Industry	Market weight	12M change	Movement	Participation
Broadline Retail Gained weight for 1 consecutive month	5.34%	+1.60 pp	Accelerating	Concentrated
Technology Hardware, Storage & Peripherals Gained weight for 1 consecutive month	7.88%	-1.46 pp	Declining faster	Concentrated
Consumer Staples Merchandise Retail Gained weight for 5 consecutive months	2.69%	+0.96 pp	Accelerating	Concentrated
Semiconductors Lost weight for 1 consecutive month	4.19%	+0.87 pp	Slowing	Concentrated
Systems Software Lost weight for 2 consecutive months	8.78%	+0.79 pp	Reversing downward	Concentrated
Health Care Equipment Lost weight for 3 consecutive months	2.92%	-0.42 pp	Reversing downward	Broad
Diversified Banks Gained weight for 2 consecutive months	3.90%	+0.41 pp	Slowing	Concentrated
Managed Health Care Gained weight for 1 consecutive month	1.87%	-0.41 pp	Slowing	Concentrated
Passenger Ground Transportation Lost weight for 2 consecutive months	0.40%	+0.40 pp	Slowing	Concentrated
Soft Drinks & Non-alcoholic Beverages Gained weight for 2 consecutive months	1.68%	-0.34 pp	Reversing upward	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.