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: +0.34 pp weight change; +29.1% relative return; weight 1.87%Technology Hardware, Storage & Peripherals: -0.21 pp weight change; +2.1% relative return; weight 1.82%Biotechnology: -0.49 pp weight change; -3.7% relative return; weight 2.70%BiotechnologyHealth Care Equipment: +0.45 pp weight change; +21.9% relative return; weight 3.38%Health Care EquipmentIT Consulting & Other Services: -0.13 pp weight change; +0.8% relative return; weight 1.65%Application Software: +0.39 pp weight change; +24.8% relative return; weight 3.29%Application SoftwareSemiconductors: -0.25 pp weight change; +2.9% relative return; weight 3.21%SemiconductorsAgricultural Products & Services: -0.01 pp weight change; -0.3% relative return; weight 0.14%Human Resource & Employment Services: +0.12 pp weight change; +37.2% relative return; weight 0.57%Multi-Utilities: +0.09 pp weight change; +12.1% relative return; weight 1.42%Electric Utilities: +0.32 pp weight change; +18.9% relative return; weight 2.14%Independent Power Producers & Energy Traders: +0.03 pp weight change; +47.0% relative return; weight 0.14%Life & Health Insurance: -0.03 pp weight change; -4.5% relative return; weight 0.80%Multi-line Insurance: -0.10 pp weight change; -15.6% relative return; weight 0.33%Insurance Brokers: +0.04 pp weight change; +15.6% relative return; weight 0.59%Internet Services & Infrastructure: +0.05 pp weight change; +25.0% relative return; weight 0.19%Specialty Chemicals: -0.05 pp weight change; +1.0% relative return; weight 0.83%Health Care Supplies: +0.01 pp weight change; +12.1% relative return; weight 0.15%Property & Casualty Insurance: -0.05 pp weight change; +4.2% relative return; weight 1.18%Building Products: -0.01 pp weight change; +6.5% relative return; weight 0.45%Semiconductor Materials & Equipment: -0.15 pp weight change; -27.2% relative return; weight 0.24%Electrical Components & Equipment: -0.06 pp weight change; +1.2% relative return; weight 0.67%Asset Management & Custody Banks: -0.27 pp weight change; -14.4% relative return; weight 0.91%Telecom Tower REITs: +0.15 pp weight change; +25.8% relative return; weight 0.93%Broadline Retail: -0.02 pp weight change; +3.7% relative return; weight 0.45%Oil & Gas Exploration & Production: -0.04 pp weight change; -0.2% relative return; weight 1.21%Industrial Gases: +0.58 pp weight change; +14.0% relative return; weight 0.79%Electronic Components: +0.00 pp weight change; +17.0% relative return; weight 0.17%Automotive Parts & Equipment: -0.02 pp weight change; -8.5% relative return; weight 0.12%Office REITs: +0.02 pp weight change; +11.3% relative return; weight 0.21%Paper & Plastic Packaging Products & Materials: -0.04 pp weight change; -8.0% relative return; weight 0.21%Water Utilities: +0.02 pp weight change; +26.1% relative return; weight 0.11%Consumer Finance: -0.06 pp weight change; +2.8% relative return; weight 0.88%Automotive Retail: +0.04 pp weight change; +53.6% relative return; weight 0.16%Aerospace & Defense: -1.24 pp weight change; -12.7% relative return; weight 5.52%Aerospace & DefenseDiversified Banks: -1.53 pp weight change; -8.5% relative return; weight 6.51%Diversified BanksMetal, Glass & Plastic Containers: +0.03 pp weight change; +43.1% relative return; weight 0.11%Computer & Electronics Retail: -0.02 pp weight change; +1.5% relative return; weight 0.11%Hotels, Resorts & Cruise Lines: -0.16 pp weight change; -8.6% relative return; weight 0.76%Oil & Gas Equipment & Services: -0.31 pp weight change; -33.9% relative return; weight 0.49%Pharmaceuticals: +0.50 pp weight change; +20.2% relative return; weight 6.10%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -2.0% relative return; weight 0.00%Health Care Distributors: -0.11 pp weight change; -13.3% relative return; weight 0.36%Construction Machinery & Heavy Transportation Equipment: -0.08 pp weight change; -5.5% relative return; weight 0.72%Financial Exchanges & Data: +0.08 pp weight change; +6.5% relative return; weight 0.98%Real Estate Services: -0.00 pp weight change; +1.9% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.00 pp weight change; +8.9% relative return; weight 0.11%Regional Banks: -0.23 pp weight change; -19.2% relative return; weight 0.55%Household Products: +0.00 pp weight change; +8.3% relative return; weight 0.80%Air Freight & Logistics: -0.10 pp weight change; -4.5% relative return; weight 0.82%Cable & Satellite: +0.06 pp weight change; +12.0% relative return; weight 0.98%Health Care Services: +0.32 pp weight change; -14.5% relative return; weight 0.95%Restaurants: +0.13 pp weight change; +23.6% relative return; weight 1.63%Managed Health Care: +0.22 pp weight change; +13.6% relative return; weight 2.12%Consumer Staples Merchandise Retail: +0.14 pp weight change; +17.4% relative return; weight 1.71%Transaction & Payment Processing Services: +0.46 pp weight change; +26.5% relative return; weight 2.00%Communications Equipment: +0.13 pp weight change; +25.7% relative return; weight 1.56%Rail Transportation: +0.12 pp weight change; +27.7% relative return; weight 1.10%Diversified Support Services: +0.02 pp weight change; +19.2% relative return; weight 0.05%Integrated Oil & Gas: +0.01 pp weight change; +9.2% relative return; weight 1.34%Passenger Airlines: -0.08 pp weight change; -4.0% relative return; weight 0.49%Agricultural & Farm Machinery: -0.02 pp weight change; +2.1% relative return; weight 0.29%Homebuilding: -0.02 pp weight change; -6.7% relative return; weight 0.13%Movies & Entertainment: +0.01 pp weight change; +17.5% relative return; weight 0.09%Data Center REITs: +0.02 pp weight change; +10.3% relative return; weight 0.35%Health Care REITs: +0.09 pp weight change; +39.6% relative return; weight 0.39%Industrial Machinery & Supplies & Components: -0.11 pp weight change; -1.7% relative return; weight 0.97%Research & Consulting Services: +0.01 pp weight change; +13.2% relative return; weight 0.21%Reinsurance: -0.01 pp weight change; -16.7% relative return; weight 0.05%Multi-Family Residential REITs: +0.05 pp weight change; +22.9% relative return; weight 0.41%Self-Storage REITs: +0.01 pp weight change; +11.7% relative return; weight 0.29%Automobile Manufacturers: -0.08 pp weight change; -6.0% relative return; weight 0.49%Trading Companies & Distributors: -0.03 pp weight change; -24.1% relative return; weight 0.08%Copper: -0.05 pp weight change; -27.6% relative return; weight 0.11%Broadcasting: +0.00 pp weight change; -2.7% relative return; weight 0.00%Retail REITs: +0.08 pp weight change; +25.0% relative return; weight 0.59%Systems Software: +0.89 pp weight change; +27.0% relative return; weight 5.30%Systems SoftwarePackaged Foods & Meats: -0.18 pp weight change; -8.1% relative return; weight 1.04%Distributors: +0.01 pp weight change; +24.9% relative return; weight 0.09%Consumer Electronics: +0.03 pp weight change; +47.1% relative return; weight 0.10%Investment Banking & Brokerage: -0.47 pp weight change; -22.0% relative return; weight 1.19%Leisure Products: -0.00 pp weight change; +0.9% relative return; weight 0.06%Health Care Facilities: +0.05 pp weight change; +32.3% relative return; weight 0.26%Home Improvement Retail: +0.01 pp weight change; +11.6% relative return; weight 1.72%Industrial Conglomerates: -0.07 pp weight change; +4.1% relative return; weight 1.23%Hotel & Resort REITs: -0.00 pp weight change; +3.2% relative return; weight 0.08%Other Specialized REITs: +0.00 pp weight change; +12.5% relative return; weight 0.06%Construction & Engineering: +0.01 pp weight change; +17.4% relative return; weight 0.08%Cargo Ground Transportation: -0.02 pp weight change; -15.1% relative return; weight 0.06%Oil & Gas Storage & Transportation: +0.15 pp weight change; +27.9% relative return; weight 0.63%Soft Drinks & Non-alcoholic Beverages: +0.05 pp weight change; +10.2% relative return; weight 2.18%Soft Drinks & Non-alcoholic BeveragesFood Retail: -0.02 pp weight change; +1.9% relative return; weight 0.11%Casinos & Gaming: -0.08 pp weight change; -31.4% relative return; weight 0.15%Construction Materials: -0.01 pp weight change; -1.1% relative return; weight 0.16%Tobacco: -0.27 pp weight change; -7.0% relative return; weight 1.41%Oil & Gas Refining & Marketing: -0.07 pp weight change; -9.0% relative return; weight 0.68%Gold: -0.02 pp weight change; -9.4% relative return; weight 0.11%Apparel, Accessories & Luxury Goods: +0.03 pp weight change; +11.6% relative return; weight 0.47%Steel: -0.02 pp weight change; -4.5% relative return; weight 0.10%Advertising: -0.01 pp weight change; +1.1% relative return; weight 0.09%Personal Care Products: +0.27 pp weight change; +32.3% relative return; weight 1.50%Industrial REITs: +0.05 pp weight change; +14.5% relative return; weight 0.26%Electronic Equipment & Instruments: +0.12 pp weight change; +26.7% relative return; weight 0.30%Apparel Retail: +0.23 pp weight change; +24.1% relative return; weight 0.58%Environmental & Facilities Services: +0.10 pp weight change; +21.1% relative return; weight 0.45%Food Distributors: +0.00 pp weight change; +10.8% relative return; weight 0.20%Integrated Telecommunication Services: +0.18 pp weight change; +10.7% relative return; weight 2.39%Integrated Telecommunication ServicesElectronic Manufacturing Services: -0.06 pp weight change; -19.7% relative return; weight 0.16%Other Specialty Retail: +0.05 pp weight change; +64.7% relative return; weight 0.13%Timber REITs: -0.05 pp weight change; -23.4% relative return; weight 0.11%Interactive Home Entertainment: -0.01 pp weight change; -6.1% relative return; weight 0.06%Data Processing & Outsourced Services: +0.07 pp weight change; -11.2% relative return; weight 0.07%Gas Utilities: +0.07 pp weight change; +1.3% relative return; weight 0.07%Commodity Chemicals: +0.00 pp weight change; -2.7% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; -2.7% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; -2.7% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; -2.7% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -2.7% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -2.7% relative return; weight 0.00%Footwear: +0.00 pp weight change; -2.7% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -2.7% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -2.7% 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.