Industry CapEx Cycle Drill-down

MSCI ACWI · matched-base 12M capex YoY · latest 14 Jul 2026

Included Industries

Excluded Industries

Thin baskets

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Communication Services 5 Consumer Discretionary 7 Consumer Staples 6 Energy 2 Financials 0 Health Care 5 Industrials 14 Information Technology 6 Materials 5 Real Estate 5 Utilities 5

Largest absolute current z-score signals

Industry	Sector	YoY	5Y z-score	12M capex	Status
Software	Information Technology	+163.6%	+3.45	$314.8bn	Concentrated
Technology Hardware, Storage & Peripherals	Information Technology	+37.4%	+3.23	$148.9bn	Concentrated
Interactive Media & Services	Communication Services	+161.2%	+2.74	$624.0bn	Concentrated
Household Products	Consumer Staples	+9.7%	+2.10	$9.9bn	Core
Electronic Equipment, Instruments & Components	Information Technology	+28.6%	+2.07	$59.6bn	Core
Biotechnology	Health Care	+22.1%	+2.02	$8.8bn	Core
Aerospace & Defense	Industrials	+27.4%	+1.78	$41.4bn	Core
IT Services	Information Technology	+14.7%	+1.73	$48.3bn	Concentrated
Textiles, Apparel & Luxury Goods	Consumer Discretionary	-6.7%	-1.72	$14.9bn	Core
Broadline Retail	Consumer Discretionary	+88.0%	+1.71	$247.5bn	Concentrated
Gas Utilities	Utilities	-2.7%	-1.56	$23.1bn	Core
Ground Transportation	Industrials	-11.5%	-1.49	$36.0bn	Core
Semiconductors & Semiconductor Equipment	Information Technology	+44.6%	+1.47	$226.0bn	Core
Pharmaceuticals	Health Care	+0.5%	-1.40	$65.5bn	Core
Beverages	Consumer Staples	-2.6%	-1.36	$32.6bn	Core

Communication Services5 included · 0 excluded

Interactive Media & Services Diversified Telecommunication Services Wireless Telecommunication Services Entertainment Media

Industry	12M capex	YoY	5Y z-score	Matched	Coverage	Top 1	Top 3	Status
Interactive Media & Services	$624.0bn	+161.2%	+2.74	15	100.0%	35.6%	95.5%	Concentrated
Diversified Telecommunication Services	$220.8bn	-0.5%	+0.13	32	97.1%	32.3%	52.1%	Core
Wireless Telecommunication Services	$75.2bn	+3.9%	+1.35	24	100.0%	13.1%	33.8%	Core
Entertainment	$15.2bn	+15.8%	+0.83	25	100.0%	57.8%	72.9%	Concentrated
Media	$13.0bn	-4.3%	-1.28	8	90.9%	80.8%	87.5%	Concentrated

Interactive Media & Services matched-base capex YoY and z-score

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Diversified Telecommunication Services matched-base capex YoY and z-score

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Wireless Telecommunication Services matched-base capex YoY and z-score

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Entertainment matched-base capex YoY and z-score

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Media matched-base capex YoY and z-score

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Consumer Discretionary7 included · 3 excluded

Broadline Retail Automobiles Hotels, Restaurants & Leisure Specialty Retail Automobile Components Household Durables Textiles, Apparel & Luxury Goods

Industry	12M capex	YoY	5Y z-score	Matched	Coverage	Top 1	Top 3	Status
Broadline Retail	$247.5bn	+88.0%	+1.71	19	91.3%	87.5%	96.5%	Concentrated
Automobiles	$207.5bn	+5.1%	-0.29	40	89.1%	12.8%	30.8%	Core
Hotels, Restaurants & Leisure	$33.9bn	+4.1%	-0.16	41	100.0%	13.8%	35.8%	Core
Specialty Retail	$29.3bn	+6.4%	-0.87	33	97.1%	14.5%	33.8%	Core
Automobile Components	$22.2bn	-6.8%	-1.13	21	92.3%	11.8%	33.4%	Core
Household Durables	$17.1bn	-1.7%	-0.65	16	94.4%	22.9%	52.0%	Core
Textiles, Apparel & Luxury Goods	$14.9bn	-6.7%	-1.72	20	100.0%	37.5%	54.8%	Core

Excluded Industries (3)

Industry	Matched	YoY months	Coverage	Reason
Distributors	3	169	100.0%	matched securities < 5
Diversified Consumer Services	3	169	100.0%	matched securities < 5
Leisure Products	2	169	100.0%	matched securities < 5

Broadline Retail matched-base capex YoY and z-score

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Automobiles matched-base capex YoY and z-score

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Hotels, Restaurants & Leisure matched-base capex YoY and z-score

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Specialty Retail matched-base capex YoY and z-score

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Automobile Components matched-base capex YoY and z-score

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Household Durables matched-base capex YoY and z-score

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Textiles, Apparel & Luxury Goods matched-base capex YoY and z-score

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Consumer Staples6 included · 0 excluded

Consumer Staples Distribution & Retail Food Products Beverages Household Products Personal Care Products Tobacco

Industry	12M capex	YoY	5Y z-score	Matched	Coverage	Top 1	Top 3	Status
Consumer Staples Distribution & Retail	$79.1bn	+8.1%	+0.17	37	97.4%	33.1%	47.6%	Core
Food Products	$36.6bn	-3.6%	-0.75	50	98.1%	14.4%	24.9%	Core
Beverages	$32.6bn	-2.6%	-1.36	33	97.1%	13.8%	34.7%	Core
Household Products	$9.9bn	+9.7%	+2.10	11	100.0%	41.3%	62.8%	Core
Personal Care Products	$6.9bn	-7.3%	-1.00	14	100.0%	28.4%	65.6%	Core
Tobacco	$5.0bn	+2.9%	+0.03	8	100.0%	30.8%	71.8%	Core

Consumer Staples Distribution & Retail matched-base capex YoY and z-score

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Food Products matched-base capex YoY and z-score

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Beverages matched-base capex YoY and z-score

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Household Products matched-base capex YoY and z-score

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Personal Care Products matched-base capex YoY and z-score

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Tobacco matched-base capex YoY and z-score

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Energy2 included · 0 excluded

Oil, Gas & Consumable Fuels Energy Equipment & Services

Industry	12M capex	YoY	5Y z-score	Matched	Coverage	Top 1	Top 3	Status
Oil, Gas & Consumable Fuels	$544.2bn	+1.5%	-1.09	81	96.6%	9.5%	23.3%	Core
Energy Equipment & Services	$7.4bn	+2.3%	-0.70	8	100.0%	26.6%	59.4%	Core

Oil, Gas & Consumable Fuels matched-base capex YoY and z-score

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Energy Equipment & Services matched-base capex YoY and z-score

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Financials0 included · 6 excluded

No Industries pass the current gates.

Excluded Industries (6)

Industry	Matched	YoY months	Coverage	Reason
Banks	27	106	14.2%	coverage < 70%
Financial Services	14	169	43.2%	coverage < 70%
Capital Markets	45	169	49.5%	coverage < 70%
Insurance	17	169	21.0%	coverage < 70%
Consumer Finance	0	142	9.1%	matched securities < 5; coverage < 70%
Mortgage Real Estate Investment Trusts (REITs)	0	0	0.0%	matched securities < 5; YoY observations < 60; coverage < 70%

Health Care5 included · 1 excluded

Pharmaceuticals Health Care Providers & Services Health Care Equipment & Supplies Life Sciences Tools & Services Biotechnology

Industry	12M capex	YoY	5Y z-score	Matched	Coverage	Top 1	Top 3	Status
Pharmaceuticals	$65.5bn	+0.5%	-1.40	56	93.5%	10.9%	29.0%	Core
Health Care Providers & Services	$26.8bn	+3.7%	+0.09	27	100.0%	19.7%	45.8%	Core
Health Care Equipment & Supplies	$19.1bn	+2.8%	-0.33	34	97.2%	12.5%	32.2%	Core
Life Sciences Tools & Services	$12.8bn	+2.7%	-0.41	21	100.0%	15.1%	37.6%	Core
Biotechnology	$8.8bn	+22.1%	+2.02	23	91.2%	27.8%	55.2%	Core

Excluded Industries (1)

Industry	Matched	YoY months	Coverage	Reason
Health Care Technology	2	169	100.0%	matched securities < 5

Pharmaceuticals matched-base capex YoY and z-score

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Health Care Providers & Services matched-base capex YoY and z-score

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Health Care Equipment & Supplies matched-base capex YoY and z-score

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Life Sciences Tools & Services matched-base capex YoY and z-score

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Biotechnology matched-base capex YoY and z-score

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Industrials14 included · 0 excluded

Electrical Equipment Passenger Airlines Construction & Engineering Aerospace & Defense Machinery Trading Companies & Distributors Ground Transportation Industrial Conglomerates Marine Transportation Air Freight & Logistics Commercial Services & Supplies Transportation Infrastructure Building Products Professional Services

Industry	12M capex	YoY	5Y z-score	Matched	Coverage	Top 1	Top 3	Status
Electrical Equipment	$53.1bn	+19.9%	+0.58	51	98.5%	14.1%	35.9%	Core
Passenger Airlines	$47.5bn	+13.8%	+0.72	14	84.2%	16.0%	37.4%	Core
Construction & Engineering	$42.6bn	+2.7%	-0.25	24	100.0%	18.0%	46.9%	Core
Aerospace & Defense	$41.4bn	+27.4%	+1.78	36	97.8%	11.6%	28.7%	Core
Machinery	$41.2bn	+9.7%	+0.75	74	96.3%	8.2%	19.7%	Core
Trading Companies & Distributors	$37.2bn	+8.5%	-0.03	20	100.0%	13.5%	39.8%	Core
Ground Transportation	$36.0bn	-11.5%	-1.49	18	100.0%	13.4%	35.9%	Core
Industrial Conglomerates	$29.5bn	-10.9%	-0.96	24	92.6%	21.5%	44.1%	Core
Marine Transportation	$29.0bn	+3.6%	-0.44	13	86.7%	19.5%	50.1%	Core
Air Freight & Logistics	$18.3bn	-0.7%	+0.21	14	100.0%	21.7%	59.4%	Core
Commercial Services & Supplies	$13.1bn	-0.1%	-1.03	14	88.9%	21.4%	47.3%	Core
Transportation Infrastructure	$11.3bn	+18.0%	+0.49	18	100.0%	15.7%	45.0%	Core
Building Products	$9.9bn	-0.7%	-1.12	18	100.0%	24.4%	54.0%	Core
Professional Services	$5.2bn	+5.2%	+0.77	19	100.0%	14.5%	37.2%	Core

Electrical Equipment matched-base capex YoY and z-score

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Passenger Airlines matched-base capex YoY and z-score

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Construction & Engineering matched-base capex YoY and z-score

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Aerospace & Defense matched-base capex YoY and z-score

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Machinery matched-base capex YoY and z-score

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Trading Companies & Distributors matched-base capex YoY and z-score

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Ground Transportation matched-base capex YoY and z-score

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Industrial Conglomerates matched-base capex YoY and z-score

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Marine Transportation matched-base capex YoY and z-score

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Air Freight & Logistics matched-base capex YoY and z-score

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Commercial Services & Supplies matched-base capex YoY and z-score

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Transportation Infrastructure matched-base capex YoY and z-score

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Building Products matched-base capex YoY and z-score

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Professional Services matched-base capex YoY and z-score

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Information Technology6 included · 0 excluded

Software Semiconductors & Semiconductor Equipment Technology Hardware, Storage & Peripherals Electronic Equipment, Instruments & Components IT Services Communications Equipment

Industry	12M capex	YoY	5Y z-score	Matched	Coverage	Top 1	Top 3	Status
Software	$314.8bn	+163.6%	+3.45	43	91.2%	57.4%	94.3%	Concentrated
Semiconductors & Semiconductor Equipment	$226.0bn	+44.6%	+1.47	79	96.3%	26.9%	61.0%	Core
Technology Hardware, Storage & Peripherals	$148.9bn	+37.4%	+3.23	30	94.3%	37.7%	85.0%	Concentrated
Electronic Equipment, Instruments & Components	$59.6bn	+28.6%	+2.07	51	95.7%	10.3%	21.0%	Core
IT Services	$48.3bn	+14.7%	+1.73	29	100.0%	76.2%	82.9%	Concentrated
Communications Equipment	$7.5bn	+17.5%	+1.32	13	88.0%	17.3%	38.9%	Core

Software matched-base capex YoY and z-score

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Semiconductors & Semiconductor Equipment matched-base capex YoY and z-score

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Technology Hardware, Storage & Peripherals matched-base capex YoY and z-score

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Electronic Equipment, Instruments & Components matched-base capex YoY and z-score

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IT Services matched-base capex YoY and z-score

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Communications Equipment matched-base capex YoY and z-score

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Materials5 included · 0 excluded

Metals & Mining Chemicals Construction Materials Containers & Packaging Paper & Forest Products

Industry	12M capex	YoY	5Y z-score	Matched	Coverage	Top 1	Top 3	Status
Metals & Mining	$189.1bn	+9.2%	-0.14	84	95.7%	5.7%	17.0%	Core
Chemicals	$78.2bn	-8.0%	-1.24	73	97.5%	7.0%	19.6%	Core
Construction Materials	$20.9bn	-2.9%	-0.50	14	94.4%	14.8%	36.4%	Core
Containers & Packaging	$7.9bn	+3.0%	-0.24	8	100.0%	31.7%	67.1%	Core
Paper & Forest Products	$4.3bn	-2.3%	-0.22	5	100.0%	55.4%	86.4%	Thin basketConcentrated

Metals & Mining matched-base capex YoY and z-score

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Chemicals matched-base capex YoY and z-score

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Construction Materials matched-base capex YoY and z-score

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Containers & Packaging matched-base capex YoY and z-score

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Paper & Forest Products matched-base capex YoY and z-score

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Real Estate5 included · 3 excluded

Real Estate Management & Development Specialized REITs Industrial REITs Retail REITs Residential REITs

Industry	12M capex	YoY	5Y z-score	Matched	Coverage	Top 1	Top 3	Status
Real Estate Management & Development	$28.9bn	-6.1%	-0.47	45	94.0%	12.4%	32.4%	Core
Specialized REITs	$13.5bn	+12.4%	-0.29	10	90.9%	32.2%	75.3%	Core
Industrial REITs	$3.2bn	+20.5%	+0.78	5	100.0%	53.0%	91.7%	Thin basketConcentrated
Retail REITs	$2.8bn	+22.1%	+1.08	9	100.0%	37.0%	59.1%	Core
Residential REITs	$0.9bn	+10.4%	-0.15	5	83.3%	29.7%	68.4%	Thin basket

Excluded Industries (3)

Industry	Matched	YoY months	Coverage	Reason
Health Care REITs	2	119	100.0%	matched securities < 5
Diversified REITs	4	169	83.3%	matched securities < 5
Office REITs	2	169	100.0%	matched securities < 5

Real Estate Management & Development matched-base capex YoY and z-score

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Specialized REITs matched-base capex YoY and z-score

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Industrial REITs matched-base capex YoY and z-score

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Retail REITs matched-base capex YoY and z-score

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Residential REITs matched-base capex YoY and z-score

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Utilities5 included · 0 excluded

Electric Utilities Multi-Utilities Independent Power and Renewable Electricity Producers Gas Utilities Water Utilities

Industry	12M capex	YoY	5Y z-score	Matched	Coverage	Top 1	Top 3	Status
Electric Utilities	$319.5bn	+17.5%	+0.80	54	98.2%	9.9%	21.0%	Core
Multi-Utilities	$118.9bn	+12.6%	+0.07	20	100.0%	13.9%	33.8%	Core
Independent Power and Renewable Electricity Producers	$105.7bn	+1.6%	-0.76	30	91.2%	10.7%	26.1%	Core
Gas Utilities	$23.1bn	-2.7%	-1.56	15	100.0%	19.6%	43.9%	Core
Water Utilities	$12.9bn	+24.7%	+0.63	5	100.0%	28.0%	76.2%	Thin basket

Electric Utilities matched-base capex YoY and z-score

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Multi-Utilities matched-base capex YoY and z-score

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Independent Power and Renewable Electricity Producers matched-base capex YoY and z-score

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Gas Utilities matched-base capex YoY and z-score

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Water Utilities matched-base capex YoY and z-score

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Eligibility. An Industry is charted when the latest matched basket contains at least 5 security IDs, the series has at least 60 valid monthly YoY observations, and latest strict FY1-FY3 calendarization coverage is at least 70%. There is no capex-dollar or parent-sector-share gate. Baskets with fewer than 7 matched securities are labelled thin. Top-one capex share above 50% or top-three share above 80% is labelled concentrated but remains included. Industry and Sector labels use current Bloomberg GICS classifications backcast across point-in-time ACWI membership.