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: +0.12 pp weight change; +9.3% relative return; weight 1.64%Technology Hardware, Storage & Peripherals: +0.32 pp weight change; +13.0% relative return; weight 2.02%Biotechnology: -0.26 pp weight change; -2.6% relative return; weight 3.12%BiotechnologyHealth Care Equipment: +0.29 pp weight change; +9.8% relative return; weight 3.11%Health Care EquipmentIT Consulting & Other Services: -0.06 pp weight change; -1.2% relative return; weight 1.68%Application Software: +0.23 pp weight change; +10.4% relative return; weight 3.01%Application SoftwareSemiconductors: +0.17 pp weight change; +5.8% relative return; weight 3.39%SemiconductorsAgricultural Products & Services: +0.02 pp weight change; +17.3% relative return; weight 0.16%Human Resource & Employment Services: +0.04 pp weight change; +11.1% relative return; weight 0.49%Multi-Utilities: +0.06 pp weight change; +6.0% relative return; weight 1.33%Electric Utilities: +0.11 pp weight change; +8.8% relative return; weight 1.83%Independent Power Producers & Energy Traders: +0.02 pp weight change; +22.9% relative return; weight 0.11%Life & Health Insurance: +0.04 pp weight change; -4.0% relative return; weight 0.88%Multi-line Insurance: -0.04 pp weight change; -5.5% relative return; weight 0.42%Insurance Brokers: +0.01 pp weight change; +4.6% relative return; weight 0.52%Internet Services & Infrastructure: +0.05 pp weight change; +22.6% relative return; weight 0.18%Specialty Chemicals: -0.03 pp weight change; -1.1% relative return; weight 0.85%Health Care Supplies: +0.05 pp weight change; +36.2% relative return; weight 0.19%Property & Casualty Insurance: -0.06 pp weight change; -2.3% relative return; weight 1.16%Building Products: -0.01 pp weight change; -0.0% relative return; weight 0.46%Semiconductor Materials & Equipment: -0.04 pp weight change; -5.2% relative return; weight 0.31%Electrical Components & Equipment: -0.00 pp weight change; +3.1% relative return; weight 0.72%Asset Management & Custody Banks: -0.11 pp weight change; -5.2% relative return; weight 1.11%Telecom Tower REITs: +0.02 pp weight change; +2.2% relative return; weight 0.76%Broadline Retail: +0.00 pp weight change; +3.9% relative return; weight 0.45%Oil & Gas Exploration & Production: +0.22 pp weight change; +18.8% relative return; weight 1.48%Industrial Gases: -0.00 pp weight change; +1.7% relative return; weight 0.21%Electronic Components: +0.00 pp weight change; +9.9% relative return; weight 0.18%Automotive Parts & Equipment: +0.01 pp weight change; +6.8% relative return; weight 0.15%Office REITs: +0.01 pp weight change; +4.4% relative return; weight 0.19%Paper & Plastic Packaging Products & Materials: -0.03 pp weight change; -7.8% relative return; weight 0.24%Water Utilities: +0.01 pp weight change; +10.3% relative return; weight 0.09%Consumer Finance: -0.07 pp weight change; -4.3% relative return; weight 0.89%Automotive Retail: -0.01 pp weight change; -3.6% relative return; weight 0.12%Aerospace & Defense: -0.60 pp weight change; -6.0% relative return; weight 6.48%Aerospace & DefenseDiversified Banks: -0.54 pp weight change; -2.4% relative return; weight 7.90%Diversified BanksMetal, Glass & Plastic Containers: +0.00 pp weight change; +5.2% relative return; weight 0.08%Computer & Electronics Retail: +0.00 pp weight change; +6.9% relative return; weight 0.12%Hotels, Resorts & Cruise Lines: -0.13 pp weight change; -10.6% relative return; weight 0.81%Oil & Gas Equipment & Services: -0.09 pp weight change; -8.7% relative return; weight 0.76%Pharmaceuticals: +0.27 pp weight change; +8.2% relative return; weight 5.77%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -5.1% relative return; weight 0.00%Health Care Distributors: -0.11 pp weight change; -18.9% relative return; weight 0.40%Construction Machinery & Heavy Transportation Equipment: -0.10 pp weight change; -10.9% relative return; weight 0.73%Financial Exchanges & Data: +0.12 pp weight change; +6.3% relative return; weight 0.96%Real Estate Services: +0.01 pp weight change; +12.1% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.02 pp weight change; +11.6% relative return; weight 0.13%Regional Banks: -0.06 pp weight change; -3.7% relative return; weight 0.73%Household Products: -0.03 pp weight change; -0.7% relative return; weight 0.75%Air Freight & Logistics: -0.02 pp weight change; -0.1% relative return; weight 0.96%Cable & Satellite: -0.17 pp weight change; -15.0% relative return; weight 0.88%Health Care Services: -0.07 pp weight change; -8.8% relative return; weight 0.63%Restaurants: -0.10 pp weight change; -3.0% relative return; weight 1.36%Managed Health Care: +0.18 pp weight change; +10.7% relative return; weight 2.13%Managed Health CareConsumer Staples Merchandise Retail: -0.03 pp weight change; -0.1% relative return; weight 1.60%Transaction & Payment Processing Services: +0.15 pp weight change; +5.9% relative return; weight 1.68%Communications Equipment: +0.02 pp weight change; +8.4% relative return; weight 1.34%Rail Transportation: +0.10 pp weight change; +17.8% relative return; weight 1.04%Diversified Support Services: +0.03 pp weight change; +24.8% relative return; weight 0.05%Integrated Oil & Gas: +0.05 pp weight change; +5.5% relative return; weight 1.41%Passenger Airlines: -0.01 pp weight change; +4.2% relative return; weight 0.54%Agricultural & Farm Machinery: -0.03 pp weight change; -9.7% relative return; weight 0.27%Homebuilding: -0.01 pp weight change; -7.7% relative return; weight 0.14%Movies & Entertainment: +0.02 pp weight change; +28.4% relative return; weight 0.09%Data Center REITs: +0.02 pp weight change; +5.6% relative return; weight 0.35%Health Care REITs: +0.02 pp weight change; +10.0% relative return; weight 0.32%Industrial Machinery & Supplies & Components: -0.06 pp weight change; -2.9% relative return; weight 1.02%Research & Consulting Services: +0.01 pp weight change; +9.0% relative return; weight 0.19%Reinsurance: -0.00 pp weight change; -1.2% relative return; weight 0.05%Multi-Family Residential REITs: +0.03 pp weight change; +10.1% relative return; weight 0.36%Self-Storage REITs: +0.04 pp weight change; +16.9% relative return; weight 0.29%Automobile Manufacturers: -0.05 pp weight change; -5.1% relative return; weight 0.53%Trading Companies & Distributors: -0.01 pp weight change; -10.7% relative return; weight 0.10%Copper: -0.02 pp weight change; -12.5% relative return; weight 0.14%Broadcasting: +0.00 pp weight change; +2.8% relative return; weight 0.00%Retail REITs: +0.04 pp weight change; +11.6% relative return; weight 0.54%Systems Software: +0.56 pp weight change; +15.0% relative return; weight 4.83%Systems SoftwarePackaged Foods & Meats: -0.18 pp weight change; -11.2% relative return; weight 1.16%Distributors: -0.00 pp weight change; -2.4% relative return; weight 0.08%Consumer Electronics: +0.00 pp weight change; +3.8% relative return; weight 0.07%Investment Banking & Brokerage: -0.12 pp weight change; -5.9% relative return; weight 1.50%Leisure Products: +0.01 pp weight change; +9.8% relative return; weight 0.07%Health Care Facilities: +0.05 pp weight change; +27.1% relative return; weight 0.25%Home Improvement Retail: -0.03 pp weight change; +1.2% relative return; weight 1.80%Industrial Conglomerates: -0.11 pp weight change; -4.3% relative return; weight 1.26%Hotel & Resort REITs: +0.00 pp weight change; +5.9% relative return; weight 0.09%Other Specialized REITs: +0.01 pp weight change; +6.7% relative return; weight 0.06%Construction & Engineering: +0.00 pp weight change; -3.3% relative return; weight 0.08%Cargo Ground Transportation: +0.00 pp weight change; +2.4% relative return; weight 0.08%Oil & Gas Storage & Transportation: +0.04 pp weight change; +8.3% relative return; weight 0.54%Soft Drinks & Non-alcoholic Beverages: -0.03 pp weight change; +1.1% relative return; weight 2.15%Soft Drinks & Non-alcoholic BeveragesFood Retail: -0.02 pp weight change; -0.8% relative return; weight 0.13%Casinos & Gaming: -0.01 pp weight change; -4.3% relative return; weight 0.21%Construction Materials: -0.02 pp weight change; -12.4% relative return; weight 0.16%Tobacco: -0.29 pp weight change; -13.9% relative return; weight 1.43%Oil & Gas Refining & Marketing: +0.12 pp weight change; +25.6% relative return; weight 0.85%Gold: -0.01 pp weight change; -6.2% relative return; weight 0.11%Apparel, Accessories & Luxury Goods: +0.05 pp weight change; +14.3% relative return; weight 0.46%Steel: +0.00 pp weight change; +4.1% relative return; weight 0.12%Advertising: -0.01 pp weight change; -6.2% relative return; weight 0.09%Personal Care Products: -0.06 pp weight change; -1.9% relative return; weight 1.19%Industrial REITs: +0.01 pp weight change; +5.2% relative return; weight 0.20%Electronic Equipment & Instruments: +0.02 pp weight change; +11.0% relative return; weight 0.18%Apparel Retail: +0.04 pp weight change; +16.8% relative return; weight 0.37%Environmental & Facilities Services: +0.01 pp weight change; +7.2% relative return; weight 0.36%Food Distributors: +0.02 pp weight change; +11.2% relative return; weight 0.20%Integrated Telecommunication Services: -0.14 pp weight change; -3.5% relative return; weight 2.11%Electronic Manufacturing Services: -0.02 pp weight change; -5.4% relative return; weight 0.19%Other Specialty Retail: +0.01 pp weight change; +12.3% relative return; weight 0.10%Timber REITs: -0.01 pp weight change; -4.7% relative return; weight 0.15%Interactive Home Entertainment: +0.08 pp weight change; +18.8% relative return; weight 0.08%Data Processing & Outsourced Services: +0.08 pp weight change; +0.9% relative return; weight 0.08%Gas Utilities: +0.00 pp weight change; +2.8% relative return; weight 0.00%Commodity Chemicals: +0.00 pp weight change; +2.8% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; +2.8% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; +2.8% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +2.8% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +2.8% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +2.8% relative return; weight 0.00%Footwear: +0.00 pp weight change; +2.8% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +2.8% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +2.8% 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.