Industry	Market weight	12M change	Movement	Participation
Semiconductors Gained weight for 2 consecutive months	11.59%	+8.00 pp	Reversing upward	Concentrated
Consumer Staples Merchandise Retail Lost weight for 1 consecutive month	2.67%	+1.03 pp	Reversing upward	Concentrated
Pharmaceuticals Lost weight for 1 consecutive month	4.40%	-0.86 pp	Reversing upward	Concentrated
Automobile Manufacturers Gained weight for 4 consecutive months	2.15%	-0.80 pp	Reversing upward	Concentrated
Technology Hardware, Storage & Peripherals Lost weight for 1 consecutive month	8.55%	-0.69 pp	Reversing upward	Concentrated
Managed Health Care Lost weight for 1 consecutive month	1.72%	-0.51 pp	Reversing upward	Concentrated
Oil & Gas Exploration & Production Lost weight for 1 consecutive month	0.74%	-0.46 pp	Reversing upward	Concentrated
Integrated Oil & Gas Lost weight for 1 consecutive month	0.63%	-0.42 pp	Reversing upward	Concentrated
Biotechnology Lost weight for 1 consecutive month	2.12%	-0.40 pp	Reversing upward	Broad
Soft Drinks & Non-alcoholic Beverages Lost weight for 1 consecutive month	1.44%	-0.38 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.