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Observatory · observe first

Health Care Technology

Health Care Technology is gaining market weight. Gained weight for 4 consecutive months.

Historical time machine
Historical observation
20182026
SlowingConcentrated

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

Universe weight
0.10%
$0.06T
12-month change
+0.08 pp
6-month change
+0.09 pp
3-month change
+0.03 pp
Company participation
100%
above their 6M weight average

Where did the weight change come from?

12-month contribution in universe percentage points · contributions add to the industry change

Company attribution
Veeva Systems →+0.077 pp
All other companies-0.000 pp
Industry total+0.077 pp

The three largest same-direction contributors explain 100% of gross gains. Opposing contributions can make an individual company’s change larger than the industry’s net change.

How has it moved through history?

Share of matched S&P 500 members

Sep 2021 – Aug 2026 · market weight (%)

0.00.10.120222023202420252026

Relative performance

Industry return versus ACWI · no future data shown

51698820222023202420252026

Is participation broad or concentrated?

Actual constituent counts at this date, not the legacy synthetic breadth proxy

Above their 3M universe-weight average100%
Above their 6M universe-weight average100%
Above their 12M universe-weight average50%
Top 5 share of current industry market cap100.0%

This is size concentration, not contribution to the 12-month change. The attribution above measures the latter.

Evidence can disagree

Independent dimensions · no combined score or bullish/bearish verdict

Allocation · 12M+0.08 pp
Relative strength · 12M+26.3%
Price index return · 12M+54.4%
Earnings revisions · unavailable0.0
Allocation gained weight while relative performance rose. At least half of constituents are above their 6M weight average. These observations need not agree.
Other evidence and availability

Valuation data: unavailable; shown as zero placeholder.

Attention data: unavailable; shown as zero placeholder.

Actual fund flows: unavailable. No ETF, mutual-fund or institutional flow feed is connected.

Volume / turnover: unavailable in this dataset.

Follow the contribution to individual companies

Sorted by absolute 12-month weight contribution, not investment merit

CompanySub-industryCountryUniverse weight12M contribution12M price returnRevisions
Veeva Systems →
VEEV
Health Care TechnologyUnited States0.077%+0.077 pp+6.1%0.0
Solventum →
SOLV
Health Care TechnologyUnited States0.026%-0.000 pp+24.6%0.0
Underlying monthly industry observations
MonthWeight1M change3M change6M change12M changeRelative return · 12M
Aug 20260.103%+0.019 pp+0.031 pp+0.085 pp+0.077 pp+26.3%
Jul 20260.084%+0.010 pp+0.068 pp+0.058 pp+0.058 pp-0.3%
Jun 20260.073%+0.001 pp+0.057 pp+0.046 pp+0.045 pp-18.5%
May 20260.072%+0.056 pp+0.054 pp+0.043 pp+0.043 pp-21.3%
Apr 20260.016%-0.001 pp-0.010 pp-0.008 pp-0.012 pp-22.6%
Mar 20260.016%-0.001 pp-0.010 pp-0.009 pp-0.015 pp-28.9%
Feb 20260.018%-0.008 pp-0.011 pp-0.009 pp-0.013 pp-25.0%
Jan 20260.026%-0.001 pp+0.002 pp-0.000 pp-0.003 pp-14.8%
Dec 20250.027%-0.002 pp+0.002 pp-0.001 pp+0.001 pp-2.0%
Nov 20250.029%+0.006 pp+0.003 pp+0.000 pp+0.002 pp+1.0%
Oct 20250.023%-0.002 pp-0.003 pp-0.004 pp-0.006 pp-22.5%
Sep 20250.025%-0.001 pp-0.003 pp-0.006 pp-0.003 pp-10.9%
Aug 20250.026%+0.000 pp-0.002 pp-0.005 pp-0.000 pp-1.7%
Jul 20250.026%-0.002 pp-0.001 pp-0.002 pp+0.008 pp+4.7%
Jun 20250.028%-0.000 pp-0.003 pp+0.002 pp+0.011 pp+23.3%
May 20250.029%+0.001 pp-0.002 pp+0.001 pp+0.009 pp+8.8%
Apr 20250.027%-0.004 pp-0.001 pp-0.002 pp+0.027 pp-0.5%
Mar 20250.031%+0.000 pp+0.005 pp+0.003 pp+0.031 pp+19.2%
Feb 20250.031%+0.002 pp+0.004 pp+0.004 pp+0.031 pp+16.6%
Jan 20250.028%+0.003 pp-0.001 pp+0.010 pp+0.028 pp+3.3%
Dec 20240.026%-0.001 pp-0.002 pp+0.009 pp+0.026 pp-5.2%
Nov 20240.027%-0.002 pp+0.001 pp+0.008 pp+0.027 pp-4.7%
Oct 20240.029%+0.001 pp+0.011 pp+0.029 pp+0.029 pp-7.6%
Sep 20240.028%+0.001 pp+0.011 pp+0.028 pp+0.028 pp-10.8%
Aug 20240.027%+0.009 pp+0.007 pp+0.027 pp+0.027 pp-12.5%
Jul 20240.018%+0.001 pp+0.018 pp+0.018 pp+0.018 pp-15.1%
Jun 20240.017%-0.002 pp+0.017 pp+0.017 pp+0.017 pp-25.3%
May 20240.020%+0.020 pp+0.020 pp+0.020 pp+0.020 pp-19.1%
Apr 20240.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-14.5%
Mar 20240.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-18.8%
Feb 20240.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-18.9%
Jan 20240.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-12.3%
Dec 20230.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-18.2%
Nov 20230.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-10.1%
Oct 20230.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-9.7%
Sep 20230.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-17.2%
Aug 20230.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-12.6%
Jul 20230.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-11.2%
Jun 20230.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-14.1%
May 20230.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-1.1%
Apr 20230.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-2.6%
Mar 20230.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp+7.6%
Feb 20230.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp+9.1%
Jan 20230.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp+8.8%
Dec 20220.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp+22.5%
Nov 20220.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp+12.5%
Oct 20220.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp+24.8%
Sep 20220.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp+25.9%
Aug 20220.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp+19.1%
Jul 20220.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp+11.5%
Jun 20220.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp+18.3%
May 20220.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp+7.3%
Apr 20220.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp+6.3%
Mar 20220.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-6.3%
Feb 20220.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-7.1%
Jan 20220.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-12.0%
Dec 20210.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-15.7%
Nov 20210.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-16.4%
Oct 20210.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-26.9%
Sep 20210.000%+0.000 pp+0.000 pp+0.000 pp+0.000 pp-21.2%
How are these descriptive states defined?

Gaining / losing: 12-month weight change above +0.005pp / below −0.005pp. Direction and speed are separate dimensions, not mutually exclusive recommendations.

Accelerating / slowing: compare the most recent 3M change with the preceding 3M change. Accelerating means a positive change speeds up by >0.02pp. Slowing means the magnitude of movement declines by >0.02pp. A falling industry can also slow.

Reversing: the last two 3M changes have opposite signs, outside a ±0.005pp tolerance. Persistence counts consecutive same-direction monthly changes.

Broad / concentrated: company attribution, not a market-cap concentration shortcut. Concentrated means the three largest same-direction contributors account for ≥70% of gross same-direction changes; otherwise broad requires ≥60% of constituents moving with the industry. Other cases are mixed.

Weights use matched S&P 500 members’ market-cap estimates, based on SEC-reported shares available by each month-end and monthly closing prices. Companies without a matched price or share record are omitted, so the denominator is the matched sample rather than every index member. These are not official float-adjusted S&P weights. Flow is not measured.