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-60%-0.50 pp-30%+0.00 pp+0%+0.50 pp+30%+1.00 pp+60%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.03 pp weight change; +2.0% relative return; weight 1.55%Technology Hardware, Storage & Peripherals: +0.37 pp weight change; +14.7% relative return; weight 2.07%Biotechnology: -0.27 pp weight change; -5.3% relative return; weight 3.11%BiotechnologyHealth Care Equipment: +0.28 pp weight change; +8.3% relative return; weight 3.10%Health Care EquipmentIT Consulting & Other Services: -0.01 pp weight change; +0.6% relative return; weight 1.73%Application Software: +0.25 pp weight change; +10.2% relative return; weight 3.04%Application SoftwareSemiconductors: +0.27 pp weight change; +7.4% relative return; weight 3.49%SemiconductorsAgricultural Products & Services: +0.02 pp weight change; +14.8% relative return; weight 0.16%Human Resource & Employment Services: +0.05 pp weight change; +13.4% relative return; weight 0.51%Multi-Utilities: +0.08 pp weight change; +6.7% relative return; weight 1.35%Electric Utilities: +0.15 pp weight change; +9.9% relative return; weight 1.86%Independent Power Producers & Energy Traders: +0.02 pp weight change; +24.7% relative return; weight 0.11%Life & Health Insurance: +0.01 pp weight change; -7.8% relative return; weight 0.86%Multi-line Insurance: -0.04 pp weight change; -6.8% relative return; weight 0.42%Insurance Brokers: +0.01 pp weight change; +3.4% relative return; weight 0.53%Internet Services & Infrastructure: +0.03 pp weight change; +21.2% relative return; weight 0.16%Specialty Chemicals: -0.02 pp weight change; -0.8% relative return; weight 0.86%Health Care Supplies: +0.05 pp weight change; +33.8% relative return; weight 0.18%Property & Casualty Insurance: -0.08 pp weight change; -5.3% relative return; weight 1.14%Building Products: -0.03 pp weight change; -5.9% relative return; weight 0.43%Semiconductor Materials & Equipment: -0.04 pp weight change; -7.7% relative return; weight 0.31%Electrical Components & Equipment: -0.03 pp weight change; -2.0% relative return; weight 0.69%Asset Management & Custody Banks: -0.07 pp weight change; -3.5% relative return; weight 1.14%Telecom Tower REITs: +0.03 pp weight change; +3.5% relative return; weight 0.77%Broadline Retail: +0.03 pp weight change; +8.4% relative return; weight 0.47%Oil & Gas Exploration & Production: +0.25 pp weight change; +19.6% relative return; weight 1.51%Industrial Gases: -0.00 pp weight change; -0.6% relative return; weight 0.21%Electronic Components: -0.02 pp weight change; -4.8% relative return; weight 0.16%Automotive Parts & Equipment: +0.00 pp weight change; +2.8% relative return; weight 0.15%Office REITs: +0.01 pp weight change; +7.1% relative return; weight 0.20%Paper & Plastic Packaging Products & Materials: -0.03 pp weight change; -9.2% relative return; weight 0.24%Water Utilities: +0.01 pp weight change; +10.0% relative return; weight 0.09%Consumer Finance: -0.02 pp weight change; -1.0% relative return; weight 0.94%Automotive Retail: -0.01 pp weight change; -6.0% relative return; weight 0.12%Aerospace & Defense: -0.53 pp weight change; -6.2% relative return; weight 6.55%Aerospace & DefenseDiversified Banks: -0.76 pp weight change; -6.6% relative return; weight 7.68%Diversified BanksMetal, Glass & Plastic Containers: -0.00 pp weight change; -1.1% relative return; weight 0.08%Computer & Electronics Retail: +0.00 pp weight change; +9.5% relative return; weight 0.13%Hotels, Resorts & Cruise Lines: -0.12 pp weight change; -10.4% relative return; weight 0.82%Oil & Gas Equipment & Services: -0.05 pp weight change; -4.7% relative return; weight 0.80%Pharmaceuticals: +0.00 pp weight change; +2.0% relative return; weight 5.50%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -7.7% relative return; weight 0.00%Health Care Distributors: -0.09 pp weight change; -15.0% relative return; weight 0.42%Construction Machinery & Heavy Transportation Equipment: -0.12 pp weight change; -14.0% relative return; weight 0.71%Financial Exchanges & Data: +0.17 pp weight change; +10.6% relative return; weight 1.01%Real Estate Services: +0.01 pp weight change; +10.7% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.02 pp weight change; +10.8% relative return; weight 0.13%Regional Banks: -0.05 pp weight change; -4.6% relative return; weight 0.73%Household Products: -0.03 pp weight change; -2.4% relative return; weight 0.75%Air Freight & Logistics: -0.08 pp weight change; -6.8% relative return; weight 0.90%Cable & Satellite: -0.19 pp weight change; -17.7% relative return; weight 0.87%Health Care Services: -0.05 pp weight change; -6.5% relative return; weight 0.66%Restaurants: -0.07 pp weight change; -2.6% relative return; weight 1.39%Managed Health Care: +0.16 pp weight change; +9.6% relative return; weight 2.11%Consumer Staples Merchandise Retail: -0.04 pp weight change; -1.4% relative return; weight 1.60%Transaction & Payment Processing Services: +0.22 pp weight change; +8.7% relative return; weight 1.74%Communications Equipment: +0.09 pp weight change; +12.3% relative return; weight 1.41%Rail Transportation: +0.09 pp weight change; +12.6% relative return; weight 1.03%Diversified Support Services: +0.00 pp weight change; +16.4% relative return; weight 0.03%Integrated Oil & Gas: +0.11 pp weight change; +8.9% relative return; weight 1.47%Passenger Airlines: -0.04 pp weight change; -5.0% relative return; weight 0.51%Agricultural & Farm Machinery: -0.03 pp weight change; -10.2% relative return; weight 0.28%Homebuilding: -0.01 pp weight change; -8.5% relative return; weight 0.14%Movies & Entertainment: +0.04 pp weight change; +53.5% relative return; weight 0.10%Data Center REITs: +0.01 pp weight change; +3.8% relative return; weight 0.35%Health Care REITs: +0.03 pp weight change; +13.7% relative return; weight 0.34%Industrial Machinery & Supplies & Components: -0.09 pp weight change; -7.5% relative return; weight 0.99%Research & Consulting Services: +0.02 pp weight change; +10.6% relative return; weight 0.20%Reinsurance: +0.00 pp weight change; +7.4% relative return; weight 0.06%Multi-Family Residential REITs: +0.03 pp weight change; +11.2% relative return; weight 0.37%Self-Storage REITs: +0.06 pp weight change; +26.1% relative return; weight 0.32%Automobile Manufacturers: +0.01 pp weight change; +3.6% relative return; weight 0.59%Trading Companies & Distributors: -0.01 pp weight change; -12.2% relative return; weight 0.10%Copper: -0.01 pp weight change; -5.9% relative return; weight 0.15%Broadcasting: +0.00 pp weight change; +6.0% relative return; weight 0.00%Retail REITs: +0.05 pp weight change; +11.9% relative return; weight 0.55%Systems Software: +0.41 pp weight change; +10.3% relative return; weight 4.67%Systems SoftwarePackaged Foods & Meats: -0.14 pp weight change; -10.0% relative return; weight 1.19%Distributors: -0.01 pp weight change; -5.1% relative return; weight 0.08%Consumer Electronics: +0.00 pp weight change; +4.5% relative return; weight 0.07%Investment Banking & Brokerage: -0.13 pp weight change; -7.8% relative return; weight 1.49%Leisure Products: +0.00 pp weight change; +4.2% relative return; weight 0.07%Health Care Facilities: +0.01 pp weight change; +8.2% relative return; weight 0.22%Home Improvement Retail: +0.00 pp weight change; +2.2% relative return; weight 1.84%Industrial Conglomerates: -0.16 pp weight change; -9.9% relative return; weight 1.21%Hotel & Resort REITs: +0.01 pp weight change; +9.8% relative return; weight 0.09%Other Specialized REITs: +0.01 pp weight change; +9.7% relative return; weight 0.06%Construction & Engineering: +0.00 pp weight change; -4.8% relative return; weight 0.07%Cargo Ground Transportation: +0.01 pp weight change; +7.0% relative return; weight 0.08%Oil & Gas Storage & Transportation: +0.04 pp weight change; +7.9% relative return; weight 0.55%Soft Drinks & Non-alcoholic Beverages: -0.07 pp weight change; -1.7% relative return; weight 2.12%Soft Drinks & Non-alcoholic BeveragesFood Retail: -0.02 pp weight change; +0.3% relative return; weight 0.14%Casinos & Gaming: -0.01 pp weight change; -4.8% relative return; weight 0.21%Construction Materials: +0.00 pp weight change; +2.7% relative return; weight 0.19%Tobacco: -0.30 pp weight change; -15.7% relative return; weight 1.41%Oil & Gas Refining & Marketing: +0.08 pp weight change; +17.6% relative return; weight 0.80%Gold: -0.00 pp weight change; -0.6% relative return; weight 0.12%Apparel, Accessories & Luxury Goods: +0.09 pp weight change; +21.2% relative return; weight 0.50%Steel: -0.00 pp weight change; +0.1% relative return; weight 0.12%Advertising: +0.00 pp weight change; +7.2% relative return; weight 0.11%Personal Care Products: -0.05 pp weight change; -3.3% relative return; weight 1.19%Industrial REITs: +0.01 pp weight change; +8.5% relative return; weight 0.21%Electronic Equipment & Instruments: +0.01 pp weight change; +4.4% relative return; weight 0.17%Apparel Retail: +0.05 pp weight change; +17.2% relative return; weight 0.37%Environmental & Facilities Services: -0.00 pp weight change; +1.5% relative return; weight 0.35%Food Distributors: +0.03 pp weight change; +15.8% relative return; weight 0.22%Integrated Telecommunication Services: -0.08 pp weight change; -3.3% relative return; weight 2.16%Integrated Telecommunication ServicesElectronic Manufacturing Services: -0.01 pp weight change; -6.1% relative return; weight 0.19%Other Specialty Retail: +0.01 pp weight change; +10.9% relative return; weight 0.10%Timber REITs: +0.01 pp weight change; +4.7% relative return; weight 0.17%Interactive Home Entertainment: +0.08 pp weight change; +28.3% relative return; weight 0.08%Data Processing & Outsourced Services: +0.08 pp weight change; +6.0% relative return; weight 0.08%Gas Utilities: +0.00 pp weight change; +6.0% relative return; weight 0.00%Commodity Chemicals: +0.00 pp weight change; +6.0% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; +6.0% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; +6.0% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +6.0% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +6.0% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +6.0% relative return; weight 0.00%Footwear: +0.00 pp weight change; +6.0% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +6.0% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +6.0% 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.