Industry	Market weight	12M change	Movement	Participation
Semiconductors Gained weight for 3 consecutive months	12.14%	+8.70 pp	Reversing upward	Concentrated
Systems Software Lost weight for 2 consecutive months	7.51%	-1.43 pp	Reversing upward	Concentrated
Consumer Staples Merchandise Retail Gained weight for 1 consecutive month	2.69%	+1.02 pp	Reversing upward	Concentrated
Technology Hardware, Storage & Peripherals Lost weight for 2 consecutive months	8.36%	-1.00 pp	Reversing upward	Concentrated
Pharmaceuticals Lost weight for 2 consecutive months	4.23%	-0.88 pp	Reversing upward	Concentrated
Managed Health Care Lost weight for 2 consecutive months	1.59%	-0.80 pp	Reversing upward	Concentrated
Soft Drinks & Non-alcoholic Beverages Lost weight for 2 consecutive months	1.36%	-0.47 pp	Reversing upward	Concentrated
Oil & Gas Exploration & Production Gained weight for 1 consecutive month	0.77%	-0.45 pp	Reversing upward	Concentrated
Passenger Ground Transportation Lost weight for 2 consecutive months	0.36%	+0.36 pp	Reversing upward	Concentrated
Asset Management & Custody Banks Gained weight for 5 consecutive months	1.03%	+0.35 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.