Industry	Market weight	12M change	Movement	Participation
Consumer Electronics Gained weight for 1 consecutive month	44.84%	+44.77 pp	Slowing	Concentrated
Diversified Banks Lost weight for 2 consecutive months	3.83%	-4.61 pp	Slowing	Concentrated
Aerospace & Defense Gained weight for 1 consecutive month	2.75%	-4.33 pp	Slowing	Concentrated
Pharmaceuticals Lost weight for 1 consecutive month	3.66%	-1.84 pp	Reversing upward	Concentrated
Biotechnology Gained weight for 2 consecutive months	1.77%	-1.61 pp	Reversing upward	Concentrated
Semiconductors Gained weight for 1 consecutive month	1.76%	-1.46 pp	Slowing	Concentrated
Systems Software Lost weight for 1 consecutive month	2.84%	-1.43 pp	Slowing	Concentrated
Application Software Lost weight for 1 consecutive month	1.72%	-1.07 pp	Slowing	Concentrated
Tobacco Lost weight for 2 consecutive months	0.70%	-1.01 pp	Slowing	Concentrated
Health Care Equipment Gained weight for 2 consecutive months	1.89%	-0.94 pp	Reversing upward	Broad

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.