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The Technology Hardware & Equipment Sector Split

A refined sector split enables more robust, like-for-like analysis.

This post is issued by Osmosis (Holdings) Limited, a London based investment management group. For more information, please contact Lisa Harrison on 07716 912832 or [email protected]

Evaluating the efficiency of companies within the Technology Hardware & Equipment sector requires an approach that reflects the underlying economic and operational realities of their business models. Legacy sector definitions have tended to favour asset-light Design, Testing and Distribution (DTD) companies while penalising manufacturers and companies operating fabrication plants (Fabs), creating structural biases that affect portfolio construction.

This paper outlines a refined segmentation, splitting the sector into Semiconductor Fabs, DTD, and Technology Manufacturing, designed to enable like-for-like comparisons, improve risk assessment, and ensure investment decisions are grounded in economic and environmental fundamentals rather than historical distortions.

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Important Information

Global Investors (ex US). This report is issued in the UK by Osmosis Investment Management UK Limited (“Osmosis”). Osmosis is authorised and regulated by the Financial Conduct Authority “FCA” with FRN 765056. This document is a “financial promotion” within the scope of the rules of the FCA. In the United Kingdom, the issue or distribution of this document is being made only to and directed only at professional clients (as defined in the rules of the FCA) (“Professional Clients”). This document must not be acted or relied upon by persons who are not Professional Clients. Any investment or investment activity to which this document relates is available only to Professional Clients and will be engaged in only with Professional Clients.


This document is issued by Osmosis Investment Management US LLC (“Osmosis”). Osmosis Investment Management UK Limited (“Osmosis UK”) is an affiliate of Osmosis and has been operating the Osmosis Model of Resource Efficiency. Osmosis UK is regulated by the FCA. Osmosis and Osmosis UK are both wholly owned by Osmosis (Holdings) Limited (“OHL”).

IMPORTANT INFORMATION:

Global Investors (ex US and Australia). This document is issued in the UK by Osmosis Investment Management UK Limited (“Osmosis UK”). Osmosis UK is authorised and regulated by the Financial Conduct Authority “FCA” with FRN 765056. This document is a “financial promotion” within the scope of the rules of the FCA. In the United Kingdom, the issue or distribution of this document is being made only to and directed only at professional clients (as defined in the rules of the FCA) (“Professional Clients”). This document must not be acted or relied upon by persons who are not Professional Clients. Any investment or investment activity to which this document relates is available only to Professional Clients and will be engaged in only with Professional Clients.

US Investors.This document is issued by Osmosis Investment Management US LLC (“Osmosis US”). Osmosis US is regulated in the US by the SEC. 

Australia Investors: This document is issued in Australia by Osmosis Investment Management (Australia) Pty Ltd (ABN 80 670 854 798, CAR No. 001305635) (“Osmosis AUS”) is a corporate authorised representative of Eminence Global Asset Management Pty Ltd which is the holder of an Australian Financial Services Licence (AFS Licence No. 305573). 

Osmosis Investment Management NL B.V.: (“Osmosis NL”) is a Netherlands-based entity that has obtained a license from the Dutch Authority for the Financial Markets as an independent regulated alternative investment fund manager and provider of discretionary portfolio management services.  Osmosis NL is an affiliate of Osmosis UK. 

Osmosis UK, Osmosis US, and Osmosis AUS are wholly owned by Osmosis (Holdings) Limited (“OHL”) and collectively referred to throughout as “Osmosis”, and with Osmosis NL, are collectively referred to throughout as “Osmosis Group”.  

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