Industry	Market weight	12M change	Movement	Participation
Semiconductors Gained weight for 1 consecutive month	12.18%	+8.17 pp	Slowing	Concentrated
Systems Software Gained weight for 1 consecutive month	7.54%	-1.19 pp	Reversing downward	Concentrated
Consumer Staples Merchandise Retail Lost weight for 1 consecutive month	2.78%	+1.11 pp	Slowing	Concentrated
Pharmaceuticals Lost weight for 4 consecutive months	3.82%	-0.88 pp	Reversing downward	Concentrated
Asset Management & Custody Banks Gained weight for 7 consecutive months	1.61%	+0.83 pp	Accelerating	Concentrated
Managed Health Care Lost weight for 4 consecutive months	1.39%	-0.68 pp	Reversing downward	Concentrated
Biotechnology Lost weight for 2 consecutive months	1.79%	-0.61 pp	Reversing downward	Broad
Broadline Retail Gained weight for 5 consecutive months	5.30%	+0.55 pp	Slowing	Concentrated
Automobile Manufacturers Gained weight for 2 consecutive months	3.16%	+0.52 pp	Accelerating	Concentrated
Life Sciences Tools & Services Lost weight for 4 consecutive months	1.15%	-0.49 pp	Reversing downward	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.