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

Materials27.4%+25.10 pp Energy2.1%-0.32 pp Communication Services2.0%-0.81 pp Utilities2.0%-0.92 pp Real Estate1.6%-0.95 pp Industrials7.6%-2.27 pp Consumer Discretionary8.9%-2.59 pp Consumer Staples4.7%-2.85 pp Financials7.8%-4.44 pp Information Technology28.4%-4.69 pp Health Care7.4%-5.25 pp

2 · Industry

Inside Information Technology

Systems Software4.57%-3.11 pp Semiconductors12.72%+2.06 pp Technology Hardware, Storage & Peripherals6.16%-1.79 pp Application Software1.58%-1.68 pp IT Consulting & Other Services0.50%-0.67 pp Semiconductor Materials & Equipment1.01%+0.44 pp Electronic Components0.40%+0.19 pp Electronic Equipment & Instruments0.19%-0.10 pp Internet Services & Infrastructure0.07%-0.09 pp Communications Equipment1.10%+0.08 pp Technology Distributors0.02%-0.03 pp Electronic Manufacturing Services0.13%-0.01 pp

3 · Sub-industry

Inside Systems Software

Systems Software4.57%-3.106 pp

Concentrated

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

View all contributions →

Systems Software · weight

4.57%

Industry change · 12M

-3.11 pp

Systems Software · contribution

-3.106 pp

Company participation

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Apr 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	$3029.2bn	4.110%	-2.003 pp	-2.944 pp	+4.0%	No
Fortinet → FTNT	United States	$62.4bn	0.085%	-0.031 pp	-0.107 pp	-18.7%	No
Palo Alto Networks → PANW	United States	$146.3bn	0.199%	-0.037 pp	-0.099 pp	-4.1%	No
CrowdStrike → CRWD	United States	$28.1bn	0.038%	-0.015 pp	+0.038 pp	+3.9%	No
ServiceNow → NOW	United States	$91.0bn	0.124%	-0.111 pp	+0.029 pp	-53.8%	No
Gen Digital → GEN	United States	$11.7bn	0.016%	-0.012 pp	-0.022 pp	-24.1%	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.