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: +0.02 pp weight change; +0.1% relative return; weight 1.53%Technology Hardware, Storage & Peripherals: +0.33 pp weight change; +8.1% relative return; weight 2.02%Biotechnology: -0.18 pp weight change; -6.1% relative return; weight 3.20%BiotechnologyHealth Care Equipment: +0.10 pp weight change; +0.9% relative return; weight 2.92%Health Care EquipmentIT Consulting & Other Services: +0.04 pp weight change; +1.9% relative return; weight 1.78%Application Software: +0.11 pp weight change; +3.1% relative return; weight 2.90%Application SoftwareSemiconductors: +0.24 pp weight change; +6.7% relative return; weight 3.46%SemiconductorsAgricultural Products & Services: +0.01 pp weight change; +8.2% relative return; weight 0.15%Human Resource & Employment Services: -0.01 pp weight change; -2.6% relative return; weight 0.44%Multi-Utilities: +0.07 pp weight change; +4.5% relative return; weight 1.34%Electric Utilities: +0.11 pp weight change; +5.7% relative return; weight 1.82%Independent Power Producers & Energy Traders: +0.02 pp weight change; +15.0% relative return; weight 0.11%Life & Health Insurance: -0.01 pp weight change; -1.3% relative return; weight 0.83%Multi-line Insurance: -0.02 pp weight change; -5.6% relative return; weight 0.43%Insurance Brokers: +0.03 pp weight change; +5.4% relative return; weight 0.55%Internet Services & Infrastructure: +0.02 pp weight change; +11.1% relative return; weight 0.14%Specialty Chemicals: -0.01 pp weight change; -1.1% relative return; weight 0.87%Health Care Supplies: +0.00 pp weight change; +1.6% relative return; weight 0.14%Property & Casualty Insurance: +0.01 pp weight change; +0.9% relative return; weight 1.23%Building Products: -0.01 pp weight change; -2.4% relative return; weight 0.46%Semiconductor Materials & Equipment: +0.04 pp weight change; +10.4% relative return; weight 0.39%Electrical Components & Equipment: +0.01 pp weight change; +0.7% relative return; weight 0.73%Asset Management & Custody Banks: -0.04 pp weight change; -2.3% relative return; weight 1.18%Telecom Tower REITs: +0.05 pp weight change; +4.4% relative return; weight 0.79%Broadline Retail: +0.02 pp weight change; +5.7% relative return; weight 0.46%Oil & Gas Exploration & Production: -0.01 pp weight change; -2.2% relative return; weight 1.25%Industrial Gases: +0.00 pp weight change; +1.1% relative return; weight 0.21%Electronic Components: -0.01 pp weight change; -4.1% relative return; weight 0.17%Automotive Parts & Equipment: -0.01 pp weight change; -4.6% relative return; weight 0.14%Office REITs: +0.01 pp weight change; +5.1% relative return; weight 0.19%Paper & Plastic Packaging Products & Materials: -0.02 pp weight change; -7.4% relative return; weight 0.25%Water Utilities: +0.01 pp weight change; +5.5% relative return; weight 0.09%Consumer Finance: -0.02 pp weight change; -2.4% relative return; weight 0.93%Automotive Retail: -0.01 pp weight change; -9.3% relative return; weight 0.12%Aerospace & Defense: -0.32 pp weight change; -4.8% relative return; weight 6.76%Aerospace & DefenseDiversified Banks: -0.41 pp weight change; -4.4% relative return; weight 8.03%Diversified BanksMetal, Glass & Plastic Containers: +0.01 pp weight change; +10.5% relative return; weight 0.09%Computer & Electronics Retail: +0.00 pp weight change; +2.5% relative return; weight 0.13%Hotels, Resorts & Cruise Lines: -0.03 pp weight change; -2.6% relative return; weight 0.92%Oil & Gas Equipment & Services: -0.05 pp weight change; -6.1% relative return; weight 0.80%Pharmaceuticals: +0.10 pp weight change; +1.6% relative return; weight 5.60%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; -1.1% relative return; weight 0.00%Health Care Distributors: -0.04 pp weight change; -8.6% relative return; weight 0.47%Construction Machinery & Heavy Transportation Equipment: -0.03 pp weight change; -4.8% relative return; weight 0.80%Financial Exchanges & Data: +0.06 pp weight change; +6.6% relative return; weight 0.90%Real Estate Services: +0.01 pp weight change; +9.8% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.00 pp weight change; -5.1% relative return; weight 0.11%Regional Banks: +0.00 pp weight change; +0.7% relative return; weight 0.79%Household Products: +0.02 pp weight change; +2.4% relative return; weight 0.80%Air Freight & Logistics: -0.06 pp weight change; -6.2% relative return; weight 0.92%Cable & Satellite: -0.13 pp weight change; -13.3% relative return; weight 0.92%Health Care Services: -0.07 pp weight change; -11.6% relative return; weight 0.63%Restaurants: +0.04 pp weight change; +2.1% relative return; weight 1.50%Managed Health Care: -0.06 pp weight change; -3.1% relative return; weight 1.90%Consumer Staples Merchandise Retail: -0.07 pp weight change; -4.7% relative return; weight 1.57%Transaction & Payment Processing Services: +0.02 pp weight change; +0.2% relative return; weight 1.54%Communications Equipment: +0.11 pp weight change; +9.8% relative return; weight 1.43%Rail Transportation: +0.04 pp weight change; +4.3% relative return; weight 0.98%Diversified Support Services: +0.00 pp weight change; +7.6% relative return; weight 0.03%Integrated Oil & Gas: -0.02 pp weight change; -2.4% relative return; weight 1.34%Passenger Airlines: +0.01 pp weight change; +3.3% relative return; weight 0.57%Agricultural & Farm Machinery: +0.00 pp weight change; -0.4% relative return; weight 0.31%Homebuilding: -0.01 pp weight change; -3.6% relative return; weight 0.15%Movies & Entertainment: +0.01 pp weight change; +16.1% relative return; weight 0.08%Data Center REITs: +0.00 pp weight change; -0.7% relative return; weight 0.34%Health Care REITs: -0.01 pp weight change; -1.6% relative return; weight 0.30%Industrial Machinery & Supplies & Components: +0.00 pp weight change; -0.5% relative return; weight 1.08%Research & Consulting Services: +0.01 pp weight change; +5.7% relative return; weight 0.19%Reinsurance: +0.01 pp weight change; +19.4% relative return; weight 0.06%Multi-Family Residential REITs: +0.02 pp weight change; +6.5% relative return; weight 0.36%Self-Storage REITs: +0.03 pp weight change; +10.4% relative return; weight 0.28%Automobile Manufacturers: -0.01 pp weight change; -1.8% relative return; weight 0.57%Trading Companies & Distributors: +0.00 pp weight change; +2.2% relative return; weight 0.11%Copper: -0.00 pp weight change; -4.2% relative return; weight 0.16%Broadcasting: +0.00 pp weight change; +6.3% relative return; weight 0.00%Retail REITs: +0.01 pp weight change; +1.7% relative return; weight 0.51%Systems Software: +0.14 pp weight change; +2.5% relative return; weight 4.41%Systems SoftwarePackaged Foods & Meats: -0.11 pp weight change; -8.6% relative return; weight 1.23%Distributors: -0.01 pp weight change; -7.5% relative return; weight 0.08%Consumer Electronics: +0.00 pp weight change; +0.3% relative return; weight 0.07%Investment Banking & Brokerage: +0.04 pp weight change; +1.6% relative return; weight 1.66%Leisure Products: -0.00 pp weight change; -5.3% relative return; weight 0.06%Health Care Facilities: +0.00 pp weight change; +2.3% relative return; weight 0.21%Home Improvement Retail: -0.12 pp weight change; -6.7% relative return; weight 1.71%Industrial Conglomerates: -0.07 pp weight change; -4.9% relative return; weight 1.30%Hotel & Resort REITs: -0.00 pp weight change; -3.5% relative return; weight 0.08%Other Specialized REITs: +0.00 pp weight change; +1.5% relative return; weight 0.06%Construction & Engineering: +0.00 pp weight change; -7.5% relative return; weight 0.07%Cargo Ground Transportation: +0.00 pp weight change; +3.2% relative return; weight 0.08%Oil & Gas Storage & Transportation: -0.03 pp weight change; -8.5% relative return; weight 0.47%Soft Drinks & Non-alcoholic Beverages: -0.05 pp weight change; -2.7% relative return; weight 2.14%Soft Drinks & Non-alcoholic BeveragesFood Retail: -0.02 pp weight change; -15.8% relative return; weight 0.13%Casinos & Gaming: +0.02 pp weight change; +9.2% relative return; weight 0.24%Construction Materials: -0.01 pp weight change; -7.1% relative return; weight 0.17%Tobacco: -0.04 pp weight change; -2.4% relative return; weight 1.67%Oil & Gas Refining & Marketing: +0.03 pp weight change; +4.7% relative return; weight 0.76%Gold: +0.00 pp weight change; +2.9% relative return; weight 0.13%Apparel, Accessories & Luxury Goods: +0.03 pp weight change; +6.8% relative return; weight 0.44%Steel: -0.00 pp weight change; -2.4% relative return; weight 0.12%Advertising: +0.00 pp weight change; +1.6% relative return; weight 0.10%Personal Care Products: -0.02 pp weight change; -2.4% relative return; weight 1.23%Industrial REITs: +0.01 pp weight change; +3.6% relative return; weight 0.21%Electronic Equipment & Instruments: +0.01 pp weight change; +6.3% relative return; weight 0.18%Apparel Retail: +0.02 pp weight change; +4.2% relative return; weight 0.34%Environmental & Facilities Services: +0.01 pp weight change; +2.1% relative return; weight 0.36%Food Distributors: +0.01 pp weight change; +1.4% relative return; weight 0.19%Integrated Telecommunication Services: -0.04 pp weight change; -2.8% relative return; weight 2.21%Integrated Telecommunication ServicesElectronic Manufacturing Services: +0.01 pp weight change; +4.0% relative return; weight 0.22%Other Specialty Retail: -0.00 pp weight change; -3.4% relative return; weight 0.09%Timber REITs: +0.00 pp weight change; -0.0% relative return; weight 0.16%Interactive Home Entertainment: +0.07 pp weight change; +6.3% relative return; weight 0.07%Data Processing & Outsourced Services: +0.00 pp weight change; +6.3% relative return; weight 0.00%Gas Utilities: +0.00 pp weight change; +6.3% relative return; weight 0.00%Commodity Chemicals: +0.00 pp weight change; +6.3% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; +6.3% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; +6.3% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +6.3% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +6.3% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +6.3% relative return; weight 0.00%Footwear: +0.00 pp weight change; +6.3% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +6.3% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +6.3% 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.