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 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 Information Technology

Semiconductors15.99%+3.85 pp Systems Software8.13%+0.62 pp Communications Equipment1.12%+0.32 pp Semiconductor Materials & Equipment0.84%+0.20 pp IT Consulting & Other Services0.98%-0.16 pp Electronic Components0.32%+0.13 pp Technology Hardware, Storage & Peripherals8.25%-0.11 pp Electronic Equipment & Instruments0.23%-0.06 pp Electronic Manufacturing Services0.19%+0.05 pp Application Software3.37%-0.05 pp Internet Services & Infrastructure0.10%-0.03 pp Technology Distributors0.04%-0.02 pp

3 · Sub-industry

Inside Systems Software

Systems Software8.13%+0.619 pp

Concentrated

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

View all contributions →

Systems Software · weight

8.13%

Industry change · 12M

+0.62 pp

Systems Software · contribution

+0.619 pp

Company participation

33%

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
Microsoft → MSFT	United States	$3848.6bn	7.539%	-0.823 pp	+0.439 pp	+28.4%	No
Palo Alto Networks → PANW	United States	$147.3bn	0.289%	+0.044 pp	+0.151 pp	+22.2%	Yes
CrowdStrike → CRWD	United States	$34.1bn	0.067%	+0.007 pp	+0.067 pp	+82.9%	Yes
ServiceNow → NOW	United States	$38.2bn	0.075%	-0.008 pp	-0.015 pp	-1.5%	No
Fortinet → FTNT	United States	$66.2bn	0.130%	-0.032 pp	-0.012 pp	+9.9%	No
Gen Digital → GEN	United States	$16.2bn	0.032%	-0.007 pp	-0.010 pp	-7.9%	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.