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

-45.50 pp-70%-22.75 pp-35%+0.00 pp+0%+22.75 pp+35%+45.50 pp+70%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.55 pp weight change; +19.4% relative return; weight 0.96%Technology Hardware, Storage & Peripherals: -0.73 pp weight change; +4.8% relative return; weight 0.96%Biotechnology: -1.72 pp weight change; -1.0% relative return; weight 1.66%BiotechnologyHealth Care Equipment: -1.01 pp weight change; +19.6% relative return; weight 1.82%Health Care EquipmentIT Consulting & Other Services: -0.86 pp weight change; -2.2% relative return; weight 0.88%Application Software: -1.03 pp weight change; +23.0% relative return; weight 1.76%Application SoftwareSemiconductors: -1.54 pp weight change; +2.7% relative return; weight 1.69%SemiconductorsAgricultural Products & Services: -0.05 pp weight change; +15.9% relative return; weight 0.08%Human Resource & Employment Services: -0.17 pp weight change; +21.6% relative return; weight 0.28%Multi-Utilities: -0.54 pp weight change; +12.9% relative return; weight 0.72%Electric Utilities: -0.55 pp weight change; +23.2% relative return; weight 1.16%Independent Power Producers & Energy Traders: -0.02 pp weight change; +64.5% relative return; weight 0.07%Life & Health Insurance: -0.37 pp weight change; -1.7% relative return; weight 0.47%Multi-line Insurance: -0.26 pp weight change; -17.2% relative return; weight 0.20%Insurance Brokers: -0.20 pp weight change; +18.1% relative return; weight 0.32%Internet Services & Infrastructure: -0.03 pp weight change; +33.6% relative return; weight 0.10%Specialty Chemicals: -0.42 pp weight change; -0.1% relative return; weight 0.47%Health Care Supplies: -0.06 pp weight change; +4.8% relative return; weight 0.08%Property & Casualty Insurance: -0.58 pp weight change; +1.2% relative return; weight 0.64%Building Products: -0.23 pp weight change; -2.4% relative return; weight 0.24%Semiconductor Materials & Equipment: -0.21 pp weight change; -18.6% relative return; weight 0.14%Electrical Components & Equipment: -0.35 pp weight change; -0.6% relative return; weight 0.37%Asset Management & Custody Banks: -0.68 pp weight change; -13.8% relative return; weight 0.53%Telecom Tower REITs: -0.26 pp weight change; +21.9% relative return; weight 0.48%Broadline Retail: -0.20 pp weight change; +7.0% relative return; weight 0.24%Oil & Gas Exploration & Production: -0.57 pp weight change; +2.0% relative return; weight 0.69%Industrial Gases: +0.21 pp weight change; +8.1% relative return; weight 0.42%Electronic Components: -0.08 pp weight change; +15.7% relative return; weight 0.10%Automotive Parts & Equipment: -0.08 pp weight change; -9.8% relative return; weight 0.07%Office REITs: -0.07 pp weight change; +15.9% relative return; weight 0.11%Paper & Plastic Packaging Products & Materials: -0.15 pp weight change; -13.9% relative return; weight 0.12%Water Utilities: -0.03 pp weight change; +26.5% relative return; weight 0.06%Consumer Finance: -0.47 pp weight change; -0.9% relative return; weight 0.49%Automotive Retail: -0.05 pp weight change; +20.6% relative return; weight 0.08%Aerospace & Defense: -3.97 pp weight change; -15.4% relative return; weight 3.11%Aerospace & DefenseDiversified Banks: -4.52 pp weight change; -6.7% relative return; weight 3.92%Diversified BanksMetal, Glass & Plastic Containers: -0.02 pp weight change; +48.4% relative return; weight 0.06%Computer & Electronics Retail: -0.07 pp weight change; -10.4% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: -0.51 pp weight change; -9.2% relative return; weight 0.43%Oil & Gas Equipment & Services: -0.56 pp weight change; -34.0% relative return; weight 0.29%Pharmaceuticals: -2.13 pp weight change; +20.2% relative return; weight 3.38%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +3.2% relative return; weight 0.00%Health Care Distributors: -0.29 pp weight change; -13.4% relative return; weight 0.22%Construction Machinery & Heavy Transportation Equipment: -0.44 pp weight change; -9.5% relative return; weight 0.39%Financial Exchanges & Data: -0.31 pp weight change; +11.0% relative return; weight 0.53%Real Estate Services: -0.04 pp weight change; +7.8% relative return; weight 0.05%Fertilizers & Agricultural Chemicals: -0.04 pp weight change; +21.0% relative return; weight 0.07%Regional Banks: -0.44 pp weight change; -11.5% relative return; weight 0.34%Household Products: -0.35 pp weight change; +6.2% relative return; weight 0.43%Air Freight & Logistics: -0.53 pp weight change; -11.6% relative return; weight 0.45%Cable & Satellite: -0.52 pp weight change; -5.4% relative return; weight 0.53%Health Care Services: -0.38 pp weight change; -10.3% relative return; weight 0.33%Restaurants: -0.59 pp weight change; +21.4% relative return; weight 0.87%Managed Health Care: -0.65 pp weight change; +25.7% relative return; weight 1.30%Managed Health CareConsumer Staples Merchandise Retail: -0.72 pp weight change; +8.0% relative return; weight 0.92%Transaction & Payment Processing Services: -0.49 pp weight change; +15.1% relative return; weight 1.04%Communications Equipment: -0.52 pp weight change; +25.9% relative return; weight 0.80%Rail Transportation: -0.34 pp weight change; +28.1% relative return; weight 0.60%Diversified Support Services: +0.00 pp weight change; +19.0% relative return; weight 0.03%Integrated Oil & Gas: -0.64 pp weight change; +2.3% relative return; weight 0.72%Passenger Airlines: -0.26 pp weight change; +6.7% relative return; weight 0.30%Agricultural & Farm Machinery: -0.13 pp weight change; +8.1% relative return; weight 0.17%Homebuilding: -0.09 pp weight change; -11.3% relative return; weight 0.07%Movies & Entertainment: -0.02 pp weight change; +35.2% relative return; weight 0.05%Data Center REITs: -0.16 pp weight change; +0.3% relative return; weight 0.18%Health Care REITs: -0.08 pp weight change; +41.9% relative return; weight 0.22%Industrial Machinery & Supplies & Components: -0.55 pp weight change; -4.1% relative return; weight 0.53%Research & Consulting Services: -0.07 pp weight change; +10.7% relative return; weight 0.11%Reinsurance: -0.02 pp weight change; +4.3% relative return; weight 0.03%Multi-Family Residential REITs: -0.11 pp weight change; +28.8% relative return; weight 0.22%Self-Storage REITs: -0.09 pp weight change; +23.9% relative return; weight 0.16%Automobile Manufacturers: -0.29 pp weight change; -1.4% relative return; weight 0.29%Trading Companies & Distributors: -0.06 pp weight change; -15.7% relative return; weight 0.05%Copper: -0.11 pp weight change; -34.8% relative return; weight 0.06%Broadcasting: +0.00 pp weight change; +7.7% relative return; weight 0.00%Retail REITs: -0.17 pp weight change; +27.4% relative return; weight 0.33%Systems Software: -1.57 pp weight change; +19.5% relative return; weight 2.70%Systems SoftwarePackaged Foods & Meats: -0.72 pp weight change; -10.4% relative return; weight 0.62%Distributors: -0.04 pp weight change; +6.4% relative return; weight 0.05%Consumer Electronics: +45.12 pp weight change; +22.3% relative return; weight 45.19%Consumer ElectronicsInvestment Banking & Brokerage: -0.90 pp weight change; -14.6% relative return; weight 0.72%Leisure Products: -0.03 pp weight change; +6.0% relative return; weight 0.04%Health Care Facilities: -0.05 pp weight change; +50.2% relative return; weight 0.16%Home Improvement Retail: -0.90 pp weight change; +0.6% relative return; weight 0.94%Industrial Conglomerates: -0.70 pp weight change; -4.6% relative return; weight 0.67%Hotel & Resort REITs: -0.04 pp weight change; -2.0% relative return; weight 0.04%Other Specialized REITs: -0.02 pp weight change; +22.5% relative return; weight 0.04%Construction & Engineering: -0.03 pp weight change; +0.4% relative return; weight 0.04%Cargo Ground Transportation: -0.04 pp weight change; -3.8% relative return; weight 0.04%Oil & Gas Storage & Transportation: -0.18 pp weight change; +11.6% relative return; weight 0.33%Soft Drinks & Non-alcoholic Beverages: -0.96 pp weight change; +8.3% relative return; weight 1.23%Food Retail: -0.08 pp weight change; +2.4% relative return; weight 0.07%Casinos & Gaming: -0.12 pp weight change; -15.4% relative return; weight 0.10%Construction Materials: -0.10 pp weight change; -17.3% relative return; weight 0.08%Tobacco: -1.02 pp weight change; -19.5% relative return; weight 0.70%Oil & Gas Refining & Marketing: -0.31 pp weight change; +3.0% relative return; weight 0.42%Gold: -0.06 pp weight change; -7.9% relative return; weight 0.06%Apparel, Accessories & Luxury Goods: -0.14 pp weight change; +23.3% relative return; weight 0.27%Steel: -0.06 pp weight change; +1.1% relative return; weight 0.06%Advertising: -0.04 pp weight change; +13.1% relative return; weight 0.06%Personal Care Products: -0.45 pp weight change; +24.6% relative return; weight 0.80%Industrial REITs: -0.05 pp weight change; +17.8% relative return; weight 0.14%Electronic Equipment & Instruments: -0.02 pp weight change; +17.0% relative return; weight 0.14%Apparel Retail: -0.01 pp weight change; +27.9% relative return; weight 0.31%Environmental & Facilities Services: -0.12 pp weight change; +19.1% relative return; weight 0.23%Food Distributors: -0.08 pp weight change; +11.8% relative return; weight 0.11%Integrated Telecommunication Services: -0.95 pp weight change; +5.5% relative return; weight 1.30%Electronic Manufacturing Services: -0.11 pp weight change; -13.3% relative return; weight 0.09%Other Specialty Retail: -0.02 pp weight change; +39.1% relative return; weight 0.06%Timber REITs: -0.10 pp weight change; -21.7% relative return; weight 0.06%Interactive Home Entertainment: +0.04 pp weight change; +16.2% relative return; weight 0.04%Data Processing & Outsourced Services: +0.04 pp weight change; -4.9% relative return; weight 0.04%Gas Utilities: +0.00 pp weight change; +7.7% relative return; weight 0.00%Commodity Chemicals: +0.00 pp weight change; +7.7% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; +7.7% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; +7.7% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +7.7% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +7.7% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +7.7% relative return; weight 0.00%Footwear: +0.00 pp weight change; +7.7% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +7.7% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +7.7% 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.