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

-44.00 pp-60%-22.00 pp-30%+0.00 pp+0%+22.00 pp+30%+44.00 pp+60%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.53 pp weight change; +21.4% relative return; weight 0.98%Technology Hardware, Storage & Peripherals: -0.67 pp weight change; +10.3% relative return; weight 1.03%Biotechnology: -1.62 pp weight change; +3.7% relative return; weight 1.76%BiotechnologyHealth Care Equipment: -0.95 pp weight change; +22.5% relative return; weight 1.88%Health Care EquipmentIT Consulting & Other Services: -0.85 pp weight change; -1.7% relative return; weight 0.89%Application Software: -1.03 pp weight change; +20.1% relative return; weight 1.76%Application SoftwareSemiconductors: -1.48 pp weight change; +5.2% relative return; weight 1.74%SemiconductorsAgricultural Products & Services: -0.05 pp weight change; +19.1% relative return; weight 0.09%Human Resource & Employment Services: -0.15 pp weight change; +25.8% relative return; weight 0.30%Multi-Utilities: -0.49 pp weight change; +14.1% relative return; weight 0.78%Electric Utilities: -0.55 pp weight change; +22.0% relative return; weight 1.16%Independent Power Producers & Energy Traders: -0.02 pp weight change; +54.7% relative return; weight 0.07%Life & Health Insurance: -0.38 pp weight change; -2.6% relative return; weight 0.47%Multi-line Insurance: -0.26 pp weight change; -17.2% relative return; weight 0.20%Insurance Brokers: -0.19 pp weight change; +21.4% relative return; weight 0.33%Internet Services & Infrastructure: -0.03 pp weight change; +29.6% relative return; weight 0.10%Specialty Chemicals: -0.39 pp weight change; +3.7% relative return; weight 0.49%Health Care Supplies: -0.06 pp weight change; -1.8% relative return; weight 0.07%Property & Casualty Insurance: -0.57 pp weight change; +1.4% relative return; weight 0.65%Building Products: -0.22 pp weight change; -0.2% relative return; weight 0.25%Semiconductor Materials & Equipment: -0.22 pp weight change; -22.4% relative return; weight 0.13%Electrical Components & Equipment: -0.34 pp weight change; +1.6% relative return; weight 0.38%Asset Management & Custody Banks: -0.66 pp weight change; -10.3% relative return; weight 0.56%Telecom Tower REITs: -0.28 pp weight change; +16.5% relative return; weight 0.46%Broadline Retail: -0.21 pp weight change; +1.0% relative return; weight 0.23%Oil & Gas Exploration & Production: -0.59 pp weight change; +3.6% relative return; weight 0.67%Industrial Gases: +0.20 pp weight change; +5.3% relative return; weight 0.41%Electronic Components: -0.08 pp weight change; +12.7% relative return; weight 0.10%Automotive Parts & Equipment: -0.08 pp weight change; -17.8% relative return; weight 0.06%Office REITs: -0.07 pp weight change; +12.3% relative return; weight 0.11%Paper & Plastic Packaging Products & Materials: -0.15 pp weight change; -16.0% relative return; weight 0.12%Water Utilities: -0.03 pp weight change; +26.4% relative return; weight 0.06%Consumer Finance: -0.43 pp weight change; +5.5% relative return; weight 0.52%Automotive Retail: -0.05 pp weight change; +15.9% relative return; weight 0.07%Aerospace & Defense: -4.37 pp weight change; -26.8% relative return; weight 2.71%Aerospace & DefenseDiversified Banks: -4.28 pp weight change; -2.1% relative return; weight 4.16%Diversified BanksMetal, Glass & Plastic Containers: -0.02 pp weight change; +39.8% relative return; weight 0.06%Computer & Electronics Retail: -0.06 pp weight change; -2.8% relative return; weight 0.06%Hotels, Resorts & Cruise Lines: -0.51 pp weight change; -8.7% relative return; weight 0.44%Oil & Gas Equipment & Services: -0.55 pp weight change; -33.5% relative return; weight 0.30%Pharmaceuticals: -1.84 pp weight change; +29.3% relative return; weight 3.66%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +9.9% relative return; weight 0.00%Health Care Distributors: -0.28 pp weight change; -9.2% relative return; weight 0.23%Construction Machinery & Heavy Transportation Equipment: -0.44 pp weight change; -9.0% relative return; weight 0.39%Financial Exchanges & Data: -0.30 pp weight change; +12.4% relative return; weight 0.54%Real Estate Services: -0.04 pp weight change; +3.2% relative return; weight 0.05%Fertilizers & Agricultural Chemicals: -0.03 pp weight change; +27.2% relative return; weight 0.08%Regional Banks: -0.42 pp weight change; -5.7% relative return; weight 0.37%Household Products: -0.34 pp weight change; +8.2% relative return; weight 0.44%Air Freight & Logistics: -0.46 pp weight change; +1.4% relative return; weight 0.52%Cable & Satellite: -0.51 pp weight change; -2.9% relative return; weight 0.55%Health Care Services: -0.32 pp weight change; +4.9% relative return; weight 0.39%Restaurants: -0.56 pp weight change; +24.4% relative return; weight 0.90%Managed Health Care: -0.61 pp weight change; +29.5% relative return; weight 1.35%Consumer Staples Merchandise Retail: -0.70 pp weight change; +9.8% relative return; weight 0.94%Transaction & Payment Processing Services: -0.49 pp weight change; +14.4% relative return; weight 1.03%Communications Equipment: -0.49 pp weight change; +28.3% relative return; weight 0.82%Rail Transportation: -0.34 pp weight change; +27.7% relative return; weight 0.60%Diversified Support Services: +0.00 pp weight change; +19.7% relative return; weight 0.03%Integrated Oil & Gas: -0.60 pp weight change; +6.4% relative return; weight 0.76%Passenger Airlines: -0.22 pp weight change; +17.7% relative return; weight 0.33%Agricultural & Farm Machinery: -0.14 pp weight change; +1.8% relative return; weight 0.17%Homebuilding: -0.09 pp weight change; -14.5% relative return; weight 0.07%Movies & Entertainment: -0.03 pp weight change; +14.2% relative return; weight 0.04%Data Center REITs: -0.15 pp weight change; +1.4% relative return; weight 0.18%Health Care REITs: -0.09 pp weight change; +34.5% relative return; weight 0.21%Industrial Machinery & Supplies & Components: -0.53 pp weight change; -1.9% relative return; weight 0.55%Research & Consulting Services: -0.07 pp weight change; +12.5% relative return; weight 0.11%Reinsurance: -0.02 pp weight change; +6.1% relative return; weight 0.03%Multi-Family Residential REITs: -0.11 pp weight change; +26.0% relative return; weight 0.22%Self-Storage REITs: -0.09 pp weight change; +22.6% relative return; weight 0.16%Automobile Manufacturers: -0.28 pp weight change; -1.6% relative return; weight 0.29%Trading Companies & Distributors: -0.06 pp weight change; -20.0% relative return; weight 0.05%Copper: -0.10 pp weight change; -33.3% relative return; weight 0.06%Broadcasting: +0.00 pp weight change; +7.9% relative return; weight 0.00%Retail REITs: -0.17 pp weight change; +26.2% relative return; weight 0.33%Systems Software: -1.39 pp weight change; +27.2% relative return; weight 2.88%Systems SoftwarePackaged Foods & Meats: -0.71 pp weight change; -10.0% relative return; weight 0.63%Distributors: -0.04 pp weight change; +10.0% relative return; weight 0.05%Consumer Electronics: +43.80 pp weight change; +17.2% relative return; weight 43.87%Consumer ElectronicsInvestment Banking & Brokerage: -0.90 pp weight change; -15.4% relative return; weight 0.72%Leisure Products: -0.03 pp weight change; +6.0% relative return; weight 0.04%Health Care Facilities: -0.04 pp weight change; +55.5% relative return; weight 0.16%Home Improvement Retail: -0.90 pp weight change; -1.1% relative return; weight 0.93%Industrial Conglomerates: -0.68 pp weight change; -1.5% relative return; weight 0.69%Hotel & Resort REITs: -0.04 pp weight change; +1.8% relative return; weight 0.05%Other Specialized REITs: -0.02 pp weight change; +10.2% relative return; weight 0.03%Construction & Engineering: -0.03 pp weight change; +1.2% relative return; weight 0.04%Cargo Ground Transportation: -0.04 pp weight change; -4.2% relative return; weight 0.04%Oil & Gas Storage & Transportation: -0.19 pp weight change; +4.4% relative return; weight 0.31%Soft Drinks & Non-alcoholic Beverages: -0.88 pp weight change; +14.9% relative return; weight 1.31%Food Retail: -0.07 pp weight change; +7.4% relative return; weight 0.08%Casinos & Gaming: -0.13 pp weight change; -23.6% relative return; weight 0.09%Construction Materials: -0.10 pp weight change; -12.3% relative return; weight 0.09%Tobacco: -0.93 pp weight change; -10.9% relative return; weight 0.79%Oil & Gas Refining & Marketing: -0.32 pp weight change; -0.8% relative return; weight 0.41%Gold: -0.07 pp weight change; -12.8% relative return; weight 0.06%Apparel, Accessories & Luxury Goods: -0.16 pp weight change; +14.8% relative return; weight 0.25%Steel: -0.06 pp weight change; -0.8% relative return; weight 0.06%Advertising: -0.04 pp weight change; +11.1% relative return; weight 0.06%Personal Care Products: -0.46 pp weight change; +21.4% relative return; weight 0.78%Industrial REITs: -0.06 pp weight change; +14.1% relative return; weight 0.14%Electronic Equipment & Instruments: -0.02 pp weight change; +15.0% relative return; weight 0.14%Apparel Retail: -0.12 pp weight change; +23.6% relative return; weight 0.21%Environmental & Facilities Services: -0.11 pp weight change; +19.4% relative return; weight 0.24%Food Distributors: -0.07 pp weight change; +17.6% relative return; weight 0.12%Integrated Telecommunication Services: -0.85 pp weight change; +11.6% relative return; weight 1.40%Integrated Telecommunication ServicesElectronic Manufacturing Services: -0.12 pp weight change; -17.4% relative return; weight 0.09%Other Specialty Retail: -0.02 pp weight change; +43.7% relative return; weight 0.07%Timber REITs: -0.10 pp weight change; -21.0% relative return; weight 0.07%Interactive Home Entertainment: +0.04 pp weight change; +21.1% relative return; weight 0.04%Data Processing & Outsourced Services: +0.04 pp weight change; -0.4% relative return; weight 0.04%Gas Utilities: +0.00 pp weight change; +7.9% relative return; weight 0.00%Commodity Chemicals: +0.00 pp weight change; +7.9% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; +7.9% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; +7.9% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +7.9% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +7.9% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +7.9% relative return; weight 0.00%Footwear: +0.00 pp weight change; +7.9% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +7.9% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +7.9% 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.