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

-1.50 pp-60%-0.75 pp-30%+0.00 pp+0%+0.75 pp+30%+1.50 pp+60%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.27 pp weight change; +23.8% relative return; weight 1.81%Technology Hardware, Storage & Peripherals: -0.14 pp weight change; +6.2% relative return; weight 1.85%Biotechnology: -0.59 pp weight change; -9.2% relative return; weight 2.50%BiotechnologyHealth Care Equipment: +0.21 pp weight change; +13.0% relative return; weight 3.19%Health Care EquipmentIT Consulting & Other Services: -0.11 pp weight change; +2.1% relative return; weight 1.62%Application Software: +0.37 pp weight change; +24.2% relative return; weight 3.34%Application SoftwareSemiconductors: +0.03 pp weight change; +12.4% relative return; weight 3.36%SemiconductorsAgricultural Products & Services: -0.02 pp weight change; -4.3% relative return; weight 0.14%Human Resource & Employment Services: +0.11 pp weight change; +34.8% relative return; weight 0.57%Multi-Utilities: +0.03 pp weight change; +8.4% relative return; weight 1.39%Electric Utilities: +0.22 pp weight change; +13.6% relative return; weight 2.10%Independent Power Producers & Energy Traders: +0.02 pp weight change; +31.0% relative return; weight 0.13%Life & Health Insurance: -0.02 pp weight change; -1.9% relative return; weight 0.84%Multi-line Insurance: -0.09 pp weight change; -14.0% relative return; weight 0.35%Insurance Brokers: +0.05 pp weight change; +15.8% relative return; weight 0.59%Internet Services & Infrastructure: +0.06 pp weight change; +33.2% relative return; weight 0.20%Specialty Chemicals: -0.04 pp weight change; +1.4% relative return; weight 0.84%Health Care Supplies: +0.02 pp weight change; +22.4% relative return; weight 0.16%Property & Casualty Insurance: -0.01 pp weight change; +7.9% relative return; weight 1.21%Building Products: +0.02 pp weight change; +13.7% relative return; weight 0.46%Semiconductor Materials & Equipment: -0.09 pp weight change; -12.2% relative return; weight 0.26%Electrical Components & Equipment: -0.02 pp weight change; +7.4% relative return; weight 0.67%Asset Management & Custody Banks: -0.27 pp weight change; -13.8% relative return; weight 0.93%Telecom Tower REITs: +0.16 pp weight change; +30.0% relative return; weight 0.90%Broadline Retail: -0.01 pp weight change; +6.5% relative return; weight 0.45%Oil & Gas Exploration & Production: -0.29 pp weight change; -17.7% relative return; weight 1.13%Industrial Gases: +0.58 pp weight change; +12.9% relative return; weight 0.80%Electronic Components: +0.00 pp weight change; +14.0% relative return; weight 0.16%Automotive Parts & Equipment: -0.01 pp weight change; -3.8% relative return; weight 0.12%Office REITs: +0.02 pp weight change; +10.8% relative return; weight 0.21%Paper & Plastic Packaging Products & Materials: -0.04 pp weight change; -9.4% relative return; weight 0.20%Water Utilities: +0.01 pp weight change; +20.5% relative return; weight 0.11%Consumer Finance: -0.03 pp weight change; +7.5% relative return; weight 0.92%Automotive Retail: +0.04 pp weight change; +54.3% relative return; weight 0.15%Aerospace & Defense: -1.28 pp weight change; -13.1% relative return; weight 5.54%Aerospace & DefenseDiversified Banks: -1.07 pp weight change; -1.4% relative return; weight 6.92%Diversified BanksMetal, Glass & Plastic Containers: +0.03 pp weight change; +42.5% relative return; weight 0.11%Computer & Electronics Retail: -0.02 pp weight change; -5.7% relative return; weight 0.11%Hotels, Resorts & Cruise Lines: -0.11 pp weight change; -3.5% relative return; weight 0.79%Oil & Gas Equipment & Services: -0.40 pp weight change; -42.1% relative return; weight 0.47%Pharmaceuticals: +0.14 pp weight change; +13.3% relative return; weight 5.74%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +5.7% relative return; weight 0.00%Health Care Distributors: -0.15 pp weight change; -21.4% relative return; weight 0.35%Construction Machinery & Heavy Transportation Equipment: -0.06 pp weight change; -2.9% relative return; weight 0.73%Financial Exchanges & Data: +0.04 pp weight change; +12.0% relative return; weight 1.02%Real Estate Services: +0.00 pp weight change; +8.6% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: -0.01 pp weight change; +0.8% relative return; weight 0.11%Regional Banks: -0.20 pp weight change; -13.6% relative return; weight 0.60%Household Products: +0.08 pp weight change; +19.8% relative return; weight 0.81%Air Freight & Logistics: -0.19 pp weight change; -13.3% relative return; weight 0.78%Cable & Satellite: +0.20 pp weight change; +31.4% relative return; weight 1.03%Health Care Services: +0.25 pp weight change; -22.4% relative return; weight 0.93%Restaurants: +0.06 pp weight change; +19.7% relative return; weight 1.63%Managed Health Care: -0.15 pp weight change; -5.3% relative return; weight 1.93%Consumer Staples Merchandise Retail: +0.10 pp weight change; +14.4% relative return; weight 1.70%Transaction & Payment Processing Services: +0.51 pp weight change; +28.8% relative return; weight 2.06%Communications Equipment: +0.08 pp weight change; +21.6% relative return; weight 1.56%Rail Transportation: +0.13 pp weight change; +30.2% relative return; weight 1.12%Diversified Support Services: +0.03 pp weight change; +26.2% relative return; weight 0.05%Integrated Oil & Gas: -0.20 pp weight change; -5.8% relative return; weight 1.27%Passenger Airlines: -0.02 pp weight change; +8.1% relative return; weight 0.51%Agricultural & Farm Machinery: +0.02 pp weight change; +17.9% relative return; weight 0.29%Homebuilding: -0.01 pp weight change; -2.8% relative return; weight 0.14%Movies & Entertainment: +0.01 pp weight change; +12.0% relative return; weight 0.09%Data Center REITs: +0.00 pp weight change; +6.3% relative return; weight 0.34%Health Care REITs: +0.07 pp weight change; +28.8% relative return; weight 0.37%Industrial Machinery & Supplies & Components: -0.03 pp weight change; +6.1% relative return; weight 0.98%Research & Consulting Services: +0.02 pp weight change; +17.8% relative return; weight 0.21%Reinsurance: -0.01 pp weight change; -2.6% relative return; weight 0.05%Multi-Family Residential REITs: +0.04 pp weight change; +18.7% relative return; weight 0.40%Self-Storage REITs: +0.00 pp weight change; +8.9% relative return; weight 0.29%Automobile Manufacturers: -0.05 pp weight change; -0.5% relative return; weight 0.52%Trading Companies & Distributors: -0.01 pp weight change; -0.4% relative return; weight 0.09%Copper: -0.04 pp weight change; -22.4% relative return; weight 0.10%Broadcasting: +0.00 pp weight change; +1.4% relative return; weight 0.00%Retail REITs: +0.04 pp weight change; +15.9% relative return; weight 0.55%Systems Software: +1.16 pp weight change; +33.0% relative return; weight 5.68%Systems SoftwarePackaged Foods & Meats: -0.10 pp weight change; -1.5% relative return; weight 1.04%Distributors: +0.00 pp weight change; +12.9% relative return; weight 0.08%Consumer Electronics: +0.02 pp weight change; +42.4% relative return; weight 0.09%Investment Banking & Brokerage: -0.37 pp weight change; -15.3% relative return; weight 1.27%Leisure Products: +0.00 pp weight change; +12.2% relative return; weight 0.07%Health Care Facilities: +0.04 pp weight change; +27.0% relative return; weight 0.24%Home Improvement Retail: +0.02 pp weight change; +12.8% relative return; weight 1.75%Industrial Conglomerates: -0.02 pp weight change; +8.2% relative return; weight 1.20%Hotel & Resort REITs: -0.01 pp weight change; -2.8% relative return; weight 0.08%Other Specialized REITs: -0.01 pp weight change; -3.2% relative return; weight 0.05%Construction & Engineering: +0.01 pp weight change; +24.1% relative return; weight 0.08%Cargo Ground Transportation: -0.02 pp weight change; -23.3% relative return; weight 0.06%Oil & Gas Storage & Transportation: +0.10 pp weight change; +16.6% relative return; weight 0.60%Soft Drinks & Non-alcoholic Beverages: +0.15 pp weight change; +16.3% relative return; weight 2.21%Soft Drinks & Non-alcoholic BeveragesFood Retail: -0.02 pp weight change; -1.4% relative return; weight 0.11%Casinos & Gaming: -0.06 pp weight change; -22.0% relative return; weight 0.17%Construction Materials: +0.00 pp weight change; +8.2% relative return; weight 0.17%Tobacco: -0.12 pp weight change; +1.5% relative return; weight 1.32%Oil & Gas Refining & Marketing: -0.15 pp weight change; -20.3% relative return; weight 0.68%Gold: +0.01 pp weight change; -22.2% relative return; weight 0.14%Apparel, Accessories & Luxury Goods: +0.02 pp weight change; +9.3% relative return; weight 0.47%Steel: -0.02 pp weight change; -10.1% relative return; weight 0.10%Advertising: -0.00 pp weight change; +6.2% relative return; weight 0.10%Personal Care Products: +0.37 pp weight change; +43.7% relative return; weight 1.49%Industrial REITs: +0.06 pp weight change; +14.9% relative return; weight 0.27%Electronic Equipment & Instruments: +0.13 pp weight change; +35.1% relative return; weight 0.30%Apparel Retail: +0.22 pp weight change; +20.4% relative return; weight 0.57%Environmental & Facilities Services: +0.10 pp weight change; +23.6% relative return; weight 0.45%Food Distributors: +0.00 pp weight change; +8.7% relative return; weight 0.20%Integrated Telecommunication Services: +0.10 pp weight change; +7.0% relative return; weight 2.27%Integrated Telecommunication ServicesElectronic Manufacturing Services: -0.02 pp weight change; +0.6% relative return; weight 0.18%Other Specialty Retail: +0.02 pp weight change; +32.9% relative return; weight 0.13%Timber REITs: -0.06 pp weight change; -28.0% relative return; weight 0.11%Interactive Home Entertainment: -0.01 pp weight change; -8.2% relative return; weight 0.06%Data Processing & Outsourced Services: +0.08 pp weight change; -1.8% relative return; weight 0.08%Gas Utilities: +0.07 pp weight change; -2.2% relative return; weight 0.07%Commodity Chemicals: +0.00 pp weight change; -5.5% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; -5.5% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; -5.5% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; -5.5% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -5.5% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -5.5% relative return; weight 0.00%Footwear: +0.00 pp weight change; -5.5% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -5.5% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -5.5% 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.