Industry	Market weight	12M change	Movement	Participation
Electric Utilities Lost weight for 4 consecutive months	0.72%	-99.20 pp	Reversing downward	Concentrated
Hotels, Resorts & Cruise Lines Gained weight for 2 consecutive months	50.09%	+50.09 pp	Accelerating	Concentrated
Technology Hardware, Storage & Peripherals Lost weight for 2 consecutive months	4.28%	+4.27 pp	Reversing downward	Concentrated
Systems Software Lost weight for 4 consecutive months	3.58%	+3.57 pp	Reversing downward	Concentrated
Diversified Banks Lost weight for 2 consecutive months	2.52%	+2.51 pp	Reversing downward	Concentrated
Pharmaceuticals Lost weight for 4 consecutive months	2.37%	+2.37 pp	Reversing downward	Broad
Aerospace & Defense Lost weight for 3 consecutive months	2.14%	+2.13 pp	Reversing downward	Concentrated
Semiconductors Lost weight for 3 consecutive months	1.83%	+1.83 pp	Reversing downward	Broad
Application Software Lost weight for 4 consecutive months	1.78%	+1.78 pp	Reversing downward	Broad
Health Care Equipment Lost weight for 4 consecutive months	1.67%	+1.66 pp	Reversing downward	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.