There is no obvious industry concentration among these top firms; the whole portfolios are similarly dispersed. Classifying firms into 48 industries as in Fama and French [1997], the portfolios appear to be broadly similar to each other in all years, with
a mix of old-economy and new-economy industries. Each portfolio has an important technology component. "Computers" is the largest industry by market value in the Democracy Portfolio in 1990, with 22.4 percent of the portfolio, falling to third place with 12.3 percent of the value in 1998. "Communications" does not make the top five in market value for the Dictatorship Portfolio in 1990, but rises to first place with 25.3 percent of the portfolio in 1998.