Darius McDermott – FundCalibre 

4 July 2025

No-one can deny that the United States is a global powerhouse and home to many of the world’s largest and most instantly recognisable companies.

Eight out of the 10 biggest – by market capitalisation – are headquartered in the country*. In fact, only six of the top 30 are based elsewhere*. Many of these are household names with popular brands and huge international customer bases, including Apple, Amazon, Visa, Tesla and Netflix.

Here we look in detail at these firms, the investment funds providing access to them and what their futures may hold under Donald Trump’s presidency.

Backdrop

The US totally dominates when it comes to the largest quoted businesses, boasting numerous multi-billion dollar corporate names. They include 17 of the biggest 20, with only oil giant Saudi Aramco, Taiwanese semiconductor maker TSMC and Chinese conglomerate Tencent preventing a clean sweep*.

A skilled workforce, established culture of innovation and business-friendly approach to regulation are among the reasons why so many of its companies have flourished. The country also has a very large and wealthy domestic market that helps drive demand for a wide variety of products and services.

Outlook for the US

Of course, there are issues. Fears remain that the global fallout of US President Donald Trump’s trade tariffs could be significant. Joseph Lupton, a global economist at JPMorgan, says: “The impact of the trade war will be focused on the US, where it is being waged against all economies…however, the rest of the world will not be immune to the damage.”

JPMorgan research suggests that a 10% universal tariff and a 110% tariff on China could reduce global GDP by 1%**. In addition, business sentiment is likely to be affected by tariff uncertainty.

Who are the biggest US companies?

Let’s first analyse the US from a sector standpoint. Technology is clearly the stand-out. 11 out of the 30 largest US companies by market cap operate in this area*. There are also five banks/financial services firms, three pharmaceutical businesses and three retailers, including Walmart. The remaining areas, which are each represented by one company, are oil & gas, entertainment, beverages, tobacco, automakers, consumer goods, healthcare & insurance, and aerospace.

Given our obsession with all things tech, it’s unsurprising that businesses involved in this sector have enjoyed the strongest demand from would-be shareholders. Share prices have soared in recent years due to phenomenal demand for products and rapid developments in areas such as artificial intelligence. This has helped create an exclusive club of nine US companies with market capitalisations of more than a trillion dollars – and a trio with valuations of more than $3 trillion.

Here are some of the major players and the funds providing exposure:

NVIDIA is the world’s largest company, as of 3 July 2025, with a valuation of $3.83 trillion (£2.81 trillion)**. The chip maker announced in late May 2025 that total revenue for the first quarter came in at $44.1 billion, up 69% on the previous year***.

The company is one of the largest holdings in the Allianz Technology Trust, which is managed by Michael Seidenberg, who focuses on themes addressing major growth trends. This trust, which has a high-conviction portfolio of 40-70 names, has been an exceptional long-term performer thanks to bottom-up stock selection and a macroeconomic overview.

Virtually everyone that’s ever turned on a computer will have used software developed by Microsoft, with Word, Excel and PowerPoint among the most popular programs. Despite fierce competition, the company founded by Bill Gates is still delivering. Revenue for the third quarter came in at $70.1 billion, 13% higher than the previous year****.

It’s currently the largest individual stock holding in the Comgest Growth America fund, which has a concentrated portfolio of 25-35 high-quality stocks. Holdings are expected to offer predictable and sustainable earnings growth, while also meeting the company’s strict ESG criteria.

Apple Inc, the iPhone maker is constantly duelling with NVIDIA and Microsoft for top spot in the valuation stakes and currently comes in at number three, with a market cap of $3.1 trillion*. The company, whose share price has risen 125% over the past five years, revealed revenue of $95.4 billion for the second quarter^.

Apple is the largest individual holding in the Mid Wynd International Investment Trust, which looks for businesses with substantial growth potential. It favours those with strong barriers to entry and the ability to reinvest cash flow back into their businesses. This long-term focus has proven successful.

Other sectors

How about the other sectors? Technology clearly dominates, but the top 30 largest US companies also include financial services firms, retailers, oil majors and pharmaceutical names.

The Brown Advisory US Flexible Equity fund, which is managed by Maneesh Bajaj, has exposure to some of these areas. Its holdings include Berkshire Hathaway^^, the investment vehicle that has operated for decades under the watchful eye of legendary investor, Warren Buffett. As of 3 July 2025, the company is the world’s 10^th most valuable – and eighth in the US*. Maneesh also has significant holdings in Visa and Mastercard^^, both payment providers that play instrumental roles in global e-commerce.

*Source: Largest Companies by Marketcap, at 3 July 2025

**Source: JPMorgan, 9 June 2025

***Source: NVIDIA, Press Release, 28 May 2025

****Source: Microsoft, Press Release, 30 April 2025

^Source: Apple, Press Release, 1 May 2025

^^Source: fund factsheet, 31 May 2025

Please Note:

This article was first published by Fund Calibre and is provided for information only. The views of the author and any people quoted are their own and do not constitute financial advice. The content is not intended to be a personal recommendation to buy or sell any fund or trust, or to adopt a particular investment strategy. However, the knowledge that professional analysts have analysed a fund or trust in depth before assigning them a rating can be a valuable additional filter for anyone looking to make their own decisions. Past performance is not a reliable guide to future returns. Market and exchange-rate movements may cause the value of investments to go down as well as up. Yields will fluctuate and so income from investments is variable and not guaranteed. You may not get back the amount originally invested. 

Please speak to Ethical Offshore Investors or your personal adviser BEFORE you make any investment decision based on the information contained within this article.

At Ethical Offshore Investments, we can access the funds mentioned in this article on the various offshore investment platforms we offer. We do NOT CHARGE any additional entry and/or exit fees to purchase these funds for our clients.

As we aim not to use commission paying funds, we will access the lowest charging version of the managed fund that is available on the relevant platform…… resulting in more of the investment growth staying in your pocket.

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