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

-44.50 pp-50%-22.25 pp-25%+0.00 pp+0%+22.25 pp+25%+44.50 pp+50%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.56 pp weight change; +14.5% relative return; weight 0.95%Technology Hardware, Storage & Peripherals: -0.46 pp weight change; +27.3% relative return; weight 1.23%Biotechnology: -1.63 pp weight change; +0.4% relative return; weight 1.75%BiotechnologyHealth Care Equipment: -0.96 pp weight change; +18.9% relative return; weight 1.86%Health Care EquipmentIT Consulting & Other Services: -0.79 pp weight change; +2.1% relative return; weight 0.95%Application Software: -0.98 pp weight change; +21.1% relative return; weight 1.81%Application SoftwareSemiconductors: -1.36 pp weight change; +5.9% relative return; weight 1.86%SemiconductorsAgricultural Products & Services: -0.05 pp weight change; +21.4% relative return; weight 0.09%Human Resource & Employment Services: -0.16 pp weight change; +21.2% relative return; weight 0.29%Multi-Utilities: -0.54 pp weight change; +5.0% relative return; weight 0.73%Electric Utilities: -0.68 pp weight change; +7.2% relative return; weight 1.03%Independent Power Producers & Energy Traders: -0.02 pp weight change; +36.2% relative return; weight 0.07%Life & Health Insurance: -0.36 pp weight change; -3.5% relative return; weight 0.48%Multi-line Insurance: -0.23 pp weight change; -8.9% relative return; weight 0.22%Insurance Brokers: -0.22 pp weight change; +6.6% relative return; weight 0.30%Internet Services & Infrastructure: -0.03 pp weight change; +26.8% relative return; weight 0.10%Specialty Chemicals: -0.41 pp weight change; -0.1% relative return; weight 0.47%Health Care Supplies: -0.03 pp weight change; +47.0% relative return; weight 0.11%Property & Casualty Insurance: -0.58 pp weight change; -1.3% relative return; weight 0.65%Building Products: -0.23 pp weight change; -3.9% relative return; weight 0.24%Semiconductor Materials & Equipment: -0.22 pp weight change; -25.1% relative return; weight 0.13%Electrical Components & Equipment: -0.31 pp weight change; +6.0% relative return; weight 0.41%Asset Management & Custody Banks: -0.65 pp weight change; -11.7% relative return; weight 0.57%Telecom Tower REITs: -0.33 pp weight change; +0.8% relative return; weight 0.41%Broadline Retail: -0.18 pp weight change; +9.4% relative return; weight 0.26%Oil & Gas Exploration & Production: -0.45 pp weight change; +17.8% relative return; weight 0.81%Industrial Gases: -0.09 pp weight change; +2.8% relative return; weight 0.12%Electronic Components: -0.07 pp weight change; +15.2% relative return; weight 0.10%Automotive Parts & Equipment: -0.07 pp weight change; -9.8% relative return; weight 0.07%Office REITs: -0.08 pp weight change; +2.1% relative return; weight 0.10%Paper & Plastic Packaging Products & Materials: -0.15 pp weight change; -14.1% relative return; weight 0.12%Water Utilities: -0.03 pp weight change; +9.1% relative return; weight 0.05%Consumer Finance: -0.45 pp weight change; -0.4% relative return; weight 0.51%Automotive Retail: -0.06 pp weight change; +4.9% relative return; weight 0.07%Aerospace & Defense: -3.78 pp weight change; -12.9% relative return; weight 3.30%Aerospace & DefenseDiversified Banks: -4.32 pp weight change; -6.9% relative return; weight 4.12%Diversified BanksMetal, Glass & Plastic Containers: -0.03 pp weight change; +17.5% relative return; weight 0.05%Computer & Electronics Retail: -0.05 pp weight change; +12.3% relative return; weight 0.07%Hotels, Resorts & Cruise Lines: -0.48 pp weight change; -5.2% relative return; weight 0.47%Oil & Gas Equipment & Services: -0.47 pp weight change; -16.7% relative return; weight 0.38%Pharmaceuticals: -2.13 pp weight change; +14.8% relative return; weight 3.37%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +1.4% relative return; weight 0.00%Health Care Distributors: -0.28 pp weight change; -13.0% relative return; weight 0.23%Construction Machinery & Heavy Transportation Equipment: -0.41 pp weight change; -7.4% relative return; weight 0.42%Financial Exchanges & Data: -0.32 pp weight change; +5.2% relative return; weight 0.52%Real Estate Services: -0.04 pp weight change; -2.0% relative return; weight 0.05%Fertilizers & Agricultural Chemicals: -0.03 pp weight change; +26.9% relative return; weight 0.08%Regional Banks: -0.41 pp weight change; -8.2% relative return; weight 0.38%Household Products: -0.36 pp weight change; +0.4% relative return; weight 0.42%Air Freight & Logistics: -0.47 pp weight change; -2.7% relative return; weight 0.51%Cable & Satellite: -0.55 pp weight change; -13.3% relative return; weight 0.50%Health Care Services: -0.32 pp weight change; +1.9% relative return; weight 0.39%Restaurants: -0.67 pp weight change; +3.7% relative return; weight 0.79%Managed Health Care: -0.72 pp weight change; +16.3% relative return; weight 1.24%Consumer Staples Merchandise Retail: -0.71 pp weight change; +4.9% relative return; weight 0.92%Transaction & Payment Processing Services: -0.53 pp weight change; +13.4% relative return; weight 0.99%Communications Equipment: -0.50 pp weight change; +22.4% relative return; weight 0.82%Rail Transportation: -0.33 pp weight change; +25.9% relative return; weight 0.61%Diversified Support Services: +0.00 pp weight change; +15.9% relative return; weight 0.03%Integrated Oil & Gas: -0.61 pp weight change; +1.8% relative return; weight 0.75%Passenger Airlines: -0.23 pp weight change; +10.9% relative return; weight 0.32%Agricultural & Farm Machinery: -0.15 pp weight change; -7.1% relative return; weight 0.15%Homebuilding: -0.09 pp weight change; -14.7% relative return; weight 0.07%Movies & Entertainment: -0.01 pp weight change; +40.5% relative return; weight 0.05%Data Center REITs: -0.15 pp weight change; +0.7% relative return; weight 0.18%Health Care REITs: -0.13 pp weight change; +10.3% relative return; weight 0.18%Industrial Machinery & Supplies & Components: -0.51 pp weight change; -1.6% relative return; weight 0.57%Research & Consulting Services: -0.07 pp weight change; +15.0% relative return; weight 0.11%Reinsurance: -0.02 pp weight change; +2.6% relative return; weight 0.03%Multi-Family Residential REITs: -0.13 pp weight change; +11.3% relative return; weight 0.20%Self-Storage REITs: -0.11 pp weight change; +7.7% relative return; weight 0.15%Automobile Manufacturers: -0.32 pp weight change; -15.0% relative return; weight 0.26%Trading Companies & Distributors: -0.05 pp weight change; -4.8% relative return; weight 0.06%Copper: -0.10 pp weight change; -27.1% relative return; weight 0.06%Broadcasting: +0.00 pp weight change; +1.5% relative return; weight 0.00%Retail REITs: -0.20 pp weight change; +12.0% relative return; weight 0.30%Systems Software: -1.43 pp weight change; +22.8% relative return; weight 2.84%Systems SoftwarePackaged Foods & Meats: -0.73 pp weight change; -15.7% relative return; weight 0.61%Distributors: -0.04 pp weight change; -0.8% relative return; weight 0.05%Consumer Electronics: +44.14 pp weight change; +15.8% relative return; weight 44.21%Consumer ElectronicsInvestment Banking & Brokerage: -0.85 pp weight change; -12.2% relative return; weight 0.77%Leisure Products: -0.02 pp weight change; +14.4% relative return; weight 0.04%Health Care Facilities: -0.05 pp weight change; +40.9% relative return; weight 0.15%Home Improvement Retail: -0.78 pp weight change; +8.0% relative return; weight 1.05%Industrial Conglomerates: -0.67 pp weight change; -3.3% relative return; weight 0.70%Hotel & Resort REITs: -0.04 pp weight change; +6.3% relative return; weight 0.05%Other Specialized REITs: -0.02 pp weight change; +5.3% relative return; weight 0.03%Construction & Engineering: -0.03 pp weight change; +2.7% relative return; weight 0.04%Cargo Ground Transportation: -0.03 pp weight change; +0.5% relative return; weight 0.04%Oil & Gas Storage & Transportation: -0.22 pp weight change; +3.8% relative return; weight 0.29%Soft Drinks & Non-alcoholic Beverages: -1.03 pp weight change; -1.2% relative return; weight 1.16%Food Retail: -0.08 pp weight change; -1.3% relative return; weight 0.07%Casinos & Gaming: -0.12 pp weight change; -21.8% relative return; weight 0.09%Construction Materials: -0.10 pp weight change; -17.2% relative return; weight 0.08%Tobacco: -0.95 pp weight change; -15.4% relative return; weight 0.77%Oil & Gas Refining & Marketing: -0.29 pp weight change; +18.5% relative return; weight 0.44%Gold: -0.07 pp weight change; -23.4% relative return; weight 0.05%Apparel, Accessories & Luxury Goods: -0.13 pp weight change; +24.0% relative return; weight 0.28%Steel: -0.06 pp weight change; -2.0% relative return; weight 0.06%Advertising: -0.05 pp weight change; -7.7% relative return; weight 0.05%Personal Care Products: -0.58 pp weight change; -0.4% relative return; weight 0.66%Industrial REITs: -0.08 pp weight change; +8.0% relative return; weight 0.12%Electronic Equipment & Instruments: -0.07 pp weight change; +7.5% relative return; weight 0.10%Apparel Retail: -0.10 pp weight change; +32.1% relative return; weight 0.23%Environmental & Facilities Services: -0.15 pp weight change; +6.7% relative return; weight 0.20%Food Distributors: -0.07 pp weight change; +19.6% relative return; weight 0.12%Integrated Telecommunication Services: -0.96 pp weight change; -0.6% relative return; weight 1.29%Integrated Telecommunication ServicesElectronic Manufacturing Services: -0.11 pp weight change; -11.8% relative return; weight 0.10%Other Specialty Retail: -0.03 pp weight change; +28.1% relative return; weight 0.06%Timber REITs: -0.08 pp weight change; -10.3% relative return; weight 0.08%Interactive Home Entertainment: +0.05 pp weight change; +43.2% relative return; weight 0.05%Data Processing & Outsourced Services: +0.05 pp weight change; +16.8% relative return; weight 0.05%Gas Utilities: +0.00 pp weight change; +1.5% relative return; weight 0.00%Commodity Chemicals: +0.00 pp weight change; +1.5% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; +1.5% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; +1.5% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +1.5% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +1.5% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +1.5% relative return; weight 0.00%Footwear: +0.00 pp weight change; +1.5% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +1.5% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +1.5% 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.