Industry	Market weight	12M change	Movement	Participation
Semiconductors Lost weight for 1 consecutive month	15.05%	+3.50 pp	Slowing	Concentrated
Managed Health Care Lost weight for 2 consecutive months	0.83%	-0.76 pp	Slowing	Concentrated
Application Software Lost weight for 2 consecutive months	2.91%	-0.61 pp	Reversing downward	Concentrated
Transaction & Payment Processing Services Lost weight for 8 consecutive months	0.79%	-0.41 pp	Declining faster	Concentrated
Automobile Manufacturers Lost weight for 1 consecutive month	3.04%	+0.37 pp	Reversing upward	Concentrated
Technology Hardware, Storage & Peripherals Gained weight for 4 consecutive months	8.57%	+0.37 pp	Accelerating	Concentrated
Systems Software Lost weight for 4 consecutive months	7.72%	+0.34 pp	Reversing downward	Concentrated
Aerospace & Defense Lost weight for 2 consecutive months	2.46%	+0.32 pp	Reversing downward	Concentrated
Home Improvement Retail Lost weight for 3 consecutive months	0.97%	-0.31 pp	Reversing downward	Concentrated
Semiconductor Materials & Equipment Gained weight for 3 consecutive months	0.90%	+0.31 pp	Accelerating	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.