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-20%-0.25 pp-10%+0.00 pp+0%+0.25 pp+10%+0.50 pp+20%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.01 pp weight change; -0.8% relative return; weight 1.51%Technology Hardware, Storage & Peripherals: +0.17 pp weight change; +10.7% relative return; weight 1.86%Biotechnology: +0.04 pp weight change; +1.2% relative return; weight 3.42%BiotechnologyHealth Care Equipment: +0.05 pp weight change; +0.0% relative return; weight 2.88%Health Care EquipmentIT Consulting & Other Services: +0.04 pp weight change; +2.9% relative return; weight 1.79%Application Software: +0.14 pp weight change; +4.6% relative return; weight 2.93%Application SoftwareSemiconductors: +0.19 pp weight change; +6.0% relative return; weight 3.41%SemiconductorsAgricultural Products & Services: +0.00 pp weight change; +2.0% relative return; weight 0.14%Human Resource & Employment Services: -0.01 pp weight change; -1.7% relative return; weight 0.45%Multi-Utilities: +0.02 pp weight change; +0.8% relative return; weight 1.29%Electric Utilities: +0.00 pp weight change; +0.0% relative return; weight 1.71%Independent Power Producers & Energy Traders: +0.00 pp weight change; +1.4% relative return; weight 0.09%Life & Health Insurance: -0.02 pp weight change; -1.3% relative return; weight 0.83%Multi-line Insurance: -0.02 pp weight change; -4.5% relative return; weight 0.43%Insurance Brokers: +0.02 pp weight change; +4.0% relative return; weight 0.53%Internet Services & Infrastructure: +0.01 pp weight change; +5.6% relative return; weight 0.14%Specialty Chemicals: -0.02 pp weight change; -2.5% relative return; weight 0.86%Health Care Supplies: +0.01 pp weight change; +4.1% relative return; weight 0.14%Property & Casualty Insurance: -0.02 pp weight change; -1.0% relative return; weight 1.20%Building Products: -0.00 pp weight change; -1.4% relative return; weight 0.46%Semiconductor Materials & Equipment: +0.04 pp weight change; +12.1% relative return; weight 0.39%Electrical Components & Equipment: +0.01 pp weight change; +1.4% relative return; weight 0.73%Asset Management & Custody Banks: +0.02 pp weight change; +1.7% relative return; weight 1.23%Telecom Tower REITs: +0.01 pp weight change; -0.7% relative return; weight 0.75%Broadline Retail: +0.04 pp weight change; +9.9% relative return; weight 0.48%Oil & Gas Exploration & Production: -0.09 pp weight change; -7.7% relative return; weight 1.17%Industrial Gases: +0.00 pp weight change; -0.0% relative return; weight 0.21%Electronic Components: -0.00 pp weight change; -1.3% relative return; weight 0.17%Automotive Parts & Equipment: +0.00 pp weight change; +1.0% relative return; weight 0.15%Office REITs: -0.00 pp weight change; -0.5% 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; +0.4% relative return; weight 0.08%Consumer Finance: -0.00 pp weight change; +0.4% relative return; weight 0.95%Automotive Retail: -0.01 pp weight change; -8.7% relative return; weight 0.12%Aerospace & Defense: -0.15 pp weight change; -1.7% relative return; weight 6.93%Aerospace & DefenseDiversified Banks: +0.03 pp weight change; +1.4% relative return; weight 8.47%Diversified BanksMetal, Glass & Plastic Containers: +0.01 pp weight change; +9.5% relative return; weight 0.08%Computer & Electronics Retail: +0.01 pp weight change; +3.8% relative return; weight 0.13%Hotels, Resorts & Cruise Lines: -0.01 pp weight change; -0.4% relative return; weight 0.93%Oil & Gas Equipment & Services: -0.06 pp weight change; -7.1% relative return; weight 0.79%Pharmaceuticals: +0.04 pp weight change; +1.2% relative return; weight 5.54%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +1.2% relative return; weight 0.00%Health Care Distributors: -0.02 pp weight change; -3.4% relative return; weight 0.49%Construction Machinery & Heavy Transportation Equipment: -0.01 pp weight change; -1.5% relative return; weight 0.82%Financial Exchanges & Data: +0.05 pp weight change; +5.8% relative return; weight 0.89%Real Estate Services: +0.01 pp weight change; +7.1% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.01 pp weight change; +1.8% relative return; weight 0.12%Regional Banks: +0.02 pp weight change; +3.3% relative return; weight 0.80%Household Products: -0.01 pp weight change; -1.6% relative return; weight 0.77%Air Freight & Logistics: -0.07 pp weight change; -6.8% relative return; weight 0.91%Cable & Satellite: -0.08 pp weight change; -7.7% relative return; weight 0.97%Health Care Services: -0.04 pp weight change; -6.1% relative return; weight 0.66%Restaurants: -0.00 pp weight change; +0.4% relative return; weight 1.46%Managed Health Care: -0.00 pp weight change; -0.0% relative return; weight 1.95%Consumer Staples Merchandise Retail: -0.06 pp weight change; -3.6% relative return; weight 1.58%Transaction & Payment Processing Services: +0.02 pp weight change; +1.1% relative return; weight 1.54%Communications Equipment: +0.14 pp weight change; +12.6% relative return; weight 1.45%Rail Transportation: -0.00 pp weight change; +0.9% relative return; weight 0.94%Diversified Support Services: +0.00 pp weight change; +6.1% relative return; weight 0.03%Integrated Oil & Gas: -0.08 pp weight change; -5.6% relative return; weight 1.28%Passenger Airlines: -0.00 pp weight change; +0.8% relative return; weight 0.55%Agricultural & Farm Machinery: +0.00 pp weight change; +1.2% relative return; weight 0.31%Homebuilding: -0.02 pp weight change; -9.4% relative return; weight 0.14%Movies & Entertainment: +0.01 pp weight change; +12.8% relative return; weight 0.08%Data Center REITs: -0.02 pp weight change; -8.0% relative return; weight 0.31%Health Care REITs: -0.02 pp weight change; -7.4% relative return; weight 0.28%Industrial Machinery & Supplies & Components: -0.01 pp weight change; -0.7% relative return; weight 1.07%Research & Consulting Services: +0.00 pp weight change; +1.1% relative return; weight 0.18%Reinsurance: +0.01 pp weight change; +9.4% relative return; weight 0.06%Multi-Family Residential REITs: -0.01 pp weight change; -3.3% relative return; weight 0.33%Self-Storage REITs: +0.01 pp weight change; +4.6% relative return; weight 0.27%Automobile Manufacturers: -0.01 pp weight change; -1.2% relative return; weight 0.57%Trading Companies & Distributors: +0.00 pp weight change; +1.8% relative return; weight 0.11%Copper: +0.00 pp weight change; -0.1% relative return; weight 0.16%Broadcasting: +0.00 pp weight change; +4.7% relative return; weight 0.00%Retail REITs: -0.01 pp weight change; -1.2% relative return; weight 0.49%Systems Software: +0.16 pp weight change; +3.7% relative return; weight 4.42%Systems SoftwarePackaged Foods & Meats: -0.06 pp weight change; -5.0% relative return; weight 1.27%Distributors: -0.01 pp weight change; -7.6% relative return; weight 0.08%Consumer Electronics: -0.00 pp weight change; -1.5% relative return; weight 0.07%Investment Banking & Brokerage: +0.06 pp weight change; +3.5% relative return; weight 1.68%Leisure Products: +0.00 pp weight change; +5.8% relative return; weight 0.07%Health Care Facilities: +0.00 pp weight change; +3.1% relative return; weight 0.21%Home Improvement Retail: -0.11 pp weight change; -6.5% relative return; weight 1.72%Industrial Conglomerates: -0.02 pp weight change; -0.7% relative return; weight 1.35%Hotel & Resort REITs: -0.01 pp weight change; -6.4% relative return; weight 0.08%Other Specialized REITs: +0.00 pp weight change; -6.0% relative return; weight 0.05%Construction & Engineering: +0.00 pp weight change; -7.1% relative return; weight 0.07%Cargo Ground Transportation: +0.00 pp weight change; +2.9% relative return; weight 0.08%Oil & Gas Storage & Transportation: -0.02 pp weight change; -4.7% relative return; weight 0.49%Soft Drinks & Non-alcoholic Beverages: -0.10 pp weight change; -4.7% relative return; weight 2.09%Soft Drinks & Non-alcoholic BeveragesFood Retail: -0.01 pp weight change; -6.1% relative return; weight 0.14%Casinos & Gaming: +0.00 pp weight change; +1.9% relative return; weight 0.22%Construction Materials: -0.01 pp weight change; -7.7% relative return; weight 0.17%Tobacco: -0.03 pp weight change; -2.2% relative return; weight 1.68%Oil & Gas Refining & Marketing: -0.04 pp weight change; -3.6% relative return; weight 0.69%Gold: -0.00 pp weight change; -1.3% relative return; weight 0.12%Apparel, Accessories & Luxury Goods: +0.02 pp weight change; +4.8% relative return; weight 0.43%Steel: +0.00 pp weight change; +2.2% relative return; weight 0.12%Advertising: +0.00 pp weight change; +4.1% relative return; weight 0.11%Personal Care Products: -0.06 pp weight change; -4.8% relative return; weight 1.19%Industrial REITs: -0.00 pp weight change; -2.4% relative return; weight 0.19%Electronic Equipment & Instruments: +0.01 pp weight change; +2.6% relative return; weight 0.17%Apparel Retail: +0.01 pp weight change; +3.2% relative return; weight 0.34%Environmental & Facilities Services: +0.01 pp weight change; +2.2% relative return; weight 0.36%Food Distributors: -0.00 pp weight change; -0.7% relative return; weight 0.19%Integrated Telecommunication Services: -0.07 pp weight change; -3.6% relative return; weight 2.18%Integrated Telecommunication ServicesElectronic Manufacturing Services: +0.01 pp weight change; +5.7% relative return; weight 0.22%Other Specialty Retail: -0.00 pp weight change; -4.9% relative return; weight 0.08%Timber REITs: -0.00 pp weight change; -2.3% relative return; weight 0.16%Interactive Home Entertainment: +0.00 pp weight change; +4.7% relative return; weight 0.00%Data Processing & Outsourced Services: +0.00 pp weight change; +4.7% relative return; weight 0.00%Gas Utilities: +0.00 pp weight change; +4.7% relative return; weight 0.00%Commodity Chemicals: +0.00 pp weight change; +4.7% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; +4.7% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; +4.7% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +4.7% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +4.7% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +4.7% relative return; weight 0.00%Footwear: +0.00 pp weight change; +4.7% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +4.7% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +4.7% 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.