Industry	Market weight	12M change	Movement	Participation
Semiconductors Gained weight for 1 consecutive month	10.11%	+6.51 pp	Reversing upward	Concentrated
Consumer Staples Merchandise Retail Gained weight for 1 consecutive month	2.71%	+1.11 pp	Accelerating	Concentrated
Automobile Manufacturers Gained weight for 3 consecutive months	1.89%	-1.01 pp	Reversing upward	Concentrated
Technology Hardware, Storage & Peripherals Gained weight for 3 consecutive months	8.72%	-0.94 pp	Reversing upward	Concentrated
Application Software Gained weight for 1 consecutive month	3.32%	-0.51 pp	Reversing upward	Concentrated
Pharmaceuticals Gained weight for 1 consecutive month	4.77%	-0.49 pp	Reversing upward	Concentrated
Asset Management & Custody Banks Gained weight for 3 consecutive months	0.95%	+0.46 pp	Reversing upward	Concentrated
Passenger Ground Transportation Gained weight for 1 consecutive month	0.37%	+0.37 pp	Reversing upward	Concentrated
Life Sciences Tools & Services Gained weight for 2 consecutive months	1.42%	-0.35 pp	Reversing upward	Concentrated
Health Care Equipment Gained weight for 1 consecutive month	2.61%	-0.35 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.