Most money managers are tied in some way to the almighty index. If not directly as a measurement of active management skill, then perhaps through direct investment in an ETF.
Below are the weights of different sectors to compare how they vary from index to index. These weights were pulled from four Vanguard index funds: VTSNX, VINIX, VMCIX, VSCIX. Surprisingly there can be quite a bit of variation from index to index. For example, consumer staples are 10% of the S&P 500, but only 3% of the US Small Cap.
|Click to Enlarge|