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

-43.50 pp-50%-21.75 pp-25%+0.00 pp+0%+21.75 pp+25%+43.50 pp+50%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.58 pp weight change; +11.5% relative return; weight 0.93%Technology Hardware, Storage & Peripherals: -0.43 pp weight change; +29.2% relative return; weight 1.26%Biotechnology: -1.62 pp weight change; -0.1% relative return; weight 1.76%BiotechnologyHealth Care Equipment: -1.03 pp weight change; +13.9% relative return; weight 1.80%Health Care EquipmentIT Consulting & Other Services: -0.79 pp weight change; +1.1% relative return; weight 0.95%Application Software: -0.99 pp weight change; +17.4% relative return; weight 1.80%Application SoftwareSemiconductors: -1.30 pp weight change; +8.2% relative return; weight 1.92%SemiconductorsAgricultural Products & Services: -0.05 pp weight change; +22.5% relative return; weight 0.09%Human Resource & Employment Services: -0.16 pp weight change; +19.1% relative return; weight 0.29%Multi-Utilities: -0.52 pp weight change; +6.8% relative return; weight 0.75%Electric Utilities: -0.66 pp weight change; +8.4% relative return; weight 1.05%Independent Power Producers & Energy Traders: -0.03 pp weight change; +30.6% relative return; weight 0.06%Life & Health Insurance: -0.37 pp weight change; -5.3% relative return; weight 0.48%Multi-line Insurance: -0.23 pp weight change; -9.2% relative return; weight 0.22%Insurance Brokers: -0.22 pp weight change; +5.5% relative return; weight 0.29%Internet Services & Infrastructure: -0.03 pp weight change; +28.2% relative return; weight 0.10%Specialty Chemicals: -0.40 pp weight change; +1.0% relative return; weight 0.48%Health Care Supplies: -0.03 pp weight change; +45.1% relative return; weight 0.11%Property & Casualty Insurance: -0.57 pp weight change; -1.0% relative return; weight 0.65%Building Products: -0.21 pp weight change; -0.1% relative return; weight 0.25%Semiconductor Materials & Equipment: -0.20 pp weight change; -15.9% relative return; weight 0.15%Electrical Components & Equipment: -0.32 pp weight change; +4.3% relative return; weight 0.40%Asset Management & Custody Banks: -0.62 pp weight change; -8.7% relative return; weight 0.59%Telecom Tower REITs: -0.32 pp weight change; +2.5% relative return; weight 0.42%Broadline Retail: -0.17 pp weight change; +12.5% relative return; weight 0.27%Oil & Gas Exploration & Production: -0.47 pp weight change; +13.9% relative return; weight 0.79%Industrial Gases: -0.09 pp weight change; +2.3% relative return; weight 0.12%Electronic Components: -0.08 pp weight change; +10.7% relative return; weight 0.10%Automotive Parts & Equipment: -0.07 pp weight change; -4.8% relative return; weight 0.08%Office REITs: -0.07 pp weight change; +6.4% relative return; weight 0.11%Paper & Plastic Packaging Products & Materials: -0.14 pp weight change; -12.7% relative return; weight 0.13%Water Utilities: -0.03 pp weight change; +9.2% relative return; weight 0.05%Consumer Finance: -0.43 pp weight change; +1.4% relative return; weight 0.52%Automotive Retail: -0.06 pp weight change; +4.1% relative return; weight 0.07%Aerospace & Defense: -3.63 pp weight change; -10.1% relative return; weight 3.45%Aerospace & DefenseDiversified Banks: -4.09 pp weight change; -2.5% relative return; weight 4.36%Diversified BanksMetal, Glass & Plastic Containers: -0.03 pp weight change; +12.6% relative return; weight 0.05%Computer & Electronics Retail: -0.05 pp weight change; +12.6% relative return; weight 0.07%Hotels, Resorts & Cruise Lines: -0.49 pp weight change; -8.9% relative return; weight 0.45%Oil & Gas Equipment & Services: -0.45 pp weight change; -15.0% relative return; weight 0.40%Pharmaceuticals: -2.20 pp weight change; +11.7% relative return; weight 3.30%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -0.6% relative return; weight 0.00%Health Care Distributors: -0.28 pp weight change; -15.8% relative return; weight 0.23%Construction Machinery & Heavy Transportation Equipment: -0.44 pp weight change; -13.1% relative return; weight 0.39%Financial Exchanges & Data: -0.29 pp weight change; +10.4% relative return; weight 0.55%Real Estate Services: -0.03 pp weight change; +9.1% relative return; weight 0.05%Fertilizers & Agricultural Chemicals: -0.03 pp weight change; +22.3% relative return; weight 0.08%Regional Banks: -0.38 pp weight change; -1.8% relative return; weight 0.41%Household Products: -0.36 pp weight change; -0.2% relative return; weight 0.42%Air Freight & Logistics: -0.44 pp weight change; +0.6% relative return; weight 0.54%Cable & Satellite: -0.55 pp weight change; -13.4% relative return; weight 0.50%Health Care Services: -0.32 pp weight change; -0.6% relative return; weight 0.38%Restaurants: -0.69 pp weight change; +0.5% relative return; weight 0.78%Managed Health Care: -0.70 pp weight change; +16.5% relative return; weight 1.25%Consumer Staples Merchandise Retail: -0.70 pp weight change; +5.6% relative return; weight 0.94%Transaction & Payment Processing Services: -0.52 pp weight change; +14.1% relative return; weight 1.00%Communications Equipment: -0.48 pp weight change; +20.9% relative return; weight 0.83%Rail Transportation: -0.36 pp weight change; +19.5% relative return; weight 0.59%Diversified Support Services: +0.00 pp weight change; +33.0% relative return; weight 0.03%Integrated Oil & Gas: -0.63 pp weight change; -0.8% relative return; weight 0.73%Passenger Airlines: -0.23 pp weight change; +10.8% relative return; weight 0.32%Agricultural & Farm Machinery: -0.16 pp weight change; -11.0% relative return; weight 0.15%Homebuilding: -0.08 pp weight change; -7.6% relative return; weight 0.08%Movies & Entertainment: -0.02 pp weight change; +38.9% relative return; weight 0.05%Data Center REITs: -0.14 pp weight change; +5.7% relative return; weight 0.19%Health Care REITs: -0.11 pp weight change; +16.7% relative return; weight 0.19%Industrial Machinery & Supplies & Components: -0.52 pp weight change; -3.7% relative return; weight 0.56%Research & Consulting Services: -0.06 pp weight change; +16.3% relative return; weight 0.12%Reinsurance: -0.02 pp weight change; +0.2% relative return; weight 0.03%Multi-Family Residential REITs: -0.13 pp weight change; +12.8% relative return; weight 0.21%Self-Storage REITs: -0.10 pp weight change; +13.5% relative return; weight 0.16%Automobile Manufacturers: -0.30 pp weight change; -10.6% relative return; weight 0.28%Trading Companies & Distributors: -0.05 pp weight change; -7.6% relative return; weight 0.06%Copper: -0.10 pp weight change; -26.0% relative return; weight 0.07%Broadcasting: +0.00 pp weight change; +2.1% relative return; weight 0.00%Retail REITs: -0.19 pp weight change; +16.1% relative return; weight 0.31%Systems Software: -1.45 pp weight change; +21.2% relative return; weight 2.82%Systems SoftwarePackaged Foods & Meats: -0.71 pp weight change; -13.0% relative return; weight 0.63%Distributors: -0.04 pp weight change; -0.5% relative return; weight 0.05%Consumer Electronics: +43.49 pp weight change; +12.4% relative return; weight 43.56%Consumer ElectronicsInvestment Banking & Brokerage: -0.80 pp weight change; -7.5% relative return; weight 0.82%Leisure Products: -0.03 pp weight change; +8.7% relative return; weight 0.04%Health Care Facilities: -0.05 pp weight change; +36.7% relative return; weight 0.15%Home Improvement Retail: -0.81 pp weight change; +4.6% relative return; weight 1.03%Industrial Conglomerates: -0.67 pp weight change; -4.9% relative return; weight 0.70%Hotel & Resort REITs: -0.04 pp weight change; +8.1% relative return; weight 0.05%Other Specialized REITs: -0.02 pp weight change; +9.0% relative return; weight 0.03%Construction & Engineering: -0.03 pp weight change; +1.2% relative return; weight 0.04%Cargo Ground Transportation: -0.03 pp weight change; +2.7% relative return; weight 0.04%Oil & Gas Storage & Transportation: -0.21 pp weight change; +5.4% relative return; weight 0.29%Soft Drinks & Non-alcoholic Beverages: -1.04 pp weight change; -3.1% relative return; weight 1.15%Food Retail: -0.07 pp weight change; +7.5% relative return; weight 0.08%Casinos & Gaming: -0.11 pp weight change; -13.6% relative return; weight 0.10%Construction Materials: -0.10 pp weight change; -13.5% relative return; weight 0.09%Tobacco: -0.97 pp weight change; -19.1% relative return; weight 0.75%Oil & Gas Refining & Marketing: -0.27 pp weight change; +24.0% relative return; weight 0.46%Gold: -0.07 pp weight change; -21.2% relative return; weight 0.05%Apparel, Accessories & Luxury Goods: -0.14 pp weight change; +21.7% relative return; weight 0.27%Steel: -0.06 pp weight change; -3.5% relative return; weight 0.06%Advertising: -0.05 pp weight change; -6.2% relative return; weight 0.05%Personal Care Products: -0.58 pp weight change; -0.1% relative return; weight 0.67%Industrial REITs: -0.08 pp weight change; +6.9% relative return; weight 0.12%Electronic Equipment & Instruments: -0.06 pp weight change; +8.9% relative return; weight 0.10%Apparel Retail: -0.10 pp weight change; +29.3% relative return; weight 0.23%Environmental & Facilities Services: -0.15 pp weight change; +7.6% relative return; weight 0.20%Food Distributors: -0.06 pp weight change; +22.9% relative return; weight 0.13%Integrated Telecommunication Services: -0.96 pp weight change; -1.2% relative return; weight 1.29%Integrated Telecommunication ServicesElectronic Manufacturing Services: -0.10 pp weight change; -7.5% relative return; weight 0.10%Other Specialty Retail: -0.03 pp weight change; +19.5% relative return; weight 0.06%Timber REITs: -0.08 pp weight change; -3.9% relative return; weight 0.08%Interactive Home Entertainment: +0.05 pp weight change; +39.5% relative return; weight 0.05%Data Processing & Outsourced Services: +0.05 pp weight change; +19.9% relative return; weight 0.05%Gas Utilities: +0.00 pp weight change; +2.1% relative return; weight 0.00%Commodity Chemicals: +0.00 pp weight change; +2.1% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; +2.1% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; +2.1% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +2.1% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +2.1% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +2.1% relative return; weight 0.00%Footwear: +0.00 pp weight change; +2.1% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +2.1% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +2.1% 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.