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 Technology36.6%+3.08 pp Industrials10.0%+0.39 pp Communication Services2.7%+0.26 pp Materials2.4%+0.12 pp Energy2.5%+0.04 pp Utilities2.6%-0.06 pp Real Estate2.1%-0.26 pp Consumer Staples6.3%-0.46 pp Consumer Discretionary12.3%-0.81 pp Financials11.4%-1.15 pp Health Care11.0%-1.15 pp

2 · Industry

Inside Information Technology

Semiconductors15.34%+4.26 pp Application Software2.45%-1.03 pp Semiconductor Materials & Equipment1.19%+0.57 pp Systems Software6.78%-0.52 pp IT Consulting & Other Services0.97%-0.28 pp Communications Equipment1.09%+0.26 pp Technology Hardware, Storage & Peripherals7.94%-0.21 pp Electronic Components0.34%+0.14 pp Electronic Equipment & Instruments0.23%-0.08 pp Internet Services & Infrastructure0.10%-0.05 pp Electronic Manufacturing Services0.17%+0.04 pp Technology Distributors0.03%-0.03 pp

3 · Sub-industry

Inside Systems Software

Systems Software6.78%-0.517 pp

Concentrated

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

View all contributions →

Systems Software · weight

6.78%

Industry change · 12M

-0.52 pp

Systems Software · contribution

-0.517 pp

Company participation

17%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Jan 2026 · 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	$3195.2bn	6.113%	-1.426 pp	-0.748 pp	+4.4%	No
ServiceNow → NOW	United States	$122.4bn	0.234%	+0.159 pp	+0.141 pp	-42.6%	Yes
Palo Alto Networks → PANW	United States	$123.3bn	0.236%	-0.053 pp	+0.101 pp	-4.0%	No
Fortinet → FTNT	United States	$60.4bn	0.116%	-0.014 pp	-0.056 pp	-19.4%	No
CrowdStrike → CRWD	United States	$27.8bn	0.053%	-0.014 pp	+0.053 pp	+10.9%	No
Gen Digital → GEN	United States	$14.8bn	0.028%	-0.003 pp	-0.009 pp	-9.3%	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.