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 Technology39.9%+2.38 pp Energy2.7%+0.38 pp Health Care10.6%+0.37 pp Materials2.0%-0.11 pp Industrials9.9%-0.12 pp Real Estate2.1%-0.17 pp Communication Services2.2%-0.23 pp Utilities2.5%-0.34 pp Consumer Discretionary11.3%-0.38 pp Consumer Staples5.9%-0.60 pp Financials10.9%-1.19 pp

2 · Industry

Inside Information Technology

Semiconductors17.20%+2.80 pp Technology Hardware, Storage & Peripherals9.09%+2.20 pp Systems Software7.02%-1.93 pp Application Software1.80%-1.89 pp Semiconductor Materials & Equipment1.53%+0.91 pp Communications Equipment1.55%+0.46 pp IT Consulting & Other Services0.62%-0.37 pp Electronic Components0.47%+0.22 pp Electronic Manufacturing Services0.23%+0.06 pp Electronic Equipment & Instruments0.24%-0.03 pp Internet Services & Infrastructure0.09%-0.03 pp Technology Distributors0.03%-0.02 pp

3 · Sub-industry

Inside Systems Software

Systems Software7.02%-1.931 pp

Concentrated

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

View all contributions →

Systems Software · weight

7.02%

Industry change · 12M

-1.93 pp

Systems Software · contribution

-1.931 pp

Company participation

100%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Jul 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	$3450.8bn	6.024%	+1.914 pp	-2.339 pp	-12.2%	Yes
Palo Alto Networks → PANW	United States	$270.4bn	0.472%	+0.274 pp	+0.228 pp	+91.1%	Yes
ServiceNow → NOW	United States	$115.0bn	0.201%	+0.077 pp	+0.118 pp	-41.0%	Yes
Fortinet → FTNT	United States	$118.8bn	0.207%	+0.123 pp	+0.046 pp	+62.1%	Yes
CrowdStrike → CRWD	United States	$48.6bn	0.085%	+0.047 pp	+0.025 pp	+67.9%	Yes
Gen Digital → GEN	United States	$16.5bn	0.029%	+0.013 pp	-0.010 pp	-5.1%	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.