Instead of looking at individual politicians or hedge funds, what happens when you zoom out and look at sectors? Where is smart money concentrating, across both congressional portfolios and institutional 13F filings?
We analyzed all 232 active positions across our 57 tracked wallets and broke them down by SIC industry code. Here’s what the data shows.
Top sectors by smart money exposure
We measure “exposure” as the total number of wallets holding at least one stock in each sector. A higher count means more independent actors have placed bets in that space.
| Sector | Top ticker | Wallets exposed | Avg weight | Score |
|---|---|---|---|---|
| Software | MSFT | 11 | 13.7% | 1.51 |
| Semiconductors | NVDA | 8 | 28.7% | 2.30 |
| Entertainment | DIS | 7 | 14.0% | 0.98 |
| Data processing | META | 5 | 10.1% | 0.50 |
| Insurance | BRK.B | 4 | 29.4% | 1.18 |
| Streaming | NFLX | 4 | 8.5% | 0.34 |
| Automotive | TSLA | 4 | 15.0% | 0.60 |
| Banking | WFC | 3 | 36.6% | 1.10 |
| IT services | IBM | 3 | 16.9% | 0.51 |
| Biotech | AMGN | 3 | 17.3% | 0.52 |
Score is our composite metric that combines wallet count with average portfolio weight — a sector with 3 wallets at 30% average weight scores higher than one with 4 wallets at 5%.
What stands out
Semiconductors: highest conviction
The semiconductor sector has the highest score (2.30) despite being held by “only” 8 wallets. The reason: the average weight is 28.7%. When smart money bets on semiconductors, they bet big. Nancy Pelosi has 19.2% in NVDA, Terri Sewell has 53.5%, Ashley Moody has 13.9% in NVDA plus 18.3% in AMAT and 15.3% in MU.
This isn’t diversified semiconductor exposure — it’s concentrated bets on AI infrastructure, specifically NVIDIA and its supply chain.
Software: widest reach
Microsoft appears in 11 different wallets — more than any other single stock by sector. But the average weight (13.7%) is much lower than semiconductors. Politicians and hedge funds hold MSFT, but as part of a diversified portfolio rather than a concentrated bet.
Chris Hohn is the exception: MSFT is his #1 position at 21.6%. Most politicians hold it in the 5-10% range.
Banking: highest average weight
The banking sector shows only 3 wallets exposed, but the average weight is 36.6%. That’s driven largely by Mitch McConnell, who has 96.1% of his portfolio in Wells Fargo (WFC). When a politician goes all-in on a sector, it skews the average dramatically.
Buffett’s Bank of America position (6.5%) and historical banking exposure contribute to this sector’s presence as well.
Insurance: Buffett territory
BRK.B (Berkshire Hathaway itself) appears in 4 wallets with an average weight of 29.4%. Eleanor Holmes Norton holds it at 100%. This is an interesting meta-signal: some politicians are essentially “copying Buffett” by buying BRK.B directly rather than replicating his 13F.
The AI theme across sectors
If you group by theme rather than strict SIC code, the AI/technology infrastructure bet becomes even clearer:
- Semiconductors (NVDA, AMD, AMAT, MU, ASML): 8+ wallets, massive weights
- Software (MSFT, CRM, GOOG): 11+ wallets, broad reach
- Data/AI platforms (META, GOOG): 5+ wallets
- Cybersecurity (PANW): 3 wallets, including Pelosi
Taken together, AI-related exposure appears in the majority of the 57 wallets we track. It’s the dominant theme in smart money positioning right now.
Sectors smart money is avoiding
Equally telling is what’s not in the data:
- Real estate — Minimal exposure beyond Victoria Spartz (100% SPG)
- Utilities — Almost absent from tracked portfolios
- Consumer discretionary (non-tech) — Very few positions outside of DIS and TSLA
- Healthcare (traditional) — Some LLY and AMGN, but far less than you’d expect for a $4T+ sector
- Energy (renewables) — Austin Scott holds PLUG (37.9%) and BLDP (26.4%), but he’s the exception
The absence of certain sectors is as informative as their presence. Smart money is overwhelmingly concentrated in technology and AI, with selective plays in financials and consumer staples.
The concentration risk
One important caveat: our database includes wallets with very different levels of diversification. Fetterman has one position (GOOG). Cleo Fields has 10 positions across tech. Buffett has 15+. Aggregating across all of them treats each wallet equally, which may overweight concentrated portfolios.
Still, the patterns are clear enough across 57 wallets and 232 positions to draw meaningful conclusions about where smart money is — and isn’t — positioned.
For individual portfolio breakdowns, see our politician ranking or fund analysis. For the full methodology, check the congressional trading guide.
