American portion of the portfolio the automotive

Take the example of ownership of indexes in the United States,
Germany, and Japan as a way to diversify a portfolio. While the
foreign portion of this portfolio may be diversified by country, sector
proponents argue that it is not well diversified by sector. They
point out that in the American portion of the portfolio the automotive
sector accounts for just 0.5 percent, while in Germany autos
are 11.4 percent of the weighting of the stock market, and that
rises to 12.2 percent in Japan, according to MSCI indexes at the
end of 2006. A more extreme example is Finland, where the local
stock market is dominated by the technology sector in the name of
Nokia, which makes up 45.6 percent of the Finnish MSCI index;
so investors have really bought a sector rather than a country.