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

Consumer Discretionary48.1%+41.00 pp Materials1.1%-1.04 pp Utilities1.9%-1.28 pp Real Estate1.8%-1.40 pp Communication Services1.9%-1.53 pp Energy2.7%-2.04 pp Consumer Staples4.8%-4.56 pp Information Technology10.0%-6.01 pp Health Care10.1%-6.67 pp Industrials8.1%-7.53 pp Financials9.5%-8.94 pp

2 · Industry

Inside Industrials

Aerospace & Defense3.30%-3.78 pp Industrial Conglomerates0.70%-0.67 pp Industrial Machinery & Supplies & Components0.57%-0.51 pp Air Freight & Logistics0.51%-0.47 pp Construction Machinery & Heavy Transportation Equipment0.42%-0.41 pp Rail Transportation0.61%-0.33 pp Electrical Components & Equipment0.41%-0.31 pp Passenger Airlines0.32%-0.23 pp Building Products0.24%-0.23 pp Human Resource & Employment Services0.29%-0.16 pp Agricultural & Farm Machinery0.15%-0.15 pp Environmental & Facilities Services0.20%-0.15 pp Research & Consulting Services0.11%-0.07 pp Trading Companies & Distributors0.06%-0.05 pp Data Processing & Outsourced Services0.05%+0.05 pp Cargo Ground Transportation0.04%-0.03 pp Construction & Engineering0.04%-0.03 pp Diversified Support Services0.03%+0.00 pp Heavy Electrical Equipment0.00%+0.00 pp Passenger Ground Transportation0.00%+0.00 pp

3 · Sub-industry

Inside Passenger Airlines

Passenger Airlines0.32%-0.232 pp

Concentrated

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

View all contributions →

Passenger Airlines · weight

0.32%

Industry change · 12M

-0.23 pp

Passenger Airlines · contribution

-0.232 pp

Company participation

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Sep 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
Delta Air Lines → DAL	United States	$40.0bn	0.127%	-0.084 pp	-0.103 pp	+3.8%	No
Southwest Airlines → LUV	United States	$35.8bn	0.114%	-0.065 pp	-0.092 pp	+3.5%	No
United Airlines Holdings → UAL	United States	$24.3bn	0.077%	-0.040 pp	-0.037 pp	+31.3%	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.