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 Discretionary11.3%+4.18 pp Energy3.7%+0.58 pp Industrials10.3%+0.07 pp Utilities3.2%+0.05 pp Materials3.2%+0.02 pp Real Estate3.2%+0.00 pp Health Care16.6%-0.02 pp Consumer Staples7.5%-0.07 pp Communication Services3.3%-0.59 pp Financials12.6%-0.72 pp Information Technology25.1%-3.51 pp

2 · Industry

Inside Industrials

Construction Machinery & Heavy Transportation Equipment0.75%+0.17 pp Rail Transportation0.85%-0.17 pp Industrial Conglomerates0.77%-0.10 pp Air Freight & Logistics0.70%-0.09 pp Industrial Machinery & Supplies & Components1.16%+0.07 pp Agricultural & Farm Machinery0.44%+0.05 pp Heavy Electrical Equipment0.03%-0.04 pp Diversified Support Services0.14%+0.04 pp Trading Companies & Distributors0.17%+0.03 pp Aerospace & Defense2.51%+0.03 pp Electrical Components & Equipment0.64%+0.03 pp Construction & Engineering0.13%+0.03 pp Environmental & Facilities Services0.42%+0.02 pp Human Resource & Employment Services0.46%+0.01 pp Passenger Airlines0.22%-0.01 pp Research & Consulting Services0.18%-0.01 pp Building Products0.53%+0.01 pp Cargo Ground Transportation0.13%-0.00 pp Data Processing & Outsourced Services0.06%-0.00 pp Passenger Ground Transportation0.00%+0.00 pp

3 · Sub-industry

Inside Passenger Airlines

Passenger Airlines0.22%-0.012 pp

Concentrated

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

View all contributions →

Passenger Airlines · weight

0.22%

Industry change · 12M

-0.01 pp

Passenger Airlines · contribution

-0.012 pp

Company participation

67%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Feb 2023 · 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	$20.0bn	0.070%	-0.010 pp	-0.020 pp	-22.9%	No
United Airlines Holdings → UAL	United States	$17.0bn	0.060%	+0.011 pp	+0.010 pp	+17.0%	Yes
Delta Air Lines → DAL	United States	$24.6bn	0.086%	+0.009 pp	-0.002 pp	-4.0%	Yes

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.