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

Materials30.1%+27.83 pp Energy2.0%-0.58 pp Communication Services2.1%-0.59 pp Utilities2.1%-0.66 pp Real Estate1.6%-0.88 pp Industrials7.7%-1.89 pp Consumer Staples4.9%-2.28 pp Consumer Discretionary8.4%-3.45 pp Health Care8.2%-4.24 pp Financials7.7%-4.88 pp Information Technology25.3%-8.39 pp

2 · Industry

Inside Information Technology

Systems Software4.46%-2.74 pp Technology Hardware, Storage & Peripherals5.82%-2.61 pp Application Software1.57%-1.73 pp Semiconductors10.39%-0.75 pp IT Consulting & Other Services0.55%-0.65 pp Semiconductor Materials & Equipment0.94%+0.37 pp Communications Equipment0.86%-0.18 pp Electronic Components0.30%+0.11 pp Electronic Equipment & Instruments0.18%-0.11 pp Internet Services & Infrastructure0.06%-0.07 pp Technology Distributors0.02%-0.03 pp Electronic Manufacturing Services0.13%-0.01 pp

3 · Sub-industry

Inside Systems Software

Systems Software4.46%-2.735 pp

Concentrated

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

View all contributions →

Systems Software · weight

4.46%

Industry change · 12M

-2.74 pp

Systems Software · contribution

-2.735 pp

Company participation

17%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Feb 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	$2916.3bn	4.003%	-3.180 pp	-2.597 pp	-0.3%	No
Palo Alto Networks → PANW	United States	$121.5bn	0.167%	-0.094 pp	-0.115 pp	-21.8%	No
Fortinet → FTNT	United States	$58.5bn	0.080%	-0.038 pp	-0.105 pp	-26.8%	No
ServiceNow → NOW	United States	$113.0bn	0.155%	+0.089 pp	+0.069 pp	-41.9%	Yes
CrowdStrike → CRWD	United States	$23.4bn	0.032%	-0.031 pp	+0.032 pp	-4.5%	No
Gen Digital → GEN	United States	$13.7bn	0.019%	-0.013 pp	-0.019 pp	-15.9%	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.