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 Technology41.9%+7.32 pp Energy2.5%+0.19 pp Consumer Discretionary11.8%-0.20 pp Materials2.0%-0.21 pp Communication Services2.4%-0.32 pp Real Estate2.0%-0.41 pp Utilities2.4%-0.43 pp Industrials9.6%-0.50 pp Health Care9.7%-1.47 pp Consumer Staples5.7%-1.52 pp Financials9.8%-2.46 pp

2 · Industry

Inside Information Technology

Semiconductors18.69%+6.47 pp Technology Hardware, Storage & Peripherals9.29%+2.19 pp Systems Software6.70%-1.66 pp Application Software2.34%-1.01 pp Semiconductor Materials & Equipment1.51%+0.94 pp Communications Equipment1.58%+0.57 pp IT Consulting & Other Services0.76%-0.41 pp Electronic Components0.55%+0.33 pp Electronic Equipment & Instruments0.23%-0.06 pp Internet Services & Infrastructure0.10%-0.04 pp Electronic Manufacturing Services0.17%+0.03 pp Technology Distributors0.03%-0.03 pp

3 · Sub-industry

Inside Systems Software

Systems Software6.70%-1.657 pp

Concentrated

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

View all contributions →

Systems Software · weight

6.70%

Industry change · 12M

-1.66 pp

Systems Software · contribution

-1.657 pp

Company participation

100%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

May 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	$3344.6bn	5.796%	+1.793 pp	-1.957 pp	-1.4%	Yes
ServiceNow → NOW	United States	$128.2bn	0.222%	+0.067 pp	+0.127 pp	-38.5%	Yes
Palo Alto Networks → PANW	United States	$229.9bn	0.398%	+0.232 pp	+0.108 pp	+46.4%	Yes
CrowdStrike → CRWD	United States	$46.1bn	0.080%	+0.048 pp	+0.080 pp	+55.1%	Yes
Gen Digital → GEN	United States	$15.5bn	0.027%	+0.008 pp	-0.013 pp	-7.7%	Yes
Fortinet → FTNT	United States	$101.1bn	0.175%	+0.095 pp	-0.001 pp	+35.6%	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.