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 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 Information Technology

Semiconductors14.71%+3.11 pp Technology Hardware, Storage & Peripherals7.97%-0.58 pp Systems Software8.28%+0.44 pp Communications Equipment1.10%+0.33 pp Semiconductor Materials & Equipment0.74%+0.25 pp IT Consulting & Other Services0.95%-0.23 pp Application Software3.55%+0.16 pp Electronic Components0.29%+0.11 pp Electronic Equipment & Instruments0.25%-0.04 pp Electronic Manufacturing Services0.18%+0.04 pp Technology Distributors0.04%-0.03 pp Internet Services & Infrastructure0.11%-0.02 pp

3 · Sub-industry

Inside Systems Software

Systems Software8.28%+0.444 pp

Concentrated

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

View all contributions →

Systems Software · weight

8.28%

Industry change · 12M

+0.44 pp

Systems Software · contribution

+0.444 pp

Company participation

17%

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
Microsoft → MSFT	United States	$3850.0bn	7.707%	-0.265 pp	+0.262 pp	+21.3%	No
Palo Alto Networks → PANW	United States	$136.2bn	0.273%	-0.022 pp	+0.143 pp	+19.1%	No
CrowdStrike → CRWD	United States	$30.8bn	0.062%	-0.007 pp	+0.062 pp	+74.8%	Yes
ServiceNow → NOW	United States	$38.3bn	0.077%	-0.015 pp	-0.009 pp	+2.9%	No
Fortinet → FTNT	United States	$64.4bn	0.129%	-0.046 pp	-0.009 pp	+8.4%	No
Gen Digital → GEN	United States	$17.5bn	0.035%	-0.004 pp	-0.004 pp	+5.3%	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.