSANA Health Sciencesmicro · 1 NLIs
direct-selling nutritional supplement brand
Mental Health and Therapy
Behavioral Health Treatment
The therapist's office and the treatment program
In · Out

In: licensed, billable therapy, counseling, behavioral and addiction treatment. Out: unlicensed self-paid life coaching (Gyms, Coaching, and Nutrition); the plan paying for it (Health Plans and Claims)

4 companies · open the pool
ACHCAcadia Healthcaremid · 3 NLIs
licensed behavioral and addiction treatment is the whole company
LFSTLifeStance Health GroupNASDAQ · mid
largest listed outpatient mental health network, 575 centers and 6,600 licensed clinicians
2120Wenzhou Kangning Hospitalother · micro
HKEX; China's largest private psychiatric hospital operator, micro flagged
STIMNeuroneticsNASDAQ · micro
owns 95 Greenbrook TMS and esketamine treatment centers, micro flagged
Lane 3.4Eyes, Teeth, and SkinDental, Vision, and Dermatology3 niches
The Dentist's Chair
Dental Care Delivery
The cleaning, the filling, the orthodontist's bands
In · Out

In: dental and orthodontic care. Out: the general checkup (Everyday Clinics and Video Visits)

7 companies · open the pool
ALGNAlign Technologylarge · 1 NLIs
clear aligners and scanners met at the orthodontist
STMNStraumann Holdingother · large
SIX Swiss; premium dental implant and aligner franchise, the quality anchor
HSICHenry Scheinmid · 4 NLIs
dental practice supply, not a pharmacy wholesaler
NVSTEnvista Holdings Corp.mid · 6 NLIs
dental implants, orthodontics, chairside equipment
XRAYDENTSPLY SIRONA Inc.mid · 3 NLIs
dental equipment and consumables maker
DNTLdentalcorp HoldingsTSX · small
571-practice Canadian dental care network, actual care delivery not just products
QC7Q&M Dental Group (Singapore)other · small
SGX; founder-led Singapore and Malaysia dental clinic operator
Glasses, Contacts, and Eye Exams
Vision Care and Optical Counters
The eye chart and the wall of frames
In · Out

In: eye exams, glasses, contacts. Out: sunglasses as fashion (Watches, Jewelry, and Bags, What You Wear and Carry)

6 companies · open the pool
ALCAlconlarge · 2 NLIs
contact lenses and cataract lenses met at the eye counter and the eye surgery
COOCooper Companieslarge · 1 NLIs
contact lenses are the majority of the business
BLCOBausch + Lombmid · 2 NLIs
contact lenses, solutions, and eye drops
FIEFielmann Groupother · mid
XETRA; family owner-operated optical retail with in-store exams, the pool had no retailer
WRBYWarby ParkerNYSE · mid · 3 NLIs
founder-led vertically integrated eyewear retail that also sells the eye exam
KITSKits Eyecare Ltd.small
sells glasses and contacts and grinds the lenses in its own lab
Skin Doctors and Med Spas
Dermatology and Aesthetic Care
The dermatologist visit and the clinician-run cosmetic treatment
In · Out

In: clinician-billed skin and aesthetic care. Out: the salon chair (Barbers, Salons, and Nails, What You Wear and Carry)

5 companies · open the pool
GALDGalderma Groupother · large
SIX Swiss; dermatology pure-play spanning injectable aesthetics and therapeutic skin care
214150CLASSYS Inc.other · mid
KOSDAQ; 38 percent ROIC aesthetic device maker founded by a dermatologist
EOLSEvolusNASDAQ · small
aesthetics-only neurotoxin and filler platform, no therapeutic side business
INMDInModeNASDAQ · small · 1 NLIs
founder-led RF aesthetic platforms sold only into derm and plastic practices
SBCSBC Medical Group HoldingsNASDAQ · small
franchises 250-plus Japanese aesthetic clinics at 40 percent operating margins, founder-led, the only true listed med spa operator
Lane 3.5Babies, Kids, and FertilityReproductive and Family Health3 niches
Having a Baby
Maternity and Obstetric Care
The delivery ward and every appointment before it
In · Out

In: obstetric and maternity care. Out: the newborn's checkups (Kids' Checkups)

4 companies · open the pool
MDPediatrix Medical GroupNYSE · small
maternal-fetal medicine and OB hospitalist physician services, the closest listed pure-play
RAINBOWRainbow Children's Medicareother · small
NSE India; founder-led pediatric and obstetrics hospital chain
A50Thomson Medical Groupother · micro
SGX; Singapore obstetrics and women's hospital operator, micro flagged
UTMDUtah Medical ProductsNASDAQ · micro
obstetric and neonatal device pure-play with exceptional margins, micro flagged
Kids' Checkups
Pediatric Care
The pediatrician's waiting room with the fish tank
In · Out

In: pediatric care. Out: daycare (Daycare and Preschool, Care, Schooling, and Public Safety)

3 companies · open the pool
KIDSOrthoPediatricsNASDAQ · small
pediatric-only medtech, adjacency to Implants flagged, no listed pediatric primary care pure-play exists
MDPediatrix Medical GroupNYSE · small
largest listed pediatric and neonatal physician services group
RAINBOWRainbow Children's Medicareother · small
NSE India; founder-led children's hospital chain, the cleanest pediatric care operator listed anywhere
Fertility Clinics and IVF
Fertility and Reproductive Medicine
The clinic families turn to when starting one is hard
In · Out

In: fertility and reproductive care. Out: the maternity ward (Having a Baby)

4 companies · open the pool
PGNYProgynyNASDAQ · mid
fertility-only care network and benefit manager, adjacency to Health Plans noted
1951Jinxin Fertility Groupother · small
HKEX; largest private IVF hospital group in China plus California clinics
VITRVitrolife ABother · small
Nasdaq Stockholm; IVF media, incubators and consumables every cycle burns, near pure-play
MVFMonash IVF Groupother · micro
ASX; pure-play IVF clinic operator in Australia and Malaysia, micro flagged

Getting Around

Cars, planes, freight, the commute, and the fuel pump.

196 companies pooled in this arena
Lane 4.1Your CarPersonal Vehicle Ownership4 niches
Carmakers
Car and Truck Assembly
The badge on the hood
In · Out

In: cars, trucks, and road motorcycles, registered and driven on public roads. Out: the trailered toys (Boats, RVs, and ATVs, Free Time); the dealer lot (Car Dealers and Used Lots)

11 companies · open the pool
TMToyota Motormega
badge on the hood, global volume leader
TSLATeslamega · 7 NLIs
road-registered vehicles sold direct; the showroom and the order page
FFord Motor CompanyNYSE · large
: the F-150 is the best-selling vehicle in America and no US legacy maker is in the pool
GMGeneral Motors CompanyNYSE · large · 7 NLIs
: Chevy, GMC, and Cadillac badges are absent from the pool
HMCHonda Motorlarge
cars plus road motorcycles, both public-road registered
PCARPACCARlarge · 1 NLIs
highway trucks, registered and driven on public roads
RACEFerrarilarge · 3 NLIs
road cars registered and driven
STLAStellantis N.V.large · 3 NLIs
global car and truck maker
VFSVinFast Auto Ltd.large
delivers road-registered cars at volume
LCIDLucid Group, Inc.mid
builds and delivers road-registered cars, real vehicle revenue
HOGHarley-Davidsonsmall · 2 NLIs
road motorcycles, registered and driven on public roads
Car Dealers and Used Lots
Dealer Franchise Networks
The lot with the flags and the finance office in back
In · Out

In: new and used vehicle retail. Out: the loan itself (The Car Loan and the Policy)

10 companies · open the pool
CPRTCopartlarge · 6 NLIs
used and salvage vehicle auction channel
CVNACarvanalarge · 7 NLIs
online used vehicle retail
ABGAsbury Automotive Group Inc.mid · 2 NLIs
sells cars through dealership network
ANAutoNation Inc.mid · 1 NLIs
sells new and used cars
GPIGroup 1 Automotive, Inc.NYSE · mid · 2 NLIs
disciplined franchise dealer with high-margin parts and service mix
KARKAR Auction Servicesmid · 2 NLIs
wholesale used vehicle auction marketplace
KMXCarMaxmid · 5 NLIs
used vehicle retail
LADLithia Motors, Inc.NYSE · mid · 6 NLIs
largest US franchise dealer group, long-run roll-up compounder
PAGPenske Automotivemid
franchise dealership group
RUSHARush Enterprises, Inc.NASDAQ · mid · 1 NLIs
founder-family commercial truck dealership network, the Rush Truck Centers you pass on the interstate
Parts, Tires, and Repair Shops
Aftermarket Parts and Repair
The parts counter, the tire rack, the lift
In · Out

In: parts making and selling, tires, repair. Out: the factory that built the car (Carmakers); pool and backyard supply (Hardware Stores and Pro Desks, Where You Live)

28 companies · open the pool
ALVAutoliv Inc.large · 2 NLIs
airbags and seatbelts for carmakers
AZOAutoZonelarge · 1 NLIs
parts retail, sells no vehicles
CMICummins Inc.large · 3 NLIs
truck engines, components, and parts service network
ORLYO'Reilly Automotivelarge · 5 NLIs
parts counter retail for the DIY and pro mechanic
SNASnap-On Inc.large · 3 NLIs
mechanic hand tools and shop diagnostics
AAPAdvance Auto Partsmid · 2 NLIs
retail and pro counters selling car parts
ALSNAllison Transmission Holdingsmid · 2 NLIs
automatic transmissions for commercial trucks
APTVAptivmid · 1 NLIs
tier-one supplier of vehicle wiring and ADAS parts
BWABorgWarnermid · 2 NLIs
propulsion components, not finished vehicles
BYD.TOBoyd Group Services Inc.TSX · mid
largest non-franchised collision repair operator in North America (Gerber Collision)
GNTXGentex CorporationNASDAQ · mid · 2 NLIs
dominant share in auto-dimming mirrors, net cash and high returns, the quality operator the pool was missing
GPCGenuine Parts Companymid · 6 NLIs
NAPA auto parts is the larger segment
GTXGarrett Motion Inc.mid · 2 NLIs
makes turbochargers for carmakers
HSAIHesai Groupmid
ADAS lidar built into cars for 40+ carmakers, ~85% of units
LEALear Corp.mid · 3 NLIs
car seating and electrical systems supplier
LKQLKQ Corporationmid · 4 NLIs
alternative and recycled auto parts distribution
MBLYMobileyemid
ADAS systems sold to carmakers as a part; chip-design read is secondary
MGAMagna Internationalmid · 3 NLIs
parts dominate despite the Steyr contract-assembly line
STSensata Technologies Holdingmid · 2 NLIs
sensors built into cars and trucks
VVVValvoline Inc.NYSE · mid
franchised quick-lube service centers, the lift you actually pull into
ADNTAdient plcsmall · 1 NLIs
automotive seating supplier
CYDChina Yuchai Intl Ltd.small · 2 NLIs
makes engines for trucks and buses
DCHDauch Corp.small · 3 NLIs
makes driveline parts, formerly American Axle
GTGoodyear Tire & Rubbersmall
tire maker with its own service bays
HLLYHolley Incsmall · 1 NLIs
sells aftermarket car performance parts
ITRNIturan Location & Control Ltd.small · 3 NLIs
vehicle tracking devices and recovery subscriptions
MNROMonro Inc.small · 1 NLIs
chain of tire and auto repair shops
NNBRNN Inc.micro · 1 NLIs
precision machined components, mostly automotive
The Car Loan and the Policy
Auto Finance and Claims
The monthly payment and the insurance card in the glovebox
In · Out

In: auto loans, leases, auto policies and claims. Out: the house version (Protecting the House, Where You Live); the card in your wallet (Credit Cards and Personal Loans, Money and Payments)

9 companies · open the pool
ALLAllstatelarge · 3 NLIs
auto is the larger personal-lines book; homeowners lives in Protecting the House
ALLYAlly Financial Inc.NYSE · large · 4 NLIs
largest US auto lender, retail contracts plus dealer floorplan
PGRProgressivelarge · 8 NLIs
auto policies dominate, excluded by the Protecting the House Out
CACCCredit Acceptance CorporationNASDAQ · mid · 2 NLIs
owner-operator subprime auto lender, decades of high returns and heavy buybacks
CCCCCC Intelligent Solutions HoldingsNASDAQ · mid · 2 NLIs
network-effect software behind most US auto claims; ticker changed CCCS to CCC on 2025-10-31
MCYMercury General CorporationNYSE · mid
founder-family private passenger auto insurer through independent agents
HGTYHagerty, Inc.NYSE · small · 1 NLIs
founder-family collector-car specialty insurer, 19% written premium growth and just turned profitable
ROOTRoot, Inc.small
telematics-priced auto policies and claims
VRMVroom Incmicro · 1 NLIs
subprime auto lender after exiting ecommerce
Lane 4.2The Pump and the ChargeTransport Fuel and Charging2 niches
Refineries and Gas Stations
Fuel Making and Forecourt Counters
The pump price you can quote without looking, and the plant that made the gallon
In · Out

In: refining crude into fuel, and selling it at the pump. Out: the wellhead and the upstream barrel (Drilling and the Patch, Out of the Ground); the majors' production side (The Big Oil Companies, Out of the Ground)

13 companies · open the pool
ATDAlimentation Couche-Tard Inc.TSX · large
founder-built Circle K, roughly 17,300 forecourts, the canonical convenience-fuel compounder
CASYCasey's General Stores, Inc.NASDAQ · large · 3 NLIs
about 2,900 small-town pumps plus prepared food, high-return owner of its real estate
DINOHF Sinclair Corp.large · 3 NLIs
refiner with Sinclair branded fuel stations
MPCMarathon Petroleumlarge · 3 NLIs
largest US refining system
PSXPhillips 66large · 6 NLIs
refining and marketing is the core
VLOValero Energylarge · 1 NLIs
independent refiner
CVICVR Energy Inc.mid · 1 NLIs
refines crude into motor fuels
MUSAMurphy USAmid
forecourt fuel retail
PBFPBF Energy Inc.mid · 1 NLIs
refines crude into gasoline and diesel
SUNSunoco LPNYSE · mid · 1 NLIs
largest US motor fuel distributor and the Sunoco brand at the pump
VNTVontier Corp.mid · 1 NLIs
fuel dispensers and forecourt systems for stations
GEVOGevo, Inc.small
corn-ethanol and RNG producer; ~90% of revenue is fuel it makes
WKCWorld Kinectsmall
fuel marketing into wings, hulls, and forecourts; owns no airport asset
EV Chargers and Charging Stops
Vehicle Charging Networks
The charger you plan the trip around
In · Out

In: charging networks and hardware. Out: the electrons upstream (Power Plants and Power Traders, Chips, Networks, and Power)

5 companies · open the pool
EVGOEVgo, Inc.NASDAQ · small
largest US public DC fast-charging network, $510M cap
FAST.ASFastned B.V.other · small
Euronext Amsterdam; pure-play European highway fast-charging stations, 410 sites, literally the charger you plan the trip around
KEMPOWRKempower Oyjother · small
Nasdaq Helsinki; DC fast-charging hardware pure play, EUR 576M cap, growing order intake
ZAPZaptec ASAother · small
Oslo Bors; profitable AC charging hardware, record Q1 2026 revenue and a dividend, rare quality in this niche
CHPTChargePoint HoldingsNYSE · micro
largest North American L2 charging network and hardware; $160M cap after a 1-for-20 reverse split
Lane 4.3Planes, Trains, and BusesPassenger Carriers4 niches
Airlines
Scheduled Flight Carriers
The boarding group they call after yours
In · Out

In: passenger airlines. Out: the terminal (Airports and Terminal Shops); the plane itself (Planemakers and Jet Engines); the vacation package (Booking Sites and Travel Deals, Free Time)

12 companies · open the pool
DALDelta Air Lineslarge · 5 NLIs
scheduled passenger carrier
AEROGrupo Aeromexico Sab De Cvmid · 2 NLIs
Mexican passenger airline
ALGTAllegiant Travel Companymid · 1 NLIs
low-fare leisure passenger airline
ALKAlaska Air Groupmid · 2 NLIs
flies scheduled passenger routes
CPACopa Holdings, S.A.NYSE · mid · 3 NLIs
family-controlled Panama hub carrier, best sustained margins and returns in the Americas
JBLUJetBlue Airways Corp.mid · 1 NLIs
scheduled passenger airline
LUVSouthwest Airlinesmid · 2 NLIs
scheduled passenger carrier
RYAAYRyanair Holdingsmid · 3 NLIs
scheduled passenger carrier
SKYWSkyWest, Inc.NASDAQ · mid
largest US regional carrier, capacity-purchase model insulates it from fare cycles
UALUnited Airlinesmid · 2 NLIs
scheduled passenger carrier
AALAmerican Airlinessmall · 1 NLIs
scheduled passenger carrier
FLYXFlyexclusive Incmicro · 1 NLIs
private jet charter and fractional flying
Planemakers and Jet Engines
Commercial Aircraft and Engines
The jet at the gate and the engine under the wing
In · Out

In: commercial airframes, jet engines, and their certified parts chain. Out: the airline flying it (Airlines); programs of record (Jets, Ships, and Defense Contracts, Care, Schooling, and Public Safety)

18 companies · open the pool
GEGE Aerospacemega · 10 NLIs
commercial engines and aftermarket dominate
RTXRTX Corporationmega · 8 NLIs
Pratt and Collins are majority commercial; Raytheon lives in Jets, Ships, and Defense Contracts
BABoeinglarge · 5 NLIs
commercial airframes plus services outweigh defense
EMBJEmbraer SAlarge · 3 NLIs
Brazilian maker of commercial and business jets
HEIHEICO CorporationNYSE · large · 4 NLIs
Mendelson family owner-operators, PMA aftermarket parts, the archetype of the certified parts chain
HONAHoneywell Aerospace Inclarge · 2 NLIs
avionics, engines, and aircraft components
HWMHowmet Aerospace Inc.large · 1 NLIs
forged jet engine airfoils and aerospace fasteners
TDGTransDigm Group IncorporatedNYSE · large · 6 NLIs
proprietary sole-source aerospace components, EBITDA margin above 52%
WWDWoodward Inc.large · 1 NLIs
aircraft fuel controls and actuation systems
AIRAAR Corp.mid · 3 NLIs
aviation aftermarket parts and repair
ATROAstronics Corp.mid · 2 NLIs
aircraft cabin power, lighting, and test gear
DPCDpc Holdings Plcmid · 2 NLIs
cast aerospace engine components, Doncasters
HXLHexcel Corp.mid · 1 NLIs
carbon fiber composites for airframes
LOARLoar Holdings Incmid · 1 NLIs
makes niche certified aerospace components
SAROStandardaero Incmid · 1 NLIs
aircraft engine overhaul and component repair
VSECVSE Corp.mid · 3 NLIs
aircraft aftermarket parts distribution and repair
ISSCInnovative Aerosystems, Inc.small
certified flight-deck avionics for airframes, retrofit and OEM
ASLEAersale Corpmicro · 1 NLIs
used serviceable aircraft parts, engines, and repair
Airports and Terminal Shops
Airport Facilities and Concessions
The terminal, the security line, the $9 sandwich
In · Out

In: airport assets and concessions. Out: the airline (Airlines)

5 companies · open the pool
ASRGrupo Aeroportuario del Surestemid
airport concession operator
OMABGrupo Aeroportuario del Centro NorteNASDAQ · mid
Monterrey-anchored Mexican concession, completes the ASR/PAC set
PACGrupo Aeroportuario del Pacificomid
airport concession operator
YOUClear Secure Inc.mid · 2 NLIs
biometric membership lanes at airport security
CAAPCorporacion America Airports S.A.NYSE · small
multi-country airport concessions across Latin America and Europe
Trains, Buses, and Rideshare
Transit Systems and Hired Rides
The platform, the stop, and the app with the little moving car
In · Out

In: passenger rail, transit, taxis, rideshare, and on-demand delivery platforms (the courier and the app user meet here). Out: freight rail (Railroads); the restaurant being delivered for (Restaurants and Fast Food, Food and Drink); the parcel network (Package Delivery and Air Freight)

9 companies · open the pool
DASHDoorDash, Inc.NASDAQ · mega · 4 NLIs
the largest on-demand delivery platform
CARTMaplebear Inc. (Instacart)NASDAQ · large · 1 NLIs
on-demand grocery delivery platform with a high-margin ads engine
UBERUber Technologieslarge · 11 NLIs
rideshare and on-demand delivery platform
GRABGrab Holdingsmid
mobility and delivery are the bulk of the super app
LYFTLyftmid · 1 NLIs
rideshare platform
PONYPony Ai Incmid · 1 NLIs
robotaxi fleets and autonomous driving
WRDWeRide Inc.mid
operates robotaxis and robobuses as hired rides
CARAvis Budget Groupsmall
a rental car is a hired ride
HTZHertz Global Hldgs Inc.small · 1 NLIs
rents cars to travelers by the day
Lane 4.4Freight and DeliveryFreight and Logistics5 niches
Trucking
Road Freight
The rigs beside you on the interstate
In · Out

In: freight trucking. Out: the household move (Movers and Storage Units, Where You Live)

14 companies · open the pool
AURAurora Innovation Inc.large · 3 NLIs
driverless freight hauling sold per mile
FDXFFedEx Freight Holding Co.large · 3 NLIs
largest North American less-than-truckload carrier
KNXKnight-Swift Transportation HoldingsNYSE · large · 2 NLIs
largest US truckload carrier now building LTL, founder-lineage management
ODFLOld Dominion Freight Linelarge · 3 NLIs
LTL freight that is not your household move
TFIITFI International Inc.NYSE · large
Alain Bedard founder-operator, the best capital allocator in North American trucking; also trades TSX:TFII
CHRWC.H. Robinsonmid · 2 NLIs
road freight brokerage
JBHTJ.B. Hunt Transportmid
intermodal and dedicated freight trucking
LSTRLandstar System, Inc.NASDAQ · mid
asset-light agent and owner-operator network, high returns on almost no capital
RXORxo Incmid · 2 NLIs
asset-light truckload freight brokerage
SAIASaiamid
LTL freight carrier
XPOXPOmid · 4 NLIs
LTL freight network
YMMFull Truck Alliance Spn ADRmid · 1 NLIs
digital marketplace matching shippers with truckers
CVLGCovenant Transportation Group Inc. CL Asmall · 2 NLIs
truckload freight carrier, share class
HTLDHeartland Expresssmall · 1 NLIs
truckload freight carrier
Railroads
Rail Freight
The mile-long train at the crossing
In · Out

In: freight rail. Out: the commuter platform (Trains, Buses, and Rideshare)

6 companies · open the pool
CNICanadian National Railwaylarge · 6 NLIs
freight rail
CPCanadian Pacific Kansas Citylarge · 7 NLIs
freight rail
CSXCSXlarge · 4 NLIs
freight rail
NSCNorfolk Southernlarge · 4 NLIs
freight rail
UNPUnion Pacificlarge · 10 NLIs
freight rail
FIPFtai Infrastructure Incsmall · 1 NLIs
owns short-line freight railroads and terminals
Ships and Ports
Shipping Lines and Harbor Assets
The container stacks at the harbor
In · Out

In: shipping lines, ports, terminals. Out: the cruise deck (Cruise Ships, Free Time)

9 companies · open the pool
BWLPBw Lpg Ltdmid · 1 NLIs
LPG shipping fleet operator
DHTDHT Holdings Inc.mid · 1 NLIs
crude oil supertanker fleet
HAFNHafnia Ltdmid · 2 NLIs
refined product tanker shipping
KEXKirby Corporationmid · 1 NLIs
inland tank barge line is the majority segment
TRMDTorm Plcmid · 2 NLIs
operates refined product tanker ships
FROFrontlinesmall
crude tanker shipping line
LPGDorian LPG Ltdsmall · 2 NLIs
very large gas carrier shipping
MATXMatsonsmall
Pacific ocean container line and terminals
ZIMZIM Integrated Shippingsmall · 2 NLIs
container shipping line
Package Delivery and Air Freight
Overnight and Ground Parcel
The tracking number and the truck at the curb
In · Out

In: parcel networks and air freight. Out: the marketplace that took the order (Supercenters, Clubs, and the Everything Store, Food and Drink); the meal at the door (Trains, Buses, and Rideshare)

5 companies · open the pool
FDXFedExlarge · 8 NLIs
overnight express and ground parcel
UPSUnited Parcel Servicelarge · 7 NLIs
the parcel network itself
ZTOZTO Express (Cayman) Inc.NYSE · large · 1 NLIs
highest-margin operator in China's parcel network
EXPDExpeditors Internationalmid · 1 NLIs
airfreight forwarding is the lead product
CJTCargojet Inc.TSX · small
founder-led operator of Canada's overnight air cargo network, effectively a domestic monopoly
Warehouses and Distribution Centers
Logistics Property
The tilt-up boxes multiplying beside the highway
In · Out

In: warehouse and logistics property. Out: the trucks between them (Trucking); the office tower (Office Buildings and Landlords, Running a Business)

12 companies · open the pool
LINELineagelarge
cold-storage warehouse property
PLDPrologislarge · 3 NLIs
the logistics property landlord
WPCW. P. Careylarge
industrial and warehouse net lease, owns no apartments
BNLBroadstone Net Leasemid
industrial is the majority of rent, no residential
COLDAmericold Realty Trustmid · 1 NLIs
cold storage warehouse REIT
EGPEastGroup Propertiesmid · 2 NLIs
shallow-bay industrial property
FRFirst Industrial Realtymid · 1 NLIs
national logistics property portfolio
GXOGXO Logisticsmid · 1 NLIs
runs the distribution centers though it leases rather than owns the property
REXRRexford Industrialmid · 1 NLIs
infill industrial property
TRNOTerreno Realty CorporationNYSE · mid
infill industrial in six supply-constrained coastal markets, best-in-class small-cap operator
FRPHFRP Holdings Inc.small · 1 NLIs
owns and develops industrial warehouse property
GNLGlobal Net Leasesmall
single-tenant industrial and distribution leads after the retail sale
Lane 4.5Roads, Bridges, and Big MachinesCivil Works and Heavy Equipment2 niches
Roads, Bridges, and Toll Booths
Public and Industrial Works Building
The orange cones, the new overpass, the toll gantry
In · Out

In: the firms that build public, commercial, and industrial works, and the toll and road assets. Out: the house being framed (New Homes and Builders, Where You Live); transmission-line builds (The Grid and the Big Wires, Chips, Networks, and Power)

15 companies · open the pool
APGAPi Group Corp.large · 4 NLIs
installs and inspects commercial fire safety systems
EMEEMCOR Grouplarge · 1 NLIs
commercial and industrial electrical and mechanical construction
FIXComfort Systems USAlarge · 2 NLIs
builds commercial and industrial mechanical works
STRLSterling Infrastructure, Inc.NASDAQ · large
highway, bridge, and industrial site work with the highest margins in US civil construction
WSPWSP Global Inc.TSX · large
infrastructure design and program management, same slot AECOM occupies in the pool
ACMAECOMmid
designs and manages public works, never touches an existing house
AGXArgan Inc.mid · 3 NLIs
builds power plants and industrial works
FERFerrovialmid · 1 NLIs
managed lanes and civil construction
FLRFluor Corp.mid · 2 NLIs
engineers and builds industrial projects
IESCIES Holdings Inc.mid · 1 NLIs
electrical contracting for data centers and buildings
MTZMasTecmid · 3 NLIs
heavy civil, pipeline, and communications builds are the second leg
ROADConstruction Partners, Inc.NASDAQ · mid · 1 NLIs
founder-led Southeast road builder with captive asphalt plants, vertical integration is the moat
TPCTutor Perini Corp.mid · 1 NLIs
heavy civil and transit construction
AMRCAmeresco Inc. CL Asmall · 1 NLIs
builds energy retrofit projects for public institutions
NPKINPK International Inc.small · 1 NLIs
builds temporary jobsite access roads with composite mats
Heavy Machines and Yellow Iron
Excavation and Earthmoving Iron
The excavators and dozers behind the fence
In · Out

In: construction machinery and dealers. Out: the farm's iron (Tractors and Farm Machines, Food and Drink)

15 companies · open the pool
CATCaterpillarmega · 6 NLIs
the yellow iron standard
SUNBSunbelt Rentals Holdings Inclarge · 11 NLIs
rents construction equipment to contractors
TIHToromont Industries Ltd.TSX · large
exclusive Caterpillar dealer for Ontario and Quebec, decades of high returns on recurring product support
URIUnited Rentalslarge · 6 NLIs
the excavators behind the fence, though rented rather than sold
CTOSCustom Truck One Source Inc.mid · 1 NLIs
rents and sells specialty utility and crane trucks
EQPTEquipmentshare.com Inc Amid · 3 NLIs
rents construction equipment from branch yards
FTTFinning International Inc.TSX · mid
world's largest Caterpillar dealer, Western Canada, UK, and South America
HRIHERC Holdings Inc.mid · 3 NLIs
construction equipment rental fleet
OSKOshkosh Corp.NYSE · mid · 6 NLIs
builds aerial lifts and specialty trucks
RBARB Globalmid
used construction machinery auctions and dealer channel
TEXTerex Corp.mid · 1 NLIs
makes lifts, cranes, and material processing machines
AEBIAebi Schmidt Holding Agsmall · 3 NLIs
street sweepers, snowplows, work truck upfits
ASTEAstec Industriessmall · 3 NLIs
asphalt and aggregate processing equipment
PLOWDouglas Dynamicssmall · 1 NLIs
snowplows and municipal work truck equipment
WNCWabash Nationalsmall · 1 NLIs
builds semi-trailers and truck bodies

Money and Payments

The tapped card, the paycheck, the loan, and anyone whose product is a price, a rating, a trade, or custody of money.

244 companies pooled in this arena
Lane 5.1Everyday BankingConsumer Banking and Payments3 niches
The Bank Branch and the App
Deposit-Taking and Branch Networks
Where the paycheck lands and the debit card lives
In · Out

In: deposit banking, branches, bank apps. Out: the mortgage desk (Home Loans, Where You Live); underwriting desks (Wall Street Desks and Deals)

62 companies · open the pool
BACBank of Americamega · 16 NLIs
largest US consumer deposit and branch base
JPMJPMorgan Chasemega · 15 NLIs
deposit franchise, branches, and the app you bank with
WFCWells Fargomega · 14 NLIs
branch banking and consumer deposits dominate
BAPCredicorp Ltd.large · 3 NLIs
Peruvian bank and financial group
BMOBank of Montreallarge · 1 NLIs
Canadian deposit bank with branch network
BNSBank of Nova Scotialarge · 3 NLIs
Canadian retail and commercial branch bank
CCitigrouplarge · 8 NLIs
global deposit bank with branches and a consumer app
CFGCitizens Financial Group Inc.large · 2 NLIs
regional deposit bank and consumer app
CFRCullen Frost Bankerslarge · 2 NLIs
Texas deposit bank with branch network
CHYMChime Financial Inc Cl Alarge · 3 NLIs
app based bank account and debit card
CIBGrupo Cibest SA ADRlarge · 1 NLIs
Colombian banking group, formerly Bancolombia
CMCan Imperial Bk Of Commercelarge · 2 NLIs
Canadian deposit bank and branches
EWBCEast West Bancorplarge · 2 NLIs
regional bank with branches and deposits
FCNCAFirst Citizens BancSharesNASDAQ · large · 3 NLIs
family-controlled owner-operator bank with a long acquisition compounding record
FITBFifth Third Bancorplarge · 4 NLIs
midwest deposit-taking branch bank
HBANHuntington Bancshareslarge · 2 NLIs
regional deposit bank
HDBHDFC Bank Ltd.large · 5 NLIs
India's largest private sector bank
IBNICICI Bank Ltd.large · 2 NLIs
Indian private sector bank
INGING Group NVlarge · 2 NLIs
Dutch retail deposit bank
ITUBItau Unibanco Holding S.A.large · 1 NLIs
Brazilian retail and commercial bank
KBKb Financial Group Inc ADRlarge · 3 NLIs
Korean retail banking group
KEYKeyCorplarge · 1 NLIs
regional deposit bank
KSPIJsc Kaspi.kz ADRlarge · 7 NLIs
Kazakh bank super app for payments
LYGLloyds TSB Grp Plc ADRlarge · 1 NLIs
UK retail and commercial bank
MTBM&T Banklarge · 3 NLIs
northeast deposit-taking branch bank
NUNu Holdings (Nubank)NYSE · large · 4 NLIs
founder-led digital deposit bank, $45.3B deposits, the literal bank app
NWGNatWest Group Plclarge · 1 NLIs
UK retail deposit bank
PNCPNC Financial Serviceslarge · 6 NLIs
super-regional deposit and branch franchise
RFRegions Financial Corp.large · 2 NLIs
Southeast regional bank
SHGShinhan Financial Group Companylarge · 3 NLIs
Korean bank holding group
SMFGSumitomo Mitsui Spons ADRlarge · 2 NLIs
Japanese megabank, ADR line
TDToronto-Dominion Banklarge · 2 NLIs
North American retail deposit branch network
TFCTruist Financiallarge · 4 NLIs
southeast branch and deposit network
UMBFUMB Financial Corp.large · 1 NLIs
regional bank branches, deposits, commercial lending
USBU.S. Bancorplarge · 6 NLIs
super-regional deposit and branch franchise
WBSWebster Financial Corp.large · 1 NLIs
regional deposit bank with branch network
ABCBAmeris Bancorpmid · 1 NLIs
southeastern deposit bank
ASBAssociated Banc-Corpmid · 2 NLIs
Wisconsin regional bank
BOHBank of Hawaii Corp.mid · 1 NLIs
Hawaii deposit bank with branches
BOKFBOK Financial Corp.mid · 1 NLIs
regional bank across the southwest
COLBColumbia Banking System Inc.mid · 2 NLIs
Northwest regional bank
EBCEastern Bankshares Inc.mid · 1 NLIs
New England deposit bank with branches
FLGFlagstar Financial Inc.mid · 2 NLIs
regional bank taking deposits and lending
GBCIGlacier Bancorpmid · 1 NLIs
Rocky Mountain regional bank
HOMBHome Bancshares Inc.mid · 1 NLIs
regional deposit bank with branch network
INTRInter & Co Inc Cl Amid · 1 NLIs
Brazilian digital bank holding deposits
NTBBank of N.T. Butterfield & Son Ltdmid · 1 NLIs
Bermuda and offshore retail bank
ONBOld National Bancorpmid · 3 NLIs
Midwest regional bank
OZKBank OZKmid · 2 NLIs
regional bank taking deposits, lending on property
PBProsperity Bancshares Inc.mid · 1 NLIs
Texas community bank branches and deposits
RNSTRenasant Corp.mid · 1 NLIs
southeastern deposit bank with branches
SFBSServisFirst BancsharesNYSE · mid
founder-led branch-light bank with best-in-class efficiency ratio
WALWestern Alliance Bancorpmid · 2 NLIs
commercial bank taking deposits and lending
WSFSWSFS Financial Corp.mid · 1 NLIs
regional deposit bank in Delaware
ALRSAlerus Financial Corp.small · 1 NLIs
North Dakota bank with retirement services
CASHPathward Financialsmall · 1 NLIs
Pathward bank behind prepaid cards and deposits
FBAKFirst National Bank Alaskasmall · 1 NLIs
Alaska community bank
OBTOrange County Bancorp Incsmall · 1 NLIs
New York community bank
OCFCOceanFirst Financial Corp.small · 1 NLIs
New Jersey community deposit bank
QCRHQCR Holdings Inc.small · 1 NLIs
Midwest multi-charter community bank
SBSISouthside Bancshares Inc.small · 1 NLIs
Texas community deposit bank
UVSPUnivest Financial Corp.small · 1 NLIs
Pennsylvania community bank
Credit Cards and Personal Loans
Consumer Credit Books
The card in the wallet and the statement at month end
In · Out

In: credit where the issuer carries the consumer's receivable on its own balance sheet, whatever the checkout looks like. Out: fee-per-transaction rails (The Card Machine and the Checkout); the car loan met at the dealership (The Car Loan and the Policy, Getting Around)

18 companies · open the pool
AXPAmerican Expressmega · 16 NLIs
issuing segments dominate and it carries the receivable
AFRMAffirm Holdingslarge · 2 NLIs
consumer credit carried on balance sheet whatever the checkout looks like
COFCapital Onelarge · 17 NLIs
carries card receivables on its own balance sheet
SOFISoFi Technologies Inc.large · 2 NLIs
holds personal and student loans on balance sheet
SYFSynchrony Financiallarge · 3 NLIs
private label card receivables on balance sheet
BFHBread Financial Holdings Inc.mid · 2 NLIs
store credit cards on its balance sheet
DAVEDave Inc.mid · 1 NLIs
84% of revenue is ExtraCash advance fees on advances it funds itself
ECPGEncore Capital Group Inc.mid · 1 NLIs
buys and collects charged off consumer debt
ENVAEnova InternationalNYSE · mid
online consumer and small-business lender holding the receivables itself, not a fee rail
FCFSFirstCash Holdingsmid
pawn and lease-to-own receivables held on its own balance sheet
GSYgoeasy Ltd.TSX · mid
carries a $5.4B non-prime consumer loan book on its own balance sheet
KLARKlarna Group Plcmid · 1 NLIs
buy-now-pay-later lender carrying its own receivables
OMFOneMain Holdingsmid · 4 NLIs
branch-based personal installment lending
PGYPagaya Technologies Ltd.mid
AI consumer-credit network that retains ~$1B of loan interests on balance sheet
SEZLSezzle Inc.mid
buy-now-pay-later receivables carried on its own balance sheet
SLMSLM Corporation (Sallie Mae)NASDAQ · mid · 4 NLIs
deposit-funded bank holding its own private education loan receivables
FINVFinvolution Group ADRsmall · 1 NLIs
online consumer lending platform in Asia
PRGPROG Holdingssmall · 1 NLIs
consumer lease-to-own receivable carried at checkout
The Card Machine and the Checkout
Checkout Rails and Interchange
The tap, the terminal, and the cut taken in between
In · Out

In: fee-per-transaction networks, processors, checkout rails; a company that also carries receivables is placed by its larger revenue line. Out: the balance-sheet lender (Credit Cards and Personal Loans)

26 companies · open the pool
MAMastercardmega · 22 NLIs
fee-per-transaction network, no receivables
VVisamega · 27 NLIs
fee-per-transaction network, no receivables
CPAYCorpay, Inc.NYSE · large · 2 NLIs
corporate payments and card network economics, fee revenue is the larger line
CRCLCircle Internet Group Inclarge · 1 NLIs
USDC stablecoin issuer and payment rails
FIFiservlarge · 10 NLIs
merchant acquiring and bank processing
FISFidelity National Information Serviceslarge · 2 NLIs
core bank processing and payment rails
GPNGlobal Payments Inc.large · 4 NLIs
processes merchant card transactions
JKHYJack Henry & Associates Inc.large · 1 NLIs
bank core processing and payment rails
PYPLPayPallarge · 7 NLIs
branded checkout fees, consumer credit book sold off
TOSTToast, Inc.NYSE · large · 2 NLIs
integrated restaurant terminal and payment processing, fee-per-transaction majority of revenue
XYZBlocklarge · 1 NLIs
transaction revenue is the larger line despite Afterpay loans
ACIWACI Worldwide Inc.mid · 1 NLIs
payment processing rails and biller transactions
DLODLocal Limitedmid · 2 NLIs
cross-border payment processing, a cut per transaction
EEFTEuronet Worldwide Inc.mid · 1 NLIs
ATM network, prepaid, and money transfer fees
EVTCEVERTEC Inc.mid · 1 NLIs
Latin America payment processing
FLYWFlywire Corporationmid
a fee per payment in education, health and travel
FOURShift4 Payments Inc. CL Amid · 2 NLIs
payment terminals and processing for merchants
GLBEGlobal-E Online Ltd.mid · 1 NLIs
merchant-of-record checkout taking a rate on every cross-border order
NATLNCR Atleos Corp.mid · 1 NLIs
ATM fleets and per-transaction cash network
PAGSPagSeguro Digital Ltd.mid · 1 NLIs
Brazilian merchant payment processing
PAYPaymentus Holdings, Inc.mid
bill payment rails charging per transaction
RELYRemitly Global, Inc.mid
a fee taken on every remittance transfer
WEXWEX Inc.mid · 1 NLIs
fleet fuel cards and payment processing
WUWestern Union Co.mid · 1 NLIs
fee-per-transfer money movement network
PAYSPaysign, Inc.small
prepaid card programs charging per load and per transaction
VYXNCR Voyix Corp.small · 1 NLIs
point-of-sale terminals for stores and restaurants
Lane 5.2Lending to BusinessCommercial Credit2 niches
Business Loans and Equipment Leases
Commercial and Specialty Credit
The banker who knows the shop's numbers, and the lender who takes what the bank won't
In · Out

In: commercial lending, equipment finance, specialty credit. Out: the household card (Credit Cards and Personal Loans)

10 companies · open the pool
AERAerCap Holdingslarge · 3 NLIs
aircraft operating lessor
ARCCAres Capital CorporationNASDAQ · large
largest listed BDC, direct lending to middle-market businesses, 17-year dividend record
FTAIFTAI Aviationlarge · 2 NLIs
engine and aircraft leasing book, aerospace parts the other half
IXORIX Corporationlarge
corporate leasing and equipment finance is the core book
CSWCCapital Southwest Corporationmid
internally managed lender originating middle-market credit with its own staff
EFNElement Fleet ManagementTSX · mid
largest listed pure-play commercial fleet leasing and finance, record ROE
GATXGATX Corporationmid
railcar lessor
MAINMain Street CapitalNYSE · mid
internally managed lower-middle-market lender, owner-operator cost structure, high sustained ROE
OCSLOaktree Specialty Lending Corpsmall · 1 NLIs
lends to middle market companies
RWAYRunway Growth Finance Corpmicro · 1 NLIs
lends to late-stage growth companies
Property Loans for Landlords
Landlord Lending
The loan behind the strip mall and the apartment tower
In · Out

In: commercial mortgages and property credit funds. Out: the homeowner's loan (Home Loans, Where You Live)

6 companies · open the pool
MBINMerchants BancorpNASDAQ · mid
top-tier multifamily and FHA mortgage lender, owner-operator, minimal branch footprint
STWDStarwood Property Trustmid
commercial mortgage lending, not homeowner loans
ABRArbor Realty TrustNYSE · small · 2 NLIs
multifamily bridge lender plus agency origination and servicing annuity
BXMTBlackstone Mortgage Trustsmall
senior commercial property lending
LADRLadder Capital CorpNYSE · small
internally managed CRE lender, only investment-grade-rated commercial mortgage REIT
WDWalker & Dunlopsmall
multifamily agency lending to landlords, excluded by the Home Loans Out
Lane 5.3Investing and the MarketAsset Stewardship and Securities Markets4 niches
Funds and Retirement Accounts
Fund Stewardship and Custody
The 401(k) menu and the fund names inside it
In · Out

In: fund managers, custody, wealth advice; holders of diversified financial stakes live here when no single business dominates. Out: the trading screen (Trading Apps and Brokers)

34 companies · open the pool
AMPAmeriprise Financial Inc.large · 2 NLIs
wealth advice and asset management for savers
APOApollo Global Managementlarge · 4 NLIs
alternative fund manager, Athene annuities the other half
ARESAres Management CorporationNYSE · large · 2 NLIs
alternative fund manager with fee-related earnings scale absent from the pool
BAMBrookfield Asset ManagementNYSE · large · 2 NLIs
the pure asset-manager entity, distinct from BN's balance sheet already held
BLKBlackRocklarge · 6 NLIs
fund manager behind the retirement menu
BNBrookfield Corporationlarge · 9 NLIs
holder of diversified financial stakes; no single business dominates
BNYBank of New York Mellon Corp.large · 10 NLIs
custody and asset servicing behind funds and retirement accounts
BXBlackstonelarge · 4 NLIs
fund manager of third party capital
CGCarlyle Grouplarge · 4 NLIs
private equity and credit fund manager
IVZInvesco Ltdlarge · 1 NLIs
manages mutual funds and ETFs for fees
KKRKKRlarge · 8 NLIs
fund manager across private equity and credit
LPLALPL Financial HoldingsNASDAQ · large · 4 NLIs
advisor-intermediated wealth platform, $2.6T client assets, high return on capital
NTRSNorthern Trust Corp.large · 3 NLIs
custody bank, asset servicing, wealth management
OWLBlue Owl Capital Inc.large
alternative asset manager running funds for investors
PFGPrincipal Financial Grouplarge · 1 NLIs
retirement plans and asset management
PSPershing Square Inc.large · 1 NLIs
alternative asset manager, permanent capital funds
RJFRaymond James Financial Inc.large · 2 NLIs
financial advisors managing client savings
SEICSEI Investmentslarge · 2 NLIs
fund administration and asset management
STTState Street Corp.large · 5 NLIs
custody bank and index fund manager
TPGTpg Inclarge · 1 NLIs
private equity and credit fund manager
TROWT. Rowe Pricelarge · 3 NLIs
active retirement fund manager
AMGAffiliated Managers Groupmid · 3 NLIs
multi boutique asset management partner
CNSCohen & Steers Inc.mid · 1 NLIs
manages real asset funds for investors
GCMGGcm Grosvenor Inc Class Amid · 1 NLIs
manages alternative investment funds
IEPIcahn Enterprisesmid · 1 NLIs
holding company of investment and control stakes
JHGJanus Henderson Groupmid · 1 NLIs
manages mutual funds
STEPStepStone Group Inc.mid
private markets manager running funds for institutions
VOYAVoya Financialmid · 2 NLIs
workplace retirement recordkeeping plus investment management
WLTHWealthfront Corpmid · 1 NLIs
automated investment management of client savings
WTWisdomTree Investmentsmid · 2 NLIs
ETF sponsor and asset manager
ABXAbacus Global Management, Inc.small
buys and manages life-settlement portfolios and funds for investors
ALTIAlTi Global, Inc.small
wealth advice and alternatives management
PAXPatria Investments Ltd Asmall · 1 NLIs
Latin American private markets manager
WEDThe Westaim Corporationsmall
holding company for Arena Investors and Ceres Life; no single business dominates
Trading Apps and Brokers
Retail Order Flow
The app with the green and red numbers
In · Out

In: retail brokerage. Out: the institutional desk (Wall Street Desks and Deals)

7 companies · open the pool
COINCoinbase GlobalNASDAQ · large · 1 NLIs
dominant US retail crypto brokerage app; consumer order flow, not an institutional desk
FUTUFutu HoldingsNASDAQ · large
founder-led retail brokerage app (moomoo/Futubull), 3.6M funded accounts
HOODRobinhood Marketslarge
retail trading app
IBKRInteractive Brokerslarge · 5 NLIs
electronic brokerage for individual traders
SCHWCharles Schwablarge · 11 NLIs
retail brokerage accounts, not an institutional desk
BULLWebull Corpmid · 1 NLIs
retail trading app and brokerage
XPXP Inc.NASDAQ · mid · 2 NLIs
founder-led Brazilian retail investment platform and brokerage
Wall Street Desks and Deals
Underwriting Desks and Deal Fees
The names in the deal announcement's fine print
In · Out

In: underwriting, M&A advice, institutional trading. Out: the fund holding your savings (Funds and Retirement Accounts)

15 companies · open the pool
GSGoldman Sachsmega · 5 NLIs
underwriting, advisory, and institutional trading
MSMorgan Stanleymega · 4 NLIs
institutional securities desks, wealth roughly the other half
BCSBarclayslarge · 2 NLIs
investment bank is the largest division
DBDeutsche Banklarge · 4 NLIs
fixed income trading and underwriting lead the bank
EVREvercore Inc.NYSE · large
largest independent advisory franchise, pure deal-fee economics
HLIHoulihan LokeyNYSE · large · 2 NLIs
mid-market M&A and restructuring, most cycle-stable fee base in the group
JEFJefferies Financial Group Inc.large · 4 NLIs
investment bank advising and underwriting deals
UBSUBS Grouplarge · 3 NLIs
underwriting and markets desks, wealth advice the larger line
BGCBGC Group Inc.mid · 1 NLIs
interdealer broker for institutional trading
LAZLazardmid · 3 NLIs
independent M&A advisory fees
NMRNomura Holdingsmid
wholesale markets and underwriting lead
PIPRPiper Sandler Companiesmid · 1 NLIs
investment bank, advisory and underwriting
PJTPJT PartnersNYSE · mid
founder-led restructuring and advisory boutique, no balance sheet
PWPPerella Weinberg Partnerssmall · 1 NLIs
advises on mergers and restructurings for fees
RILYB Riley Financial Inc.micro · 1 NLIs
investment banking, brokerage, and deal advisory
Exchanges, Tickers, and Market Data
Price Formation and Index Licensing
Where the price on the screen actually comes from
In · Out

In: exchanges, indexes, ratings, market data. Out: the broker routing the order (Trading Apps and Brokers)

14 companies · open the pool
CBOECboe Global Marketsother · large · 2 NLIs
derivatives and equities exchange operator; shares listed on Cboe BZX
CMECME Grouplarge · 6 NLIs
futures exchange where the price forms
EFXEquifaxlarge · 9 NLIs
credit bureau whose product is a rating on a person, met when applying for credit
FDSFactSet Research Systemslarge · 3 NLIs
sells market data and analytics terminals
FICOFair Isaac Corp.large · 8 NLIs
sells the consumer credit score
ICEIntercontinental Exchangelarge · 6 NLIs
exchange operator and data vendor
MCOMoody'slarge · 18 NLIs
credit ratings and analytics
MORNMorningstar Inc.large · 1 NLIs
investment research, ratings, and indexes
MSCIMSCI Inc.NYSE · large · 6 NLIs
index licensing and market data behind the tickers
NDAQNasdaqlarge · 1 NLIs
exchange, indexes, and market technology
SPGIS&P Globallarge · 13 NLIs
ratings, indices, and market data
TRUTransUnionlarge · 3 NLIs
sells consumer credit reports and scores
TWTradeweb MarketsNASDAQ · large · 2 NLIs
electronic marketplace where fixed-income prices actually form
MKTXMarketAxess Holdings Inc.mid · 2 NLIs
electronic bond trading venue and pricing data
Lane 5.4Life and Business PoliciesLife and Commercial Underwriting3 niches
Life Policies and Annuities
Life Underwriting and Annuities
The policy that pays the family, and the annuity that pays you back slowly
In · Out

In: life policies, annuities. Out: the health plan (Health Plans and Claims, Health and Body)

18 companies · open the pool
AEGAegon Ltdlarge · 1 NLIs
life insurance and annuities
CRBGCorebridge Financial Inc.large · 2 NLIs
life insurance and retirement annuities
GLGlobe Life Inc.large · 3 NLIs
sells life and supplemental health policies
METMetLifelarge · 2 NLIs
life, annuities, and group benefits; exited medical plans
MFCManulife Financiallarge
life insurance, annuities, and wealth
PRUPrudential Financiallarge
life and retirement platform
PUKPrudential Plc ADRlarge · 1 NLIs
life insurance across Asia and Africa
RGAReinsurance Group of AmericaNYSE · large · 2 NLIs
the only global company focused primarily on life and health reinsurance
SLFSun Life FinancialNYSE · large
life and annuity underwriter with higher-quality asset management attached than peers held
UNMUnum Grouplarge · 1 NLIs
group life and disability underwriter
BHFBrighthouse Financial Inc.mid · 1 NLIs
annuity and life underwriter
CNOCNO Financial Group Inc.mid · 1 NLIs
life policies and annuities for older savers
EQHEquitable Holdingsmid · 4 NLIs
individual retirement annuity and life writer
FGF&G Annuities & Life Inc.mid · 1 NLIs
annuity and life insurance underwriter
JXNJackson Financialmid · 1 NLIs
variable annuity writer
LNCLincoln Nationalmid · 2 NLIs
life insurance and annuity underwriter
PRIPrimericaNYSE · mid · 1 NLIs
second-largest North American term-life issuer, capital-light, high ROE
CIACitizens Inc. CL Amicro · 1 NLIs
sells whole life policies to international savers
Business Policies and the Insurers Behind Them
Commercial Underwriting and Reinsurance
The policy behind every business, and the insurer behind that policy
In · Out

In: commercial lines, multi-line carriers, reinsurance. Out: the house policy (Protecting the House, Where You Live); the car policy (The Car Loan and the Policy, Getting Around); the broker placing the risk (The Agent Who Sells the Policy)

23 companies · open the pool
BRK.BBerkshire Hathawaymega · 17 NLIs
multi-line carrier and the largest reinsurance balance sheet
ACGLArch Capital GroupNASDAQ · large · 1 NLIs
specialty commercial lines plus reinsurance, best-in-class underwriting cycle discipline
AIGAmerican International Grouplarge · 3 NLIs
commercial property and casualty underwriter
CBChubblarge · 6 NLIs
commercial lines carrier with reinsurance
CNACNA Financial Corp.large · 1 NLIs
commercial property and casualty insurer
FFH.TOFairfax Financial Holdings Ltd.large · 2 NLIs
owner-operator P&C and reinsurance compounder under Prem Watsa
HIGThe Hartfordlarge
small business commercial lines lead the book
LLoews Corporationlarge · 1 NLIs
CNA commercial carrier is most of the group
MKLMarkel Grouplarge · 5 NLIs
specialty commercial underwriter
TRVThe Travelers Companieslarge · 5 NLIs
business insurance is roughly two thirds of premiums
WRBW. R. Berkleylarge · 2 NLIs
specialty commercial underwriting
AGOAssured Guaranty Ltd.mid · 1 NLIs
guarantees municipal bond payments
AXSAxis Capital Holdings Ltd.mid · 2 NLIs
specialty commercial insurance and reinsurance
EGEverest Groupmid · 4 NLIs
reinsurance and commercial insurance
KNSLKinsale Capital GroupNYSE · mid · 1 NLIs
pure-play E&S commercial underwriter, founder-led, sector-leading combined ratio
PLGOPelagos Insurance Capitalmid · 1 NLIs
specialty insurer and reinsurer, formerly Fidelis
PLMRPalomar Holdings, Inc.mid
casualty, crop and inland marine dominate; residential earthquake is ~16% of premium
RLIRLI Corp.mid · 2 NLIs
specialty property and casualty underwriter
RNRRenaissanceRemid · 3 NLIs
property catastrophe reinsurer, the insurer behind the insurer
THGHanover Insurance Groupmid · 1 NLIs
commercial and specialty property casualty carrier
WTMWhite Mountains Insurancemid · 1 NLIs
specialty insurance and reinsurance holdings
MBIMBIA Inc.micro · 2 NLIs
municipal bond insurer in runoff
OSGOctave Specialty Group Inc.micro · 1 NLIs
specialty commercial insurance programs, formerly Ambac
The Agent Who Sells the Policy
Policy Placement
The broker who shops your risk around
In · Out

In: standalone brokerage of any policy; a carrier's captive agents stay with the carrier. Out: the carrier taking the risk (Business Policies and the Insurers Behind Them)

11 companies · open the pool
AJGArthur J. Gallagherlarge · 6 NLIs
mid-market brokerage commissions
AONAonlarge · 10 NLIs
standalone broker placing risk it does not carry
BROBrown & Brownlarge · 3 NLIs
retail and wholesale brokerage
MRSHMarshlarge · 6 NLIs
brokers insurance risk, ticker renamed from MMC
RYANRyan Specialty HoldingsNYSE · large · 2 NLIs
founder-led wholesale specialty broker placing risk without carrying it
WTWWillis Towers Watsonlarge · 5 NLIs
broker and benefits placement
ARXAccelerant Holdingsmid · 1 NLIs
specialty risk exchange earning placement and ceding fees, retains only ~9% of premium
GSHDGoosehead InsuranceNASDAQ · mid · 2 NLIs
founder-led franchise personal-lines agency, pure placement economics
SLQTSelectquote Inc.small · 1 NLIs
Medicare and life insurance brokerage
TWFGTWFG, Inc.NASDAQ · small · 1 NLIs
founder-led independent distribution platform; adds small-cap depth to an all-large pool
YBYuanbao Inc.small
online broker placing life and health policies for 46 carriers, underwrites nothing

Running a Business

What a business buys to run itself, sold per seat or per job.

220 companies pooled in this arena
Lane 6.1Software for the OfficePer-Seat Software3 niches
Docs, CRM, and Invoicing Apps
Per-Seat Business Apps and Workflows
The tabs open all day: docs, CRM, invoicing, charting
In · Out

In: per-seat finished applications, horizontal or vertical, including clinic and hospital software. Out: the boot layer and platform primitives (The Operating System and the Database, Chips, Networks, and Power); software whose output is a chip (Chip Blueprints and Design Tools, Chips, Networks, and Power)

41 companies · open the pool
PLTRPalantir Technologies Inc.mega · 2 NLIs
enterprise data and decision workflow software
SAPSAPmega · 6 NLIs
per-seat ERP application suite
ADBEAdobelarge · 10 NLIs
per-seat creative and document applications
BSYBentley Systems Inc Class Blarge · 1 NLIs
infrastructure engineering software, share class
CRMSalesforcelarge · 10 NLIs
per-seat CRM, this neighbourhood's namesake
CSUConstellation SoftwareTSX · large
the canonical serial acquirer of vertical market software, Mark Leonard owner-operator
DTDynatrace Inc.large · 2 NLIs
application monitoring software bought by businesses
GWREGuidewire Software Inc.large · 1 NLIs
sells insurer policy and claims software
INTUIntuitlarge · 8 NLIs
QuickBooks accounting and invoicing is the largest line
MANHManhattan Associateslarge · 2 NLIs
supply chain and warehouse software
NOWServiceNowlarge · 6 NLIs
per-seat software whose output is a workflow
ROPRoper Technologieslarge · 4 NLIs
now a vertical application software group, not an industrial
SSNCSS&C Technologies Holdings Inc.large · 2 NLIs
fund accounting software and administration workflows
TRIThomson Reuterslarge
Westlaw and tax suites are per-seat vertical apps; Reuters News is ~11% of revenue
VEEVVeeva Systemslarge · 6 NLIs
per-seat vertical CRM and document workflow software sold to pharma
ZMZoom Video Communications Inc.large · 1 NLIs
per-seat video meetings software
ALKTAlkami Technology, Inc.mid
digital banking software sold to banks and credit unions
BLBlackLine Inc.mid · 1 NLIs
sells accounting close software per seat
BRZEBraze, Inc.mid · 2 NLIs
customer engagement software sold by subscription
DOXAmdocs Ltd.mid · 2 NLIs
billing and customer software for carriers
DSGXDescartes Systems Groupmid · 1 NLIs
subscription logistics and customs workflow software
GENIGenius Sports Limitedmid · 1 NLIs
official sports data and trading software sold to sportsbooks
KVYOKlaviyo, Inc.mid
marketing automation and CRM sold to merchants by subscription
LMNLumine Groupother · mid
TSXV listed Constellation spinout, communications and media vertical software
MNDYmonday.com Ltd.mid · 1 NLIs
per-seat work management software
NICENice Ltd Spon ADRmid · 1 NLIs
per-seat contact center and compliance software
PCORProcore Technologies Inc.mid · 1 NLIs
construction project management software seats
SOUNSoundHound AI, Inc.mid
voice AI agents sold to restaurants, carmakers and call centers
TOITopicus.comother · mid
TSXV listed Constellation spinout, European vertical market software
TRMBTrimblemid
majority is per-seat construction and fleet workflow software
WAYWaystarmid
provider billing and claims software, a workflow bought per seat
WKWorkiva Inc.mid · 1 NLIs
per-seat reporting and compliance software
AIOTPowerFleet, Inc.small
fleet and warehouse telematics sold as subscription software, ~75% recurring
CERTCertarasmall
biosimulation software whose output is a regulatory document
DJCODaily Journal Corp.small · 1 NLIs
court case management software, small newspaper
HSTMHealthStream Inc.small · 1 NLIs
subscription workforce and credentialing software for hospitals
KSIkneat.com, inc.small
validation workflow software sold per seat to pharma plants
RZLVRezolve AI PLCsmall
AI commerce search software for retailers; growth acquisition-driven, going-concern flag
SDGRSCHRODINGER Inc.small · 1 NLIs
molecular design software sold to labs
SOPHSophia Genetics SAsmall · 1 NLIs
cloud genomic analysis software for hospitals
VHIVitalhub Corp.small
patient-flow and case-management software sold to hospitals
Payroll and HR
Paycheck and Benefits Administration
Whoever makes payday happen on time
In · Out

In: payroll, benefits processing, outsourced back office. Out: the recruiter (Staffing and Recruiting)

12 companies · open the pool
ADPAutomatic Data Processinglarge · 6 NLIs
payroll and benefits processing for employers
BRBroadridge Financiallarge · 2 NLIs
outsourced back-office processing for financial firms
PAYXPaychexlarge · 1 NLIs
small business payroll and benefits administration
WDAYWorkdayNASDAQ · large · 4 NLIs
enterprise HCM and payroll suite, founder-led, absent from the pool
GGenpactmid · 5 NLIs
outsourced back-office operations at scale
PAYCPaycom Softwaremid · 3 NLIs
payroll and HCM software
PCTYPaylocity HoldingNASDAQ · mid
cloud payroll and HCM for mid-market, direct higher-growth peer to Paycom
CNDTConduent Inc.small · 1 NLIs
outsourced back office and government processing
CNXCConcentrixsmall · 2 NLIs
outsourced customer operations back office
EXLSExlService Holdingssmall
outsourced operations and analytics back office
NSPInsperityNYSE · small · 1 NLIs
founder-run PEO running the outsourced back office
TASKTaskUssmall
outsourced digital back office and support
IT Help and Consultants
Managed Tech Advisory
The people you call when the office tech breaks or migrates
In · Out

In: IT consulting, managed help, integration. Out: the hosting itself (Websites, Hosting, and Domains, Chips, Networks, and Power)

11 companies · open the pool
IBMIBMmega · 5 NLIs
consulting and integration is the business encounter, though software is now the larger segment
ACNAccenturelarge · 12 NLIs
IT consulting and systems integration
CTSHCognizantlarge · 5 NLIs
IT services and integration
GIBCGI Inc.NYSE · large
Montreal founder-controlled IT services serial acquirer, dual listed on TSX
INFYInfosyslarge · 1 NLIs
IT services and integration
WITWiprolarge
IT services and integration
EPAMEPAM SystemsNYSE · mid · 1 NLIs
digital platform engineering, founder-led, premium delivery model
INODInnodata Inc.mid
outsourced AI training-data engineering and model evaluation
KDKyndryl Holdings Incmid · 1 NLIs
manages and migrates enterprise IT infrastructure
GLOBGlobant S.A.small · 2 NLIs
digital engineering and IT consulting
RMNIRimini Street Inc.micro · 2 NLIs
third party enterprise software support
Lane 6.2People, Advice, and AdsStaffing, Advisory, and Campaigns3 niches
Staffing and Recruiting
Employment Placement Firms
The agency that fills the shift and the recruiter who calls at lunch
In · Out

In: staffing, recruiting, employment platforms. Out: payroll processing (Payroll and HR)

8 companies · open the pool
KFYKorn FerryNYSE · mid · 2 NLIs
executive search and talent consulting, highest-margin operator in the space
MANManpowerGroupNYSE · mid · 2 NLIs
global staffing scale across Manpower, Experis, Talent Solutions
AMNAMN Healthcare Servicessmall · 2 NLIs
travel nurse and clinician staffing
EFOREverforth (formerly ASGN)NYSE · small
fourth-largest US IT staffing firm, renamed from ASGN April 2026
RHIRobert Halfsmall · 2 NLIs
professional staffing placement
UPWKUpworkNASDAQ · small
profitable employment marketplace platform
HQIHireQuestNASDAQ · micro
micro flag: founder-led franchise staffing model, asset-light high return on capital
TBITrueBlue Inc.micro · 1 NLIs
temporary shift and industrial staffing
Consultants, Researchers, and Inspectors
Commissioned Analysis and Inspection
The deck the consultants left behind and the inspector who signs off on the batch
In · Out

In: consulting, research firms, testing, inspection, certification, business tax and audit work. Out: money advice sold as a product (Funds and Retirement Accounts, Money and Payments); the household's April appointment (Dry Cleaners, Tax Prep, and Funeral Homes, Where You Live)

16 companies · open the pool
ICLRICON plclarge · 7 NLIs
runs clinical trials on contract for drugmakers
IQVIQVIA Holdingslarge · 4 NLIs
a contract research firm selling commissioned trials and analysis, not instruments
ITGartnerlarge · 1 NLIs
research and advisory subscriptions plus consulting
MEDPMedpace Holdings Inc.large · 4 NLIs
runs clinical trials on contract
RELXRELX plclarge · 2 NLIs
professional research, risk analytics, legal information
ULSUL SolutionsNYSE · large · 1 NLIs
testing, inspection and certification with a standards-body moat
VRSKVerisk Analyticslarge · 5 NLIs
subscription research and analytics commissioned by insurers
ANDGAndersen Group Inc Amid · 1 NLIs
tax, valuation, and advisory engagements
BAHBooz Allen Hamiltonmid · 2 NLIs
commissioned consulting, mostly for government clients
EXPOExponentNASDAQ · mid
pure-play science and engineering consulting, exceptional return on capital, no debt
FCNFTI ConsultingNYSE · mid · 1 NLIs
forensic, restructuring and economic consulting, counter-cyclical mix
SHCSotera Health Comid · 1 NLIs
outsourced sterilization and lab testing for manufacturers
TICAcuren Corporationmid · 1 NLIs
testing, inspection, and certification of industrial assets
CRAICRA International Inc.small · 1 NLIs
economic and litigation consulting engagements
FLTVolatus Aerospace Inc.small
over half of revenue is commissioned aerial inspection and survey work
ICFIICF International Inc.small · 1 NLIs
consulting studies and programs for government clients
Ads, Agencies, and Billboards
Campaign Buying and Placement
The campaign bought per quarter and the board over the highway
In · Out

In: agencies, ad platforms sold to the buyer of the placement, billboards. Out: the feed the audience scrolls (Social Feeds and Search, Screens and Stories)

10 companies · open the pool
APPAppLovinlarge · 5 NLIs
pure ad platform sold to advertisers after the games divestiture
ZETAZeta Global Holdings Corp.large
campaign platform sold to the business buying the placement
LAMRLamar Advertisingmid · 3 NLIs
billboards sold to the buyer of the placement
OMCOmnicom Groupmid · 4 NLIs
agency network buying campaigns for clients
OUTOutfront Media Inc.mid · 3 NLIs
billboard and transit advertising REIT
STGWStagwell Inc.mid · 1 NLIs
marketing and advertising agency network
TTDThe Trade Deskmid
demand-side ad platform sold to the buyer of the placement
WPPWPPmid
global agency group
MNTNMntn Inc Asmall · 1 NLIs
sells connected-TV ad campaigns to marketers
CDLXCardlytics Inc.micro · 1 NLIs
sells ad placements inside bank apps
Lane 6.3Keeping the Doors OpenWorkplace Supplies and Upkeep4 niches
Uniforms, Supplies, and Route Trucks
Workplace Route Supply
The uniform delivery, the mat swap, the supply closet refill
In · Out

In: uniform rental, route-based workplace supply. Out: the industrial parts bin (Industrial Parts Counters)

5 companies · open the pool
CTASCintaslarge · 3 NLIs
uniform rental and route-based facility supply
UNFUniFirstmid · 2 NLIs
uniform rental routes
ACCOACCO Brandssmall
office supply maker at the supply closet, not route-based
VSTSVestis Corporationsmall
uniform rental and workplace supply routes
SGCSuperior Group of CompaniesNASDAQ · micro
micro flag: branded uniform programs and healthcare apparel pure-play
Industrial Parts Counters
Maintenance Parts Counters
The counter that has the bearing, the belt, and the glove in stock today
In · Out

In: maintenance and repair distribution. Out: the homeowner's pro desk (Hardware Stores and Pro Desks, Where You Live)

10 companies · open the pool
FASTFastenallarge · 2 NLIs
fastener and maintenance supply to plants
GWWW.W. Graingerlarge · 2 NLIs
MRO distribution to businesses, not the homeowner's pro desk
RSReliance Steel & Aluminumlarge · 2 NLIs
metals service centers, the counter where a shop buys processed steel
WCCWESCO InternationalNYSE · large · 6 NLIs
electrical and industrial MRO distribution at scale
AITApplied Industrial Technologiesmid · 1 NLIs
bearings and power transmission maintenance distribution
DNOWNOW Inc.mid · 4 NLIs
distributes pipe, valves, fittings, and maintenance supplies
MSMMSC Industrial DirectNYSE · mid · 2 NLIs
metalworking and MRO distributor, direct peer to Grainger and Fastenal
XMTRXometry, Inc.mid
marketplace where a business orders the custom part it needs today
GICGlobal Industrial CompanyNYSE · small
broad-line MRO distributor, Leeds family owner-operator
RELLRichardson Electronics Ltd.micro · 1 NLIs
stocks engineered power tubes and replacement components
Dumpsters, Cleaning Crews, and Hauling
Commercial Waste and Janitorial Work
The dumpster out back and the crew that empties it
In · Out

In: commercial and industrial waste, janitorial and facility care. Out: the curbside bin at home (Water, Sewer, and Trash, Where You Live)

8 companies · open the pool
GFLGFL EnvironmentalNYSE · large · 1 NLIs
founder-led North American waste hauler, dual listed on TSX
RSGRepublic Serviceslarge
commercial waste collection and disposal
WCNWaste Connectionslarge · 1 NLIs
commercial and industrial waste consolidator
WMWaste Managementlarge · 3 NLIs
commercial and industrial collection plus landfills
CLHClean Harborsmid · 3 NLIs
hazardous industrial waste, no household bin
CWSTCasella Waste SystemsNASDAQ · mid
founder-family run Northeast solid waste roll-up with landfill scarcity value
ABMABM Industriessmall · 6 NLIs
commercial janitorial and facility care
HCSGHealthcare Services Groupsmall · 1 NLIs
outsourced housekeeping, laundry, and dining for facilities
Print Shops and Sign Makers
Press Runs and Large-Format Jobs
The banner, the boxes of letterhead, the trade-show booth
In · Out

In: commercial printing and signs. Out: the publisher of what gets printed (News, Books, and Magazines, Screens and Stories)

7 companies · open the pool
BRCBrady CorporationNYSE · mid · 2 NLIs
identification labels and safety signage, net cash, family influenced
CMPRCimpresssmall · 1 NLIs
mass-customized business printing and signage
DAKTDaktronicsNASDAQ · small
electronic scoreboards and large-format display signage
DLXDeluxe Corporationsmall
print remains the largest segment despite the payments build
EBFEnnissmall
custom business forms printer, a press run not a supply route
KODKEastman Kodak Co.small · 1 NLIs
printing plates, presses, film, and chemicals
QUADQuad/Graphicssmall · 1 NLIs
large commercial press runs
Lane 6.4The Plant and the OfficeIndustrial Equipment and Business Premises4 niches
Factory Machines, Motors, and Robots
Plant Automation and Motion Gear
The line the plant tour walks past
In · Out

In: industrial machinery, motors, automation gear, test and measurement instruments; industrial conglomerates live here when no single business dominates. Out: chipmaking tools (Chip Factory Machines and Supplies, Chips, Networks, and Power); yellow iron (Heavy Machines and Yellow Iron, Getting Around)

55 companies · open the pool
AMEAMETEKNYSE · large · 2 NLIs
instruments and electromechanical serial acquirer with durable high returns
CRCrane Colarge · 2 NLIs
makes industrial pumps and valves
DCIDonaldson Co.large · 3 NLIs
filtration systems for engines and plants
EMREmerson Electriclarge · 4 NLIs
process automation and test instruments
FLSFlowserve Corp.large · 2 NLIs
industrial pumps, valves, and seals
FTVFortive Corp.large · 4 NLIs
industrial instruments and field service tools
GGGGraco Inc.large · 1 NLIs
pumps and spray equipment for fluids
HONHoneywell Internationallarge
split-list conglomerate; building plus industrial automation and process tech outweigh aerospace
IEXIDEX Corp.large · 2 NLIs
fluid handling pumps and dispensing equipment
IRIngersoll Randlarge · 2 NLIs
compressors, vacuum, and flow machinery
ITWIllinois Tool Workslarge · 2 NLIs
welding, food equipment, and test and measurement machinery
KEYSKeysight Technologieslarge · 3 NLIs
test and measurement instruments
MMM3Mlarge · 4 NLIs
split-list conglomerate routed to the plant floor, though it sells consumables not machines
NDSNNordson Corp.large · 1 NLIs
makes precision dispensing and inspection equipment
OTISOtis Worldwide Corp.large · 3 NLIs
elevators, escalators, and service contracts
PHParker Hannifinlarge · 2 NLIs
motion and control components for industrial machinery
RBCRBC Bearings Inc.large · 2 NLIs
makes precision bearings for machinery
ROKRockwell AutomationNYSE · large · 2 NLIs
pure-play industrial automation
RRXRegal Rexnord Corp.large · 3 NLIs
electric motors and power transmission components
TDYTeledyne Technologieslarge · 3 NLIs
imaging sensors and instrumentation, not a defense prime
VLTOVeralto Corp.large · 2 NLIs
water analysis instruments and product marking gear
WABWABTEC Corp.large · 3 NLIs
locomotives and rail braking equipment, industrial machines not yellow iron
ALHAlliance Laundry Holdings Inmid · 1 NLIs
makes commercial washers and dryers for businesses
BMIBadger Meter Inc.mid · 3 NLIs
flow measurement instruments and smart meters
CGNXCognexmid · 2 NLIs
machine vision for factory automation
DOVDover Corporationmid · 2 NLIs
diversified industrial machinery segments
ESABESAB Corp.mid · 2 NLIs
welding and cutting equipment maker
GPGIGPGI Inc.mid · 1 NLIs
injection molding machines plus metal payment cards
GTESGates Industrial Corp.mid · 2 NLIs
power transmission belts and fluid hoses
GTLSChart Industriesmid
cryogenic process machinery, not fab or gas supply
IPGPIPG Photonics Corp.mid · 1 NLIs
fiber lasers for factory materials processing
ITRIItron Inc.mid · 1 NLIs
makes utility meters and measurement gear
JBTMJBT Marel Corporationmid · 3 NLIs
food processing and packaging lines sold to plants
KMTKennametal Inc.mid · 1 NLIs
makes cutting tools and tooling for metalworking
MIDDMiddleby Corp.mid · 2 NLIs
commercial kitchen and food processing equipment
MIRMirion Technologies Incmid · 2 NLIs
radiation detection and measurement instruments
NOVTNovanta Inc.mid · 2 NLIs
precision photonics and motion parts for OEMs
NPOEnPro Industriesmid · 1 NLIs
engineered seals and surface technologies
OUSTOuster, Inc.mid
lidar sensors sold mainly into industrial, robotics and infrastructure automation
PLXSPlexus Corp.mid · 2 NLIs
contract builder of medical and industrial electronics
PRLBProto Labs Inc.mid · 1 NLIs
makes custom machined and molded parts per order
RALRalliant Corp.mid · 2 NLIs
test and measurement instruments and sensors
SYMSymbotic Inc.mid
warehouse automation robots and systems sold to operators
TKRTimken Co.mid · 4 NLIs
bearings and power transmission components
TVKTerraVest Industries Inc.mid
diversified industrial maker of tanks, heating and processing equipment; no single business dominates
ZBRAZebra Technologiesmid · 2 NLIs
enterprise scanning and workflow automation gear
ATSAts Corpsmall · 1 NLIs
builds automated factory assembly systems
CECOCECO Environmental Corp.small · 2 NLIs
industrial emissions and water treatment equipment
CMCOColumbus McKinnon Corp.small · 3 NLIs
hoists, cranes, and material handling gear
ELVAElectrovaya Inc.small
battery systems that power warehouse forklifts, sold as plant-floor equipment
MECMayville Engineering Co. Inc.small · 2 NLIs
contract metal fabricator for equipment makers
NNDMNano Dimension Ltd.small
industrial 3D printers after Desktop Metal and Markforged
TNCTennant Co.small · 2 NLIs
industrial floor scrubbing machines
VELOVelo3d Incsmall · 1 NLIs
makes metal 3D printers for factories
VPGVishay Precision Groupsmall · 2 NLIs
precision sensors and weighing instruments
Boxes, Bottles, and Cans
Packaging Converters
Everything your product ships inside of
In · Out

In: packaging in paper, plastic, glass, metal, bought as a business input. Out: the paper roll it starts as (Paper Mills, Out of the Ground); the branded product inside (Packaged Foods and Snacks, Food and Drink, and its peers)

13 companies · open the pool
CCL.BCCL IndustriesTSX · large
Toronto family-controlled label and specialty packaging compounder
AMCRAmcormid · 1 NLIs
rigid and flexible packaging converter
ATRAptarGroupNYSE · mid
dispensing pumps and closures, pharma-grade packaging with the best margins in the group
BALLBall Corporationmid · 1 NLIs
beverage can converter
CCKCrown Holdingsmid · 5 NLIs
metal can converter
GPKGraphic Packaging HoldingNYSE · mid · 1 NLIs
folding carton converter, the paperboard leg missing from the pool
IPInternational Papermid
corrugated box converter, not a merchant paper mill
PKGPackaging Corporation of Americamid · 1 NLIs
containerboard converted into its own boxes
SWSmurfit Westrockmid · 3 NLIs
corrugated and consumer packaging converter
MYEMyers Indussmall · 1 NLIs
reusable plastic containers and shipping bins
OIO-I Glasssmall
glass bottle maker
SEESealed Airsmall
protective and food packaging bought as a shipping input
SLGNSilgan Holdingssmall
food cans, closures, and dispensing systems
Office Buildings and Landlords
Business Premises Leasing
The lobby turnstile and the lease nobody reads
In · Out

In: office property owners. Out: the warehouse (Warehouses and Distribution Centers, Getting Around)

15 companies · open the pool
CBRECBRE Grouplarge · 7 NLIs
brokerage commissions and listings, though commercial not residential
JLLJones Lang LaSallelarge · 5 NLIs
brokerage commissions and listings, though commercial not residential
AREAlexandria Real Estatemid · 1 NLIs
leases lab and office campuses to businesses, no care delivered
BXPBoston Propertiesmid · 3 NLIs
premier office landlord
CDPCOPT Defense PropertiesNYSE · mid · 1 NLIs
office REIT with defense-installation tenant moat and near-full occupancy
CIGIColliers International Group Inc.mid · 5 NLIs
property brokerage, leasing, and management fees
CUZCousins Propertiesmid · 1 NLIs
sunbelt office landlord
CWKCushman & Wakefield Ltdmid · 1 NLIs
leases and manages commercial office property
DEIDouglas Emmett Inc.mid · 3 NLIs
Los Angeles office towers and apartments
KRCKilroy Realtymid · 1 NLIs
west coast office and life science campuses
SLGSL Green Realtymid
Manhattan office landlord
VNOVornado Realty Trustmid · 1 NLIs
Manhattan office owner
WSCWillScot Mobile Mini Hldgs Corp.mid · 2 NLIs
leases modular office space and portable storage
ALXAlexander's Inc.small · 1 NLIs
owns a New York office tower and retail
ESRTEmpire State Realty Trust Inc.small · 1 NLIs
New York office towers leased to tenants
Computer Resellers and Software Licensing
Business Tech Fulfillment
The reseller quote for forty laptops and the license bundle
In · Out

In: IT hardware and license distribution to businesses. Out: the consumer aisle (Electronics Stores, What You Wear and Carry)

9 companies · open the pool
CDWCDW CorporationNASDAQ · large · 3 NLIs
largest US IT reseller to business, government and education, the biggest hole in the pool
ARWArrow Electronicsmid · 3 NLIs
components and enterprise IT distribution to businesses
AVTAvnetmid · 2 NLIs
electronic components distribution to businesses
NSITInsight Enterprisesmid
enterprise IT reseller and license fulfillment
PLUSePlus inc.NASDAQ · mid
IT product resale plus financing and managed services, consistently high returns
SNXTD Synnexmid · 3 NLIs
IT hardware and license distribution
CLMBClimb Global SolutionsNASDAQ · small
niche value-added software distributor, disciplined small-cap compounder
SCSCScanSourcesmall · 1 NLIs
specialty technology distribution to business channels
TSSITSS, Inc.small
80% of revenue is reselling data-center hardware to businesses

Screens and Stories

What you watch, read, scroll, play, listen to.

54 companies pooled in this arena
Lane 7.1WatchingVideo Entertainment3 niches
Streaming and Studios
Film and Streaming Production
The row of app tiles and the studio logos before the show
In · Out

In: studios, streamers, catalogs. Out: the theater seat (Movie Theaters and Live Shows, Free Time)

10 companies · open the pool
NFLXNetflixmega · 11 NLIs
the app tile and the original catalogue
DISWalt Disneylarge · 23 NLIs
studio franchises plus Disney+ and Hulu
ROKURoku Inc.large · 1 NLIs
streaming home screen, channel, and ad platform
WBDWarner Bros. Discoverylarge · 3 NLIs
Warner Bros. studio and the HBO library
4816Toei Animationother · mid
Tokyo; owner of Dragon Ball and One Piece catalogue, exceptional returns on capital
PSKYParamount Skydancemid · 2 NLIs
Paramount Pictures catalogue and Paramount+ outweigh the CBS station licenses
VSNTVersant Media Group Inc.mid · 3 NLIs
cable networks and catalogs, Comcast spinoff
ANGXAngel Studios, Inc.small
faith and family studio with a paid streaming guild, ~65% of revenue
LIONLionsgate StudiosNYSE · small
pure-play studio and film-TV library after the May 2025 Starz separation
CURICuriosityStreamNASDAQ · micro
pure-play factual catalogue, growing content-licensing revenue, raised dividend
The Channel Bundle and the Dish
Pay-Television Distribution
The channel package and the box under the TV
In · Out

In: pay-TV distribution. Out: the internet half of the same bill (Phone Plans and Home Internet, Chips, Networks, and Power)

5 companies · open the pool
CHTRCharter Communicationslarge · 7 NLIs
Spectrum still sells one of the two largest US video bundles
CMCSAComcastlarge · 14 NLIs
the archetypal Xfinity channel package and set-top box
LBTYALiberty GlobalNASDAQ · mid · 3 NLIs
European cable video distribution, Malone-controlled
TVGrupo TelevisaNYSE · mid
Izzi cable plus 100% of Sky Mexico satellite pay-TV distribution
CCACogeco CommunicationsTSX · small
Canadian and US cable video distribution, Audet family owner-operator
Local TV and Radio
Over-the-Air Stations
The evening news and the drive-time station
In · Out

In: licensed over-the-air TV and radio; a company doing both broadcast and on-demand is placed by the licensed asset. Out: the on-demand catalogue (Music, Podcasts, and Radio Apps)

6 companies · open the pool
FOXAFox Corporationlarge · 2 NLIs
licensed Fox network plus 29 owned stations; no studio since 2019
NXSTNexstar Media Groupmid
200-plus licensed local stations is the whole business
GTNGray MediaNYSE · small · 1 NLIs
largest US local TV station owner, 117 markets reaching ~37% of TV households
IHRTiHeartMediasmall
860 licensed radio stations
SBGISinclairsmall
185 licensed local broadcast stations
SSPE.W. Scripps CompanyNASDAQ · small
local broadcast station group, record political ad revenue and deleveraging plan
Lane 7.2Playing and ScrollingInteractive Platforms2 niches
Video Games
Game Making and Publishing
The controller, the launcher, the season pass
In · Out

In: game makers and publishers. Out: the console hardware (TVs, Speakers, and Game Consoles, What You Wear and Carry); the casino floor (Casinos and Sports Betting, Free Time)

5 companies · open the pool
NTESNetEaselarge · 3 NLIs
China's number-two games publisher
RBLXRobloxlarge · 3 NLIs
the launcher and the user-generated game platform
TTWOTake-Two Interactivelarge · 1 NLIs
Rockstar and 2K publishing
CDRCD Projektother · mid
Warsaw; founder-led owner of Witcher and Cyberpunk IP, net cash
GRVYGravity Co., Ltd.NASDAQ · small
NASDAQ small cap publisher of the Ragnarok franchise, high returns on capital
Social Feeds and Search
Consumer Attention Platforms
The feed you check without deciding to
In · Out

In: social, search, consumer platforms, including their own ad inventory. Out: campaigns bought by businesses (Ads, Agencies, and Billboards, Running a Business)

13 companies · open the pool
GOOGAlphabet Inc. CL Cmega · 35 NLIs
search and ad-funded consumer platforms, share class C
GOOGLAlphabetmega · 38 NLIs
search and YouTube attention platform, no brokerage or title business
METAMeta Platformsmega · 30 NLIs
consumer social feeds and their own ad inventory
BIDUBaiduNASDAQ · large · 4 NLIs
dominant China search platform selling its own ad inventory
DOCSDoximitylarge · 1 NLIs
a professional feed selling its own ad inventory
GRNDGrindr Inc.mid
consumer social app with subscriptions and its own ad inventory
JOYYJOYY Inc.mid · 2 NLIs
live-streaming social platforms
MTCHMatch GroupNASDAQ · mid
consumer attention platform portfolio with high free cash flow conversion
OPRAOpera Limitedmid
consumer browser monetized by search and its own ads
PINSPinterestmid · 2 NLIs
consumer discovery feed monetized by ads
RDDTRedditmid · 2 NLIs
consumer attention platform
SNAPSnap Inc.NYSE · mid
founder-controlled consumer social feed with owned ad inventory
WBWeibo Corp.mid · 1 NLIs
Chinese social media feed
Lane 7.3Reading and ListeningPublishing and Audio2 niches
News, Books, and Magazines
Consumer Publishing
The paywall, the paperback, the checkout-line rack
In · Out

In: publishing in every format. Out: the print shop that runs the presses (Print Shops and Sign Makers, Running a Business)

9 companies · open the pool
9468Kadokawa Corporationother · mid
Tokyo; books and manga publisher monetising owned IP across formats
NWSANews Corpmid · 2 NLIs
Dow Jones, News Media, and HarperCollins are the bulk of revenue
NYTNew York Timesmid · 4 NLIs
the paywall itself
PPLIPeople Inc.mid · 3 NLIs
publishes People and digital titles, formerly IAC
BMY.LBloomsbury Publishingother · small
LSE; founder-led trade publisher, high returns on owned backlist
SCHLScholastic CorporationNASDAQ · small
children's book publisher with school book-fair moat, family-controlled, buying back stock
TDAYGannett Co.small · 2 NLIs
newspaper publisher, renamed USA TODAY Co
WLYWileysmall
journals and books are publishing in every format
ZDZiff Davis Inc.small · 1 NLIs
digital publishing brands behind paywalls and ads
Music, Podcasts, and Radio Apps
Audio Catalogues and Streams
The playlist on the commute
In · Out

In: on-demand audio, labels, rights. Out: the licensed over-the-air signal (Local TV and Radio); the concert ticket (Movie Theaters and Live Shows, Free Time)

6 companies · open the pool
SPOTSpotifylarge · 9 NLIs
on-demand audio, not a film studio
TMETencent Music EntertainmentNYSE · large · 2 NLIs
dominant on-demand music streaming platform in China
UMGUniversal Music Groupother · large
Euronext Amsterdam; world's largest recorded-music and publishing rights owner
WMGWarner Music GroupNASDAQ · large · 2 NLIs
major label plus Warner Chappell publishing catalogue
SIRISirius XM HoldingsNASDAQ · mid · 6 NLIs
subscription audio app plus Pandora on-demand and the largest podcast network
RSVRReservoir MediaNASDAQ · micro
pure-play music publishing and master rights compounder, founder-led

Chips, Networks, and Power

Silicon, signals, server halls, and power at scale: what everything else runs on.

204 companies pooled in this arena
Lane 8.1Designing and Making ChipsSilicon Design and Fabrication3 niches
Chip Blueprints and Design Tools
Chip Architecture and Design Automation
The chip on the keynote slide and the software it was drawn in
In · Out

In: chip design houses, fabless designers, design-tool software, licensed cores. Out: the fab printing them (Chip Factories); office apps (Docs, CRM, and Invoicing Apps, Running a Business)

22 companies · open the pool
AMDAdvanced Micro Devicesmega · 4 NLIs
fabless CPU and GPU design
ARMArm Holdings plcNASDAQ · mega
licensed cores and the royalty model behind them
AVGOBroadcommega · 12 NLIs
fabless custom silicon and networking chip design
NVDANvidiamega · 19 NLIs
fabless designer, TSMC prints the wafers
ALABAstera Labs Inclarge · 1 NLIs
fabless designer of data center connectivity chips
CDNSCadence Design Systems, Inc.NASDAQ · large · 2 NLIs
the other half of the EDA duopoly
CRDOCredo Technology Group Holdilarge · 1 NLIs
fabless high-speed connectivity chips
MCHPMicrochip Technologylarge · 2 NLIs
microcontroller and analog chip designer
MPWRMonolithic Power Systemslarge · 1 NLIs
designs power management chips
MRVLMarvell Technology Inc.large · 1 NLIs
fabless data center and custom silicon
NXPINXP Semiconductors NVlarge · 3 NLIs
automotive and edge chip designer
QCOMQualcommlarge · 5 NLIs
fabless mobile chip design and licensed cores
SNPSSynopsys, Inc.NASDAQ · large · 4 NLIs
design-tool software for chip makers
SWKSSkyworks Solutions Inc.large · 1 NLIs
designs radio frequency chips for phones
AMBAAmbarella Inc.mid · 1 NLIs
fabless computer vision chip designer
IDCCInterDigital Inc.mid · 1 NLIs
wireless and video technology patent licensing
QRVOQorvo Inc.mid · 2 NLIs
designs radio frequency chips for phones
SIMOSilicon Motion Technol ADRmid · 2 NLIs
fabless flash storage controller chips
SITMSiTime Corp.mid · 1 NLIs
fabless MEMS timing chip designer
SYNASynaptics Inc.mid · 1 NLIs
fabless designer of touch, display, and IoT chips
AMBQAmbiq Micro Incsmall · 1 NLIs
fabless designer of ultra-low-power edge chips
MXMagnaChip Semiconductor Corp.micro · 2 NLIs
analog display and power chip designer
Chip Factories
Wafer Fabs and Foundry Runs
The fab whose construction cranes make the national news
In · Out

In: foundries and integrated chipmakers' fabs. Out: the design houses (Chip Blueprints and Design Tools); the machines inside (Chip Factory Machines and Supplies)

9 companies · open the pool
ADIAnalog Devicesmega · 9 NLIs
designs and fabricates analog chips in owned fabs
INTCIntel CorporationNASDAQ · mega · 6 NLIs
integrated chipmaker running its own fabs plus Intel Foundry
MUMicron Technology, Inc.NASDAQ · mega · 3 NLIs
integrated memory maker, own DRAM and NAND fabs
TSMTaiwan Semiconductormega · 25 NLIs
the foundry itself
TXNTexas Instruments IncorporatedNASDAQ · mega · 12 NLIs
integrated device maker, owns its 300mm analog fabs
GFSGLOBALFOUNDRIES Inc.NASDAQ · large
pure-play contract foundry, US and EU fab footprint
SNDKSanDisk Corp.large · 2 NLIs
NAND flash memory maker with joint venture fabs
TSEMTower Semiconductor Ltd.NASDAQ · large
specialty analog and RF foundry pure-play
UMCUnited Microelectronics CorporationNYSE · large
pure-play mature-node foundry, second Taiwanese fab operator
Chip Factory Machines and Supplies
Fab Tooling, Process Inputs, and Test
The machines, gases, and testers a fab cannot run without
In · Out

In: fab tools, fab-qualified materials, metrology, wafer test. Out: general factory automation and test instruments (Factory Machines, Motors, and Robots, Running a Business)

17 companies · open the pool
ASMLASMLmega · 9 NLIs
lithography tools inside the fab
LRCXLam Researchmega · 7 NLIs
etch and deposition tools
AMATApplied Materialslarge · 11 NLIs
deposition, etch, and process tools
ENTGEntegris, Inc.NASDAQ · large · 7 NLIs
fab-qualified materials and consumables, recurring per-wafer spend
FORMFormFactor Inc.large · 2 NLIs
wafer test probe cards for chipmakers
KLACKLA Corporationlarge · 3 NLIs
metrology and process control for fabs
NVMINova Ltd.NASDAQ · large
process-control metrology pure-play, high-return operator
ONTOOnto Innovation Inc.large · 1 NLIs
chip metrology and wafer inspection tools
QQnity Electronics Inc.large · 2 NLIs
fab qualified electronics materials, DuPont spinoff
TERTeradyne Inc.large · 1 NLIs
semiconductor test systems and handlers
ACMRACM Research Inc.mid · 2 NLIs
wafer cleaning tools sold to fabs
AEHRAehr Test Systemsmid · 1 NLIs
semiconductor wafer test and burn-in systems
AEISAdvanced Energy Industriesmid · 2 NLIs
precision power supplies for chipmaking tools
VECOVeeco Instrumentsmid · 2 NLIs
deposition and annealing tools for fabs
COHUCohu Inc.small · 1 NLIs
semiconductor test handlers and contactors
MTRNMaterion Corp.small · 1 NLIs
advanced materials, semiconductor largest market
UCTTUltra Clean Holdings Inc.small · 2 NLIs
subsystems and cleaning for chipmaking tools
Lane 8.2Phone, Internet, and the WiresNetwork Transport and Access3 niches
Phone Plans and Home Internet
Retail Connectivity Subscriptions
The two bills everyone pays and loves to hate
In · Out

In: mobile and broadband subscriptions. Out: the TV bundle half (The Channel Bundle and the Dish, Screens and Stories); the towers themselves (Cell Towers and Fiber Lines)

30 companies · open the pool
SPCXSpace Exploration Technologies Corp.mega · 1 NLIs
Starlink broadband subscriptions plus rocket launch services
TMUST-Mobile USmega · 3 NLIs
mobile and fixed wireless home internet plans
0941.HKChina Mobilelarge
mobile and broadband subscriptions at national scale
AMXAmerica Movillarge
Latin American wireless and broadband subscriptions
BCEBCElarge
Canadian wireless and internet subscriptions
CHTRCharter Communicationslarge · 7 NLIs
Spectrum broadband and mobile subscriptions
CMCSAComcastlarge · 14 NLIs
residential broadband is the largest business by far
QBR.BQuebecor Inc.TSX · large
family-controlled Videotron and Freedom Mobile, Canada's fourth carrier
TAT&Tlarge · 3 NLIs
wireless and fiber subscription bills
TIGOMillicom Intl Cellular S.a.large · 3 NLIs
Latin American mobile and broadband subscriptions
VODVodafone Grouplarge
multinational mobile and broadband subscriptions
VSATViasat Inc.large · 2 NLIs
satellite broadband subscriptions for homes and planes
VZVerizon Communicationslarge · 7 NLIs
wireless and broadband subscription bills
ECHOEchoStarmid · 2 NLIs
Boost mobile plans and Hughesnet home broadband subscriptions
KTKT Corp.mid · 2 NLIs
Korean mobile and broadband subscriptions
LBRDKLiberty Broadbandmid · 3 NLIs
only consolidated operation is GCI Alaska mobile and broadband; Charter stake is equity-method
LBTYALiberty Global Ltd CL ANASDAQ · mid · 3 NLIs
European broadband and mobile carrier, share class
LBTYKLiberty Global Ltd CL Cmid · 1 NLIs
European broadband and mobile subscriptions; share class
RCIRogers Communicationsmid · 1 NLIs
Canadian wireless and internet subscriptions
TDSTelephone & Data Systemsmid · 2 NLIs
sells home broadband and phone subscriptions
TUTelusmid
Canadian wireless and fiber subscriptions
ATUSAltice USAsmall
cable broadband and mobile subscriptions
CABOCable Onesmall
rural broadband subscriptions
CCACogeco Communications Inc.TSX · small
founder-family controlled cable broadband in Canada and the US
GLIBAGCI Liberty Inc. Series Asmall · 2 NLIs
Alaska broadband and wireless
GLIBKGCI Liberty Inc. Series Csmall · 2 NLIs
Alaska broadband and wireless carrier, share class
IDTIDT Corp. CL Bsmall · 1 NLIs
prepaid international calling and consumer telecom
LILALiberty LiLAC Group Asmall · 1 NLIs
Latin America broadband and mobile carrier; share class
LILAKLiberty LiLAC Group Csmall · 1 NLIs
Latin American broadband and mobile carrier; share class
SHENShenandoah Telecommunications Co.small · 1 NLIs
regional fiber broadband and cable provider
Cell Towers and Fiber Lines
Tower and Fiber Route Assets
The steel on the ridgeline and the conduit under the street
In · Out

In: towers, fiber routes, wholesale carriers' route assets, undersea cables. Out: the carrier billing you (Phone Plans and Home Internet)

11 companies · open the pool
AMTAmerican Towerlarge · 3 NLIs
the largest global tower portfolio
CCICrown Castlelarge
US tower assets after the fiber sale
CLNX.MCCellnex Telecomlarge
Europe's largest independent tower estate
SBACSBA Communicationslarge · 2 NLIs
tower ground leases across the Americas
ADArray Digital Infrastructure Inc.mid · 1 NLIs
owns 4,450 towers after selling wireless business
ATEXAnterix Inc.mid
leases 900 MHz spectrum to utilities as a wholesale network asset
LUMNLumen Technologiesmid · 1 NLIs
long-haul fiber routes sold wholesale to carriers and hyperscalers
CCOICogent Communicationssmall
backbone fiber and IP transit route assets
GSATGlobalstarsmall
wholesale satellite network capacity sold to a handset maker
IRDMIridium Communicationssmall
owns the constellation and wholesales capacity to partners
UNITUniti Groupsmall
fiber route assets leased to carriers post-Windstream
Routers, Switches, and Cabling
Network Equipment and Optics
The blinking closet down the hall and the green cabinet on the street corner
In · Out

In: network gear, optics, and the passive components and connectors the whole electronics chain reorders. Out: the business reseller quote (Computer Resellers and Software Licensing, Running a Business)

25 companies · open the pool
CSCOCisco Systemsmega · 6 NLIs
enterprise routers and switches
ANETArista Networkslarge · 1 NLIs
data center switching and optics
APHAmphenollarge · 7 NLIs
the connectors the whole electronics chain reorders
CIENCienalarge · 3 NLIs
optical transport gear and optics
CLSCelesticalarge · 3 NLIs
designs and builds hyperscaler ethernet switches
COHRCoherent Corp.NYSE · large · 4 NLIs
optical transceivers and lasers for the network build
FFIVF5 Networkslarge · 1 NLIs
application delivery and traffic management gear
FNFabrinetNYSE · large · 4 NLIs
optical packaging and precision manufacturing, owner-operator discipline
GLWCorninglarge · 5 NLIs
optical fiber and cable is the largest and fastest-growing segment
LITELumentum Holdings Inc.NASDAQ · large · 3 NLIs
datacom and telecom optical components at scale
NOKNokialarge · 1 NLIs
carrier radio, optical, and IP network gear
TELTE Connectivitylarge · 7 NLIs
connectors and sensors across the electronics chain
AAOIApplied Optoelectronics Incmid · 2 NLIs
optical transceivers for data center networks
BELFBBel Fuse Inc. CL Bmid · 1 NLIs
connectors and magnetics maker, share class
DGIIDigi Internationalmid · 2 NLIs
industrial IoT routers and connectivity gear
KNKnowles Corp.mid · 2 NLIs
specialty capacitors, RF filters, tiny audio components
LFUSLittelfusemid · 6 NLIs
passive circuit protection components reordered chain-wide
ROGRogers Corp.mid · 2 NLIs
high-frequency circuit laminates and engineered elastomers
SANMSanminamid · 2 NLIs
communications network hardware is its core end market
TTMITTM Technologies Inc.mid · 1 NLIs
printed circuit boards for electronics makers
VICRVicor Corp.mid · 1 NLIs
board-level power conversion modules
VSHVishay Intertechnologymid · 1 NLIs
discrete semiconductors and passive components
ADTNADTRAN Holdings Inc.small · 2 NLIs
fiber broadband access network equipment
CLFDClearfield Inc.small · 1 NLIs
fiber connectivity and cable management gear
AVNWAviat Networks Inc.micro · 1 NLIs
makes microwave backhaul radios and network gear
Lane 8.3Servers, Power, and CoolingCompute Capacity and Facility Infrastructure3 niches
Data Centers
Server Hall Leasing
The windowless building with the humming fence
In · Out

In: data center shells, colocation, leases. Out: the machines inside (Servers, Storage, and the Cloud)

9 companies · open the pool
AMTAmerican Towerlarge · 3 NLIs
CoreSite colocation is a real second encounter
DLRDigital Realtylarge · 1 NLIs
wholesale server hall leasing
EQIXEquinixlarge · 2 NLIs
colocation and interconnection leases
HUTHut 8 Corplarge · 2 NLIs
AI data center campuses, former bitcoin miner
IRMIron Mountainlarge
operates colocation halls alongside records storage
APLDApplied Digitalmid
builds and leases AI data center shells
CORZCore Scientific Incmid · 1 NLIs
AI hosting and bitcoin mining data campuses
GDSGDS Holdings Ltdmid · 2 NLIs
China data center colocation operator
WULFTerawulf Incmid · 2 NLIs
AI hosting and bitcoin mining data centers
Servers, Storage, and the Cloud
Enterprise Compute Fleets
The status page you check when the app is down
In · Out

In: enterprise servers, storage arrays, metered cloud capacity. Out: the building and the lease (Data Centers); your laptop (Phones, Laptops, and Tablets, What You Wear and Carry)

14 companies · open the pool
CRWVCoreWeave, Inc.NASDAQ · large · 1 NLIs
metered AI cloud capacity, the leased-compute leg the pool missed
DELLDell Technologieslarge · 3 NLIs
AI servers and enterprise storage arrays
HPEHewlett Packard Enterpriselarge · 2 NLIs
enterprise servers and storage systems
JBLJabillarge
intelligent infrastructure builds cloud and AI hardware
NTAPNetApp, Inc.NASDAQ · large
enterprise storage arrays and data fabric, high returns on capital
PEverpure, Inc. (formerly Pure Storage)NYSE · large
enterprise flash arrays; ticker moved PSTG to P in April 2026
QBTSD-Wave Quantum Inc.large
quantum systems and cloud access with real product revenue; class ruling beside INFQ and XNDU
SMCISuper Micro Computerlarge
builds AI server fleets
WDCWestern Digitallarge
nearline drives sold into cloud storage
INFQInfleqtion Incmid · 1 NLIs
builds quantum computers and quantum sensors
PENGPenguin Solutions Inc.mid · 2 NLIs
AI compute systems and memory modules
SHAZSharonai Holdings Incmid · 1 NLIs
rents GPU compute capacity by the hour
XNDUXanadu Quantum Technolo Cl Bmid · 1 NLIs
builds photonic quantum computers and cloud access
QMCOQuantum Corp.small · 1 NLIs
enterprise data storage and backup systems
Backup Power and Cooling
Critical Power and Thermal Gear
Switchgear, generators, chillers, and the crews who commission them
In · Out

In: critical-facility power and cooling gear. Out: household electrical fixtures and wiring devices (Building Supplies, Where You Live); the power plant upstream (Power Plants and Power Traders)

11 companies · open the pool
ETNEatonlarge
switchgear, UPS, and busway for critical facilities
FLEXFlexlarge · 2 NLIs
Anord Mardix data center power gear is its clearest claim here
FPSForgent Power Solutions Inclarge · 2 NLIs
engineered electrical distribution gear for data centers
GEVGE Vernovalarge · 9 NLIs
turbines, generators, and grid power gear
MODModine Manufacturing CompanyNYSE · large · 1 NLIs
Airedale mission-critical chillers, data center thermal growth engine
NVTnVent Electric plcNYSE · large · 3 NLIs
electrical connection, protection, and liquid cooling for data halls
VRTVertiv Holdingslarge · 3 NLIs
data center power and thermal gear
AAONAAON, Inc.NASDAQ · mid · 1 NLIs
BASX data center cooling units, founder-culture high-return mid cap
BEBloom Energymid · 2 NLIs
on-site fuel cell power for critical facilities
POWLPowell Industriesmid · 1 NLIs
custom switchgear and power control rooms
AIRJAirjoule Technologies Corpsmall · 1 NLIs
dehumidification and water-from-air systems for facilities
Lane 8.4Making and Moving PowerBulk Generation and Transmission3 niches
Power Plants and Power Traders
Unregulated Megawatt Supply
The plant at the edge of town and the desk selling its output
In · Out

In: merchant generation, power trading, big-load supply deals. Out: the regulated household bill (The Power and Gas Bill, Where You Live); the fuel (Drilling and the Patch and Coal Mines, Out of the Ground)

9 companies · open the pool
AESAES Corporationlarge
global contracted generation with some regulated utilities
CEGConstellation Energylarge · 2 NLIs
merchant nuclear fleet and big-load supply deals
NRGNRG Energylarge · 2 NLIs
generation plus retail power marketing
OKLOAltC Acquisition Corp.large · 1 NLIs
builds and sells power from small reactors; now Oklo
TLNTalen Energylarge · 4 NLIs
merchant nuclear with data center supply deals
VSTVistralarge · 4 NLIs
merchant generation and power trading
CPXCapital Power CorporationTSX · mid
Alberta merchant generator with trading desk and data center supply deals
SEISolaris Energy Infrastructure Inc.mid · 1 NLIs
contracted gas turbine power for data centers
TACTransAlta Corp.mid · 2 NLIs
merchant power generation and energy trading
Wind, Solar, and Big Batteries
Utility-Scale Renewable Assets
The turbine ridge, the panel field, the battery yard
In · Out

In: utility-scale renewable generation and storage assets. Out: the rooftop and the garage battery (Solar Panels, Home Batteries, and Generators, Where You Live); the line leaving the site (The Grid and the Big Wires)

10 companies · open the pool
ENLTEnlight Renewable Energy LtdNASDAQ · large
owner-operator of utility-scale solar, wind, and storage assets
FSLRFirst Solar Inc.large · 1 NLIs
makes panels for utility-scale solar fields
NEENextEra Energylarge · 4 NLIs
owns the largest utility-scale renewable and storage fleet
NXTNextracker Inc Cl Alarge · 1 NLIs
solar trackers for utility scale projects
BEPBrookfield Renewablemid
utility-scale hydro, wind, and solar fleet
CWENClearway Energymid
contracted utility-scale renewables
EOSEEos Energy Enterprises, Inc.mid
manufactures the zinc battery yard sold to utilities and microgrids
NPINorthland Power Inc.TSX · mid
offshore wind and renewable asset owner, TSX operator absent from pool
ORAOrmat Technologiesmid
utility-scale geothermal generation and storage
XIFRXPLR Infrastructuresmall
utility-scale wind and solar assets, not rooftop
The Grid and the Big Wires
Transmission Infrastructure
The transmission towers marching over the hills and the interconnect queue behind them
In · Out

In: transmission, interconnects, grid operations, and the line-construction crews that build them. Out: the local poles to your house (The Power and Gas Bill, Where You Live)

9 companies · open the pool
AEPAmerican Electric Powerlarge · 3 NLIs
largest US transmission network and interconnect queue
H.TOHydro One LimitedTSX · large
Ontario's transmission monopoly, roughly 30,000 km of high-voltage line
NGGNational Grid plcNYSE · large · 1 NLIs
UK and US transmission owner-operator with a large interconnect book
PWRQuanta Serviceslarge
the crews that build the transmission lines
AMSCAmerican Superconductor Corporationmid
grid interconnection and voltage equipment, 85% of revenue
MTZMasTecmid · 3 NLIs
power delivery and clean energy line construction lead the mix
MYRGMYR Group Inc.mid · 1 NLIs
builds transmission and distribution power lines
ALFENAlfen N.V.other · small
grid substations lead revenue; EV charging and storage attached
CTRICenturi Holdings Incsmall · 1 NLIs
utility line crews for gas and electric
Lane 8.5Server Software and SecurityInfrastructure Software3 niches
The Operating System and the Database
Boot Layer and Data Stores
What boots before anything you chose to open
In · Out

In: operating and database software, platform primitives. Out: per-seat office apps (Docs, CRM, and Invoicing Apps, Running a Business)

9 companies · open the pool
AVGOBroadcommega · 12 NLIs
VMware virtualization is the platform primitive layer
IBMIBMmega · 5 NLIs
Red Hat, Db2, and mainframe platform primitives
MSFTMicrosoftmega · 37 NLIs
Windows, SQL Server, and Azure platform primitives
ORCLOraclemega · 14 NLIs
the enterprise database and its cloud infrastructure
MDBMongoDBlarge · 1 NLIs
database software sold as a platform
NTNXNutanix, Inc.NASDAQ · large · 1 NLIs
hypervisor and private-cloud boot layer, non-mega alternative to the incumbents
SNOWSnowflakelarge
cloud data warehouse is a database platform
ESTCElastic N.V.NYSE · mid
search and observability data store, founder-led
FROGJFrog Ltdmid · 1 NLIs
developer artifact repository platform
Websites, Hosting, and Domains
Registrars, Hosts, and Delivery Networks
The renewal invoice for a domain you forgot you owned
In · Out

In: hosting, domains, delivery networks. Out: the physical data center (Data Centers)

8 companies · open the pool
DOCNDigitalOcean Holdings, Inc.NYSE · large · 1 NLIs
developer-focused hosting and metered cloud, mid-cap operator
GDDYGoDaddy Inc.NYSE · large
largest registrar and small-business host, the renewal invoice itself
NETCloudflarelarge
delivery network, DNS, and registrar for a fifth of the web
SHOPShopifylarge · 3 NLIs
hosts merchant storefronts and sells the domains
TWLOTwilio Inc.large · 2 NLIs
metered messaging and voice APIs
VRSNVeriSign, Inc.NASDAQ · large · 3 NLIs
the .com and .net registry contract, strongest moat in the niche
AKAMAkamai Technologiesmid · 1 NLIs
the original content delivery network
WIXWix.com Ltd.mid · 2 NLIs
website building and hosting platform
Passwords, Firewalls, and Breaches
Identity and Network Defense Platforms
The breach headline and the software bought the week after
In · Out

In: defending networks, identities, and data, sold as platforms and metered services. Out: per-seat endpoint apps bought like office software (Docs, CRM, and Invoicing Apps, Running a Business); anything physical at a house (Alarms, Cameras, and Locks, Where You Live)

11 companies · open the pool
CHKPCheck Point Software Technologies Ltd.NASDAQ · large
founder-led network security platform, durable margins
CRWDCrowdStrikelarge
pure security platform, not a per-seat office app
FTNTFortinet, Inc.NASDAQ · large · 1 NLIs
founder-run network firewall platform, top-decile returns on capital
OKTAOkta, Inc.NASDAQ · large · 1 NLIs
identity defense platform, the pure-play identity leg the pool lacked
PANWPalo Alto Networkslarge · 1 NLIs
firewalls and security platforms sold as metered services
SSentinelOne, Inc.large
endpoint, cloud and data security sold as a platform
ZSZscaler, Inc.NASDAQ · large · 2 NLIs
metered cloud network-defense platform, founder holds a large stake
NTCTNetScout Systemsmid · 1 NLIs
network monitoring and DDoS defense platforms
NTSKNetskope Inc Cl Amid · 2 NLIs
cloud security and secure access platform
QLYSQualys, Inc.NASDAQ · mid · 1 NLIs
metered vulnerability and exposure service, high-return mid cap
MITKMitek Systems Inc.small · 2 NLIs
identity verification and check fraud software

What You Wear and Carry

If it goes on the body or in a pocket, it lives here, whatever its purpose.

87 companies pooled in this arena
Lane 9.1Clothes and ShoesApparel and Footwear5 niches
T-Shirts, Jeans, and Everyday Brands
Mass-Market Clothing Labels
The logo on half the closet
In · Out

In: mass apparel brands. Out: the runway house (Luxury and Designer Labels); the store rack (Clothing Stores and Malls)

10 companies · open the pool
GILGildan ActivewearNYSE · large · 1 NLIs
vertically integrated low-cost basics; absorbed HanesBrands in 2026
COLMColumbia SportswearNASDAQ · mid
Boyle family owner-operator, net cash, mass outdoor apparel
KTBKontoor BrandsNYSE · mid
Wrangler plus Helly Hansen; high-margin mass denim cash generator
LEVILevi Strauss & Co.NYSE · mid · 2 NLIs
family-controlled, the definitional mass denim brand
LULULululemon Athleticamid · 5 NLIs
premium activewear label, not a couture or leather house
PVHPVH Corp.mid · 3 NLIs
owns Calvin Klein and Tommy Hilfiger
UAAUnder Armour Inc.mid · 1 NLIs
athletic apparel brand
VFCV.F. Corp.mid · 2 NLIs
owns Vans and North Face apparel brands
GIIIG-III Apparel Groupsmall · 1 NLIs
licensed and owned apparel brands
UAUnder Armour CL Csmall · 1 NLIs
athletic apparel brand, share class
Sneakers, Boots, and Shoes
Footwear Brands
The shoe wall, the work boots by the door, the drop you missed
In · Out

In: footwear brands. Out: the gym you wear them to (Gyms, Coaching, and Nutrition, Health and Body)

7 companies · open the pool
ASAmer Sports, Inc.NYSE · large · 1 NLIs
Salomon footwear plus Arc'teryx; group also sells apparel and equipment
NKENikelarge · 7 NLIs
footwear brand first
BIRKBirkenstock Holding plcNYSE · mid
owner-mentality footwear brand, 250-year franchise, luxury-grade margins
CROXCrocsmid · 6 NLIs
clogs and Hey Dude are footwear only
DECKDeckers Outdoormid · 2 NLIs
Hoka and Ugg are footwear brands
ONONOn Holdingmid · 3 NLIs
running shoe brand
CALCaleres Inc.small · 1 NLIs
footwear brands and Famous Footwear stores
Luxury and Designer Labels
Couture and Leather Houses
The store you're slightly afraid to walk into
In · Out

In: luxury fashion and leather houses. Out: the mall anchor (Clothing Stores and Malls)

3 companies · open the pool
1913.HKPrada S.p.A.other · large
family-controlled runway house, now owns Versace alongside Prada and Miu Miu
RLRalph Laurenmid
designer label selling an elevated lifestyle line
ZGNErmenegildo Zegna N.V.NYSE · mid · 2 NLIs
family-controlled luxury menswear with owned wool mills
Clothing Stores and Malls
Fashion Storefronts and Shopping Centers
The rack, the fitting room, and the mall that holds them
In · Out

In: apparel retail and the shopping-center property. Out: the brands on the rack (T-Shirts, Jeans, and Everyday Brands)

24 companies · open the pool
ORealty Incomelarge
retail landlord, though freestanding rather than centers
ROSTRoss Storeslarge · 4 NLIs
off-price apparel retail
SPGSimon Property Grouplarge · 1 NLIs
owns the malls and outlets themselves
TJXTJX Companieslarge · 4 NLIs
off-price apparel retail
BKEBuckle Inc.mid · 1 NLIs
mall-based apparel and denim retail chain
BOOTBoot Barn HoldingsNYSE · mid
high-return western and workwear store rollout, founder-led culture
BRXBrixmor Property Group Inc.mid · 1 NLIs
open-air shopping center REIT
BURLBurlington Storesmid
off-price apparel retail
CURBCurbline Properties Corp.mid
owns convenience shopping-center property, the tree's only retail-property home
FRTFederal Realtymid
retail-anchored mixed-use shopping-center property
KIMKimco Realtymid
largest owner of the shopping-center property
PMZ.UNPrimaris Real Estate Investment Trustmid
owns Canadian enclosed shopping malls
REGRegency Centersmid
grocery-anchored shopping-center property
URBNUrban Outfitters Inc.mid · 1 NLIs
apparel retail chains and brands
VIPSVipshop Holdings Ltdmid · 1 NLIs
Chinese online discount apparel retailer
VSXYVictoria's Secret & Co.mid · 1 NLIs
lingerie and beauty retail chain, ticker renamed 2026
AHHArmada Hoffler Propertiessmall
mixed-use town centers, retail is the largest slice
ALEXAlexander & Baldwinsmall
Hawaii grocery-anchored shopping-center property
CTOCTO Realty Growth Inc.small · 1 NLIs
REIT owning retail shopping centers
CTRNCiti Trends Inc.small · 1 NLIs
off-price apparel stores
FVRFrontview Reit Incsmall · 1 NLIs
owns net-leased roadside retail and service storefronts
GCOGenesco Inc.small · 1 NLIs
footwear retail chains
REALRealReal Inc.small · 1 NLIs
online luxury consignment resale marketplace
SHOEShoe Carnival Inc.small · 1 NLIs
footwear retail chain
The Fabric Mills
Cloth and Yarn Production
The bolt of cloth before it became anything
In · Out

In: textiles and mills. Out: the finished garment (T-Shirts, Jeans, and Everyday Brands)

5 companies · open the pool
1476.TWEclat Textile Co., Ltd.other · mid
elastic knit fabric and dyeing mill for the performance brands; high ROIC
AINAlbany Internationalsmall
machine clothing is woven fabric, its majority business
CULPCulpsmall
weaves mattress and upholstery fabric
TILEInterfacesmall
manufactures textile floorcovering on its own looms
UFIUnifismall
spins recycled polyester yarn
Lane 9.2Pockets and WristsPersonal Devices and Accessories4 niches
Phones, Laptops, and Tablets
Personal Computing Devices
The glass rectangle you checked eighty times today
In · Out

In: the carried computing device and its assembly; a wrist device that runs apps is here. Out: the timepiece and the ornament (Watches, Jewelry, and Bags); the chips inside (Chip Factories, Chips, Networks, and Power); the server behind the apps (Servers, Storage, and the Cloud, Chips, Networks, and Power)

9 companies · open the pool
AAPLApplemega · 23 NLIs
the carried device, never an enterprise compute fleet
1810.HKXiaomi Corporationother · large
founder-led (Lei Jun) top-three global smartphone maker; obvious pool gap
DELLDell Technologieslarge · 3 NLIs
still one of the few PC makers a household actually buys
FLEXFlexlarge · 2 NLIs
contract assembly including consumer lifestyle devices
GRMNGarminlarge
wrist devices that run apps
HPQHP Inc.large · 2 NLIs
personal computers and printers
JBLJabillarge
contract assembly including connected consumer devices
BHEBenchmark Electronicssmall · 2 NLIs
contract electronics manufacturer
GPROGoProsmall · 1 NLIs
a body-worn carried device rather than living-room electronics
TVs, Speakers, and Game Consoles
Home Electronics Devices
The living-room screen and the speaker that answers back
In · Out

In: home electronics, consoles included. Out: the shows and games on them (Streaming and Studios and Video Games, Screens and Stories)

3 companies · open the pool
SONYSony Grouplarge · 1 NLIs
PlayStation consoles, Bravia TVs, and audio on your shelf
1070.HKTCL Electronics Holdingsother · mid
number-two global TV maker by volume; pool lacks a panel-set volume leader
SONOSonossmall
home speakers and soundbars, nothing else
Watches, Jewelry, and Bags
Adornment and Carry Labels
The wrist, the ring, the carry-on
In · Out

In: timepieces, jewelry, bags, sunglasses as fashion. Out: the wrist computer (Phones, Laptops, and Tablets); prescription frames (Glasses, Contacts, and Eye Exams, Health and Body); the raw gold (Gold and Silver Mines, Out of the Ground)

4 companies · open the pool
1929.HKChow Tai Fook Jewellery Groupother · large
Cheng-family gold and gem jewelry house, largest in Greater China
TPRTapestry, Inc.NYSE · large
Coach leather goods; the carry-label pure play at scale
CPRICapri Holdings Ltdsmall · 2 NLIs
Michael Kors handbags and Jimmy Choo
FOSLFossil Inc.small · 2 NLIs
fashion watches and leather accessories
Electronics Stores
Consumer Tech Storefronts
The aisle of open-box deals and the trade-in counter
In · Out

In: consumer electronics retail. Out: the business reseller (Computer Resellers and Software Licensing, Running a Business)

6 companies · open the pool
7419.TNojima Corporationother · mid
founder-family Japanese home-electronics retailer, long compounding record
BBYBest Buymid
consumer electronics big box
GMEGameStopmid
console and game retail is consumer electronics retail
JBH.AXJB Hi-Fi Limitedother · mid
highest-ROIC consumer electronics retailer globally; pool is US-only
CURY.LCurryssmall
UK consumer electricals retailer
REREATRenew Inc.small · 1 NLIs
trade-in counters that buy, refurbish and resell used phones
Lane 9.3Looking GoodPersonal Care and Appearance2 niches
Makeup, Skincare, and Shampoo
Beauty and Grooming Brands
The shelf above the bathroom sink
In · Out

In: personal care brands and beauty retail. Out: the dermatologist (Skin Doctors and Med Spas, Health and Body); under-sink cleaners (Soap, Wipes, and Paper Towels, Where You Live)

10 companies · open the pool
ELEstee Lauderlarge · 2 NLIs
prestige cosmetics and skincare brands
HLNHaleon Plc ADRlarge · 5 NLIs
consumer health brands: toothpaste, painkillers, vitamins
KVUEKenvuelarge · 3 NLIs
self-bought consumer health and skin brands, nothing clinician-billed or prescription
PUIGPuig Brands, S.A.other · large
Puig-family beauty house (Rabanne, Charlotte Tilbury), 2024 Madrid listing
ULUnileverlarge · 5 NLIs
beauty and personal care is the largest bloc, met on the bathroom shelf
ULTAUlta Beautylarge
beauty retail, no clinician bills and no eye exam
BBWIBath & Body Worksmid
body care brand selling through its own beauty retail
ELFe.l.f. Beautymid
value cosmetics brand
IPARInter Parfums, Inc.NASDAQ · mid · 1 NLIs
founder-led licensed-fragrance compounder, capital-light and high-return
PBHPrestige Consumer Healthcaremid · 1 NLIs
OTC brand house (Dramamine, Monistat); sits beside Kenvue and Haleon by aisle precedent
Barbers, Salons, and Nails
Appearance Chairs
The chair, the clippers, the polish wall
In · Out

In: hair, nails, and appearance visits. Out: the clinician-billed treatment (Skin Doctors and Med Spas, Health and Body)

6 companies · open the pool
2373.HKBeauty Farm Medical and Health Industryother · small
largest listed China beauty-salon chain; the only investable-size name here
OSWOneSpaWorld Holdings Ltdsmall · 1 NLIs
spa and salon services aboard cruise ships
0919.HKModern Healthcare Technology (fka Modern Beauty Salon)other · micro
37 beauty centers doing hair, manicure, pedicure, waxing; nano cap, flagged
7571.TYamano Holdingsother · micro
operates beauty and nail salons in Japan; diversified retailer, micro flagged
7823.TArtnature Inc.other · micro
wigs plus salon-delivered barber and hair services in Japan; micro flagged
RGSRegis CorporationNASDAQ · micro
pure hair-salon franchisor (Supercuts, Cost Cutters); micro cap ~$70M, flagged

Free Time

Hobbies, travel, sport: the activity, the venue, the trip, the weekend.

85 companies pooled in this arena
Lane 10.1Trips and GetawaysTravel and Lodging3 niches
Hotels and Resorts
Room Nights and Resort Assets
The front desk, the key card, the pool you picked it for
In · Out

In: hotels, resorts, and the property behind them. Out: the flight there (Airlines, Getting Around); the apartment you rent to live in (Apartments and Rental Homes, Where You Live)

16 companies · open the pool
HHyatt Hotels CorporationNYSE · large · 1 NLIs
Pritzker family control, luxury brand portfolio
HLTHilton Worldwidelarge · 3 NLIs
asset-light hotel brand and franchise system
HTHTH World Group Ltd ADRlarge · 3 NLIs
China hotel chain operator and franchisor
IHGInterContinental Hotels Group PLCNYSE · large
asset-light global franchisor, highest returns on capital in lodging
MARMarriott Internationallarge · 4 NLIs
the front desk and the key card, franchised and managed
APLEApple Hospitality REITmid
select-service hotel portfolio
ATATAtour Lifestyle Holdings Limitedmid
operates and franchises hotels, the front desk and the key card
CHHChoice Hotels International, Inc.NYSE · mid
Bainum family control, pure franchise economics
DRHDiamondRock Hospitality Co.mid · 1 NLIs
hotel property REIT
HGVHilton Grand Vacations Inc.mid · 2 NLIs
sells timeshare resort ownership
HSTHost Hotels & Resortsmid
owns the property behind the room night
PKPark Hotels & Resortsmid
upper-upscale hotel real estate
RHPRyman Hospitalitymid
Gaylord convention resorts carry the revenue; Opry is the minority
VACMarriott Vacations Worldwidemid · 1 NLIs
timeshare vacation ownership resorts
PEBPebblebrook Hotel Trustsmall
urban and resort hotel property owner
SVCService Properties Trustsmall · 1 NLIs
hotel REIT plus net-lease retail
Cruise Ships
Sailings and Berths
The floating city with the buffet deck
In · Out

In: cruise lines. Out: cargo ships (Ships and Ports, Getting Around)

5 companies · open the pool
CCLCarnivallarge · 2 NLIs
largest cruise operator by passengers
RCLRoyal Caribbeanlarge · 1 NLIs
a cruise line selling berths
VIKViking Holdings LtdNYSE · large
premium river and ocean cruise operator, founder-led by Torstein Hagen
LINDLindblad Expeditions Holdings, Inc.NASDAQ · mid · 2 NLIs
expedition cruising pure-play with National Geographic tie
NCLHNorwegian Cruise Line Holdings Ltd.NYSE · mid · 3 NLIs
third major North American cruise line
Booking Sites and Travel Deals
Trip Booking Platforms
The tab with fourteen price comparisons open
In · Out

In: booking platforms and agencies. Out: the hotel itself (Hotels and Resorts)

8 companies · open the pool
ABNBAirbnblarge · 5 NLIs
a commission booking platform that owns no property
BKNGBooking Holdings Inc.NASDAQ · large · 7 NLIs
largest global OTA network, agency model with negative working capital
EXPEExpedia Group, Inc.NASDAQ · large · 3 NLIs
Expedia/Hotels.com/Vrbo consumer and B2B booking platforms
TCOMTrip.com Group LtdNASDAQ · large · 3 NLIs
dominant China outbound booking platform
GBTGGlobal Business Travel Group, Inc.NYSE · mid
Amex GBT, the corporate travel agency side of the niche
MMYTMakeMyTrip LimitedNASDAQ · mid · 2 NLIs
leading India online travel agency
SABRSabre Corp.small · 1 NLIs
travel booking and airline distribution platform
TRIPTripadvisor, Inc.NASDAQ · small · 3 NLIs
metasearch and Viator experience bookings
Lane 10.2Betting, Boats, and HobbiesRecreation Products and Wagering3 niches
Casinos and Sports Betting
Wagering Floors and Sportsbooks
The floor, the sportsbook, the parlay slip
In · Out

In: casinos, betting, lotteries. Out: video games (Video Games, Screens and Stories)

13 companies · open the pool
FLUTFlutter Entertainmentlarge · 2 NLIs
FanDuel is the sportsbook and the parlay slip
LVSLas Vegas Sandslarge
integrated resorts earning on the gaming floor
VICIVICI Propertieslarge · 2 NLIs
casino property owner, nothing agricultural
BYDBoyd Gaming Corp.mid · 1 NLIs
regional casino operator
CHDNChurchill Downs IncorporatedNASDAQ · mid
Kentucky Derby plus TwinSpires wagering, long-run compounder
CZRCaesars Entertainmentmid · 1 NLIs
largest US casino floor footprint
DKNGDraftKingsmid
online sportsbook and iGaming
GLPIGaming and Leisure Propertiesmid · 1 NLIs
regional casino landlord
MCRIMonarch Casino & Resort, Inc.NASDAQ · mid
family owner-operator, self-funded high-ROIC property builder
MGMMGM Resortsmid · 4 NLIs
Strip casino operator with BetMGM
MLCOMelco Resorts & Entertainmentmid · 1 NLIs
Macau casino resorts and gaming floors
PENNPenn National Gaming Inc.mid · 3 NLIs
regional casinos and online sportsbook
RRRRed Rock Resorts, Inc.NASDAQ · mid
Fertitta family owner-operator, high-return Vegas locals assets
Boats, RVs, and ATVs
Trailered Recreation Machines
The driveway toy under the tarp all winter
In · Out

In: boats, RVs, ATVs, recreational motorcycles, and their dealers. Out: the road-registered daily ride (Carmakers, Getting Around)

9 companies · open the pool
PATKPatrick Industries Inc.mid · 1 NLIs
components for RV, marine, powersports makers
THOThor Industries, Inc.NYSE · mid · 2 NLIs
largest RV manufacturer, the pool's clearest gap
BCBrunswicksmall · 3 NLIs
recreational boats and Mercury outboards
CWHCamping World Holdings, Inc.NYSE · small
founder-operator RV dealer network, dealers explicitly In
DOOOBRPsmall
Ski-Doo, Sea-Doo, and Can-Am are trailered recreation
HZOMarineMax Inc.small · 2 NLIs
boat and yacht dealership chain
MBUUMalibu Boats, Inc.NASDAQ · small · 1 NLIs
share-leading performance boat maker, historically high returns
PIIPolarissmall · 2 NLIs
off-road machines trailered to the trail dominate revenue
WGOWinnebago Industries Inc.small · 1 NLIs
recreational vehicles and boats
Toys, Bikes, and Hobby Gear
Play and Hobby Products
The hobby aisle and the bike rack at the trailhead
In · Out

In: toys, bikes, sporting goods, home fitness machines. Out: the gym membership (Gyms, Coaching, and Nutrition, Health and Body); the shoes and jerseys (T-Shirts, Jeans, and Everyday Brands, What You Wear and Carry)

11 companies · open the pool
ASOAcademy Sports and Outdoors Inc.mid · 1 NLIs
sporting goods and outdoor retail chain
CALYCallaway Golf Co.mid · 2 NLIs
golf clubs, balls, and golf apparel
DKSDick's Sporting Goodsmid · 2 NLIs
the sporting goods and bike aisle you walk
HASHasbromid · 1 NLIs
toys, board games, and the Magic hobby aisle
PTONPeloton Interactive Inc.mid · 1 NLIs
home fitness bikes and treadmills with subscriptions
BBWBuild-A-Bear Workshop Inc.small · 1 NLIs
make-your-own stuffed animal toy stores
GOLFAcushnet Holdingssmall
golf equipment is sporting goods; FootJoy is the minority line
JOUTJohnson Outdoors Inc.NASDAQ · small · 1 NLIs
Johnson family owner-operator, net-cash outdoor recreation gear
MATMattelsmall · 2 NLIs
Barbie and Hot Wheels are the toy aisle
RGRSturm Rugersmall · 1 NLIs
makes sporting firearms sold through outdoor retailers
BYRNByrna Technologies Incmicro · 1 NLIs
sells less-lethal personal defense launchers to consumers
Lane 10.3Out for the DayVenues and Live Events2 niches
Theme Parks, Stadiums, and Rinks
Day-Ticket Attractions
The gate, the wristband, the seventh-inning stretch
In · Out

In: places sold by ticket or day use for an outing. Out: places sold by recurring membership for personal fitness (Gyms, Coaching, and Nutrition, Health and Body)

12 companies · open the pool
DISWalt Disneylarge · 23 NLIs
Experiences is a day-ticket gate business and its largest profit pool
BATRKAtlanta Braves Holdings, Inc.NASDAQ · mid · 1 NLIs
only pure-play listed MLB team plus Truist Park and The Battery
MANUManchester United plcmid · 3 NLIs
football club selling match tickets and rights
MSGSMadison Square Garden Sports Corp.NYSE · mid · 4 NLIs
Knicks and Rangers gate at the Garden, scarce asset
MTNVail Resortsmid · 4 NLIs
ski areas sold by lift ticket and season pass, a day-use outing
FBYDFalcon's Beyond Global, Inc.small
designs attractions and operates Katmandu parks and resorts; going-concern flag
FUNSix Flags Entertainmentsmall
regional amusement parks sold by day ticket and season pass
LUCKLucky Strike Entertainment CorporationNYSE · small
founder-led pay-per-play bowling and venue roll-up, day use not membership
PLAYDave & Buster's Ent. Inc.small · 2 NLIs
day-use arcade and entertainment venues
PRKSUnited Parks & Resortssmall
SeaWorld and Busch Gardens gates sold by ticket
PRSUPursuit Attractions and Hospitalitysmall · 1 NLIs
operates ticketed attractions and destination lodges
SEGSeaport Entertainment Groupsmall · 2 NLIs
ballpark, baseball team, seaport entertainment district
Movie Theaters and Live Shows
Exhibition and Live Events
The ticket stub and the lights going down
In · Out

In: theaters, concerts, live events. Out: the studio that made the film (Streaming and Studios, Screens and Stories)

11 companies · open the pool
FWONKLiberty Media Corp Formula One Series Clarge · 3 NLIs
stages Formula One and MotoGP race events and owns the media rights
LYVLive Nation Entertainmentlarge · 8 NLIs
concert promotion, venues, and Ticketmaster are live events
TKOTKO Group Holdings, Inc.NYSE · large · 1 NLIs
UFC and WWE live event producer with scarce rights
CNKCinemark Holdings, Inc.NYSE · mid
best-capitalized large exhibitor, disciplined operator
EPREPR Propertiesmid
largest tenant category is theatres, then eat-and-play venues
IMAXIMAX CorporationNYSE · mid
royalty-model premium exhibition brand, high incremental margin
LLYVALiberty Media Corp. Series A Livemid · 2 NLIs
holds the Live Nation stake, share class
LLYVKLiberty Media Corp. Series C Livemid · 2 NLIs
holds Live Nation concert stake, share class
MSGEMadison Square Garden Entertainment Corp.NYSE · mid · 1 NLIs
irreplaceable live venues, MSG and Radio City
SPHRSphere Entertainment Co.mid · 2 NLIs
Las Vegas Sphere venue and its shows
STUBStubhub Holdings Inc Class Amid · 2 NLIs
resale marketplace for concert and event tickets

Out of the Ground

What gets dug, pumped, and grown, sold by the barrel and the tonne, before anyone brands it.

218 companies pooled in this arena
Lane 11.1Oil and GasWells, Barrels, and Lines4 niches
Drilling and the Patch
Wellhead Barrels
The rigs, the leases, the royalty check
In · Out

In: finding and producing oil and gas. Out: the refined gallon and the pump (Refineries and Gas Stations, Getting Around)

39 companies · open the pool
ARAntero Resourceslarge · 3 NLIs
produces Appalachian natural gas and liquids
CNQCanadian Natural Resourceslarge · 3 NLIs
upstream operator of long-life oil sands and gas
COPConocoPhillipslarge · 7 NLIs
pure exploration and production, owns the wells
DVNDevon Energy Corp.large · 5 NLIs
produces shale oil and gas
EOGEOG Resourceslarge · 2 NLIs
shale operator finding and producing its own barrels
EQTEQT Corp.large · 4 NLIs
produces Appalachian natural gas
EXEExpand Energy Corp.large · 2 NLIs
produces natural gas from shale wells
OVVOvintiv Inc.large · 1 NLIs
shale oil and gas producer
PRPermian Resources Corp.large · 2 NLIs
Permian Basin oil and gas producer
TOU.TOTourmaline Oil Corp.TSX · large
Canada's largest gas producer, owner-operator led, lowest-cost Montney and Deep Basin acreage
TPLTexas Pacific Land CorporationNYSE · large
pure Permian land and royalty owner, ~894k surface acres, near-100% margin water royalties, no drilling capital
VNOMViper Energy, Inc.large · 1 NLIs
owns Permian mineral and royalty interests, the royalty check on production
APAAPA Corp.mid · 3 NLIs
oil and gas exploration and production
BKVBkv Corporationmid · 1 NLIs
Barnett and Marcellus natural gas producer
BSMBlack Stone Minerals L.P.mid · 2 NLIs
oil and gas mineral and royalty interests
CHRDChord Energymid · 1 NLIs
Williston Basin oil and gas producer
CNXCNX Resources Corp.mid · 1 NLIs
produces Appalachian natural gas
CRGYCrescent Energy Inc Amid · 2 NLIs
produces oil and gas, share class A
CRKComstock Resources Inc.mid · 1 NLIs
drills and produces Haynesville natural gas
FANGDiamondback Energymid · 2 NLIs
Permian E&P operator
MTDRMatador Resources Co.mid · 2 NLIs
Delaware Basin oil and gas producer
NFGNational Fuel Gasmid · 1 NLIs
Appalachian gas producer with pipelines and utility
NOGNorthern Oil and Gas Inc.mid · 2 NLIs
non-operated oil and gas working interests
OXYOccidental Petroleummid · 5 NLIs
Permian E&P operator; chemicals is the minority arm
PEY.TOPeyto Exploration & Development Corp.mid · 1 NLIs
Alberta deep basin natural gas producer
PSK.TOPrairieSky Royalty Ltd.TSX · mid
Canada's pure mineral-title royalty company, no capex, Q2 2026 revenue C$178M on 54% net margin
RRCRange Resources Corp.mid · 2 NLIs
Appalachian natural gas producer
VISTVista Oil & Gas, S.A.B. de C.V.mid · 2 NLIs
Vaca Muerta shale oil producer
BTEBaytex Energy Corp.small · 1 NLIs
Canadian oil and gas producer
CEICoelacanth Energy Inc.small
Montney oil and gas producer in northeast BC
IPOInPlay Oil Corp.small
light oil producer in west central Alberta
REIRing Energy Inc.small · 1 NLIs
produces oil and gas from Permian wells
REPXRiley Exploration Permian Insmall · 1 NLIs
produces oil and gas from Permian wells
SDSandRidge Energy Inc.small · 2 NLIs
produces oil and gas from owned wells
TALOTalos Energy Inc.small · 2 NLIs
offshore Gulf oil and gas producer
TNZTenaz Energy Corp.small
produces Dutch North Sea gas and Alberta oil
VTSVitesse Energy Inc.small · 1 NLIs
owns non-operated oil and gas well interests
WHKWhitehawk Minerals Corp Cl Asmall · 1 NLIs
owns natural gas mineral and royalty interests
BATLBattalion Oil Corp.micro · 1 NLIs
Delaware Basin oil and gas producer
Rigs, Crews, and Frac Trucks
Oilfield Crews and Kit
The service convoys on the lease road
In · Out

In: drilling contractors, oilfield crews and gear. Out: the operator who owns the well (Drilling and the Patch)

26 companies · open the pool
BKRBaker Hugheslarge · 2 NLIs
oilfield services still the larger half despite LNG turbomachinery
FTITechnipFMClarge · 2 NLIs
subsea production equipment and installation services
HALHalliburtonlarge · 1 NLIs
completions and pressure pumping crews
SLBSLBlarge · 8 NLIs
the largest oilfield crew-and-kit provider
TSTenarislarge
oilfield tubulars are consumed gear; steelmaking is means not market
INVXInnovex International, Inc.mid
wellhead and completion equipment for oilfield crews
LBRTLiberty Oilfield Services Inc.mid · 1 NLIs
hydraulic fracturing service crews
NESRNational Energy Services Reunited Corp.mid · 3 NLIs
oilfield service crews and equipment across MENA
NOVNov Inc.mid · 4 NLIs
oilfield drilling equipment maker
SDRLSeadrill Ltdmid · 2 NLIs
offshore drilling rig contractor
TDWTidewater Inc.mid · 3 NLIs
runs offshore supply vessels for oilfields
WFRDWeatherford International plcmid · 2 NLIs
provides oilfield services and equipment
WHDCactus, Inc.NYSE · mid
highest-return operator in oilfield kit, Cactus Wellhead pressure control plus spoolable pipe, founder-led
CLBCore Laboratories Inc.small · 1 NLIs
reservoir core analysis and well completion services
FTKFlotek Industries, Inc.small · 2 NLIs
oilfield chemistry and measurement units sold to well operators
HLXHelix Energy Solutionssmall · 2 NLIs
offshore well intervention and decommissioning
HPHelmerich & Paynesmall · 2 NLIs
land drilling contractor, owns rigs not leases
NBRNabors Industries Ltd.small · 1 NLIs
contract land drilling rigs
NENoble Corporationsmall · 2 NLIs
offshore drilling contractor, sells rig days not barrels
PDSPrecision Drilling CorporationNYSE · small
largest Canadian land drilling contractor, aggressive debt paydown and buybacks, TSX: PD
PTENPatterson-UTI Energysmall · 2 NLIs
drilling and completions contractor, the service convoy itself
RESRPC Inc.small · 1 NLIs
pressure pumping and oilfield service crews
RIGTransoceansmall · 2 NLIs
contract driller for hire, not the operator who owns the well
VALValarissmall · 1 NLIs
offshore drilling contractor
VTOLBristow Group Inc.small · 1 NLIs
flies crews to offshore oil platforms
SMHISEACOR Marine Holdings Inc.micro · 2 NLIs
offshore support vessels for oilfields
Pipelines and Tank Farms
Midstream Gathering and Terminals
The right-of-way markers and the tank farm on the horizon
In · Out

In: pipelines, gathering, storage. Out: the local gas main to your house (The Power and Gas Bill, Where You Live)

13 companies · open the pool
AMAntero Midstream Corp.large · 2 NLIs
gathers and moves gas through pipelines
ENBEnbridgelarge · 1 NLIs
continental liquids and gas transmission network
EPDEnterprise Products Partnerslarge · 6 NLIs
gathering, processing, storage, export docks
ETEnergy Transferlarge · 4 NLIs
pipeline and terminal footprint
KMIKinder Morganlarge · 1 NLIs
natural gas pipelines and storage terminals
LNGCheniere Energylarge
liquefaction terminals are the midstream terminal end of the label
MPLXMPLX LPNYSE · large · 2 NLIs
Marathon-sponsored MLP, Permian and Marcellus gathering plus product logistics, 12.5% distribution growth locked to 2027
OKEONEOK Inc.large · 2 NLIs
natural gas pipelines and processing
PBAPembina Pipeline CorporationNYSE · large
Western Canada gathering, processing and terminals, ~4% fee-based EBITDA growth self-funded, TSX: PPL
TRGPTarga Resources Corp.large · 2 NLIs
gas gathering, processing, and NGL pipelines
TRPTC Energylarge · 1 NLIs
natural gas transmission pipelines
WMBWilliams Companieslarge · 3 NLIs
interstate gas transmission backbone
KEY.TOKeyera Corp.TSX · mid
Edmonton and Fort Saskatchewan condensate and fractionation franchise, 7% dividend CAGR since 2008
The Big Oil Companies
Upstream and Integrated Producers
The supermajor logo on the earnings headline
In · Out

In: the majors' exploration and production side. Out: their forecourts and refineries, met at the pump (Refineries and Gas Stations, Getting Around)

10 companies · open the pool
CVXChevronmega · 12 NLIs
integrated supermajor
SHELShellmega · 5 NLIs
integrated supermajor with upstream and LNG core
XOMExxon Mobilmega · 11 NLIs
integrated major, upstream side is the headline
BPBPlarge · 4 NLIs
integrated major
EQNREquinor ASANYSE · large · 2 NLIs
Norwegian state-backed major, 2.1 Mboe/d and 5.2 Bboe reserves, $7.7B quarterly operating cash flow
IMOImperial Oil Limitedother · large · 2 NLIs
Exxon-controlled (69.6%) Canadian integrated, disciplined buyback machine, NYSE American and TSX: IMO
PBR.APetroleo Brasil Sp Pref ADRlarge · 2 NLIs
Brazilian integrated oil producer, share class
SUSuncor Energy Inc.NYSE · large · 4 NLIs
integrated oil sands producer with upgrading and refining, Q2 2026 adjusted EPS C$3.23 beat, TSX: SU
TTETotalEnergieslarge · 2 NLIs
integrated major, production side dominates
YPFYPF S.A.large · 1 NLIs
Argentine integrated oil and gas producer
Lane 11.2Mines, Metals, and QuarriesOre Bodies and Smelters6 niches
Copper and Iron Mines
Open-Pit and Base-Ore Extraction
The open pit you can see from space
In · Out

In: base and diversified metal mining. Out: the smelted ingot (Aluminum Smelters); the machines digging it (Heavy Machines and Yellow Iron, Getting Around)

19 companies · open the pool
BHPBHP Grouplarge
diversified iron ore and copper extraction
CSCapstone Copper Corp.large
copper mines in Chile, Mexico and Arizona
FCXFreeport-McMoRanlarge · 1 NLIs
the Grasberg and Morenci open pits
LUN.TOLundin Mining CorporationTSX · large
Lundin family owner-operator copper platform, Q1 2026 $627M EBITDA on $1.2B revenue
RIORio Tintolarge
iron ore and copper open pits
SCCOSouthern Copperlarge
open-pit copper extraction
TECKTeck Resourceslarge · 2 NLIs
copper and zinc miner
VALEValelarge · 2 NLIs
iron ore and nickel extraction
EROEro Copper Corpmid · 3 NLIs
Brazilian copper miner
FM.TOFirst Quantum Mineralsmid
copper and nickel mining
IVN.TOIvanhoe Minesmid
Kamoa-Kakula copper extraction
MPMP Materialsmid · 1 NLIs
Mountain Pass is open-pit ore extraction; rare earths are not precious
ALS.TOAltius Minerals CorporationTSX · small
diversified base-metal and potash royalty portfolio across 11 operating mines, record C$30M quarterly royalty revenue
BMMBlue Moon Metals Incsmall · 1 NLIs
copper and zinc project developer
IIIImperial Metals Corporationsmall
Red Chris and Mount Polley copper mines
LACLithium Americassmall
open-pit lithium developer, neither precious nor strictly base, gap in the tree
LIF.TOLabrador Iron Ore Royalty CorporationTSX · small
pure royalty and 15.1% equity on Rio Tinto's Iron Ore Company of Canada, no operating capital at risk
NAKNorthern Dynasty Minerals Ltdsmall · 1 NLIs
Pebble copper-gold deposit developer
UAMYUnited States Antimony Corporationsmall
mines and smelts antimony, a base metal, plus zeolite
Gold and Silver Mines
Gold and Silver Extraction
The headline metal price and the mine behind it
In · Out

In: gold, silver, precious mining. Out: the ring on the finger (Watches, Jewelry, and Bags, What You Wear and Carry)

42 companies · open the pool
AEMAgnico Eagle Mineslarge · 3 NLIs
gold extraction
AGIAlamos Gold Inc.large · 1 NLIs
gold miner
AUAngloGold Ashanti Ltd.large · 3 NLIs
mines gold globally
BBarrick Mininglarge · 5 NLIs
tier-one gold with copper attached
CDECoeur Mining Inc.large · 1 NLIs
mines and sells gold and silver
EQXEquinox Gold Corplarge · 2 NLIs
gold miner across the Americas
FNVFranco-Nevadalarge · 3 NLIs
royalties not mines, but the encounter is the metal price and the mine behind it
GFIGold Fields Ltd.large · 2 NLIs
gold mining across four continents
KGCKinross Gold Corp.large · 3 NLIs
gold miner
LUG.TOLundin Gold Inc.TSX · large
single-asset Fruta del Norte, among the highest-grade gold mines worldwide, 475-525koz 2026 guidance
NEMNewmontlarge · 4 NLIs
the largest gold miner
RGLDRoyal Gold, Inc.NASDAQ · large · 3 NLIs
gold streaming and royalty compounder, absorbed Sandstorm and Horizon Copper in October 2025
WPMWheaton Precious Metalslarge · 2 NLIs
streams not shafts, same precious-price exposure
AAUCAllied Gold Corporationmid
producing gold mines in Egypt, Mali and Cote d'Ivoire
AYAAya Gold & Silver Inc.mid
Zgounder silver mine in Morocco
BTGB2Gold Corp.mid · 2 NLIs
gold miner
CGAUCenterra Gold Incmid · 1 NLIs
gold and copper miner
EDREndeavour Silver Corp.mid
silver producer at Guanacevi and Terronera
EGOEldorado Gold Corp.mid · 1 NLIs
mines gold in Turkey and Greece
FSMFortuna Mining Corp.mid · 1 NLIs
gold and silver miner
KNTK92 Mining Inc.mid
Kainantu gold mine in Papua New Guinea
NGNovaGold Resourcesmid · 1 NLIs
gold development project owner
OGCOceanaGold Corporationmid · 1 NLIs
Haile, Didipio and Macraes gold mines
PAASPan American Silvermid · 2 NLIs
silver and gold extraction
SASeabridge Gold Inc.mid · 1 NLIs
gold development projects, no production yet
TFPMTriple Flag Precious Metals Corp.NYSE · mid
242-asset streaming and royalty book, record Q1 2026 revenue $147M, over $1B liquidity, also TSX: TFPM
WDOWesdome Gold Mines Ltd.mid
Eagle River and Kiena gold mines
AGFirst Majestic Silversmall
silver extraction pure play
APMAndean Precious Metals Corp.small
silver and gold producer at San Bartolome and Golden Queen
ASMAvino Silver & Gold Mines Ltd.small
producing Avino silver-gold mine in Durango
ELEElemental Royalty Corporationsmall
royalties over 18 producing mines, $43.6M royalty revenue
GROYGold Royalty Corp.small
gold royalty portfolio with $15.6M of cash royalty revenue
HLHecla Miningsmall · 2 NLIs
silver and gold extraction
IDRIdaho Strategic Resources, Inc.small
Golden Chest gold mine, 12.5koz produced in 2025
MAIMining Americas Inc.small
renamed Minera Alamos; produces gold at Santana and Pan
MKOMako Mining Corp.small
San Albino gold mine in Nicaragua
MTAMetalla Royalty & Streaming Ltd.small
gold and silver royalty portfolio, $11.7M of royalty revenue
OGGOsisko Gold Group Inc.small
produces gold at Tintic while building Cariboo
SBSWSibanye Stillwatersmall
PGM and gold extraction
THXThor Explorations Ltd.small
Segilola gold mine in Nigeria, 94koz sold in 2025
VOXRVox Royalty Corp.small
70+ royalties, 12 producing, $16.6M received in 2025
MINEMayfair Gold Corpmicro · 1 NLIs
Ontario gold project developer
Coal Mines
Dug Fuel
The unit train of black cars headed for the plant
In · Out

In: coal mining; coal is dug, not pumped. Out: the plant burning it (Power Plants and Power Traders, Chips, Networks, and Power)

8 companies · open the pool
CCJCamecolarge · 1 NLIs
uranium mined like coal: dug, not pumped
ARLPAlliance Resource Partners, L.P.NASDAQ · mid · 2 NLIs
owner-operator MLP, second largest eastern US coal producer plus 115,680 net royalty acres in oil and gas
CNRCore Natural Resources, Inc.NYSE · mid · 1 NLIs
CONSOL and Arch merger of equals, low-cost longwall portfolio, 75% of free cash flow returned
AMRAlpha Metallurgical Resourcessmall · 1 NLIs
met coal pure play
BTUPeabody Energysmall
thermal and met coal mining
HCCWarrior Met Coalsmall · 3 NLIs
met coal mining for export
METCRamaco Resources, Inc.NASDAQ · small
low-cost Appalachian met coal, cash cost under $100/ton four straight quarters, plus Brook Mine rare earths
NRPNatural Resource Partnerssmall · 1 NLIs
coal royalty owner plus soda ash stake
Steel Mills
Steel Production
The glowing coil on the mill floor
In · Out

In: steelmaking. Out: the beam specified for a jobsite (Building Supplies, Where You Live)

9 companies · open the pool
ATIAllegheny Technologies Inc.large · 2 NLIs
specialty titanium and nickel melter, beside CRS its direct peer
CRSCarpenter Technology CorporationNYSE · large · 3 NLIs
specialty alloy melter with real pricing power, FY2026 SAO adjusted operating margin 33.1%
NUENucorlarge · 3 NLIs
mini-mill steelmaking
CMCCommercial Metals CompanyNYSE · mid
EAF rebar and merchant bar minimill, Q2 FY2026 core EBITDA up 114% year over year
MTArcelorMittalmid · 2 NLIs
integrated global steelmaking
PKXPOSCO Holdingsmid
steelmaking dominates despite battery materials
STLDSteel Dynamicsmid
EAF steelmaking
TXTernium S.A.NYSE · mid · 1 NLIs
Techint-controlled Latin American steelmaker, Pesquería expansion at full capacity October 2026
CLFCleveland-Cliffssmall · 2 NLIs
integrated steelmaking with captive iron ore
Aluminum Smelters
Aluminum Production
The smelter with its own power contract
In · Out

In: aluminum production. Out: the can it becomes (Boxes, Bottles, and Cans, Running a Business)

4 companies · open the pool
AAAlcoamid
bauxite, alumina and primary smelting
CENXCentury Aluminumsmall
US primary smelting with its own power contracts
CSTMConstelliumsmall
aluminum production but rolling and recycling, no smelter
KALUKaiser Aluminumsmall · 2 NLIs
semi-fabricated aluminum, downstream of the smelter
Cement, Gravel, and Concrete
Quarry and Batch-Plant Output
The quarry, the batch plant, the mixer truck
In · Out

In: cement, aggregates, ready-mix by the tonne. Out: trade-specified building products (Building Supplies, Where You Live)

10 companies · open the pool
AMRZAmrize Ltdlarge · 3 NLIs
cement, aggregates, and ready mix producer
CRHCRHlarge · 5 NLIs
aggregates, cement, and asphalt by the tonne
CXCemexlarge · 2 NLIs
cement, aggregates, and ready-mix by the tonne
MLMMartin Marietta Materialslarge · 3 NLIs
aggregates and cement by the tonne
VMCVulcan Materialslarge · 6 NLIs
aggregates by the tonne
EXPEagle Materials Inc.NYSE · mid · 2 NLIs
low-cost US cement and aggregates network, cement segment up 10% to $1.43B on infrastructure demand
KNFKnife River CorporationNYSE · mid · 1 NLIs
aggregates-led ready-mix roll-up, three Mountain Segment bolt-ons closed in 2026 alone
TTAMTitan America SAmid · 1 NLIs
cement, aggregates, and ready-mix producer
CPACCementos Pacasmayo Saa ADRsmall · 1 NLIs
Peruvian cement and ready-mix producer
USLMUnited States Lime & Minerals, Inc.NASDAQ · small
quarry-and-kiln lime pure-play with exceptional returns, Q2 2026 revenue $99.1M up 8.3%
Lane 11.3Tank Cars, Drums, and CylindersBulk and Formulated Compounds3 niches
Plastics, Resins, and Solvents
Bulk Tonnage Compounds
The tank cars on the siding and the pellets in the hopper
In · Out

In: bulk compounds sold by the tanker. Out: crop inputs (Seed, Feed, and Fertilizer, Food and Drink)

9 companies · open the pool
CECelanese Corp.mid · 2 NLIs
acetyl chemicals and engineered polymers
DOWDowmid · 3 NLIs
bulk packaging plastics and industrial intermediates
EMNEastman Chemicalmid
specialty plastics and intermediates still sold by the tonne
LYBLyondellBasellmid · 3 NLIs
polyolefin pellets sold by the tonne
MEOHMethanex CorporationNASDAQ · mid · 1 NLIs
world's largest methanol supplier sold by the tanker, OCI international business acquired 2025, TSX: MX
WLKWestlake Corporationmid
vinyls and chlor-alkali tonnage lead the mix
BAKBraskemsmall
polyethylene and polypropylene resin producer
HUNHuntsmansmall · 3 NLIs
MDI polyurethane tonnage
OLNOlin Corporationsmall · 4 NLIs
chlor-alkali and epoxy shipped by tank car
Coatings, Catalysts, and Additives
Formulated Industrial Inputs
The drum of the one formula the plant can't run without
In · Out

In: industrial and OEM formulations sold on spec. Out: paint sold off a retail shelf (Hardware Stores and Pro Desks, Where You Live); fab-qualified materials (Chip Factory Machines and Supplies, Chips, Networks, and Power)

16 companies · open the pool
ECLEcolablarge · 4 NLIs
Nalco water and cleaning chemistry sold on spec to plants and kitchens
RPMRPM International Inc.large · 1 NLIs
formulates coatings, sealants, and roofing systems
ASHAshland Global Holdings Inc.mid · 1 NLIs
specialty additives and pharma excipients
DDDuPont de Nemoursmid · 2 NLIs
post-Qnity it is engineered materials on spec, not bulk tonnage
ESIElement Solutions Incmid · 2 NLIs
specialty chemistry for electronics assembly
FULH.B. Fuller Co.mid · 2 NLIs
formulated industrial adhesives sold on spec
HWKNHawkins Inc.mid · 2 NLIs
blends specialty chemicals for water treatment
IFFInternational Flavors & Fragrancesmid · 5 NLIs
formulated ingredients sold on spec to brand owners
NEUNewMarket CorporationNYSE · mid
Gottwald family owner-operator, Afton petroleum additives sold on spec, Q2 2026 segment operating profit $149.4M
PPGPPG Industriesmid · 3 NLIs
industrial and OEM coatings sold on spec
SOLSSolstice Adv Materials Incmid · 1 NLIs
refrigerants and specialty electronic materials
EAFGrafTech International Ltd.small · 1 NLIs
graphite electrodes consumed by steel mills
IOSPInnospec Inc.NASDAQ · small
fuel specialties and performance chemicals formulator, net cash balance sheet, dividend raised 10% in 2026
KOPKoppers Holdings Inc.small · 1 NLIs
wood preservation chemicals and carbon compounds
KWRQuaker HoughtonNYSE · small
global leader in industrial process fluids, the formulated drum a metalworking plant cannot run without
OECOrion SAsmall · 3 NLIs
carbon black for tires and coatings
Oxygen, Helium, and Tank Gases
Cylinder and Bulk Gas Supply
The cylinder cage behind every shop and hospital dock
In · Out

In: industrial gas production and delivery. Out: the fab's qualified supply chain (Chip Factory Machines and Supplies, Chips, Networks, and Power)

4 companies · open the pool
APDAir Productslarge · 7 NLIs
bulk gases and hydrogen, no fab-tooling business
LINLindelarge · 7 NLIs
industrial gas production and on-site delivery
4088.TAir Water Inc.other · mid
Japan's number two industrial gas group, on-site and cylinder supply with national pipeline network, Tokyo Prime
8088.TIwatani Corporationother · mid
~70% of Japan's hydrogen market and 100% of liquid hydrogen supply, cylinder and bulk gas distribution, Tokyo Prime
Lane 11.4Trees and PaperTimber and Pulp Processing2 niches
Timber and Lumber Mills
Timberland and Sawn Wood
The log trucks and the stacked units at the mill
In · Out

In: timberland, sawmills, commodity lumber. Out: trade-specified millwork (Building Supplies, Where You Live)

6 companies · open the pool
RYNRayoniermid · 1 NLIs
timberland ownership, the niche's first half
WFGWest Fraser Timbermid
commodity lumber and panel mills
WYWeyerhaeusermid · 4 NLIs
timberland and sawn wood
ADN.TOAcadian Timbersmall
eastern Canada timberland pure play
CFP.TOCanforsmall
commodity lumber and pulp mills
PCHPotlatchDelticsmall
timberland plus lumber manufacturing
Paper Mills
Pulp and Roll Production
The rolls of paper taller than the forklift driver
In · Out

In: pulp and paper. Out: the box converter (Boxes, Bottles, and Cans, Running a Business); the printed banner (Print Shops and Sign Makers, Running a Business)

3 companies · open the pool
SUZSuzanomid
the largest market pulp producer
CLWClearwater Papersmall · 1 NLIs
paperboard mills after the tissue divestiture
SLVMSylvamosmall
uncoated printing paper mills

Care, Schooling, and Public Safety

The places a household hands over a child, a pet, a student, or a call for help, and the programs the public funds together, defense included.

69 companies pooled in this arena
Lane 12.1Kids and CaregiversNon-Clinical Care and Support2 niches
Daycare and Preschool
Early Childhood Programs
The drop-off line and the cubby with their name on it
In · Out

In: childcare and preschool. Out: kindergarten onward (Grade Schools and High Schools); the pediatrician (Kids' Checkups, Health and Body)

6 companies · open the pool
BFAMBright Horizons Family SolutionsNYSE · mid · 2 NLIs
employer-sponsored early education and childcare, the highest-quality operator here
2749JP-Holdingsother · small
~200 licensed Japanese nursery schools plus after-school clubs, Tokyo
KLCKinderCare Learning CompaniesNYSE · small
1,500+ US early childhood centers, IPO'd 2024
6189Global Kids Companyother · micro
188 licensed Japanese nurseries, ¥9.7B cap; pure-play, profits up 185% YoY
7358Poppins Corporationother · micro
Japanese nanny, babysitting and educare pure-play, ¥17.0B cap
GEMG8 Educationother · micro
Australia's largest listed childcare operator, 430+ centres; A$116M after an 84% drawdown
Caregivers and Adult Day Programs
Daily Living Support
The aide who helps with groceries and showers, no chart involved
In · Out

In: non-clinical home support, adult day programs, disability supports. Out: clinician-billed home health (Home Aides and Senior Living, Health and Body)

3 companies · open the pool
ADUSAddus HomeCareNASDAQ · mid
77% of revenue is non-medical personal care with activities of daily living
AMBEAAmbea ABother · small
Nytida disability and psychosocial supports across the Nordics, Nasdaq Stockholm
ATTAttendo ABother · small
LSS group housing and individual/family support, ~800 units, Nasdaq Stockholm
Lane 12.2Schools and LearningEducation and Training3 niches
Grade Schools and High Schools
Primary and Secondary Schooling
The bell schedule, the bus line, the parent portal
In · Out

In: K-12 school operators, charter and private school groups. Out: the preschool years (Daycare and Preschool); the degree after (Colleges and Trade Schools)

3 companies · open the pool
ACADAcadeMedia ABother · small
Northern Europe's largest independent primary and secondary school operator, Nasdaq Stockholm
LRNStridesmall · 1 NLIs
operates online K-12 public and charter schools
1317China Maple Leaf Educational Systemsother · micro
bilingual K-12 private school operator across China and SE Asia; HK$503M, only way to reach three
Colleges and Trade Schools
Degree and Trade Programs
The campus, the shop floor classroom, the tuition bill
In · Out

In: higher ed, trade schools, apprenticeship programs. Out: K-12 (Grade Schools and High Schools)

6 companies · open the pool
CVSACovista Inc (formerly Adtalem Global Education)NYSE · mid
largest US healthcare educator; Chamberlain, Walden, medical and veterinary schools
LOPEGrand Canyon Educationmid
services the university and its degree programs
AFYAAfya LimitedNASDAQ · small · 1 NLIs
Brazil's leading medical school group, regulated seat capacity is a durable moat
LINCLincoln Educational ServicesNASDAQ · small · 1 NLIs
the other large US technical college group, revenue +22.5% YoY
PRDOPerdoceo Education Corp.small · 1 NLIs
operates for-profit universities granting degrees
UTIUniversal Technical InstituteNYSE · small
the shop-floor classroom archetype: transportation, skilled trades and Concorde health campuses
Tutoring, Test Prep, and Online Courses
Supplemental Learning Platforms
The Tuesday-night tutor and the course in the browser tab
In · Out

In: tutoring, test prep, online learning, corporate training. Out: the degree itself (Colleges and Trade Schools)

8 companies · open the pool
DUOLDuolingomid
app-based supplemental language learning plus the English Test
EDUNew Oriental Educationmid · 1 NLIs
tutoring centers and overseas test prep, not a school operator
GHCGraham Holdings Co.mid · 2 NLIs
Kaplan test prep and training is largest
PSOPearsonmid
assessment, VUE testing, online courseware, and corporate skills training, not trade publishing
TALTAL Education GroupNYSE · mid · 1 NLIs
largest surviving Chinese supplemental learning operator, net-cash balance sheet
COURCourserasmall
the course in the browser tab; partners grant the degree
DCBODoceboNASDAQ · small
founder-led corporate training platform; dual TSX listed
9795Step Co., Ltd.other · micro
exceptional pure-play, 163 owner-operated Kanagawa cram schools, ¥35.4B cap
Lane 12.3PetsPet Care and Products2 niches
The Vet's Office
Veterinary Care and Medicines
The exam table your dog trembles on
In · Out

In: vet clinics, animal medicines, diagnostics. Out: the food bowl (Pet Food, Toys, and Supplies)

7 companies · open the pool
MRKMerckmega · 10 NLIs
Merck Animal Health is a top-tier animal medicines maker
ELANElanco Animal HealthNYSE · large · 2 NLIs
large pure-play animal health portfolio, Seresto and Credelio
IDXXIDEXX LaboratoriesNASDAQ · large · 6 NLIs
companion-animal diagnostics standard of care, the obvious missing high-quality operator
ZTSZoetisNYSE · large · 6 NLIs
largest pure-play animal health medicines and vaccines franchise
VIRPVirbacother · mid
Dick family owns 50.09% and 66.2% of votes; world's 6th largest vet pharma, Euronext Paris
CVSGCVS Group plcother · small
~500 UK and Australian veterinary practices plus labs, the exam table itself; LSE main market
TRUPTrupanion Inc.small · 2 NLIs
pet medical insurance paid at vet
Pet Food, Toys, and Supplies
Pet Product Counters
The aisle your dog drags you down
In · Out

In: food formulated for an animal wherever it is made, plus supplies and their stores. Out: the vet bill (The Vet's Office); human groceries (Packaged Foods and Snacks, Food and Drink)

5 companies · open the pool
TSCOTractor Supplylarge · 2 NLIs
livestock and pet food and supplies is roughly half of sales
CHWYChewymid
online pet food and supply store
FRPTFreshpetNASDAQ · mid
fresh pet food pure-play with a branded-refrigerator distribution moat
SPBSpectrum Brands Holdings Inc.mid · 4 NLIs
pet care brands plus home and garden
PETPet Valu HoldingsTSX · small
franchised Canadian pet specialty retailer, high-return capital-light model
Lane 12.4Defense and Public SafetyNational Defense and Public Safety2 niches
Jets, Ships, and Defense Contracts
Program-of-Record Primes
The flyover, the shipyard gate, the program of record
In · Out

In: defense primes, military airframes, shipbuilding, space and defense programs. Out: the commercial jet at the gate (Planemakers and Jet Engines, Getting Around)

22 companies · open the pool
RTXRTX Corporationmega · 8 NLIs
Raytheon is a missile and program-of-record prime
BWXTBWX Technologies Inc.large · 2 NLIs
naval nuclear reactors for defense programs
CWCurtiss-WrightNYSE · large · 3 NLIs
naval nuclear propulsion and defense electronics content, highest-ROIC compounder in the niche
ESLTElbit SystemsNASDAQ · large
Federmann family controlled owner-operator, five defense segments
GDGeneral DynamicsNYSE · large · 3 NLIs
Electric Boat submarines and surface combatants, the shipyard-gate archetype the pool lacked
HIIHuntington Ingalls Industrieslarge · 1 NLIs
military shipbuilder
LDOSLeidos Holdingslarge · 1 NLIs
defense and intelligence program contractor
LHXL3Harris Technologies Inc.large · 3 NLIs
defense electronics and communications prime
LMTLockheed Martinlarge · 5 NLIs
pure programs of record, excluded by the Out sentence
NOCNorthrop Grumman Corp.large · 2 NLIs
defense prime on military aircraft and space programs
RKLBRocket Lab Corp.large · 2 NLIs
launch vehicles and space systems programs
AMTMAmentum Holdings, Inc.mid · 2 NLIs
runs defense, space and nuclear programs for government, 81% federal
DCODucommun Inc.mid · 1 NLIs
aerostructures and electronics for military programs
KBRKBR Inc.mid · 2 NLIs
engineering services on defense and space programs
LASRnLight Inc.mid · 1 NLIs
directed energy lasers for defense programs
MDAMDA Space Ltd.mid
satellites, space robotics and government space programs
ONDSOndas Inc.mid
drones and counter-drone systems, 98% of revenue military and government
PLPlanet Labs PBCmid · 1 NLIs
satellite imagery sold mostly to defense and government
PSNParsons Corp.mid · 1 NLIs
defense and intelligence program contractor
RCATRed Cat Holdings, Inc.mid
military ISR drones on the US Army SRR program
GHMGraham Corp.small · 2 NLIs
navy submarine and space program equipment
UMACUnusual Machines, Inc.small
drone motors and components, ~95% enterprise/defense by mid-2026
Guards, Fire Trucks, and Ambulances
Guarding and Emergency Fleets
The guard at the gate and the gear on the engine
In · Out

In: commercial guarding, emergency vehicles and equipment, response work. Out: the home keypad (Alarms, Cameras, and Locks, Where You Live); route-based workplace supply (Uniforms, Supplies, and Route Trucks, Running a Business)

9 companies · open the pool
MSIMotorola Solutionslarge · 7 NLIs
public safety radios, cameras, and dispatch, met as response equipment
FSSFederal SignalNYSE · mid
emergency warning systems and municipal response equipment, high-return serial compounder
MSAMSA Safetymid · 3 NLIs
safety equipment for fire and emergency services: breathing apparatus, helmets, gas detection
OSKOshkosh CorporationNYSE · mid · 6 NLIs
owns Pierce Manufacturing fire apparatus and the Striker ARFF; the pool had zero emergency-vehicle makers
PRMPerimeter Solutions SAmid · 2 NLIs
wildfire retardant supplied to public fire agencies
BCOBrinks Companysmall · 1 NLIs
armored transport and cash logistics guarding
EVLVEvolv Technologies Holdings, Inc.small · 1 NLIs
weapons screening at school, hospital and stadium entrances
MASS908 Devices Incsmall · 1 NLIs
handheld chemical threat detection devices
ZDCZedcor Inc.small
rents mobile surveillance towers that replace commercial guards
For Ryan's approval · tree 2026-08-13 · pools 2026-08-14

The map is drawn and the pools are filled. Both await your word.

The twelve arena names stand adjudicated from July. The forty-nine lanes, one hundred fifty-five niches, and the 1,907 companies pooled beneath them are the approval surface: approve wholesale, or mark lines to rework. On approval, the Niche Finder engine port begins and this map becomes the tree every member routes through.

12arenas · adjudicated
49lanes · for approval
155niches · for approval
1,907companies · pooled
152review findings adjudicated · both waves

The pools draft document carries eight asks that ride with the name approval, notably the BDC line, the pre-revenue mix, and the treatment of Barbers and Caregivers; the tree draft carries three flagged placement calls, each reversible at zero analytical cost. OTC-market handles are already out on your ruling; foreign home-exchange listings stay until you say otherwise. The full boundary record, the pools ledger, the private joinability report, and both review waves live in the Niche Finder docs, not on this page.