Observatory · observe first

Follow the allocation change

Matched S&P 500 members → sector → industry → sub-industry → company. Each step uses the same percentage points.

Historical time machine

Historical observation

20182026

Universe›Industrials›Passenger Airlines›Passenger Airlines

1 · Sector

Weight and 12M allocation change

Information Technology17.0%+0.98 pp Energy5.1%+0.38 pp Utilities3.4%+0.28 pp Real Estate3.4%+0.12 pp Health Care16.8%+0.09 pp Consumer Discretionary7.1%+0.05 pp Materials2.1%-0.04 pp Communication Services3.3%-0.22 pp Financials18.2%-0.27 pp Industrials15.0%-0.59 pp Consumer Staples8.6%-0.79 pp

2 · Industry

Inside Industrials

Aerospace & Defense6.82%-0.26 pp Industrial Conglomerates1.22%-0.14 pp Industrial Machinery & Supplies & Components1.01%-0.07 pp Rail Transportation0.99%+0.05 pp Construction Machinery & Heavy Transportation Equipment0.78%-0.05 pp Agricultural & Farm Machinery0.27%-0.04 pp Electrical Components & Equipment0.69%-0.03 pp Building Products0.44%-0.03 pp Passenger Airlines0.53%-0.02 pp Research & Consulting Services0.19%+0.01 pp Trading Companies & Distributors0.10%-0.01 pp Air Freight & Logistics0.97%-0.01 pp Cargo Ground Transportation0.08%+0.00 pp Environmental & Facilities Services0.35%-0.00 pp Human Resource & Employment Services0.46%+0.00 pp Diversified Support Services0.03%+0.00 pp Construction & Engineering0.07%-0.00 pp Data Processing & Outsourced Services0.00%+0.00 pp Heavy Electrical Equipment0.00%+0.00 pp Passenger Ground Transportation0.00%+0.00 pp

3 · Sub-industry

Inside Passenger Airlines

Passenger Airlines0.53%-0.020 pp

Concentrated

Most of this industry's losses came from a few companies.

View all contributions →

Passenger Airlines · weight

0.53%

Industry change · 12M

-0.02 pp

Passenger Airlines · contribution

-0.020 pp

Company participation

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Apr 2018 · sorted by absolute contribution to 12-month change

Company	Country	Market cap	Universe weight	3M contribution	12M contribution	12M price return	Above 6M weight average
Southwest Airlines → LUV	United States	$31.1bn	0.191%	-0.015 pp	-0.015 pp	-12.9%	No
Delta Air Lines → DAL	United States	$36.7bn	0.225%	-0.005 pp	-0.005 pp	-7.5%	No
United Airlines Holdings → UAL	United States	$18.7bn	0.115%	+0.000 pp	+0.000 pp	-0.4%	No

Company contributions use weights among matched S&P 500 members and add through each level without rescaling. Companies without matched shares and prices are omitted. These observations do not establish official index weights or actual fund flows.