Observatory · observe first

Allocation and performance can disagree

Read two independent dimensions together. A position on this map describes the observation—it does not imply what happens next.

Historical time machine
Historical observation
20182026

Market allocation quadrant

Horizontal: 12M weight change (pp) · vertical: 12M relative return (%) · bubble size: current loaded-universe weight

-0.50 pp-10%-0.25 pp-5%+0.00 pp+0%+0.25 pp+5%+0.50 pp+10%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.00 pp weight change; +0.0% relative return; weight 1.51%Technology Hardware, Storage & Peripherals: +0.00 pp weight change; +0.0% relative return; weight 1.69%Biotechnology: +0.00 pp weight change; +0.0% relative return; weight 3.38%BiotechnologyHealth Care Equipment: +0.00 pp weight change; +0.0% relative return; weight 2.83%Health Care EquipmentIT Consulting & Other Services: +0.00 pp weight change; +0.0% relative return; weight 1.74%Application Software: +0.00 pp weight change; +0.0% relative return; weight 2.79%Application SoftwareSemiconductors: +0.00 pp weight change; +0.0% relative return; weight 3.22%SemiconductorsAgricultural Products & Services: +0.00 pp weight change; +0.0% relative return; weight 0.14%Human Resource & Employment Services: +0.00 pp weight change; +0.0% relative return; weight 0.45%Multi-Utilities: +0.00 pp weight change; +0.0% relative return; weight 1.27%Electric Utilities: +0.00 pp weight change; +0.0% relative return; weight 1.71%Independent Power Producers & Energy Traders: +0.00 pp weight change; +0.0% relative return; weight 0.09%Life & Health Insurance: +0.00 pp weight change; +0.0% relative return; weight 0.85%Multi-line Insurance: +0.00 pp weight change; +0.0% relative return; weight 0.45%Insurance Brokers: +0.00 pp weight change; +0.0% relative return; weight 0.52%Internet Services & Infrastructure: +0.00 pp weight change; +0.0% relative return; weight 0.13%Specialty Chemicals: +0.00 pp weight change; +0.0% relative return; weight 0.88%Health Care Supplies: +0.00 pp weight change; +0.0% relative return; weight 0.14%Property & Casualty Insurance: +0.00 pp weight change; +0.0% relative return; weight 1.22%Building Products: +0.00 pp weight change; +0.0% relative return; weight 0.47%Semiconductor Materials & Equipment: +0.00 pp weight change; +0.0% relative return; weight 0.35%Electrical Components & Equipment: +0.00 pp weight change; +0.0% relative return; weight 0.72%Asset Management & Custody Banks: +0.00 pp weight change; +0.0% relative return; weight 1.21%Telecom Tower REITs: +0.00 pp weight change; +0.0% relative return; weight 0.74%Broadline Retail: +0.00 pp weight change; +0.0% relative return; weight 0.44%Oil & Gas Exploration & Production: +0.00 pp weight change; +0.0% relative return; weight 1.26%Industrial Gases: +0.00 pp weight change; +0.0% relative return; weight 0.21%Electronic Components: +0.00 pp weight change; +0.0% relative return; weight 0.17%Automotive Parts & Equipment: +0.00 pp weight change; +0.0% relative return; weight 0.14%Office REITs: +0.00 pp weight change; +0.0% relative return; weight 0.18%Paper & Plastic Packaging Products & Materials: +0.00 pp weight change; +0.0% relative return; weight 0.27%Water Utilities: +0.00 pp weight change; +0.0% relative return; weight 0.08%Consumer Finance: +0.00 pp weight change; +0.0% relative return; weight 0.96%Automotive Retail: +0.00 pp weight change; +0.0% relative return; weight 0.13%Aerospace & Defense: +0.00 pp weight change; +0.0% relative return; weight 7.08%Aerospace & DefenseDiversified Banks: +0.00 pp weight change; +0.0% relative return; weight 8.44%Diversified BanksMetal, Glass & Plastic Containers: +0.00 pp weight change; +0.0% relative return; weight 0.08%Computer & Electronics Retail: +0.00 pp weight change; +0.0% relative return; weight 0.12%Hotels, Resorts & Cruise Lines: +0.00 pp weight change; +0.0% relative return; weight 0.94%Oil & Gas Equipment & Services: +0.00 pp weight change; +0.0% relative return; weight 0.85%Pharmaceuticals: +0.00 pp weight change; +0.0% relative return; weight 5.50%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +0.0% relative return; weight 0.00%Health Care Distributors: +0.00 pp weight change; +0.0% relative return; weight 0.51%Construction Machinery & Heavy Transportation Equipment: +0.00 pp weight change; +0.0% relative return; weight 0.83%Financial Exchanges & Data: +0.00 pp weight change; +0.0% relative return; weight 0.84%Real Estate Services: +0.00 pp weight change; +0.0% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: +0.00 pp weight change; +0.0% relative return; weight 0.11%Regional Banks: +0.00 pp weight change; +0.0% relative return; weight 0.78%Household Products: +0.00 pp weight change; +0.0% relative return; weight 0.78%Air Freight & Logistics: +0.00 pp weight change; +0.0% relative return; weight 0.98%Cable & Satellite: +0.00 pp weight change; +0.0% relative return; weight 1.05%Health Care Services: +0.00 pp weight change; +0.0% relative return; weight 0.71%Restaurants: +0.00 pp weight change; +0.0% relative return; weight 1.46%Managed Health Care: +0.00 pp weight change; +0.0% relative return; weight 1.95%Consumer Staples Merchandise Retail: +0.00 pp weight change; +0.0% relative return; weight 1.64%Transaction & Payment Processing Services: +0.00 pp weight change; +0.0% relative return; weight 1.52%Communications Equipment: +0.00 pp weight change; +0.0% relative return; weight 1.31%Rail Transportation: +0.00 pp weight change; +0.0% relative return; weight 0.94%Diversified Support Services: +0.00 pp weight change; +0.0% relative return; weight 0.03%Integrated Oil & Gas: +0.00 pp weight change; +0.0% relative return; weight 1.36%Passenger Airlines: +0.00 pp weight change; +0.0% relative return; weight 0.55%Agricultural & Farm Machinery: +0.00 pp weight change; +0.0% relative return; weight 0.31%Homebuilding: +0.00 pp weight change; +0.0% relative return; weight 0.16%Movies & Entertainment: +0.00 pp weight change; +0.0% relative return; weight 0.07%Data Center REITs: +0.00 pp weight change; +0.0% relative return; weight 0.33%Health Care REITs: +0.00 pp weight change; +0.0% relative return; weight 0.30%Industrial Machinery & Supplies & Components: +0.00 pp weight change; +0.0% relative return; weight 1.08%Research & Consulting Services: +0.00 pp weight change; +0.0% relative return; weight 0.18%Reinsurance: +0.00 pp weight change; +0.0% relative return; weight 0.05%Multi-Family Residential REITs: +0.00 pp weight change; +0.0% relative return; weight 0.33%Self-Storage REITs: +0.00 pp weight change; +0.0% relative return; weight 0.25%Automobile Manufacturers: +0.00 pp weight change; +0.0% relative return; weight 0.58%Trading Companies & Distributors: +0.00 pp weight change; +0.0% relative return; weight 0.11%Copper: +0.00 pp weight change; +0.0% relative return; weight 0.16%Broadcasting: +0.00 pp weight change; +0.0% relative return; weight 0.00%Retail REITs: +0.00 pp weight change; +0.0% relative return; weight 0.50%Systems Software: +0.00 pp weight change; +0.0% relative return; weight 4.27%Systems SoftwarePackaged Foods & Meats: +0.00 pp weight change; +0.0% relative return; weight 1.34%Distributors: +0.00 pp weight change; +0.0% relative return; weight 0.09%Consumer Electronics: +0.00 pp weight change; +0.0% relative return; weight 0.07%Investment Banking & Brokerage: +0.00 pp weight change; +0.0% relative return; weight 1.62%Leisure Products: +0.00 pp weight change; +0.0% relative return; weight 0.07%Health Care Facilities: +0.00 pp weight change; +0.0% relative return; weight 0.20%Home Improvement Retail: +0.00 pp weight change; +0.0% relative return; weight 1.83%Industrial Conglomerates: +0.00 pp weight change; +0.0% relative return; weight 1.37%Hotel & Resort REITs: +0.00 pp weight change; +0.0% relative return; weight 0.09%Other Specialized REITs: +0.00 pp weight change; +0.0% relative return; weight 0.05%Construction & Engineering: +0.00 pp weight change; +0.0% relative return; weight 0.07%Cargo Ground Transportation: +0.00 pp weight change; +0.0% relative return; weight 0.08%Oil & Gas Storage & Transportation: +0.00 pp weight change; +0.0% relative return; weight 0.51%Soft Drinks & Non-alcoholic Beverages: +0.00 pp weight change; +0.0% relative return; weight 2.19%Soft Drinks & Non-alcoholic BeveragesFood Retail: +0.00 pp weight change; +0.0% relative return; weight 0.15%Casinos & Gaming: +0.00 pp weight change; +0.0% relative return; weight 0.21%Construction Materials: +0.00 pp weight change; +0.0% relative return; weight 0.18%Tobacco: +0.00 pp weight change; +0.0% relative return; weight 1.72%Oil & Gas Refining & Marketing: +0.00 pp weight change; +0.0% relative return; weight 0.73%Gold: +0.00 pp weight change; +0.0% relative return; weight 0.12%Apparel, Accessories & Luxury Goods: +0.00 pp weight change; +0.0% relative return; weight 0.41%Steel: +0.00 pp weight change; +0.0% relative return; weight 0.12%Advertising: +0.00 pp weight change; +0.0% relative return; weight 0.10%Personal Care Products: +0.00 pp weight change; +0.0% relative return; weight 1.24%Industrial REITs: +0.00 pp weight change; +0.0% relative return; weight 0.20%Electronic Equipment & Instruments: +0.00 pp weight change; +0.0% relative return; weight 0.16%Apparel Retail: +0.00 pp weight change; +0.0% relative return; weight 0.32%Environmental & Facilities Services: +0.00 pp weight change; +0.0% relative return; weight 0.35%Food Distributors: +0.00 pp weight change; +0.0% relative return; weight 0.19%Integrated Telecommunication Services: +0.00 pp weight change; +0.0% relative return; weight 2.25%Integrated Telecommunication ServicesElectronic Manufacturing Services: +0.00 pp weight change; +0.0% relative return; weight 0.21%Other Specialty Retail: +0.00 pp weight change; +0.0% relative return; weight 0.09%Timber REITs: +0.00 pp weight change; +0.0% relative return; weight 0.16%Interactive Home Entertainment: +0.00 pp weight change; +0.0% relative return; weight 0.00%Data Processing & Outsourced Services: +0.00 pp weight change; +0.0% relative return; weight 0.00%Gas Utilities: +0.00 pp weight change; +0.0% relative return; weight 0.00%Commodity Chemicals: +0.00 pp weight change; +0.0% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; +0.0% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; +0.0% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +0.0% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +0.0% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +0.0% relative return; weight 0.00%Footwear: +0.00 pp weight change; +0.0% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +0.0% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +0.0% relative return; weight 0.00%12M CHANGE IN UNIVERSE WEIGHT →↑ 12M RETURN RELATIVE TO ACWI

Gaining weight · outperforming

Both dimensions increased over 12 months.

Gaining weight · underperforming

Market-weight gains coexist with negative relative returns.

    Losing weight · outperforming

    Relative return is positive while market weight fell.

      Losing weight · underperforming

      Both dimensions declined over 12 months.

        The axes use raw changes and a zero boundary, not an opinion or a standardised score. A sector may gain market weight without outperforming the benchmark because allocation and relative return are different dimensions. No quadrant is called a future winner or an investment signal.