Communication Services covers telecom, media, entertainment, and interactive media/social networks. Reshaped in 2018 to include former tech and consumer discretionary names.

Key Holdings: Meta Platforms, Alphabet (Google), Netflix, Walt Disney, Comcast

Drivers: Digital advertising spend, subscriber growth, content investment, AI integration

Characteristics: Split personality—defensive telecoms (AT&T, Verizon) vs. high-growth digital (Meta, Google); ad-revenue companies are sensitive to economic cycles