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Morningstar PitchBook US Modern Market 100

What this index holds, how it is built, and what its record does not cover. Morningstar Indexes, built with PitchBook.

What it tracks

The Morningstar PitchBook US Modern Market 100 Index tracks 100 of the largest and most influential U.S.-domiciled companies—90 public and 10 private venture-backed. It uses a transparent, rules-based methodology, with companies weighted by market value. The index seamlessly integrates public and private markets to represent today’s expanding investment opportunity.

The only index here that is mostly public companies. It holds the largest US companies of both kinds in one basket, so it shows how much of a blended “public and private” product is actually the ordinary stock market.

Run by Morningstar Indexes, built with PitchBook. PrePost has no relationship with the provider and is not paid to list this index.

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Most of the record is backfilled

The index began on 2025-09-02. Its performance record starts 2014-12-19, so the years before 2025-09-02 are backfilled rather than live. A long-run return quoted for this index is mostly a backtest.

Private marks can be stale

The provider's own reporting notes that where transactions are infrequent, secondary-market marks can stay unchanged even as new information emerges.

Mostly public companies

This is not a private-market index. On 2026-08-31 it held 91 publicly traded companies, which anyone can buy through an ordinary broker, against 8 private ones. The provider describes the split as 90 public and 10 private; the holdings read on that date give 91 and 8. Companies leave the private side when they list, so the holdings are likely the more current of the two. PrePost publishes the figure it read.

How the index is built

FieldValue
ProviderMorningstar Indexes, built with PitchBook
InceptionSeptember 2, 2025
Performance record startsDecember 19, 2014
Constituents99
WeightingMarket Capitalization Free Float Adjusted
RebalanceQuarterly (next September 21, 2026)
ReconstitutionSemi Annually
CurrencyUSD
How constituents are pricedNot published as a rule. The provider's quarterly reporting on this family sources its secondary-market marks to Caplight, alongside Morningstar and PitchBook data.
Published methodologyNone that PrePost could find on the provider's own pages.
VariantsMorningstar PitchBook US Modern Market 100 TR USD
IdentifiersFS0000K4H8 (Morningstar fund ID)

What is in it

Named constituents as of August 31, 2026.

PrePost has a sourced figure for 6 of the 8 private constituents. 91 more have since listed and are out of scope.

Membership as the index provider published it on this date. PrePost shows which companies are in the index, not their weights. This index holds public companies as well as private ones. PrePost covers only the private ones.

CompanyPrePostEstimateConfidence
AnthropicVerified$965.0Bhigh
OpenAIVerified$894.3Bhigh
DatabricksVerified$190.0Bhigh
StripeVerified$159.0Bhigh
AndurilVerified$100.0Bmedium
Figure AI (identified by PrePost, not named by the provider)Verified$39.0Bmedium
RippleNamedNo PrePost page
RipplingNamedNo PrePost page
NVIDIA CorpPublicTrades on an exchange; PrePost covers private companies
Apple IncPublicTrades on an exchange; PrePost covers private companies
Microsoft CorpPublicTrades on an exchange; PrePost covers private companies
Amazon.com IncPublicTrades on an exchange; PrePost covers private companies
Alphabet Inc Class APublicTrades on an exchange; PrePost covers private companies
Broadcom IncPublicTrades on an exchange; PrePost covers private companies
Alphabet Inc Class CPublicTrades on an exchange; PrePost covers private companies
Space Exploration Technologies Corp Class APublicTrades on an exchange; PrePost covers private companies
Meta Platforms Inc Class APublicTrades on an exchange; PrePost covers private companies
Tesla IncPublicTrades on an exchange; PrePost covers private companies
Micron Technology IncPublicTrades on an exchange; PrePost covers private companies
JPMorgan Chase & CoPublicTrades on an exchange; PrePost covers private companies
Berkshire Hathaway Inc Class BPublicTrades on an exchange; PrePost covers private companies
Eli Lilly and CoPublicTrades on an exchange; PrePost covers private companies
Advanced Micro Devices IncPublicTrades on an exchange; PrePost covers private companies
Visa Inc Class APublicTrades on an exchange; PrePost covers private companies
ExxonMobil Holdings CorpPublicTrades on an exchange; PrePost covers private companies
Johnson & JohnsonPublicTrades on an exchange; PrePost covers private companies
Mastercard Inc Class APublicTrades on an exchange; PrePost covers private companies
Palantir Technologies Inc Ordinary Shares - Class APublicTrades on an exchange; PrePost covers private companies
Walmart IncPublicTrades on an exchange; PrePost covers private companies
AbbVie IncPublicTrades on an exchange; PrePost covers private companies
Intel CorpPublicTrades on an exchange; PrePost covers private companies
Cisco Systems IncPublicTrades on an exchange; PrePost covers private companies
Costco Wholesale CorpPublicTrades on an exchange; PrePost covers private companies
Bank of America CorpPublicTrades on an exchange; PrePost covers private companies
Lam Research CorpPublicTrades on an exchange; PrePost covers private companies
Chevron CorpPublicTrades on an exchange; PrePost covers private companies
Netflix IncPublicTrades on an exchange; PrePost covers private companies
GE AerospacePublicTrades on an exchange; PrePost covers private companies
Merck & Co IncPublicTrades on an exchange; PrePost covers private companies
Caterpillar IncPublicTrades on an exchange; PrePost covers private companies
Coca-Cola CoPublicTrades on an exchange; PrePost covers private companies
Procter & Gamble CoPublicTrades on an exchange; PrePost covers private companies
The Home Depot IncPublicTrades on an exchange; PrePost covers private companies
Applied Materials IncPublicTrades on an exchange; PrePost covers private companies
UnitedHealth Group IncPublicTrades on an exchange; PrePost covers private companies
Palo Alto Networks IncPublicTrades on an exchange; PrePost covers private companies
The Goldman Sachs Group IncPublicTrades on an exchange; PrePost covers private companies
Philip Morris International IncPublicTrades on an exchange; PrePost covers private companies
RTX CorpPublicTrades on an exchange; PrePost covers private companies
Oracle CorpPublicTrades on an exchange; PrePost covers private companies
Wells Fargo & CoPublicTrades on an exchange; PrePost covers private companies
Morgan StanleyPublicTrades on an exchange; PrePost covers private companies
GE Vernova IncPublicTrades on an exchange; PrePost covers private companies
CrowdStrike Holdings Inc Class APublicTrades on an exchange; PrePost covers private companies
Texas Instruments IncPublicTrades on an exchange; PrePost covers private companies
Thermo Fisher Scientific IncPublicTrades on an exchange; PrePost covers private companies
International Business Machines CorpPublicTrades on an exchange; PrePost covers private companies
Linde PLCPublicTrades on an exchange; PrePost covers private companies
Amgen IncPublicTrades on an exchange; PrePost covers private companies
Verizon Communications IncPublicTrades on an exchange; PrePost covers private companies
Salesforce IncPublicTrades on an exchange; PrePost covers private companies
Citigroup IncPublicTrades on an exchange; PrePost covers private companies
KLA CorpPublicTrades on an exchange; PrePost covers private companies
Qualcomm IncPublicTrades on an exchange; PrePost covers private companies
AT&T IncPublicTrades on an exchange; PrePost covers private companies
PepsiCo IncPublicTrades on an exchange; PrePost covers private companies
The Walt Disney CoPublicTrades on an exchange; PrePost covers private companies
Gilead Sciences IncPublicTrades on an exchange; PrePost covers private companies
McDonald's CorpPublicTrades on an exchange; PrePost covers private companies
Abbott LaboratoriesPublicTrades on an exchange; PrePost covers private companies
Analog Devices IncPublicTrades on an exchange; PrePost covers private companies
American Express CoPublicTrades on an exchange; PrePost covers private companies
Charles Schwab CorpPublicTrades on an exchange; PrePost covers private companies
NextEra Energy IncPublicTrades on an exchange; PrePost covers private companies
Boeing CoPublicTrades on an exchange; PrePost covers private companies
Union Pacific CorpPublicTrades on an exchange; PrePost covers private companies
BlackRock IncPublicTrades on an exchange; PrePost covers private companies
ServiceNow IncPublicTrades on an exchange; PrePost covers private companies
Pfizer IncPublicTrades on an exchange; PrePost covers private companies
Booking Holdings IncPublicTrades on an exchange; PrePost covers private companies
Eaton Corp PLCPublicTrades on an exchange; PrePost covers private companies
ConocoPhillipsPublicTrades on an exchange; PrePost covers private companies
Deere & CoPublicTrades on an exchange; PrePost covers private companies
Uber Technologies IncPublicTrades on an exchange; PrePost covers private companies
TJX Companies IncPublicTrades on an exchange; PrePost covers private companies
Vertex Pharmaceuticals IncPublicTrades on an exchange; PrePost covers private companies
Capital One Financial CorpPublicTrades on an exchange; PrePost covers private companies
Danaher CorpPublicTrades on an exchange; PrePost covers private companies
Intuitive Surgical IncPublicTrades on an exchange; PrePost covers private companies
S&P Global IncPublicTrades on an exchange; PrePost covers private companies
Adobe IncPublicTrades on an exchange; PrePost covers private companies
Accenture PLC Class APublicTrades on an exchange; PrePost covers private companies
Progressive CorpPublicTrades on an exchange; PrePost covers private companies
Stryker CorpPublicTrades on an exchange; PrePost covers private companies
Lowe's Companies IncPublicTrades on an exchange; PrePost covers private companies
Automatic Data Processing IncPublicTrades on an exchange; PrePost covers private companies
Intuit IncPublicTrades on an exchange; PrePost covers private companies
Comcast Corp Class APublicTrades on an exchange; PrePost covers private companies
Honeywell International IncPublicTrades on an exchange; PrePost covers private companies

Verified means a full PrePost profile with sourced figures. Listed means the company is named here because a benchmark we track names it; PrePost has published no figure for it and does not rank it. Public means it has left the private market and can be bought through any broker.

The index provider lists this constituent only as “Figure”, with no identifier of any kind. PrePost has identified it as Figure AI on four grounds: the index selects the largest and most liquid unicorns; no separate Figure AI entry appears in any index we track; the other well-known company of that name, Figure Technologies, is an order of magnitude too small to qualify; and the two SEC-filing funds on this site that hold it, which must name portfolio companies precisely, both report it as “Figure AI, Inc.”. The provider has not confirmed this, and we have asked.

This company now trades on a public exchange. The index provider still lists it here, and its own indexes disagree about which side of the line it falls on. PrePost has taken it from SEC filings: funds on this site report it with a CUSIP, an ISIN and a quoted market price, none of which a private holding has.

Vehicles that track it

None that PrePost tracks. That does not mean none exists: a product can track an index without PrePost having verified it, and PrePost lists a vehicle only once it can source what the vehicle is and what it holds.

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Sources

An index is not an investment, and a product that tracks one may not hold what it holds. This page describes the index, not any product. Not investment advice.

Last updated 2026-09-20. See also how we verify and our disclaimer.