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›Materials›Steel›Steel

1 · Sector

Weight and 12M allocation change

Information Technology38.1%+4.07 pp Utilities2.8%-0.02 pp Consumer Discretionary12.0%-0.02 pp Energy2.3%-0.32 pp Materials2.1%-0.33 pp Real Estate2.1%-0.38 pp Industrials9.4%-0.40 pp Communication Services2.2%-0.48 pp Health Care11.5%-0.58 pp Consumer Staples6.2%-0.72 pp Financials11.4%-0.82 pp

2 · Industry

Inside Materials

Industrial Gases0.49%-0.16 pp Specialty Chemicals0.46%-0.12 pp Gold0.19%+0.09 pp Commodity Chemicals0.03%-0.03 pp Paper & Plastic Packaging Products & Materials0.33%-0.03 pp Copper0.12%-0.02 pp Fertilizers & Agricultural Chemicals0.13%-0.02 pp Metal, Glass & Plastic Containers0.03%-0.01 pp Construction Materials0.15%-0.01 pp Steel0.12%-0.01 pp

3 · Sub-industry

Inside Steel

Steel0.12%-0.009 pp

Concentrated

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

View all contributions →

Steel · weight

0.12%

Industry change · 12M

-0.01 pp

Steel · contribution

-0.009 pp

Company participation

100%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Nov 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
Nucor → NUE	United States	$36.5bn	0.072%	+0.001 pp	-0.008 pp	+4.9%	Yes
Steel Dynamics → STLD	United States	$24.5bn	0.048%	+0.008 pp	-0.001 pp	+17.3%	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.