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 Technology38.1%+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 Information Technology

Semiconductors15.05%+3.50 pp Application Software2.91%-0.61 pp Technology Hardware, Storage & Peripherals8.57%+0.37 pp Systems Software7.72%+0.34 pp Semiconductor Materials & Equipment0.90%+0.31 pp Communications Equipment1.07%+0.26 pp IT Consulting & Other Services0.99%-0.16 pp Electronic Components0.31%+0.12 pp Electronic Equipment & Instruments0.23%-0.06 pp Electronic Manufacturing Services0.17%+0.04 pp Internet Services & Infrastructure0.11%-0.03 pp Technology Distributors0.04%-0.01 pp

3 · Sub-industry

Inside Systems Software

Systems Software7.72%+0.337 pp

Concentrated

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

View all contributions →

Systems Software · weight

7.72%

Industry change · 12M

+0.34 pp

Systems Software · contribution

+0.337 pp

Company participation

17%

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
Microsoft → MSFT	United States	$3656.8bn	7.183%	-0.624 pp	+0.236 pp	+17.0%	No
Palo Alto Networks → PANW	United States	$132.5bn	0.260%	-0.004 pp	+0.120 pp	-1.9%	No
CrowdStrike → CRWD	United States	$31.9bn	0.063%	+0.008 pp	+0.063 pp	+47.2%	Yes
Fortinet → FTNT	United States	$60.3bn	0.119%	-0.007 pp	-0.042 pp	-14.6%	No
ServiceNow → NOW	United States	$33.8bn	0.066%	-0.013 pp	-0.029 pp	-22.6%	No
Gen Digital → GEN	United States	$16.3bn	0.032%	-0.007 pp	-0.010 pp	-13.0%	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.