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 Technology41.0%+4.61 pp Industrials10.3%+0.34 pp Energy2.4%+0.09 pp Materials2.1%-0.14 pp Utilities2.5%-0.22 pp Real Estate2.0%-0.28 pp Consumer Discretionary11.2%-0.41 pp Health Care10.4%-0.48 pp Communication Services2.2%-0.51 pp Consumer Staples5.7%-1.01 pp Financials10.3%-1.99 pp

2 · Industry

Inside Information Technology

Semiconductors18.72%+5.18 pp Systems Software5.78%-2.86 pp Technology Hardware, Storage & Peripherals8.95%+2.01 pp Application Software1.78%-1.78 pp Semiconductor Materials & Equipment2.20%+1.56 pp Communications Equipment1.57%+0.52 pp IT Consulting & Other Services0.64%-0.51 pp Electronic Components0.70%+0.48 pp Electronic Manufacturing Services0.28%+0.12 pp Internet Services & Infrastructure0.09%-0.05 pp Electronic Equipment & Instruments0.24%-0.04 pp Technology Distributors0.03%-0.02 pp

3 · Sub-industry

Inside Systems Software

Systems Software5.78%-2.858 pp

Concentrated

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

View all contributions →

Systems Software · weight

5.78%

Industry change · 12M

-2.86 pp

Systems Software · contribution

-2.858 pp

Company participation

83%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Jun 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	$2770.9bn	4.815%	+0.812 pp	-3.157 pp	-24.4%	Yes
Palo Alto Networks → PANW	United States	$277.9bn	0.483%	+0.292 pp	+0.189 pp	+66.6%	Yes
ServiceNow → NOW	United States	$102.4bn	0.178%	+0.019 pp	+0.086 pp	-51.7%	No
Fortinet → FTNT	United States	$112.5bn	0.196%	+0.108 pp	+0.021 pp	+45.3%	Yes
CrowdStrike → CRWD	United States	$48.6bn	0.084%	+0.049 pp	+0.016 pp	+49.8%	Yes
Gen Digital → GEN	United States	$15.0bn	0.026%	+0.009 pp	-0.013 pp	-13.7%	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.