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 Technology40.9%+4.04 pp Energy3.9%+1.55 pp Health Care10.6%+0.01 pp Communication Services2.3%-0.19 pp Materials2.0%-0.23 pp Real Estate1.9%-0.31 pp Industrials9.3%-0.48 pp Utilities2.2%-0.48 pp Consumer Staples5.5%-0.92 pp Consumer Discretionary10.8%-1.27 pp Financials10.5%-1.72 pp

2 · Industry

Inside Information Technology

Semiconductors17.29%+3.19 pp Technology Hardware, Storage & Peripherals8.93%+1.44 pp Application Software2.00%-1.38 pp Semiconductor Materials & Equipment1.75%+1.16 pp Systems Software7.68%-0.69 pp Communications Equipment1.54%+0.41 pp IT Consulting & Other Services0.64%-0.29 pp Electronic Components0.47%+0.21 pp Electronic Manufacturing Services0.22%+0.05 pp Internet Services & Infrastructure0.09%-0.03 pp Electronic Equipment & Instruments0.24%-0.02 pp Technology Distributors0.03%-0.01 pp

3 · Sub-industry

Inside Systems Software

Systems Software7.68%-0.689 pp

Concentrated

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

View all contributions →

Systems Software · weight

7.68%

Industry change · 12M

-0.69 pp

Systems Software · contribution

-0.689 pp

Company participation

100%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Aug 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	$3766.9bn	6.273%	+0.477 pp	-1.534 pp	+0.9%	Yes
CrowdStrike → CRWD	United States	$236.5bn	0.394%	+0.314 pp	+0.339 pp	+118.1%	Yes
Palo Alto Networks → PANW	United States	$311.4bn	0.519%	+0.120 pp	+0.254 pp	+100.6%	Yes
ServiceNow → NOW	United States	$153.0bn	0.255%	+0.033 pp	+0.176 pp	-19.3%	Yes
Fortinet → FTNT	United States	$125.4bn	0.209%	+0.034 pp	+0.084 pp	+117.0%	Yes
Gen Digital → GEN	United States	$18.6bn	0.031%	+0.004 pp	-0.008 pp	+4.7%	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.