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 Technology38.2%+3.54 pp Financials11.8%+0.88 pp Consumer Discretionary12.1%+0.80 pp Industrials9.7%-0.00 pp Communication Services2.4%-0.05 pp Utilities2.7%-0.15 pp Energy2.3%-0.17 pp Materials2.1%-0.43 pp Real Estate2.2%-0.45 pp Consumer Staples6.2%-0.90 pp Health Care10.4%-3.06 pp

2 · Industry

Inside Financials

Diversified Banks3.84%+0.53 pp Asset Management & Custody Banks1.45%+0.49 pp Investment Banking & Brokerage1.41%+0.40 pp Transaction & Payment Processing Services0.90%-0.21 pp Consumer Finance0.79%+0.16 pp Financial Exchanges & Data0.94%-0.16 pp Property & Casualty Insurance1.00%-0.13 pp Life & Health Insurance0.36%-0.09 pp Insurance Brokers0.64%-0.07 pp Multi-line Insurance0.15%-0.02 pp Regional Banks0.31%-0.01 pp Reinsurance0.03%-0.01 pp Multi-Sector Holdings0.00%-0.00 pp

3 · Sub-industry

Inside Investment Banking & Brokerage

Investment Banking & Brokerage1.41%+0.403 pp

Concentrated

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

View all contributions →

Investment Banking & Brokerage · weight

1.41%

Industry change · 12M

+0.40 pp

Investment Banking & Brokerage · contribution

+0.403 pp

Company participation

80%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Sep 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	$173.3bn	0.347%	-0.011 pp	+0.153 pp	+49.2%	No
Goldman Sachs → GS	United States	$241.1bn	0.483%	+0.014 pp	+0.119 pp	+64.1%	Yes
Morgan Stanley → MS	United States	$253.8bn	0.508%	+0.021 pp	+0.115 pp	+57.0%	Yes
Raymond James Financial → RJF	United States	$34.4bn	0.069%	+0.002 pp	+0.010 pp	+42.9%	Yes
Interactive Brokers → IBKR	United States	$2.9bn	0.006%	+0.006 pp	+0.006 pp	+98.6%	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.