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

Latest available · not live

20182026

Universe›Information Technology›Systems Software›Systems Software

1 · Sector

Weight and 12M allocation change

Information Technology43.1%+4.93 pp Energy3.8%+1.55 pp Health Care10.6%+0.26 pp Materials1.9%-0.22 pp Communication Services2.1%-0.27 pp Real Estate1.8%-0.35 pp Industrials9.1%-0.58 pp Utilities2.1%-0.61 pp Consumer Staples5.4%-0.78 pp Consumer Discretionary10.3%-1.78 pp Financials9.7%-2.16 pp

2 · Industry

Inside Information Technology

Semiconductors18.63%+3.92 pp Application Software1.82%-1.73 pp Technology Hardware, Storage & Peripherals9.60%+1.63 pp Semiconductor Materials & Equipment1.95%+1.21 pp Communications Equipment1.54%+0.44 pp Systems Software7.87%-0.41 pp IT Consulting & Other Services0.61%-0.34 pp Electronic Components0.49%+0.20 pp Electronic Manufacturing Services0.22%+0.04 pp Internet Services & Infrastructure0.09%-0.02 pp Technology Distributors0.03%-0.01 pp Electronic Equipment & Instruments0.24%-0.01 pp

3 · Sub-industry

Inside Systems Software

Systems Software7.87%-0.407 pp

Concentrated

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

View all contributions →

Systems Software · weight

7.87%

Industry change · 12M

-0.41 pp

Systems Software · contribution

-0.407 pp

Company participation

83%

of industry constituents above their 6M weight average

4 · Companies driving this sub-industry

Sep 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	$3808.6bn	6.398%	+1.583 pp	-1.309 pp	-0.2%	Yes
CrowdStrike → CRWD	United States	$271.1bn	0.455%	+0.371 pp	+0.394 pp	+116.0%	Yes
Palo Alto Networks → PANW	United States	$325.0bn	0.546%	+0.063 pp	+0.273 pp	+95.1%	Yes
ServiceNow → NOW	United States	$138.6bn	0.233%	+0.055 pp	+0.156 pp	-27.2%	Yes
Fortinet → FTNT	United States	$131.2bn	0.220%	+0.025 pp	+0.091 pp	+112.6%	Yes
Gen Digital → GEN	United States	$13.2bn	0.022%	-0.004 pp	-0.013 pp	-20.9%	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.