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

-2.00 pp-70%-1.00 pp-35%+0.00 pp+0%+1.00 pp+35%+2.00 pp+70%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.32 pp weight change; +27.7% relative return; weight 1.82%Technology Hardware, Storage & Peripherals: -0.13 pp weight change; -4.9% relative return; weight 1.73%Biotechnology: -0.58 pp weight change; -5.6% relative return; weight 2.84%BiotechnologyHealth Care Equipment: +0.45 pp weight change; +21.7% relative return; weight 3.33%Health Care EquipmentIT Consulting & Other Services: -0.20 pp weight change; -3.4% relative return; weight 1.59%Application Software: +0.38 pp weight change; +22.9% relative return; weight 3.31%Application SoftwareSemiconductors: -0.22 pp weight change; +3.1% relative return; weight 3.18%SemiconductorsAgricultural Products & Services: -0.00 pp weight change; +5.9% relative return; weight 0.14%Human Resource & Employment Services: +0.10 pp weight change; +31.8% relative return; weight 0.55%Multi-Utilities: +0.11 pp weight change; +14.4% relative return; weight 1.39%Electric Utilities: +0.40 pp weight change; +24.5% relative return; weight 2.11%Independent Power Producers & Energy Traders: +0.04 pp weight change; +63.8% relative return; weight 0.13%Life & Health Insurance: -0.00 pp weight change; -0.2% relative return; weight 0.83%Multi-line Insurance: -0.09 pp weight change; -14.9% relative return; weight 0.34%Insurance Brokers: +0.06 pp weight change; +19.2% relative return; weight 0.60%Internet Services & Infrastructure: +0.05 pp weight change; +30.7% relative return; weight 0.19%Specialty Chemicals: -0.03 pp weight change; +2.9% relative return; weight 0.83%Health Care Supplies: -0.00 pp weight change; +2.0% relative return; weight 0.14%Property & Casualty Insurance: -0.03 pp weight change; +5.7% relative return; weight 1.17%Building Products: -0.02 pp weight change; +2.9% relative return; weight 0.44%Semiconductor Materials & Equipment: -0.16 pp weight change; -29.6% relative return; weight 0.24%Electrical Components & Equipment: -0.06 pp weight change; +1.1% relative return; weight 0.67%Asset Management & Custody Banks: -0.28 pp weight change; -14.1% relative return; weight 0.95%Telecom Tower REITs: +0.11 pp weight change; +21.4% relative return; weight 0.85%Broadline Retail: -0.05 pp weight change; -3.2% relative return; weight 0.43%Oil & Gas Exploration & Production: +0.05 pp weight change; +6.9% relative return; weight 1.22%Industrial Gases: +0.57 pp weight change; +13.4% relative return; weight 0.78%Electronic Components: +0.01 pp weight change; +20.6% relative return; weight 0.18%Automotive Parts & Equipment: -0.02 pp weight change; -8.2% relative return; weight 0.13%Office REITs: +0.02 pp weight change; +15.6% relative return; weight 0.21%Paper & Plastic Packaging Products & Materials: -0.06 pp weight change; -16.0% relative return; weight 0.21%Water Utilities: +0.02 pp weight change; +31.2% relative return; weight 0.11%Consumer Finance: -0.07 pp weight change; +1.5% relative return; weight 0.89%Automotive Retail: +0.03 pp weight change; +42.5% relative return; weight 0.15%Aerospace & Defense: -1.04 pp weight change; -9.3% relative return; weight 5.90%Aerospace & DefenseDiversified Banks: -1.63 pp weight change; -8.8% relative return; weight 6.84%Diversified BanksMetal, Glass & Plastic Containers: +0.02 pp weight change; +38.8% relative return; weight 0.11%Computer & Electronics Retail: -0.02 pp weight change; -2.1% relative return; weight 0.11%Hotels, Resorts & Cruise Lines: -0.14 pp weight change; -6.2% relative return; weight 0.80%Oil & Gas Equipment & Services: -0.28 pp weight change; -30.8% relative return; weight 0.51%Pharmaceuticals: +0.56 pp weight change; +21.4% relative return; weight 6.10%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -2.5% relative return; weight 0.00%Health Care Distributors: -0.10 pp weight change; -11.2% relative return; weight 0.39%Construction Machinery & Heavy Transportation Equipment: -0.09 pp weight change; -6.9% relative return; weight 0.73%Financial Exchanges & Data: +0.08 pp weight change; +6.9% relative return; weight 0.97%Real Estate Services: +0.00 pp weight change; +6.8% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.01 pp weight change; +12.7% relative return; weight 0.12%Regional Banks: -0.17 pp weight change; -10.8% relative return; weight 0.63%Household Products: +0.01 pp weight change; +9.0% relative return; weight 0.77%Air Freight & Logistics: -0.09 pp weight change; -3.0% relative return; weight 0.82%Cable & Satellite: +0.00 pp weight change; +4.9% relative return; weight 0.98%Health Care Services: +0.35 pp weight change; -13.4% relative return; weight 1.01%Restaurants: +0.11 pp weight change; +22.0% relative return; weight 1.57%Managed Health Care: +0.22 pp weight change; +12.8% relative return; weight 2.16%Managed Health CareConsumer Staples Merchandise Retail: +0.07 pp weight change; +11.7% relative return; weight 1.65%Transaction & Payment Processing Services: +0.43 pp weight change; +20.8% relative return; weight 1.97%Communications Equipment: +0.07 pp weight change; +20.5% relative return; weight 1.52%Rail Transportation: +0.15 pp weight change; +32.5% relative return; weight 1.10%Diversified Support Services: +0.02 pp weight change; +23.0% relative return; weight 0.05%Integrated Oil & Gas: +0.04 pp weight change; +11.4% relative return; weight 1.32%Passenger Airlines: -0.04 pp weight change; +3.4% relative return; weight 0.51%Agricultural & Farm Machinery: -0.01 pp weight change; +4.3% relative return; weight 0.30%Homebuilding: -0.02 pp weight change; -4.4% relative return; weight 0.13%Movies & Entertainment: +0.01 pp weight change; +23.3% relative return; weight 0.09%Data Center REITs: +0.02 pp weight change; +13.3% relative return; weight 0.33%Health Care REITs: +0.10 pp weight change; +45.8% relative return; weight 0.38%Industrial Machinery & Supplies & Components: -0.10 pp weight change; -1.1% relative return; weight 0.97%Research & Consulting Services: +0.01 pp weight change; +12.8% relative return; weight 0.20%Reinsurance: -0.01 pp weight change; -3.9% relative return; weight 0.05%Multi-Family Residential REITs: +0.08 pp weight change; +32.6% relative return; weight 0.40%Self-Storage REITs: +0.02 pp weight change; +14.4% relative return; weight 0.28%Automobile Manufacturers: -0.06 pp weight change; -2.0% relative return; weight 0.51%Trading Companies & Distributors: -0.02 pp weight change; -14.0% relative return; weight 0.09%Copper: -0.05 pp weight change; -29.4% relative return; weight 0.11%Broadcasting: +0.00 pp weight change; +0.4% relative return; weight 0.00%Retail REITs: +0.09 pp weight change; +27.1% relative return; weight 0.58%Systems Software: +0.66 pp weight change; +21.2% relative return; weight 5.08%Systems SoftwarePackaged Foods & Meats: -0.27 pp weight change; -14.7% relative return; weight 1.01%Distributors: +0.01 pp weight change; +22.5% relative return; weight 0.09%Consumer Electronics: +0.03 pp weight change; +47.0% relative return; weight 0.10%Investment Banking & Brokerage: -0.45 pp weight change; -20.0% relative return; weight 1.24%Leisure Products: -0.01 pp weight change; -8.4% relative return; weight 0.06%Health Care Facilities: +0.07 pp weight change; +42.2% relative return; weight 0.28%Home Improvement Retail: -0.02 pp weight change; +8.3% relative return; weight 1.70%Industrial Conglomerates: -0.13 pp weight change; -0.5% relative return; weight 1.22%Hotel & Resort REITs: +0.00 pp weight change; +10.9% relative return; weight 0.08%Other Specialized REITs: +0.01 pp weight change; +21.1% relative return; weight 0.06%Construction & Engineering: +0.01 pp weight change; +14.8% relative return; weight 0.08%Cargo Ground Transportation: -0.01 pp weight change; -8.1% relative return; weight 0.07%Oil & Gas Storage & Transportation: +0.10 pp weight change; +16.6% relative return; weight 0.59%Soft Drinks & Non-alcoholic Beverages: +0.02 pp weight change; +9.3% relative return; weight 2.12%Food Retail: -0.01 pp weight change; +10.6% relative return; weight 0.14%Casinos & Gaming: -0.06 pp weight change; -21.7% relative return; weight 0.16%Construction Materials: -0.02 pp weight change; -5.2% relative return; weight 0.15%Tobacco: -0.33 pp weight change; -11.4% relative return; weight 1.35%Oil & Gas Refining & Marketing: +0.00 pp weight change; +1.0% relative return; weight 0.69%Gold: -0.02 pp weight change; -8.9% relative return; weight 0.11%Apparel, Accessories & Luxury Goods: +0.05 pp weight change; +17.9% relative return; weight 0.48%Steel: -0.02 pp weight change; -4.6% relative return; weight 0.11%Advertising: -0.01 pp weight change; +3.0% relative return; weight 0.10%Personal Care Products: +0.24 pp weight change; +30.4% relative return; weight 1.43%Industrial REITs: +0.06 pp weight change; +19.3% relative return; weight 0.26%Electronic Equipment & Instruments: +0.12 pp weight change; +27.0% relative return; weight 0.29%Apparel Retail: +0.23 pp weight change; +25.0% relative return; weight 0.57%Environmental & Facilities Services: +0.07 pp weight change; +19.0% relative return; weight 0.43%Food Distributors: +0.01 pp weight change; +16.2% relative return; weight 0.20%Integrated Telecommunication Services: +0.18 pp weight change; +10.4% relative return; weight 2.36%Integrated Telecommunication ServicesElectronic Manufacturing Services: -0.06 pp weight change; -18.4% relative return; weight 0.16%Other Specialty Retail: +0.04 pp weight change; +53.7% relative return; weight 0.12%Timber REITs: -0.05 pp weight change; -24.8% relative return; weight 0.11%Interactive Home Entertainment: +0.06 pp weight change; -10.4% relative return; weight 0.06%Data Processing & Outsourced Services: +0.07 pp weight change; -11.0% relative return; weight 0.07%Gas Utilities: +0.07 pp weight change; +0.4% relative return; weight 0.07%Commodity Chemicals: +0.00 pp weight change; +0.4% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; +0.4% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; +0.4% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +0.4% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +0.4% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +0.4% relative return; weight 0.00%Footwear: +0.00 pp weight change; +0.4% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +0.4% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +0.4% 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.