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-30%-0.25 pp-15%+0.00 pp+0%+0.25 pp+15%+0.50 pp+30%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.03 pp weight change; +0.4% relative return; weight 1.54%Technology Hardware, Storage & Peripherals: +0.29 pp weight change; +5.6% relative return; weight 1.99%Biotechnology: -0.30 pp weight change; -7.8% relative return; weight 3.08%BiotechnologyHealth Care Equipment: +0.15 pp weight change; +2.4% relative return; weight 2.98%Health Care EquipmentIT Consulting & Other Services: -0.01 pp weight change; -1.0% relative return; weight 1.74%Application Software: +0.18 pp weight change; +5.1% relative return; weight 2.97%Application SoftwareSemiconductors: +0.10 pp weight change; +2.1% relative return; weight 3.33%SemiconductorsAgricultural Products & Services: +0.02 pp weight change; +12.7% relative return; weight 0.16%Human Resource & Employment Services: +0.00 pp weight change; -0.7% relative return; weight 0.46%Multi-Utilities: +0.09 pp weight change; +5.4% relative return; weight 1.36%Electric Utilities: +0.16 pp weight change; +8.3% relative return; weight 1.88%Independent Power Producers & Energy Traders: +0.02 pp weight change; +20.0% relative return; weight 0.11%Life & Health Insurance: +0.01 pp weight change; +0.9% relative return; weight 0.85%Multi-line Insurance: -0.01 pp weight change; -2.7% relative return; weight 0.44%Insurance Brokers: +0.03 pp weight change; +5.5% relative return; weight 0.55%Internet Services & Infrastructure: +0.02 pp weight change; +10.7% relative return; weight 0.14%Specialty Chemicals: -0.00 pp weight change; -0.9% relative return; weight 0.88%Health Care Supplies: +0.00 pp weight change; +0.7% relative return; weight 0.14%Property & Casualty Insurance: +0.00 pp weight change; -0.3% relative return; weight 1.22%Building Products: -0.03 pp weight change; -7.1% relative return; weight 0.44%Semiconductor Materials & Equipment: -0.00 pp weight change; -1.6% relative return; weight 0.35%Electrical Components & Equipment: -0.03 pp weight change; -4.8% relative return; weight 0.69%Asset Management & Custody Banks: -0.02 pp weight change; -1.4% relative return; weight 1.19%Telecom Tower REITs: -0.00 pp weight change; -2.8% relative return; weight 0.74%Broadline Retail: +0.02 pp weight change; +5.9% relative return; weight 0.46%Oil & Gas Exploration & Production: +0.16 pp weight change; +10.3% relative return; weight 1.42%Industrial Gases: +0.01 pp weight change; +2.7% relative return; weight 0.22%Electronic Components: -0.02 pp weight change; -7.4% relative return; weight 0.16%Automotive Parts & Equipment: -0.01 pp weight change; -5.4% relative return; weight 0.14%Office REITs: +0.01 pp weight change; +3.7% relative return; weight 0.19%Paper & Plastic Packaging Products & Materials: -0.02 pp weight change; -9.1% relative return; weight 0.25%Water Utilities: +0.01 pp weight change; +10.8% relative return; weight 0.09%Consumer Finance: -0.01 pp weight change; -1.4% relative return; weight 0.95%Automotive Retail: -0.02 pp weight change; -12.6% relative return; weight 0.11%Aerospace & Defense: -0.26 pp weight change; -4.3% relative return; weight 6.82%Aerospace & DefenseDiversified Banks: -0.46 pp weight change; -5.1% relative return; weight 7.98%Diversified BanksMetal, Glass & Plastic Containers: +0.01 pp weight change; +11.1% relative return; weight 0.09%Computer & Electronics Retail: +0.01 pp weight change; +11.6% relative return; weight 0.13%Hotels, Resorts & Cruise Lines: -0.05 pp weight change; -4.9% relative return; weight 0.89%Oil & Gas Equipment & Services: +0.02 pp weight change; +1.1% relative return; weight 0.87%Pharmaceuticals: +0.10 pp weight change; +1.2% relative return; weight 5.60%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -4.3% relative return; weight 0.00%Health Care Distributors: -0.01 pp weight change; -2.1% relative return; weight 0.50%Construction Machinery & Heavy Transportation Equipment: -0.05 pp weight change; -6.9% relative return; weight 0.78%Financial Exchanges & Data: +0.13 pp weight change; +5.2% relative return; weight 0.98%Real Estate Services: +0.01 pp weight change; +5.0% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: +0.01 pp weight change; +1.2% relative return; weight 0.12%Regional Banks: +0.01 pp weight change; +0.9% relative return; weight 0.79%Household Products: -0.05 pp weight change; -6.2% relative return; weight 0.73%Air Freight & Logistics: -0.01 pp weight change; -1.8% relative return; weight 0.97%Cable & Satellite: -0.23 pp weight change; -22.8% relative return; weight 0.82%Health Care Services: -0.02 pp weight change; -4.5% relative return; weight 0.68%Restaurants: +0.10 pp weight change; +5.9% relative return; weight 1.56%Managed Health Care: +0.13 pp weight change; +5.7% relative return; weight 2.08%Managed Health CareConsumer Staples Merchandise Retail: -0.03 pp weight change; -2.8% relative return; weight 1.61%Transaction & Payment Processing Services: +0.03 pp weight change; +0.7% relative return; weight 1.55%Communications Equipment: +0.17 pp weight change; +14.3% relative return; weight 1.48%Rail Transportation: +0.05 pp weight change; +5.6% relative return; weight 0.99%Diversified Support Services: +0.00 pp weight change; +7.0% relative return; weight 0.03%Integrated Oil & Gas: +0.11 pp weight change; +6.7% relative return; weight 1.47%Passenger Airlines: -0.02 pp weight change; -2.7% relative return; weight 0.53%Agricultural & Farm Machinery: -0.04 pp weight change; -13.6% relative return; weight 0.27%Homebuilding: -0.00 pp weight change; -2.6% relative return; weight 0.16%Movies & Entertainment: +0.02 pp weight change; +22.4% relative return; weight 0.08%Data Center REITs: +0.00 pp weight change; -0.6% relative return; weight 0.34%Health Care REITs: -0.00 pp weight change; -1.3% relative return; weight 0.30%Industrial Machinery & Supplies & Components: -0.07 pp weight change; -7.1% relative return; weight 1.01%Research & Consulting Services: +0.01 pp weight change; +4.3% relative return; weight 0.19%Reinsurance: +0.00 pp weight change; +7.7% relative return; weight 0.06%Multi-Family Residential REITs: +0.03 pp weight change; +6.7% relative return; weight 0.36%Self-Storage REITs: +0.03 pp weight change; +11.2% relative return; weight 0.29%Automobile Manufacturers: -0.00 pp weight change; -0.3% relative return; weight 0.58%Trading Companies & Distributors: -0.01 pp weight change; -10.4% relative return; weight 0.10%Copper: -0.03 pp weight change; -17.2% relative return; weight 0.14%Broadcasting: +0.00 pp weight change; +5.8% relative return; weight 0.00%Retail REITs: +0.01 pp weight change; +1.8% relative return; weight 0.51%Systems Software: +0.25 pp weight change; +4.8% relative return; weight 4.52%Systems SoftwarePackaged Foods & Meats: -0.19 pp weight change; -15.2% relative return; weight 1.14%Distributors: -0.01 pp weight change; -9.5% relative return; weight 0.08%Consumer Electronics: +0.00 pp weight change; -0.5% relative return; weight 0.07%Investment Banking & Brokerage: +0.02 pp weight change; -0.4% relative return; weight 1.64%Leisure Products: +0.00 pp weight change; -0.7% relative return; weight 0.07%Health Care Facilities: +0.00 pp weight change; +0.5% relative return; weight 0.21%Home Improvement Retail: -0.10 pp weight change; -5.9% relative return; weight 1.73%Industrial Conglomerates: -0.14 pp weight change; -10.8% relative return; weight 1.22%Hotel & Resort REITs: +0.00 pp weight change; +0.8% relative return; weight 0.09%Other Specialized REITs: +0.01 pp weight change; +4.4% relative return; weight 0.06%Construction & Engineering: -0.00 pp weight change; -11.0% relative return; weight 0.07%Cargo Ground Transportation: +0.00 pp weight change; +3.1% relative return; weight 0.08%Oil & Gas Storage & Transportation: -0.01 pp weight change; -3.5% relative return; weight 0.50%Soft Drinks & Non-alcoholic Beverages: -0.13 pp weight change; -6.7% relative return; weight 2.06%Food Retail: -0.02 pp weight change; -11.8% relative return; weight 0.13%Casinos & Gaming: +0.01 pp weight change; +4.1% relative return; weight 0.23%Construction Materials: -0.02 pp weight change; -11.1% relative return; weight 0.17%Tobacco: -0.28 pp weight change; -16.6% relative return; weight 1.44%Oil & Gas Refining & Marketing: +0.10 pp weight change; +18.2% relative return; weight 0.83%Gold: +0.01 pp weight change; +3.0% relative return; weight 0.13%Apparel, Accessories & Luxury Goods: +0.04 pp weight change; +9.3% relative return; weight 0.45%Steel: -0.00 pp weight change; -2.0% relative return; weight 0.12%Advertising: +0.00 pp weight change; +2.5% relative return; weight 0.10%Personal Care Products: -0.12 pp weight change; -10.5% relative return; weight 1.12%Industrial REITs: +0.02 pp weight change; +6.3% relative return; weight 0.21%Electronic Equipment & Instruments: +0.00 pp weight change; -0.2% relative return; weight 0.17%Apparel Retail: +0.03 pp weight change; +7.8% relative return; weight 0.35%Environmental & Facilities Services: -0.00 pp weight change; -1.3% relative return; weight 0.35%Food Distributors: +0.01 pp weight change; +5.9% relative return; weight 0.20%Integrated Telecommunication Services: -0.08 pp weight change; -3.8% relative return; weight 2.17%Integrated Telecommunication ServicesElectronic Manufacturing Services: -0.01 pp weight change; -4.9% relative return; weight 0.20%Other Specialty Retail: +0.02 pp weight change; +16.5% relative return; weight 0.10%Timber REITs: +0.01 pp weight change; +4.7% relative return; weight 0.17%Interactive Home Entertainment: +0.07 pp weight change; +7.9% relative return; weight 0.07%Data Processing & Outsourced Services: +0.00 pp weight change; +5.8% relative return; weight 0.00%Gas Utilities: +0.00 pp weight change; +5.8% relative return; weight 0.00%Commodity Chemicals: +0.00 pp weight change; +5.8% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; +5.8% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; +5.8% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +5.8% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +5.8% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +5.8% relative return; weight 0.00%Footwear: +0.00 pp weight change; +5.8% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +5.8% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +5.8% 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.