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-70%-0.75 pp-35%+0.00 pp+0%+0.75 pp+35%+1.50 pp+70%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.29 pp weight change; +26.7% relative return; weight 1.83%Technology Hardware, Storage & Peripherals: -0.44 pp weight change; -8.7% relative return; weight 1.64%Biotechnology: -0.61 pp weight change; -8.7% relative return; weight 2.47%BiotechnologyHealth Care Equipment: +0.23 pp weight change; +14.8% relative return; weight 3.30%Health Care EquipmentIT Consulting & Other Services: -0.12 pp weight change; +2.4% relative return; weight 1.57%Application Software: +0.12 pp weight change; +16.0% relative return; weight 3.24%Application SoftwareSemiconductors: -0.68 pp weight change; -9.1% relative return; weight 2.97%SemiconductorsAgricultural Products & Services: -0.02 pp weight change; -8.6% relative return; weight 0.13%Human Resource & Employment Services: +0.09 pp weight change; +29.8% relative return; weight 0.59%Multi-Utilities: +0.14 pp weight change; +17.6% relative return; weight 1.45%Electric Utilities: +0.34 pp weight change; +21.8% relative return; weight 2.15%Independent Power Producers & Energy Traders: -0.00 pp weight change; +13.9% relative return; weight 0.11%Life & Health Insurance: -0.06 pp weight change; +5.9% relative return; weight 0.84%Multi-line Insurance: -0.03 pp weight change; +2.7% relative return; weight 0.39%Insurance Brokers: +0.10 pp weight change; +27.3% relative return; weight 0.63%Internet Services & Infrastructure: +0.05 pp weight change; +28.0% relative return; weight 0.21%Specialty Chemicals: -0.05 pp weight change; +1.3% relative return; weight 0.81%Health Care Supplies: -0.02 pp weight change; -9.1% relative return; weight 0.15%Property & Casualty Insurance: +0.09 pp weight change; +18.4% relative return; weight 1.27%Building Products: +0.03 pp weight change; +17.8% relative return; weight 0.46%Semiconductor Materials & Equipment: -0.11 pp weight change; -20.2% relative return; weight 0.24%Electrical Components & Equipment: -0.10 pp weight change; -4.6% relative return; weight 0.61%Asset Management & Custody Banks: -0.31 pp weight change; -18.0% relative return; weight 0.85%Telecom Tower REITs: +0.25 pp weight change; +44.5% relative return; weight 0.99%Broadline Retail: -0.03 pp weight change; +3.6% relative return; weight 0.44%Oil & Gas Exploration & Production: -0.42 pp weight change; -25.7% relative return; weight 1.04%Industrial Gases: +0.62 pp weight change; +21.5% relative return; weight 0.83%Electronic Components: -0.01 pp weight change; +8.9% relative return; weight 0.15%Automotive Parts & Equipment: -0.06 pp weight change; -33.2% relative return; weight 0.10%Office REITs: +0.02 pp weight change; +16.3% relative return; weight 0.21%Paper & Plastic Packaging Products & Materials: -0.06 pp weight change; -14.4% relative return; weight 0.19%Water Utilities: +0.03 pp weight change; +40.1% relative return; weight 0.12%Consumer Finance: -0.02 pp weight change; +9.0% relative return; weight 0.93%Automotive Retail: +0.05 pp weight change; +58.2% relative return; weight 0.16%Aerospace & Defense: -1.40 pp weight change; -14.1% relative return; weight 5.41%Aerospace & DefenseDiversified Banks: -1.30 pp weight change; -4.1% relative return; weight 6.48%Diversified BanksMetal, Glass & Plastic Containers: +0.04 pp weight change; +69.4% relative return; weight 0.12%Computer & Electronics Retail: -0.02 pp weight change; -4.7% relative return; weight 0.10%Hotels, Resorts & Cruise Lines: -0.09 pp weight change; +0.1% relative return; weight 0.78%Oil & Gas Equipment & Services: -0.45 pp weight change; -49.8% relative return; weight 0.39%Pharmaceuticals: +0.39 pp weight change; +20.4% relative return; weight 5.81%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +4.2% relative return; weight 0.00%Health Care Distributors: -0.07 pp weight change; -6.0% relative return; weight 0.36%Construction Machinery & Heavy Transportation Equipment: -0.10 pp weight change; -9.9% relative return; weight 0.68%Financial Exchanges & Data: +0.06 pp weight change; +15.6% relative return; weight 1.04%Real Estate Services: -0.01 pp weight change; -0.0% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: -0.02 pp weight change; -10.7% relative return; weight 0.10%Regional Banks: -0.17 pp weight change; -12.3% relative return; weight 0.58%Household Products: +0.11 pp weight change; +26.5% relative return; weight 0.82%Air Freight & Logistics: -0.27 pp weight change; -21.3% relative return; weight 0.71%Cable & Satellite: +0.26 pp weight change; +41.3% relative return; weight 1.06%Health Care Services: +0.27 pp weight change; -18.2% relative return; weight 0.92%Restaurants: +0.22 pp weight change; +32.5% relative return; weight 1.69%Managed Health Care: +0.03 pp weight change; +4.7% relative return; weight 2.09%Consumer Staples Merchandise Retail: +0.23 pp weight change; +25.7% relative return; weight 1.75%Transaction & Payment Processing Services: +0.42 pp weight change; +28.9% relative return; weight 2.12%Communications Equipment: +0.11 pp weight change; +25.4% relative return; weight 1.49%Rail Transportation: +0.07 pp weight change; +23.3% relative return; weight 1.11%Diversified Support Services: +0.03 pp weight change; +30.9% relative return; weight 0.06%Integrated Oil & Gas: -0.18 pp weight change; -3.7% relative return; weight 1.26%Passenger Airlines: -0.06 pp weight change; +0.7% relative return; weight 0.47%Agricultural & Farm Machinery: -0.04 pp weight change; -3.4% relative return; weight 0.26%Homebuilding: -0.01 pp weight change; +4.3% relative return; weight 0.14%Movies & Entertainment: +1.38 pp weight change; -1.3% relative return; weight 1.47%Data Center REITs: +0.05 pp weight change; +21.7% relative return; weight 0.38%Health Care REITs: +0.10 pp weight change; +38.9% relative return; weight 0.41%Industrial Machinery & Supplies & Components: -0.11 pp weight change; -0.8% relative return; weight 0.91%Research & Consulting Services: +0.03 pp weight change; +22.6% relative return; weight 0.22%Reinsurance: +0.00 pp weight change; +13.1% relative return; weight 0.06%Multi-Family Residential REITs: +0.06 pp weight change; +26.6% relative return; weight 0.43%Self-Storage REITs: +0.02 pp weight change; +17.5% relative return; weight 0.32%Automobile Manufacturers: -0.14 pp weight change; -15.1% relative return; weight 0.48%Trading Companies & Distributors: -0.03 pp weight change; -19.1% relative return; weight 0.08%Copper: -0.07 pp weight change; -41.1% relative return; weight 0.08%Broadcasting: +0.00 pp weight change; -1.6% relative return; weight 0.00%Retail REITs: +0.03 pp weight change; +15.9% relative return; weight 0.55%Systems Software: +0.92 pp weight change; +27.8% relative return; weight 5.60%Systems SoftwarePackaged Foods & Meats: -0.07 pp weight change; +2.0% relative return; weight 1.05%Distributors: +0.00 pp weight change; +13.3% relative return; weight 0.08%Consumer Electronics: +0.02 pp weight change; +32.6% relative return; weight 0.09%Investment Banking & Brokerage: -0.41 pp weight change; -18.3% relative return; weight 1.16%Leisure Products: +0.00 pp weight change; +13.9% relative return; weight 0.07%Health Care Facilities: +0.02 pp weight change; +19.9% relative return; weight 0.24%Home Improvement Retail: -0.13 pp weight change; +3.7% relative return; weight 1.65%Industrial Conglomerates: -0.09 pp weight change; +2.6% relative return; weight 1.14%Hotel & Resort REITs: -0.02 pp weight change; -11.5% relative return; weight 0.08%Other Specialized REITs: -0.01 pp weight change; -0.3% relative return; weight 0.05%Construction & Engineering: +0.00 pp weight change; +10.0% relative return; weight 0.08%Cargo Ground Transportation: -0.03 pp weight change; -32.2% relative return; weight 0.05%Oil & Gas Storage & Transportation: +0.07 pp weight change; +11.7% relative return; weight 0.60%Soft Drinks & Non-alcoholic Beverages: +0.30 pp weight change; +25.0% relative return; weight 2.31%Soft Drinks & Non-alcoholic BeveragesFood Retail: -0.02 pp weight change; -3.4% relative return; weight 0.11%Casinos & Gaming: -0.09 pp weight change; -32.2% relative return; weight 0.14%Construction Materials: -0.01 pp weight change; -1.7% relative return; weight 0.17%Tobacco: -0.16 pp weight change; -0.8% relative return; weight 1.23%Oil & Gas Refining & Marketing: -0.31 pp weight change; -35.9% relative return; weight 0.56%Gold: +0.03 pp weight change; -10.5% relative return; weight 0.16%Apparel, Accessories & Luxury Goods: -0.02 pp weight change; +3.0% relative return; weight 0.43%Steel: -0.04 pp weight change; -22.4% relative return; weight 0.09%Advertising: -0.00 pp weight change; +12.2% relative return; weight 0.10%Personal Care Products: +0.39 pp weight change; +46.9% relative return; weight 1.50%Industrial REITs: +0.06 pp weight change; +19.1% relative return; weight 0.27%Electronic Equipment & Instruments: +0.12 pp weight change; +28.4% relative return; weight 0.29%Apparel Retail: +0.20 pp weight change; +17.7% relative return; weight 0.55%Environmental & Facilities Services: +0.13 pp weight change; +30.7% relative return; weight 0.48%Food Distributors: +0.00 pp weight change; +9.4% relative return; weight 0.21%Integrated Telecommunication Services: +0.19 pp weight change; +13.3% relative return; weight 2.29%Integrated Telecommunication ServicesElectronic Manufacturing Services: -0.03 pp weight change; -6.6% relative return; weight 0.17%Other Specialty Retail: +0.03 pp weight change; +36.7% relative return; weight 0.13%Timber REITs: -0.07 pp weight change; -35.5% relative return; weight 0.10%Interactive Home Entertainment: -0.01 pp weight change; -2.5% relative return; weight 0.07%Data Processing & Outsourced Services: +0.08 pp weight change; +11.1% relative return; weight 0.08%Gas Utilities: +0.07 pp weight change; +4.6% relative return; weight 0.07%Commodity Chemicals: +0.20 pp weight change; +1.1% relative return; weight 0.20%Wireless Telecommunication Services: +0.00 pp weight change; +1.1% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; +1.1% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +1.1% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +1.1% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +1.1% relative return; weight 0.00%Footwear: +0.00 pp weight change; +1.1% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +1.1% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +1.1% 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.