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›Information Technology›Systems Software›Systems Software

1 · Sector

Weight and 12M allocation change

Information Technology36.4%+15.47 pp Financials12.3%+4.20 pp Consumer Discretionary11.6%+3.35 pp Industrials9.9%+2.86 pp Consumer Staples6.8%+1.56 pp Communication Services2.7%+0.86 pp Utilities2.7%+0.78 pp Health Care10.9%+0.56 pp Real Estate2.3%+0.49 pp Energy2.3%+0.23 pp Materials2.2%-30.36 pp

2 · Industry

Inside Information Technology

Semiconductors13.54%+10.43 pp Systems Software8.64%+2.13 pp Application Software3.56%+0.95 pp Technology Hardware, Storage & Peripherals6.94%+0.63 pp Communications Equipment1.06%+0.51 pp IT Consulting & Other Services1.15%+0.36 pp Semiconductor Materials & Equipment0.64%+0.19 pp Electronic Components0.23%+0.13 pp Electronic Equipment & Instruments0.28%+0.06 pp Electronic Manufacturing Services0.16%+0.05 pp Internet Services & Infrastructure0.14%+0.04 pp Technology Distributors0.05%-0.01 pp

3 · Sub-industry

Inside Systems Software

Systems Software8.64%+2.134 pp

Concentrated

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

View all contributions →

Systems Software · weight

8.64%

Industry change · 12M

+2.13 pp

Systems Software · contribution

+2.134 pp

Company participation

83%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Jun 2025 · 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
Microsoft → MSFT	United States	$3697.0bn	7.972%	+1.346 pp	+1.745 pp	+12.1%	Yes
Palo Alto Networks → PANW	United States	$136.5bn	0.294%	+0.026 pp	+0.191 pp	+20.7%	Yes
Fortinet → FTNT	United States	$80.9bn	0.174%	-0.001 pp	+0.088 pp	+75.4%	No
CrowdStrike → CRWD	United States	$31.7bn	0.068%	+0.068 pp	+0.068 pp	+32.9%	Yes
ServiceNow → NOW	United States	$42.6bn	0.092%	+0.014 pp	+0.031 pp	+30.7%	Yes
Gen Digital → GEN	United States	$18.2bn	0.039%	+0.000 pp	+0.010 pp	+19.8%	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.