Systems Software
Systems Software is gaining market weight. Lost weight for 4 consecutive months.
Most of this industry's gains came from a few companies.
Where did the weight change come from?
12-month contribution in universe percentage points · contributions add to the industry change
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
Dec 2020 – Nov 2025 · market weight (%)
Relative performance
Industry return versus ACWI · no future data shown
Is participation broad or concentrated?
Actual constituent counts at this date, not the legacy synthetic breadth proxy
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
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
| Company | Sub-industry | Country | Universe weight | 12M contribution | 12M price return | Revisions |
|---|---|---|---|---|---|---|
| Microsoft → MSFT | Systems Software | United States | 7.183% | +0.236 pp | +17.0% | 0.0 |
| Palo Alto Networks → PANW | Systems Software | United States | 0.260% | +0.120 pp | -1.9% | 0.0 |
| CrowdStrike → CRWD | Systems Software | United States | 0.063% | +0.063 pp | +47.2% | 0.0 |
| Fortinet → FTNT | Systems Software | United States | 0.119% | -0.042 pp | -14.6% | 0.0 |
| ServiceNow → NOW | Systems Software | United States | 0.066% | -0.029 pp | -22.6% | 0.0 |
| Gen Digital → GEN | Systems Software | United States | 0.032% | -0.010 pp | -13.0% | 0.0 |
Underlying monthly industry observations
| Month | Weight | 1M change | 3M change | 6M change | 12M change | Relative return · 12M |
|---|---|---|---|---|---|---|
| Nov 2025 | 7.723% | -0.408 pp | -0.647 pp | -0.632 pp | +0.337 pp | -2.7% |
| Oct 2025 | 8.131% | -0.151 pp | -0.818 pp | +0.455 pp | +0.619 pp | +3.5% |
| Sep 2025 | 8.282% | -0.088 pp | -0.358 pp | +1.096 pp | +0.444 pp | +2.3% |
| Aug 2025 | 8.370% | -0.579 pp | +0.015 pp | +1.179 pp | +0.470 pp | +4.2% |
| Jul 2025 | 8.949% | +0.309 pp | +1.273 pp | +1.652 pp | +3.113 pp | +10.2% |
| Jun 2025 | 8.640% | +0.285 pp | +1.454 pp | +1.097 pp | +2.134 pp | -2.8% |
| May 2025 | 8.355% | +0.679 pp | +1.164 pp | +0.969 pp | +2.198 pp | -0.2% |
| Apr 2025 | 7.676% | +0.490 pp | +0.379 pp | +0.164 pp | -1.099 pp | -7.1% |
| Mar 2025 | 7.186% | -0.005 pp | -0.357 pp | -0.652 pp | -1.882 pp | -15.0% |
| Feb 2025 | 7.191% | -0.106 pp | -0.195 pp | -0.709 pp | -2.040 pp | -14.6% |
| Jan 2025 | 7.297% | -0.246 pp | -0.215 pp | +1.461 pp | -1.930 pp | -11.9% |
| Dec 2024 | 7.543% | +0.157 pp | -0.295 pp | +1.037 pp | -1.194 pp | -2.7% |
| Nov 2024 | 7.386% | -0.126 pp | -0.514 pp | +1.229 pp | -1.796 pp | -9.6% |
| Oct 2024 | 7.512% | -0.326 pp | +1.676 pp | -1.263 pp | -1.428 pp | -7.6% |
| Sep 2024 | 7.838% | -0.061 pp | +1.333 pp | -1.230 pp | -0.385 pp | +4.5% |
| Aug 2024 | 7.900% | +2.063 pp | +1.743 pp | -1.332 pp | -0.248 pp | +4.3% |
| Jul 2024 | 5.836% | -0.669 pp | -2.939 pp | -3.391 pp | +0.101 pp | +6.6% |
| Jun 2024 | 6.506% | +0.349 pp | -2.562 pp | -2.231 pp | +0.342 pp | +10.0% |
| May 2024 | 6.157% | -2.619 pp | -3.075 pp | -3.026 pp | -0.090 pp | +2.3% |
| Apr 2024 | 8.776% | -0.292 pp | -0.452 pp | -0.165 pp | +0.791 pp | +8.8% |
| Mar 2024 | 9.068% | -0.163 pp | +0.331 pp | +0.845 pp | +1.467 pp | +18.4% |
| Feb 2024 | 9.231% | +0.004 pp | +0.049 pp | +1.084 pp | +2.435 pp | +34.4% |
| Jan 2024 | 9.227% | +0.490 pp | +0.287 pp | +3.492 pp | +2.660 pp | +41.1% |
| Dec 2023 | 8.737% | -0.445 pp | +0.514 pp | +2.573 pp | +2.041 pp | +28.7% |
| Nov 2023 | 9.182% | +0.242 pp | +1.035 pp | +2.935 pp | +2.479 pp | +33.5% |
| Oct 2023 | 8.941% | +0.718 pp | +3.205 pp | +0.956 pp | +2.534 pp | +31.1% |
| Sep 2023 | 8.223% | +0.075 pp | +2.059 pp | +0.621 pp | +1.140 pp | +12.8% |
| Aug 2023 | 8.148% | +2.412 pp | +1.901 pp | +1.351 pp | +0.922 pp | +10.4% |
| Jul 2023 | 5.735% | -0.429 pp | -2.249 pp | -0.832 pp | -1.603 pp | +7.5% |
| Jun 2023 | 6.164% | -0.083 pp | -1.437 pp | -0.532 pp | -1.465 pp | +14.9% |
| May 2023 | 6.247% | -1.737 pp | -0.549 pp | -0.456 pp | -1.228 pp | +20.4% |
| Apr 2023 | 7.984% | +0.383 pp | +1.417 pp | +1.578 pp | +0.324 pp | +8.6% |
| Mar 2023 | 7.601% | +0.805 pp | +0.905 pp | +0.518 pp | -0.342 pp | +1.7% |
| Feb 2023 | 6.796% | +0.229 pp | +0.093 pp | -0.429 pp | -1.151 pp | -7.9% |
| Jan 2023 | 6.567% | -0.129 pp | +0.160 pp | -0.772 pp | -1.436 pp | -12.2% |
| Dec 2022 | 6.696% | -0.007 pp | -0.387 pp | -0.933 pp | -1.562 pp | -11.8% |
| Nov 2022 | 6.704% | +0.297 pp | -0.522 pp | -0.771 pp | -1.855 pp | -12.2% |
| Oct 2022 | 6.407% | -0.676 pp | -0.932 pp | -1.254 pp | -2.089 pp | -11.4% |
| Sep 2022 | 7.083% | -0.142 pp | -0.546 pp | -0.860 pp | -0.527 pp | +4.7% |
| Aug 2022 | 7.225% | -0.113 pp | -0.250 pp | -0.722 pp | -0.532 pp | +3.7% |
| Jul 2022 | 7.339% | -0.290 pp | -0.321 pp | -0.664 pp | -0.162 pp | +10.5% |
| Jun 2022 | 7.629% | +0.154 pp | -0.314 pp | -0.629 pp | +0.266 pp | +12.9% |
| May 2022 | 7.475% | -0.185 pp | -0.473 pp | -1.083 pp | +0.588 pp | +17.6% |
| Apr 2022 | 7.660% | -0.283 pp | -0.343 pp | -0.835 pp | +0.634 pp | +17.9% |
| Mar 2022 | 7.943% | -0.004 pp | -0.315 pp | +0.333 pp | +4.392 pp | +23.5% |
| Feb 2022 | 7.948% | -0.055 pp | -0.611 pp | +0.190 pp | +4.369 pp | +20.5% |
| Jan 2022 | 8.003% | -0.255 pp | -0.492 pp | +0.502 pp | +3.721 pp | +18.8% |
| Dec 2021 | 8.258% | -0.300 pp | +0.648 pp | +0.895 pp | +1.295 pp | +28.2% |
| Nov 2021 | 8.558% | +0.063 pp | +0.801 pp | +1.671 pp | +1.533 pp | +30.0% |
| Oct 2021 | 8.495% | +0.885 pp | +0.994 pp | +1.470 pp | +1.081 pp | +20.6% |
| Sep 2021 | 7.610% | -0.147 pp | +0.247 pp | +4.058 pp | +7.602 pp | +6.7% |
| Aug 2021 | 7.757% | +0.256 pp | +0.871 pp | +4.179 pp | +7.749 pp | +5.1% |
| Jul 2021 | 7.501% | +0.138 pp | +0.476 pp | +3.219 pp | +7.494 pp | +5.1% |
| Jun 2021 | 7.363% | +0.476 pp | +3.811 pp | +0.400 pp | +7.354 pp | -3.4% |
| May 2021 | 6.887% | -0.139 pp | +3.308 pp | -0.138 pp | +6.879 pp | -3.0% |
| Apr 2021 | 7.026% | +3.474 pp | +2.744 pp | -0.388 pp | -0.748 pp | -3.2% |
| Mar 2021 | 3.552% | -0.027 pp | -3.411 pp | +3.544 pp | +3.545 pp | -2.3% |
| Feb 2021 | 3.578% | -0.704 pp | -3.447 pp | +3.570 pp | +3.573 pp | +11.3% |
| Jan 2021 | 4.282% | -2.680 pp | -3.132 pp | +4.274 pp | -2.275 pp | +17.3% |
| Dec 2020 | 6.962% | -0.063 pp | +6.954 pp | +6.954 pp | +0.912 pp | +23.1% |
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.