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 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 Information Technology

Semiconductors15.05%+2.87 pp Application Software2.98%-0.53 pp Technology Hardware, Storage & Peripherals8.35%-0.51 pp Semiconductor Materials & Equipment0.94%+0.37 pp Communications Equipment1.07%+0.25 pp IT Consulting & Other Services0.99%-0.15 pp Electronic Components0.31%+0.12 pp Electronic Equipment & Instruments0.23%-0.05 pp Electronic Manufacturing Services0.18%+0.05 pp Internet Services & Infrastructure0.10%-0.04 pp Technology Distributors0.03%-0.02 pp Systems Software7.56%+0.02 pp

3 · Sub-industry

Inside Systems Software

Systems Software7.56%+0.018 pp

Concentrated

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

View all contributions →

Systems Software · weight

7.56%

Industry change · 12M

+0.02 pp

Systems Software · contribution

+0.018 pp

Company participation

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
Palo Alto Networks → PANW	United States	$128.4bn	0.251%	-0.021 pp	+0.116 pp	+1.2%	No
Microsoft → MSFT	United States	$3594.4bn	7.040%	-0.667 pp	-0.066 pp	+15.6%	No
CrowdStrike → CRWD	United States	$29.5bn	0.058%	-0.004 pp	+0.058 pp	+37.0%	No
Fortinet → FTNT	United States	$59.1bn	0.116%	-0.013 pp	-0.049 pp	-16.0%	No
ServiceNow → NOW	United States	$31.9bn	0.062%	-0.014 pp	-0.037 pp	-27.7%	No
Gen Digital → GEN	United States	$16.8bn	0.033%	-0.002 pp	-0.005 pp	+1.1%	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.