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 Discretionary48.7%+41.63 pp Materials1.4%-0.72 pp Utilities2.1%-1.03 pp Real Estate2.0%-1.23 pp Communication Services2.0%-1.42 pp Energy2.4%-2.32 pp Consumer Staples5.1%-4.27 pp Health Care10.4%-6.37 pp Information Technology9.5%-6.56 pp Industrials7.2%-8.34 pp Financials9.1%-9.36 pp

2 · Industry

Inside Industrials

Aerospace & Defense2.75%-4.33 pp Industrial Conglomerates0.68%-0.69 pp Industrial Machinery & Supplies & Components0.53%-0.55 pp Air Freight & Logistics0.45%-0.53 pp Construction Machinery & Heavy Transportation Equipment0.39%-0.44 pp Rail Transportation0.57%-0.37 pp Electrical Components & Equipment0.36%-0.36 pp Passenger Airlines0.30%-0.25 pp Building Products0.23%-0.24 pp Human Resource & Employment Services0.29%-0.16 pp Agricultural & Farm Machinery0.17%-0.14 pp Environmental & Facilities Services0.24%-0.11 pp Research & Consulting Services0.10%-0.08 pp Trading Companies & Distributors0.04%-0.07 pp Data Processing & Outsourced Services0.04%+0.04 pp Cargo Ground Transportation0.04%-0.04 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 Airlines0.30%-0.254 pp

Concentrated

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

View all contributions →

Passenger Airlines · weight

0.30%

Industry change · 12M

-0.25 pp

Passenger Airlines · contribution

-0.254 pp

Company participation

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Dec 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	$26.1bn	0.093%	-0.021 pp	-0.112 pp	-22.7%	No
Delta Air Lines → DAL	United States	$34.2bn	0.122%	-0.005 pp	-0.109 pp	-9.9%	No
United Airlines Holdings → UAL	United States	$22.8bn	0.082%	+0.004 pp	-0.033 pp	+23.5%	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.