Industrials

Companies whose core business is manufacturing capital equipment, providing commercial transportation, construction and engineering services, or operating as multi-sector industrial conglomerates and trading houses, including aerospace and defense manufacturers, heavy machinery and commercial vehicle makers, railroads and shipping lines, and diversified conglomerates whose founding businesses span several of these activities. Belongs here: any company whose primary customers are other businesses or governments buying capital goods, infrastructure or commercial transport rather than a retail consumer product. Does not belong here: companies that make passenger vehicles or consumer electronics sold directly to individual buyers, grouped under Consumer Discretionary, or companies whose primary output is a raw material rather than finished capital equipment, grouped under Materials.