Where is market allocation moving?
See what is gaining weight, how quickly it is changing, and what is driving the move.
Gaining market weight
Largest sector gains · last 12 months
Losing market weight
Largest sector declines · last 12 months
The pace is changing
Latest 3 months versus the previous 3 months
What is driving the change?
12-month company attribution · a rising industry does not mean every company is gaining
Most of this industry's gains came from a few companies.
Most of this industry's losses came from a few companies.
Most of this industry's gains came from a few companies.
Industry movements at a glance
Largest absolute allocation changes · descriptive observations, not rankings of investment merit
| Industry | Market weight | 12M change | Movement | Participation | Weight history · 24M |
|---|---|---|---|---|---|
| Semiconductors Gained weight for 1 consecutive month | 3.41% | +0.19 pp | Accelerating | Concentrated | |
| Technology Hardware, Storage & Peripherals Gained weight for 1 consecutive month | 1.86% | +0.17 pp | Accelerating | Concentrated | |
| Systems Software Gained weight for 1 consecutive month | 4.42% | +0.16 pp | Accelerating | Concentrated | |
| Aerospace & Defense Lost weight for 1 consecutive month | 6.93% | -0.15 pp | Declining faster | Concentrated | |
| Application Software Gained weight for 1 consecutive month | 2.93% | +0.14 pp | Accelerating | Concentrated | |
| Communications Equipment Gained weight for 1 consecutive month | 1.45% | +0.14 pp | Accelerating | Concentrated | |
| Home Improvement Retail Lost weight for 1 consecutive month | 1.72% | -0.11 pp | Declining faster | Concentrated | |
| Soft Drinks & Non-alcoholic Beverages Lost weight for 1 consecutive month | 2.09% | -0.10 pp | Declining faster | Concentrated | |
| Oil & Gas Exploration & Production Lost weight for 1 consecutive month | 1.17% | -0.09 pp | Declining faster | Concentrated | |
| Cable & Satellite Lost weight for 1 consecutive month | 0.97% | -0.08 pp | Declining faster | Concentrated |
How are these descriptive states defined?
Gaining / losing: 12-month weight change above +0.005pp / below −0.005pp. Direction and speed are separate dimensions, not mutually exclusive recommendations.
Accelerating / slowing: compare the most recent 3M change with the preceding 3M change. Accelerating means a positive change speeds up by >0.02pp. Slowing means the magnitude of movement declines by >0.02pp. A falling industry can also slow.
Reversing: the last two 3M changes have opposite signs, outside a ±0.005pp tolerance. Persistence counts consecutive same-direction monthly changes.
Broad / concentrated: company attribution, not a market-cap concentration shortcut. Concentrated means the three largest same-direction contributors account for ≥70% of gross same-direction changes; otherwise broad requires ≥60% of constituents moving with the industry. Other cases are mixed.
Weights use matched S&P 500 members with SEC-reported shares and monthly prices. Companies without both data series are omitted; weights are normalised across matched members each month. These are simple market-cap estimates, not official float-adjusted S&P weights or measured investor flows.