Software (IGV): the last 12 months

Software (IGV) is down 7.5% over 1Y and 12.1% below its high; its 90-day change is +4.2%. It gained 16.3% in August as fears that AI would disrupt software eased (Palantir +4.74 pp of the fund's gain at current weights), then gave some back in the October tech selloff. Status quo for themes: new status quo.

Status quo card: Software (IGV), new status quo.

Month by month

Computed in code. Change: the calendar-month change (z against its own monthly history). 90-day: the trailing 90-day change at the month-end. Rank: its place among that month's biggest moves. Causes: the surviving monthly causes acting on it (a force's loading on this asset times the month's fitted strength, in standard deviations). ETF holdings use current weights (an approximation).

MonthChange90-dayRankCauses
November 2026 (month to date)−0.7% (z -0.3)+4.2%none of the surviving causes loads on it
October 2026−2.1% (z -0.5)+10.3%none of the surviving causes loads on it
September 2026−3.2% (z -0.6)+13.8%none of the surviving causes loads on it
August 2026+16.3% (z 2.0)+5.0%1Software rebound: AI-disruption fears eased after strong results (Palantir, Salesforce, ServiceNow) (explains this move, score 17.0) Top holdings by contribution: PLTR +4.74 pp, CRM +1.70 pp, NOW +1.62 pp. Sectors: Technology +17.05 pp, Communication Services -0.66 pp (current weights, an approximation).
July 2026+4.4% (z 0.4)+9.2%none of the surviving causes loads on it
June 2026−10.9% (z -1.6)+13.6%none of the surviving causes loads on it
May 2026+21.1% (z 2.9)+22.8%4Security and infrastructure software rallied (CrowdStrike, Palo Alto, Oracle) (explains this move, score 15.0) Top holdings by contribution: CRWD +4.85 pp, PANW +4.70 pp, ORCL +2.62 pp. Sectors: Technology +22.94 pp, Communication Services +1.01 pp (current weights, an approximation).
April 2026+4.8% (z 0.6)−7.1%none of the surviving causes loads on it
March 2026−1.9% (z -0.5)−24.3%none of the surviving causes loads on it
February 2026−9.7% (z -1.7)−21.6%none of the surviving causes loads on it
January 2026−14.6% (z -2.7)−21.8%4A new AI coding model sparked fears for software business models (explains this move, score 13.9) Top holdings by contribution: PLTR -1.61 pp, NOW -1.16 pp, ORCL -1.01 pp. Sectors: Technology -9.48 pp, Communication Services -0.93 pp (current weights, an approximation).
December 2025+1.5% (z -0.1)−8.7%none of the surviving causes loads on it
November 2025−9.9% (z -2.0)−3.7%4AI-bubble fears hit software (Oracle, Palantir) (explains this move, score 12.0) Top holdings by contribution: ORCL -1.52 pp, PLTR -1.47 pp, PANW -1.12 pp. Sectors: Technology -8.62 pp, Communication Services -0.20 pp (current weights, an approximation).

What drove each month · All assets

Not investment advice. MarketMoves describes past market data and reported news for general information. Figures can be delayed or wrong; check the original source before relying on them.