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›Financials›Investment Banking & Brokerage›Investment Banking & Brokerage

1 · Sector

Weight and 12M allocation change

Information Technology36.8%+3.53 pp Consumer Discretionary12.0%+1.16 pp Financials12.2%+0.79 pp Communication Services2.5%+0.07 pp Industrials9.8%+0.05 pp Utilities2.7%-0.09 pp Energy2.4%-0.29 pp Materials2.3%-0.34 pp Real Estate2.3%-0.39 pp Consumer Staples6.4%-0.84 pp Health Care10.6%-3.65 pp

2 · Industry

Inside Financials

Asset Management & Custody Banks1.51%+0.56 pp Investment Banking & Brokerage1.40%+0.35 pp Diversified Banks3.86%+0.28 pp Consumer Finance0.84%+0.21 pp Transaction & Payment Processing Services0.98%-0.16 pp Property & Casualty Insurance1.02%-0.15 pp Financial Exchanges & Data1.05%-0.09 pp Insurance Brokers0.67%-0.08 pp Life & Health Insurance0.37%-0.08 pp Multi-line Insurance0.16%-0.03 pp Reinsurance0.03%-0.01 pp Regional Banks0.32%-0.01 pp Multi-Sector Holdings0.00%-0.00 pp

3 · Sub-industry

Inside Investment Banking & Brokerage

Investment Banking & Brokerage1.40%+0.345 pp

Concentrated

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

View all contributions →

Investment Banking & Brokerage · weight

1.40%

Industry change · 12M

+0.35 pp

Investment Banking & Brokerage · contribution

+0.345 pp

Company participation

100%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Aug 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
Charles Schwab Corporation → SCHW	United States	$174.0bn	0.361%	-0.003 pp	+0.158 pp	+49.1%	Yes
Morgan Stanley → MS	United States	$240.2bn	0.498%	+0.033 pp	+0.093 pp	+49.6%	Yes
Goldman Sachs → GS	United States	$225.6bn	0.468%	+0.050 pp	+0.078 pp	+49.0%	Yes
Raymond James Financial → RJF	United States	$33.8bn	0.070%	+0.003 pp	+0.011 pp	+43.7%	Yes
Interactive Brokers → IBKR	United States	$2.6bn	0.005%	+0.005 pp	+0.005 pp	+94.2%	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.