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 Technology37.8%+2.39 pp Industrials9.6%+0.25 pp Materials2.2%+0.06 pp Utilities2.6%-0.01 pp Financials11.9%-0.11 pp Energy2.3%-0.17 pp Real Estate2.1%-0.28 pp Communication Services2.2%-0.31 pp Health Care11.3%-0.33 pp Consumer Staples6.0%-0.70 pp Consumer Discretionary12.0%-0.78 pp

2 · Industry

Inside Financials

Transaction & Payment Processing Services0.81%-0.38 pp Diversified Banks3.93%+0.33 pp Investment Banking & Brokerage1.48%+0.33 pp Asset Management & Custody Banks1.43%-0.18 pp Consumer Finance0.86%+0.17 pp Insurance Brokers0.57%-0.12 pp Financial Exchanges & Data0.95%-0.10 pp Property & Casualty Insurance0.98%-0.08 pp Life & Health Insurance0.35%-0.06 pp Multi-line Insurance0.16%-0.01 pp Regional Banks0.31%-0.01 pp Reinsurance0.03%-0.01 pp Multi-Sector Holdings0.00%-0.00 pp

3 · Sub-industry

Inside Investment Banking & Brokerage

Investment Banking & Brokerage1.48%+0.329 pp

Concentrated

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

View all contributions →

Investment Banking & Brokerage · weight

1.48%

Industry change · 12M

+0.33 pp

Investment Banking & Brokerage · contribution

+0.329 pp

Company participation

60%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Dec 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	$177.5bn	0.348%	+0.001 pp	+0.131 pp	+36.6%	No
Goldman Sachs → GS	United States	$263.6bn	0.516%	+0.034 pp	+0.109 pp	+56.6%	Yes
Morgan Stanley → MS	United States	$282.1bn	0.553%	+0.045 pp	+0.093 pp	+45.2%	Yes
Raymond James Financial → RJF	United States	$31.6bn	0.062%	-0.007 pp	-0.010 pp	+4.7%	No
Interactive Brokers → IBKR	United States	$2.7bn	0.005%	-0.000 pp	+0.005 pp	+46.4%	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.