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 Technology37.5%+17.67 pp Financials12.1%+3.93 pp Consumer Discretionary11.7%+3.50 pp Industrials10.0%+2.95 pp Consumer Staples6.5%+1.39 pp Utilities2.8%+0.81 pp Communication Services2.5%+0.68 pp Real Estate2.3%+0.39 pp Energy2.3%+0.30 pp Health Care10.3%+0.23 pp Materials2.1%-31.86 pp

2 · Industry

Inside Information Technology

Semiconductors14.40%+11.56 pp Systems Software8.95%+3.11 pp Application Software3.69%+1.23 pp Technology Hardware, Storage & Peripherals6.89%+0.55 pp Communications Equipment1.09%+0.55 pp Semiconductor Materials & Equipment0.62%+0.23 pp IT Consulting & Other Services0.98%+0.15 pp Electronic Components0.25%+0.12 pp Electronic Manufacturing Services0.18%+0.07 pp Electronic Equipment & Instruments0.28%+0.06 pp Internet Services & Infrastructure0.13%+0.03 pp Technology Distributors0.05%-0.00 pp

3 · Sub-industry

Inside Systems Software

Systems Software8.95%+3.113 pp

Concentrated

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

View all contributions →

Systems Software · weight

8.95%

Industry change · 12M

+3.11 pp

Systems Software · contribution

+3.113 pp

Company participation

33%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Jul 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	$3965.6bn	8.363%	+1.308 pp	+2.789 pp	+28.5%	Yes
Palo Alto Networks → PANW	United States	$115.8bn	0.244%	-0.053 pp	+0.150 pp	+6.9%	No
Fortinet → FTNT	United States	$76.5bn	0.161%	-0.030 pp	+0.082 pp	+72.1%	No
CrowdStrike → CRWD	United States	$28.3bn	0.060%	+0.060 pp	+0.060 pp	+96.0%	Yes
ServiceNow → NOW	United States	$39.2bn	0.083%	-0.012 pp	+0.023 pp	+15.8%	No
Gen Digital → GEN	United States	$18.3bn	0.039%	+0.000 pp	+0.009 pp	+15.5%	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.