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: -0.58 pp weight change; +14.1% relative return; weight 0.93%Technology Hardware, Storage & Peripherals: -0.45 pp weight change; +30.5% relative return; weight 1.24%Biotechnology: -1.76 pp weight change; -4.9% relative return; weight 1.63%BiotechnologyHealth Care Equipment: -1.03 pp weight change; +16.4% relative return; weight 1.79%Health Care EquipmentIT Consulting & Other Services: -0.88 pp weight change; -5.9% relative return; weight 0.86%Application Software: -1.03 pp weight change; +19.5% relative return; weight 1.75%Application SoftwareSemiconductors: -1.44 pp weight change; +3.2% relative return; weight 1.78%SemiconductorsAgricultural Products & Services: -0.05 pp weight change; +23.3% relative return; weight 0.09%Human Resource & Employment Services: -0.16 pp weight change; +23.0% relative return; weight 0.29%Multi-Utilities: -0.48 pp weight change; +15.2% relative return; weight 0.79%Electric Utilities: -0.59 pp weight change; +18.8% relative return; weight 1.13%Independent Power Producers & Energy Traders: -0.02 pp weight change; +47.9% relative return; weight 0.07%Life & Health Insurance: -0.38 pp weight change; -6.3% relative return; weight 0.46%Multi-line Insurance: -0.26 pp weight change; -19.1% relative return; weight 0.19%Insurance Brokers: -0.20 pp weight change; +17.4% relative return; weight 0.32%Internet Services & Infrastructure: -0.03 pp weight change; +27.1% relative return; weight 0.10%Specialty Chemicals: -0.41 pp weight change; +1.5% relative return; weight 0.47%Health Care Supplies: -0.07 pp weight change; -4.5% relative return; weight 0.07%Property & Casualty Insurance: -0.57 pp weight change; +2.2% relative return; weight 0.66%Building Products: -0.23 pp weight change; -5.8% relative return; weight 0.23%Semiconductor Materials & Equipment: -0.23 pp weight change; -30.6% relative return; weight 0.12%Electrical Components & Equipment: -0.35 pp weight change; -1.4% relative return; weight 0.37%Asset Management & Custody Banks: -0.67 pp weight change; -13.8% relative return; weight 0.54%Telecom Tower REITs: -0.29 pp weight change; +12.1% relative return; weight 0.45%Broadline Retail: -0.21 pp weight change; -1.9% relative return; weight 0.23%Oil & Gas Exploration & Production: -0.54 pp weight change; +8.2% relative return; weight 0.73%Industrial Gases: -0.10 pp weight change; +2.6% relative return; weight 0.11%Electronic Components: -0.08 pp weight change; +13.3% relative return; weight 0.10%Automotive Parts & Equipment: -0.08 pp weight change; -10.8% relative return; weight 0.07%Office REITs: -0.08 pp weight change; +7.8% relative return; weight 0.11%Paper & Plastic Packaging Products & Materials: -0.15 pp weight change; -18.5% relative return; weight 0.12%Water Utilities: -0.03 pp weight change; +18.6% relative return; weight 0.05%Consumer Finance: -0.44 pp weight change; +2.7% relative return; weight 0.51%Automotive Retail: -0.06 pp weight change; +6.9% relative return; weight 0.07%Aerospace & Defense: -3.95 pp weight change; -16.0% relative return; weight 3.13%Aerospace & DefenseDiversified Banks: -4.27 pp weight change; -3.0% relative return; weight 4.17%Diversified BanksMetal, Glass & Plastic Containers: -0.02 pp weight change; +29.3% relative return; weight 0.05%Computer & Electronics Retail: -0.06 pp weight change; +7.2% relative return; weight 0.07%Hotels, Resorts & Cruise Lines: -0.52 pp weight change; -11.9% relative return; weight 0.43%Oil & Gas Equipment & Services: -0.50 pp weight change; -23.9% relative return; weight 0.34%Pharmaceuticals: -1.96 pp weight change; +22.7% relative return; weight 3.54%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +5.0% relative return; weight 0.00%Health Care Distributors: -0.28 pp weight change; -10.8% relative return; weight 0.23%Construction Machinery & Heavy Transportation Equipment: -0.47 pp weight change; -17.0% relative return; weight 0.36%Financial Exchanges & Data: -0.31 pp weight change; +9.8% relative return; weight 0.54%Real Estate Services: -0.04 pp weight change; -3.3% relative return; weight 0.05%Fertilizers & Agricultural Chemicals: -0.03 pp weight change; +25.7% relative return; weight 0.08%Regional Banks: -0.40 pp weight change; -5.0% relative return; weight 0.38%Household Products: -0.37 pp weight change; +0.6% relative return; weight 0.41%Air Freight & Logistics: -0.48 pp weight change; -4.0% relative return; weight 0.50%Cable & Satellite: -0.51 pp weight change; -3.8% relative return; weight 0.54%Health Care Services: -0.33 pp weight change; +1.4% relative return; weight 0.38%Restaurants: -0.59 pp weight change; +16.0% relative return; weight 0.87%Managed Health Care: -0.66 pp weight change; +23.1% relative return; weight 1.29%Managed Health CareConsumer Staples Merchandise Retail: -0.65 pp weight change; +14.2% relative return; weight 0.99%Transaction & Payment Processing Services: -0.54 pp weight change; +14.4% relative return; weight 0.98%Communications Equipment: -0.50 pp weight change; +24.7% relative return; weight 0.82%Rail Transportation: -0.36 pp weight change; +23.7% relative return; weight 0.59%Diversified Support Services: +0.00 pp weight change; +16.5% relative return; weight 0.03%Integrated Oil & Gas: -0.63 pp weight change; +0.4% relative return; weight 0.73%Passenger Airlines: -0.25 pp weight change; +6.9% relative return; weight 0.30%Agricultural & Farm Machinery: -0.16 pp weight change; -9.6% relative return; weight 0.15%Homebuilding: -0.09 pp weight change; -17.5% relative return; weight 0.07%Movies & Entertainment: -0.02 pp weight change; +22.4% relative return; weight 0.04%Data Center REITs: -0.16 pp weight change; -2.9% relative return; weight 0.17%Health Care REITs: -0.11 pp weight change; +24.6% relative return; weight 0.20%Industrial Machinery & Supplies & Components: -0.56 pp weight change; -8.8% relative return; weight 0.51%Research & Consulting Services: -0.07 pp weight change; +11.6% relative return; weight 0.11%Reinsurance: -0.02 pp weight change; +5.7% relative return; weight 0.03%Multi-Family Residential REITs: -0.12 pp weight change; +19.0% relative return; weight 0.21%Self-Storage REITs: -0.09 pp weight change; +19.2% relative return; weight 0.16%Automobile Manufacturers: -0.28 pp weight change; -1.6% relative return; weight 0.30%Trading Companies & Distributors: -0.06 pp weight change; -20.7% relative return; weight 0.05%Copper: -0.10 pp weight change; -33.9% relative return; weight 0.06%Broadcasting: +0.00 pp weight change; +9.6% relative return; weight 0.00%Retail REITs: -0.17 pp weight change; +24.1% relative return; weight 0.32%Systems Software: -1.44 pp weight change; +23.7% relative return; weight 2.83%Systems SoftwarePackaged Foods & Meats: -0.69 pp weight change; -8.4% relative return; weight 0.65%Distributors: -0.04 pp weight change; +5.5% relative return; weight 0.05%Consumer Electronics: +44.35 pp weight change; +18.1% relative return; weight 44.42%Consumer ElectronicsInvestment Banking & Brokerage: -0.82 pp weight change; -7.5% relative return; weight 0.80%Leisure Products: -0.03 pp weight change; +8.5% relative return; weight 0.04%Health Care Facilities: -0.05 pp weight change; +46.1% relative return; weight 0.16%Home Improvement Retail: -0.89 pp weight change; -1.5% relative return; weight 0.94%Industrial Conglomerates: -0.70 pp weight change; -5.4% relative return; weight 0.67%Hotel & Resort REITs: -0.04 pp weight change; +4.0% relative return; weight 0.05%Other Specialized REITs: -0.02 pp weight change; +0.8% relative return; weight 0.03%Construction & Engineering: -0.03 pp weight change; +7.1% relative return; weight 0.05%Cargo Ground Transportation: -0.03 pp weight change; +1.0% relative return; weight 0.04%Oil & Gas Storage & Transportation: -0.22 pp weight change; +6.6% relative return; weight 0.29%Soft Drinks & Non-alcoholic Beverages: -0.93 pp weight change; +8.8% relative return; weight 1.25%Food Retail: -0.07 pp weight change; +9.0% relative return; weight 0.08%Casinos & Gaming: -0.13 pp weight change; -25.9% relative return; weight 0.09%Construction Materials: -0.10 pp weight change; -17.4% relative return; weight 0.08%Tobacco: -0.84 pp weight change; -1.3% relative return; weight 0.88%Oil & Gas Refining & Marketing: -0.33 pp weight change; +10.6% relative return; weight 0.40%Gold: -0.07 pp weight change; -15.3% relative return; weight 0.06%Apparel, Accessories & Luxury Goods: -0.15 pp weight change; +17.7% relative return; weight 0.26%Steel: -0.06 pp weight change; -1.4% relative return; weight 0.06%Advertising: -0.04 pp weight change; +9.0% relative return; weight 0.06%Personal Care Products: -0.49 pp weight change; +15.7% relative return; weight 0.75%Industrial REITs: -0.06 pp weight change; +11.0% relative return; weight 0.14%Electronic Equipment & Instruments: -0.06 pp weight change; +11.0% relative return; weight 0.10%Apparel Retail: -0.08 pp weight change; +41.3% relative return; weight 0.24%Environmental & Facilities Services: -0.12 pp weight change; +14.6% relative return; weight 0.23%Food Distributors: -0.06 pp weight change; +26.4% relative return; weight 0.13%Integrated Telecommunication Services: -0.97 pp weight change; +8.8% relative return; weight 1.28%Electronic Manufacturing Services: -0.12 pp weight change; -18.3% relative return; weight 0.09%Other Specialty Retail: -0.02 pp weight change; +35.3% relative return; weight 0.06%Timber REITs: -0.09 pp weight change; -20.1% relative return; weight 0.07%Interactive Home Entertainment: +0.05 pp weight change; +44.5% relative return; weight 0.05%Data Processing & Outsourced Services: +0.05 pp weight change; +11.8% relative return; weight 0.05%Gas Utilities: +0.00 pp weight change; +9.6% relative return; weight 0.00%Commodity Chemicals: +0.00 pp weight change; +9.6% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; +9.6% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; +9.6% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +9.6% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +9.6% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +9.6% relative return; weight 0.00%Footwear: +0.00 pp weight change; +9.6% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +9.6% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +9.6% 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.