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

-45.00 pp-70%-22.50 pp-35%+0.00 pp+0%+22.50 pp+35%+45.00 pp+70%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.54 pp weight change; +19.6% relative return; weight 0.97%Technology Hardware, Storage & Peripherals: -0.72 pp weight change; +5.2% relative return; weight 0.97%Biotechnology: -1.61 pp weight change; +4.8% relative return; weight 1.77%BiotechnologyHealth Care Equipment: -0.94 pp weight change; +23.7% relative return; weight 1.89%Health Care EquipmentIT Consulting & Other Services: -0.90 pp weight change; -6.3% relative return; weight 0.85%Application Software: -1.07 pp weight change; +19.7% relative return; weight 1.72%Application SoftwareSemiconductors: -1.46 pp weight change; +6.7% relative return; weight 1.76%SemiconductorsAgricultural Products & Services: -0.05 pp weight change; +14.3% relative return; weight 0.08%Human Resource & Employment Services: -0.16 pp weight change; +22.2% relative return; weight 0.29%Multi-Utilities: -0.47 pp weight change; +17.3% relative return; weight 0.80%Electric Utilities: -0.52 pp weight change; +26.4% relative return; weight 1.20%Independent Power Producers & Energy Traders: -0.02 pp weight change; +64.0% relative return; weight 0.08%Life & Health Insurance: -0.38 pp weight change; -3.6% relative return; weight 0.46%Multi-line Insurance: -0.26 pp weight change; -17.4% relative return; weight 0.20%Insurance Brokers: -0.20 pp weight change; +17.8% relative return; weight 0.32%Internet Services & Infrastructure: -0.03 pp weight change; +29.5% relative return; weight 0.10%Specialty Chemicals: -0.40 pp weight change; +2.2% relative return; weight 0.48%Health Care Supplies: -0.07 pp weight change; -3.5% relative return; weight 0.07%Property & Casualty Insurance: -0.56 pp weight change; +3.4% relative return; weight 0.66%Building Products: -0.24 pp weight change; -5.5% relative return; weight 0.23%Semiconductor Materials & Equipment: -0.23 pp weight change; -26.5% relative return; weight 0.12%Electrical Components & Equipment: -0.36 pp weight change; -2.6% relative return; weight 0.36%Asset Management & Custody Banks: -0.69 pp weight change; -14.6% relative return; weight 0.53%Telecom Tower REITs: -0.26 pp weight change; +20.5% relative return; weight 0.48%Broadline Retail: -0.21 pp weight change; -1.0% relative return; weight 0.23%Oil & Gas Exploration & Production: -0.59 pp weight change; -0.5% relative return; weight 0.67%Industrial Gases: +0.22 pp weight change; +12.4% relative return; weight 0.43%Electronic Components: -0.08 pp weight change; +13.7% relative return; weight 0.10%Automotive Parts & Equipment: -0.09 pp weight change; -24.2% relative return; weight 0.06%Office REITs: -0.08 pp weight change; +8.0% relative return; weight 0.11%Paper & Plastic Packaging Products & Materials: -0.16 pp weight change; -19.9% relative return; weight 0.11%Water Utilities: -0.03 pp weight change; +29.6% relative return; weight 0.06%Consumer Finance: -0.48 pp weight change; -2.9% relative return; weight 0.48%Automotive Retail: -0.05 pp weight change; +29.0% relative return; weight 0.08%Aerospace & Defense: -4.33 pp weight change; -25.5% relative return; weight 2.75%Aerospace & DefenseDiversified Banks: -4.61 pp weight change; -9.5% relative return; weight 3.83%Diversified BanksMetal, Glass & Plastic Containers: -0.02 pp weight change; +41.1% relative return; weight 0.06%Computer & Electronics Retail: -0.07 pp weight change; -13.5% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: -0.52 pp weight change; -12.4% relative return; weight 0.42%Oil & Gas Equipment & Services: -0.59 pp weight change; -41.1% relative return; weight 0.26%Pharmaceuticals: -1.84 pp weight change; +29.5% relative return; weight 3.66%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +10.8% relative return; weight 0.00%Health Care Distributors: -0.29 pp weight change; -16.1% relative return; weight 0.21%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; +11.8% relative return; weight 0.54%Real Estate Services: -0.04 pp weight change; +1.9% relative return; weight 0.05%Fertilizers & Agricultural Chemicals: -0.03 pp weight change; +23.7% relative return; weight 0.08%Regional Banks: -0.46 pp weight change; -15.7% relative return; weight 0.33%Household Products: -0.33 pp weight change; +12.0% relative return; weight 0.45%Air Freight & Logistics: -0.53 pp weight change; -11.2% relative return; weight 0.45%Cable & Satellite: -0.54 pp weight change; -8.9% relative return; weight 0.51%Health Care Services: -0.36 pp weight change; -6.0% relative return; weight 0.35%Restaurants: -0.54 pp weight change; +27.7% relative return; weight 0.92%Managed Health Care: -0.67 pp weight change; +23.6% relative return; weight 1.28%Consumer Staples Merchandise Retail: -0.69 pp weight change; +10.6% relative return; weight 0.95%Transaction & Payment Processing Services: -0.47 pp weight change; +17.2% relative return; weight 1.06%Communications Equipment: -0.51 pp weight change; +25.1% relative return; weight 0.80%Rail Transportation: -0.37 pp weight change; +22.2% relative return; weight 0.57%Diversified Support Services: +0.00 pp weight change; +17.4% relative return; weight 0.03%Integrated Oil & Gas: -0.61 pp weight change; +4.8% relative return; weight 0.74%Passenger Airlines: -0.25 pp weight change; +7.0% relative return; weight 0.30%Agricultural & Farm Machinery: -0.14 pp weight change; +6.2% relative return; weight 0.17%Homebuilding: -0.09 pp weight change; -12.5% relative return; weight 0.07%Movies & Entertainment: -0.03 pp weight change; +15.2% relative return; weight 0.04%Data Center REITs: -0.15 pp weight change; +0.9% relative return; weight 0.18%Health Care REITs: -0.09 pp weight change; +37.6% relative return; weight 0.21%Industrial Machinery & Supplies & Components: -0.55 pp weight change; -5.4% relative return; weight 0.53%Research & Consulting Services: -0.08 pp weight change; +8.3% relative return; weight 0.10%Reinsurance: -0.02 pp weight change; +12.1% relative return; weight 0.03%Multi-Family Residential REITs: -0.11 pp weight change; +26.7% relative return; weight 0.22%Self-Storage REITs: -0.09 pp weight change; +26.3% relative return; weight 0.17%Automobile Manufacturers: -0.31 pp weight change; -8.8% relative return; weight 0.27%Trading Companies & Distributors: -0.07 pp weight change; -24.4% relative return; weight 0.04%Copper: -0.11 pp weight change; -37.9% relative return; weight 0.05%Broadcasting: +0.00 pp weight change; +16.3% relative return; weight 0.00%Retail REITs: -0.17 pp weight change; +25.4% relative return; weight 0.32%Systems Software: -1.43 pp weight change; +25.4% relative return; weight 2.84%Systems SoftwarePackaged Foods & Meats: -0.73 pp weight change; -13.4% relative return; weight 0.60%Distributors: -0.04 pp weight change; +10.6% relative return; weight 0.05%Consumer Electronics: +44.77 pp weight change; +20.9% relative return; weight 44.84%Consumer ElectronicsInvestment Banking & Brokerage: -0.93 pp weight change; -18.0% relative return; weight 0.69%Leisure Products: -0.03 pp weight change; +2.0% relative return; weight 0.04%Health Care Facilities: -0.05 pp weight change; +44.8% relative return; weight 0.15%Home Improvement Retail: -0.87 pp weight change; +2.4% relative return; weight 0.96%Industrial Conglomerates: -0.69 pp weight change; -3.6% relative return; weight 0.68%Hotel & Resort REITs: -0.04 pp weight change; -2.3% relative return; weight 0.04%Other Specialized REITs: -0.02 pp weight change; +15.3% relative return; weight 0.03%Construction & Engineering: -0.03 pp weight change; -4.3% relative return; weight 0.04%Cargo Ground Transportation: -0.04 pp weight change; -9.7% relative return; weight 0.04%Oil & Gas Storage & Transportation: -0.21 pp weight change; +0.1% relative return; weight 0.30%Soft Drinks & Non-alcoholic Beverages: -0.88 pp weight change; +14.6% relative return; weight 1.30%Food Retail: -0.07 pp weight change; +7.3% relative return; weight 0.08%Casinos & Gaming: -0.13 pp weight change; -25.6% relative return; weight 0.08%Construction Materials: -0.10 pp weight change; -13.1% relative return; weight 0.09%Tobacco: -1.01 pp weight change; -19.3% relative return; weight 0.70%Oil & Gas Refining & Marketing: -0.33 pp weight change; -1.6% relative return; weight 0.40%Gold: -0.06 pp weight change; +1.1% relative return; weight 0.07%Apparel, Accessories & Luxury Goods: -0.15 pp weight change; +20.0% relative return; weight 0.26%Steel: -0.06 pp weight change; -7.6% relative return; weight 0.06%Advertising: -0.04 pp weight change; +14.9% relative return; weight 0.06%Personal Care Products: -0.42 pp weight change; +27.2% relative return; weight 0.82%Industrial REITs: -0.07 pp weight change; +8.0% relative return; weight 0.13%Electronic Equipment & Instruments: -0.02 pp weight change; +14.6% relative return; weight 0.14%Apparel Retail: -0.02 pp weight change; +24.5% relative return; weight 0.31%Environmental & Facilities Services: -0.11 pp weight change; +20.5% relative return; weight 0.24%Food Distributors: -0.07 pp weight change; +17.8% relative return; weight 0.12%Integrated Telecommunication Services: -0.86 pp weight change; +11.2% relative return; weight 1.39%Integrated Telecommunication ServicesElectronic Manufacturing Services: -0.11 pp weight change; -12.5% relative return; weight 0.09%Other Specialty Retail: -0.03 pp weight change; +28.3% relative return; weight 0.06%Timber REITs: -0.10 pp weight change; -29.5% relative return; weight 0.06%Interactive Home Entertainment: +0.04 pp weight change; +22.5% relative return; weight 0.04%Data Processing & Outsourced Services: +0.04 pp weight change; -1.9% relative return; weight 0.04%Gas Utilities: +0.00 pp weight change; +16.3% relative return; weight 0.00%Commodity Chemicals: +0.00 pp weight change; +16.3% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; +16.3% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; +16.3% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +16.3% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +16.3% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +16.3% relative return; weight 0.00%Footwear: +0.00 pp weight change; +16.3% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +16.3% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +16.3% 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.