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

-1.00 pp-40%-0.50 pp-20%+0.00 pp+0%+0.50 pp+20%+1.00 pp+40%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.03 pp weight change; +0.9% relative return; weight 1.54%Technology Hardware, Storage & Peripherals: +0.39 pp weight change; +14.0% relative return; weight 2.08%Technology Hardware, Storage & PeripheralsBiotechnology: -0.30 pp weight change; -6.9% relative return; weight 3.08%BiotechnologyHealth Care Equipment: +0.24 pp weight change; +6.2% relative return; weight 3.07%Health Care EquipmentIT Consulting & Other Services: -0.05 pp weight change; -2.0% relative return; weight 1.70%Application Software: +0.33 pp weight change; +11.1% relative return; weight 3.12%Application SoftwareSemiconductors: +0.43 pp weight change; +13.7% relative return; weight 3.65%SemiconductorsAgricultural Products & Services: +0.01 pp weight change; +8.9% relative return; weight 0.15%Human Resource & Employment Services: +0.04 pp weight change; +8.5% relative return; weight 0.49%Multi-Utilities: +0.04 pp weight change; +2.9% relative return; weight 1.31%Electric Utilities: +0.10 pp weight change; +6.2% relative return; weight 1.81%Independent Power Producers & Energy Traders: +0.03 pp weight change; +28.5% relative return; weight 0.12%Life & Health Insurance: +0.05 pp weight change; -4.1% relative return; weight 0.90%Multi-line Insurance: -0.04 pp weight change; -8.5% relative return; weight 0.41%Insurance Brokers: +0.01 pp weight change; +2.9% relative return; weight 0.53%Internet Services & Infrastructure: +0.03 pp weight change; +19.1% relative return; weight 0.15%Specialty Chemicals: -0.02 pp weight change; -1.9% relative return; weight 0.86%Health Care Supplies: +0.04 pp weight change; +29.0% relative return; weight 0.18%Property & Casualty Insurance: -0.04 pp weight change; -2.8% relative return; weight 1.18%Building Products: -0.03 pp weight change; -7.1% relative return; weight 0.43%Semiconductor Materials & Equipment: -0.01 pp weight change; +1.1% relative return; weight 0.34%Electrical Components & Equipment: -0.01 pp weight change; +0.1% relative return; weight 0.71%Asset Management & Custody Banks: -0.05 pp weight change; -2.3% relative return; weight 1.17%Telecom Tower REITs: +0.00 pp weight change; -1.7% relative return; weight 0.74%Broadline Retail: +0.03 pp weight change; +7.4% relative return; weight 0.47%Oil & Gas Exploration & Production: +0.20 pp weight change; +14.8% relative return; weight 1.46%Industrial Gases: +0.00 pp weight change; +1.7% relative return; weight 0.21%Electronic Components: -0.02 pp weight change; -6.4% relative return; weight 0.16%Automotive Parts & Equipment: +0.01 pp weight change; +8.8% relative return; weight 0.16%Office REITs: +0.01 pp weight change; +3.5% relative return; weight 0.19%Paper & Plastic Packaging Products & Materials: -0.02 pp weight change; -7.0% relative return; weight 0.25%Water Utilities: +0.01 pp weight change; +6.5% relative return; weight 0.09%Consumer Finance: -0.01 pp weight change; -0.2% relative return; weight 0.95%Automotive Retail: -0.01 pp weight change; -9.4% relative return; weight 0.11%Aerospace & Defense: -0.27 pp weight change; -3.5% relative return; weight 6.81%Aerospace & DefenseDiversified Banks: -0.66 pp weight change; -6.0% relative return; weight 7.78%Diversified BanksMetal, Glass & Plastic Containers: +0.00 pp weight change; +2.2% relative return; weight 0.08%Computer & Electronics Retail: -0.00 pp weight change; -0.9% relative return; weight 0.12%Hotels, Resorts & Cruise Lines: -0.07 pp weight change; -5.9% relative return; weight 0.87%Oil & Gas Equipment & Services: -0.01 pp weight change; -1.3% relative return; weight 0.84%Pharmaceuticals: -0.09 pp weight change; -0.5% relative return; weight 5.41%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -5.9% relative return; weight 0.00%Health Care Distributors: -0.08 pp weight change; -13.7% relative return; weight 0.43%Construction Machinery & Heavy Transportation Equipment: -0.05 pp weight change; -6.2% relative return; weight 0.78%Financial Exchanges & Data: +0.14 pp weight change; +7.1% relative return; weight 0.98%Real Estate Services: +0.01 pp weight change; +6.5% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.01 pp weight change; +5.0% relative return; weight 0.12%Regional Banks: -0.04 pp weight change; -3.0% relative return; weight 0.75%Household Products: -0.07 pp weight change; -8.3% relative return; weight 0.71%Air Freight & Logistics: +0.00 pp weight change; +0.4% relative return; weight 0.98%Cable & Satellite: -0.26 pp weight change; -25.0% relative return; weight 0.79%Health Care Services: -0.06 pp weight change; -8.6% relative return; weight 0.65%Restaurants: -0.00 pp weight change; +1.6% relative return; weight 1.46%Managed Health Care: +0.10 pp weight change; +5.7% relative return; weight 2.06%Consumer Staples Merchandise Retail: -0.12 pp weight change; -6.8% relative return; weight 1.52%Transaction & Payment Processing Services: +0.18 pp weight change; +5.8% relative return; weight 1.71%Communications Equipment: +0.07 pp weight change; +10.2% relative return; weight 1.39%Rail Transportation: +0.10 pp weight change; +12.7% relative return; weight 1.04%Diversified Support Services: +0.00 pp weight change; +14.0% relative return; weight 0.03%Integrated Oil & Gas: +0.08 pp weight change; +6.4% relative return; weight 1.44%Passenger Airlines: -0.02 pp weight change; -2.0% relative return; weight 0.53%Agricultural & Farm Machinery: -0.01 pp weight change; -5.0% relative return; weight 0.29%Homebuilding: -0.01 pp weight change; -5.8% relative return; weight 0.15%Movies & Entertainment: +0.03 pp weight change; +37.0% relative return; weight 0.09%Data Center REITs: -0.01 pp weight change; -3.5% relative return; weight 0.33%Health Care REITs: +0.01 pp weight change; +5.3% relative return; weight 0.32%Industrial Machinery & Supplies & Components: -0.06 pp weight change; -5.7% relative return; weight 1.01%Research & Consulting Services: +0.01 pp weight change; +4.7% relative return; weight 0.19%Reinsurance: +0.00 pp weight change; +4.4% relative return; weight 0.06%Multi-Family Residential REITs: +0.03 pp weight change; +8.2% relative return; weight 0.36%Self-Storage REITs: +0.04 pp weight change; +16.9% relative return; weight 0.30%Automobile Manufacturers: +0.05 pp weight change; +9.3% relative return; weight 0.63%Trading Companies & Distributors: -0.01 pp weight change; -5.1% relative return; weight 0.10%Copper: -0.01 pp weight change; -8.4% relative return; weight 0.15%Broadcasting: +0.00 pp weight change; +5.4% relative return; weight 0.00%Retail REITs: +0.02 pp weight change; +5.1% relative return; weight 0.52%Systems Software: +0.42 pp weight change; +9.9% relative return; weight 4.69%Systems SoftwarePackaged Foods & Meats: -0.22 pp weight change; -15.6% relative return; weight 1.12%Distributors: -0.01 pp weight change; -7.4% relative return; weight 0.08%Consumer Electronics: +0.00 pp weight change; +1.4% relative return; weight 0.07%Investment Banking & Brokerage: -0.05 pp weight change; -3.2% relative return; weight 1.57%Leisure Products: -0.00 pp weight change; -2.7% relative return; weight 0.07%Health Care Facilities: +0.01 pp weight change; +8.1% relative return; weight 0.22%Home Improvement Retail: -0.05 pp weight change; -1.9% relative return; weight 1.78%Industrial Conglomerates: -0.14 pp weight change; -9.0% relative return; weight 1.23%Hotel & Resort REITs: +0.01 pp weight change; +11.0% relative return; weight 0.10%Other Specialized REITs: +0.00 pp weight change; +1.9% relative return; weight 0.06%Construction & Engineering: +0.01 pp weight change; -1.3% relative return; weight 0.08%Cargo Ground Transportation: +0.01 pp weight change; +12.1% relative return; weight 0.09%Oil & Gas Storage & Transportation: +0.02 pp weight change; +3.3% relative return; weight 0.53%Soft Drinks & Non-alcoholic Beverages: -0.17 pp weight change; -7.4% relative return; weight 2.02%Food Retail: -0.03 pp weight change; -14.8% relative return; weight 0.13%Casinos & Gaming: +0.02 pp weight change; +6.8% relative return; weight 0.24%Construction Materials: +0.00 pp weight change; +1.4% relative return; weight 0.19%Tobacco: -0.33 pp weight change; -18.6% relative return; weight 1.39%Oil & Gas Refining & Marketing: +0.14 pp weight change; +26.2% relative return; weight 0.87%Gold: +0.00 pp weight change; +1.6% relative return; weight 0.13%Apparel, Accessories & Luxury Goods: +0.04 pp weight change; +8.9% relative return; weight 0.45%Steel: +0.00 pp weight change; +1.6% relative return; weight 0.12%Advertising: -0.00 pp weight change; -0.1% relative return; weight 0.10%Personal Care Products: -0.13 pp weight change; -9.9% relative return; weight 1.12%Industrial REITs: +0.01 pp weight change; +4.9% relative return; weight 0.21%Electronic Equipment & Instruments: +0.01 pp weight change; +3.7% relative return; weight 0.17%Apparel Retail: +0.03 pp weight change; +9.3% relative return; weight 0.35%Environmental & Facilities Services: +0.00 pp weight change; +0.8% relative return; weight 0.35%Food Distributors: +0.02 pp weight change; +9.6% relative return; weight 0.21%Integrated Telecommunication Services: -0.14 pp weight change; -6.6% relative return; weight 2.10%Integrated Telecommunication ServicesElectronic Manufacturing Services: -0.01 pp weight change; -3.5% relative return; weight 0.20%Other Specialty Retail: +0.01 pp weight change; +15.4% relative return; weight 0.10%Timber REITs: +0.01 pp weight change; +5.7% relative return; weight 0.17%Interactive Home Entertainment: +0.08 pp weight change; +20.8% relative return; weight 0.08%Data Processing & Outsourced Services: +0.00 pp weight change; +5.4% relative return; weight 0.00%Gas Utilities: +0.00 pp weight change; +5.4% relative return; weight 0.00%Commodity Chemicals: +0.00 pp weight change; +5.4% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; +5.4% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; +5.4% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +5.4% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +5.4% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +5.4% relative return; weight 0.00%Footwear: +0.00 pp weight change; +5.4% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +5.4% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +5.4% 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.