REPY maps the economic exposures of listed companies: revenue mix, end markets, customers, supply chains and geographic footprint. Institutions use our research, models and analytics to understand what drives their portfolios and to build the exposures they intend to hold.
“manufactures carrier network and enterprise network components for the telecommunications industry”
Traceable to source · As of 31 July 2026
Three solutions built on one structured view of companies.
Thematic and exposure research on the companies and value chains that shape your portfolio.
Learn more02Thematic, factor-enhanced and smart-beta models, engineered to your mandate.
Learn more03An independent view of what a fund holds, and how closely it matches its mandate.
Learn moreWe analyse companies at the level of business lines, end markets, customers and suppliers. Exposure is measured from how a company earns its revenue, not inferred from sector codes or keywords.
Our engine structures company disclosures consistently across markets and years, so the depth we bring to one company extends to every company we cover.
Every conclusion is reviewed by a researcher, every model is versioned, and every result can be traced to its source and reproduced.
A keyword screen places all three companies in a photonics portfolio. Our research separates a business that earns 40% of its revenue from optical communications from a customer of the technology, and from an equipment maker that lists it among many applications.
Member
“manufactures carrier network and enterprise network components for the telecommunications industry”
Annual report, Note 18 · 12 February 2026
Its largest segment makes the fibre, cable and connectivity through which networks carry light. The disclosed share places it in the quasi-play tier.
View source documentNot a member
“We operate as one reportable segment.”
Annual report, Note 9 · 17 February 2026
Arista sells networking switches and software, and reports a single segment with no optical product line. Its own product is not photonic: a company that builds photonic components into a non-photonic product is a customer of the theme, not a member of it.
View source documentNot a member
“used to test semiconductors, wireless products, data storage, silicon photonics, and complex electronics systems”
Annual report, business description · 19 February 2026
Silicon photonics is one of five things its test systems are used on. There is no photonics product line, and none of its segments (Semiconductor Test 79%, Product Test 11%, Robotics 10% of revenue) is photonic.
View source documentOur engine reads company disclosures in full and maps each business to a consistent structure. Researchers set the frameworks and review every judgement.
Company disclosures across our coverage, read in full as they are published.
Segments, revenue, end markets, customers, suppliers, geographies and risks, mapped to a consistent model of each company.
Researchers define the frameworks and review the engine's conclusions. Nothing reaches a client unreviewed.
Themes, exposures and models, maintained as companies change and documented in full.
Corning's largest business, by its own reporting, is optical communications. We show how its own disclosures establish membership of our photonics theme, how we measure the theme's share of its revenue, and why our figure differs from the one Corning publishes.
Selecting a theme's members from today's market overstates the theme's history. This note sets out the three sources of that bias and the four rules we use to remove it.
REPY Lab is the environment our researchers use every day, from themes and company exposures to universe construction and strategy testing. Early access is open to a small group of institutions.