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 Technology39.6%+4.74 pp Consumer Discretionary12.3%+1.05 pp Utilities2.7%-0.15 pp Financials11.2%-0.18 pp Industrials9.5%-0.27 pp Energy2.2%-0.34 pp Communication Services2.1%-0.37 pp Real Estate2.1%-0.48 pp Materials2.0%-0.52 pp Consumer Staples5.9%-1.08 pp Health Care10.5%-2.40 pp

2 · Industry

Inside Financials

Transaction & Payment Processing Services0.80%-0.38 pp Asset Management & Custody Banks1.31%+0.28 pp Investment Banking & Brokerage1.38%+0.27 pp Diversified Banks3.74%+0.23 pp Property & Casualty Insurance0.90%-0.22 pp Financial Exchanges & Data0.89%-0.18 pp Insurance Brokers0.55%-0.17 pp Consumer Finance0.81%+0.17 pp Life & Health Insurance0.34%-0.09 pp Regional Banks0.28%-0.06 pp Multi-line Insurance0.15%-0.03 pp Reinsurance0.03%-0.01 pp Multi-Sector Holdings0.00%-0.00 pp

3 · Sub-industry

Inside Investment Banking & Brokerage

Investment Banking & Brokerage1.38%+0.268 pp

Concentrated

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

View all contributions →

Investment Banking & Brokerage · weight

1.38%

Industry change · 12M

+0.27 pp

Investment Banking & Brokerage · contribution

+0.268 pp

Company participation

60%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Oct 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	$171.6bn	0.336%	-0.038 pp	+0.122 pp	+35.2%	No
Goldman Sachs → GS	United States	$236.8bn	0.464%	-0.004 pp	+0.079 pp	+55.6%	Yes
Morgan Stanley → MS	United States	$261.8bn	0.513%	+0.031 pp	+0.071 pp	+45.0%	Yes
Raymond James Financial → RJF	United States	$31.6bn	0.062%	-0.009 pp	-0.010 pp	+8.5%	No
Interactive Brokers → IBKR	United States	$3.0bn	0.006%	+0.006 pp	+0.006 pp	+85.4%	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.