Industry	Market weight	12M change	Movement	Participation
Technology Hardware, Storage & Peripherals Gained weight for 1 consecutive month	9.50%	+7.43 pp	Accelerating	Concentrated
Diversified Banks Gained weight for 3 consecutive months	4.45%	-2.23 pp	Accelerating	Concentrated
Aerospace & Defense Lost weight for 1 consecutive month	4.04%	-1.18 pp	Accelerating	Concentrated
Systems Software Lost weight for 2 consecutive months	6.96%	+0.91 pp	Accelerating	Concentrated
Automobile Manufacturers Gained weight for 3 consecutive months	1.28%	+0.85 pp	Accelerating	Concentrated
Integrated Telecommunication Services Lost weight for 2 consecutive months	1.61%	-0.69 pp	Accelerating	Concentrated
Pharmaceuticals Lost weight for 2 consecutive months	4.84%	-0.57 pp	Accelerating	Concentrated
Application Software Lost weight for 2 consecutive months	3.63%	+0.57 pp	Accelerating	Broad
Oil & Gas Exploration & Production Gained weight for 3 consecutive months	0.41%	-0.48 pp	Accelerating	Concentrated
Integrated Oil & Gas Lost weight for 1 consecutive month	0.64%	-0.48 pp	Accelerating	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.