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-90%-0.75 pp-45%+0.00 pp+0%+0.75 pp+45%+1.50 pp+90%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.35 pp weight change; +31.9% relative return; weight 1.90%Technology Hardware, Storage & Peripherals: -0.36 pp weight change; -3.9% relative return; weight 1.71%Biotechnology: -0.71 pp weight change; -11.3% relative return; weight 2.40%BiotechnologyHealth Care Equipment: +0.23 pp weight change; +15.4% relative return; weight 3.33%Health Care EquipmentIT Consulting & Other Services: -0.19 pp weight change; -1.1% relative return; weight 1.54%Application Software: +0.16 pp weight change; +18.2% relative return; weight 3.20%Application SoftwareSemiconductors: -0.43 pp weight change; +0.9% relative return; weight 3.07%SemiconductorsAgricultural Products & Services: -0.03 pp weight change; -13.4% relative return; weight 0.12%Human Resource & Employment Services: +0.04 pp weight change; +18.3% relative return; weight 0.55%Multi-Utilities: +0.03 pp weight change; +9.8% relative return; weight 1.38%Electric Utilities: +0.20 pp weight change; +14.2% relative return; weight 2.06%Independent Power Producers & Energy Traders: -0.00 pp weight change; +15.4% relative return; weight 0.11%Life & Health Insurance: -0.02 pp weight change; +11.8% relative return; weight 0.84%Multi-line Insurance: -0.04 pp weight change; -0.1% relative return; weight 0.37%Insurance Brokers: +0.08 pp weight change; +25.4% relative return; weight 0.61%Internet Services & Infrastructure: +0.05 pp weight change; +26.3% relative return; weight 0.21%Specialty Chemicals: -0.03 pp weight change; +4.0% relative return; weight 0.83%Health Care Supplies: -0.04 pp weight change; -18.8% relative return; weight 0.14%Property & Casualty Insurance: +0.07 pp weight change; +17.6% relative return; weight 1.21%Building Products: +0.03 pp weight change; +19.6% relative return; weight 0.47%Semiconductor Materials & Equipment: -0.06 pp weight change; -5.2% relative return; weight 0.25%Electrical Components & Equipment: -0.06 pp weight change; +1.7% relative return; weight 0.63%Asset Management & Custody Banks: -0.31 pp weight change; -17.7% relative return; weight 0.83%Telecom Tower REITs: +0.14 pp weight change; +28.9% relative return; weight 0.92%Broadline Retail: -0.03 pp weight change; +4.1% relative return; weight 0.44%Oil & Gas Exploration & Production: -0.48 pp weight change; -28.1% relative return; weight 1.03%Industrial Gases: +0.65 pp weight change; +30.0% relative return; weight 0.86%Electronic Components: +0.00 pp weight change; +15.2% relative return; weight 0.16%Automotive Parts & Equipment: -0.03 pp weight change; -16.3% relative return; weight 0.11%Office REITs: -0.00 pp weight change; +3.7% relative return; weight 0.19%Paper & Plastic Packaging Products & Materials: -0.05 pp weight change; -11.6% relative return; weight 0.19%Water Utilities: +0.02 pp weight change; +30.7% relative return; weight 0.11%Consumer Finance: -0.02 pp weight change; +9.9% relative return; weight 0.91%Automotive Retail: +0.04 pp weight change; +52.5% relative return; weight 0.16%Aerospace & Defense: -1.10 pp weight change; -9.6% relative return; weight 5.45%Aerospace & DefenseDiversified Banks: -1.24 pp weight change; -2.5% relative return; weight 6.45%Diversified BanksMetal, Glass & Plastic Containers: +0.05 pp weight change; +87.4% relative return; weight 0.13%Computer & Electronics Retail: -0.03 pp weight change; -9.3% relative return; weight 0.10%Hotels, Resorts & Cruise Lines: -0.07 pp weight change; +2.6% relative return; weight 0.75%Oil & Gas Equipment & Services: -0.40 pp weight change; -44.4% relative return; weight 0.40%Pharmaceuticals: +0.11 pp weight change; +15.3% relative return; weight 5.61%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +7.8% relative return; weight 0.00%Health Care Distributors: -0.06 pp weight change; -0.8% relative return; weight 0.37%Construction Machinery & Heavy Transportation Equipment: +0.00 pp weight change; +4.4% relative return; weight 0.72%Financial Exchanges & Data: +0.01 pp weight change; +10.7% relative return; weight 1.02%Real Estate Services: -0.01 pp weight change; +1.4% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: -0.02 pp weight change; -7.4% relative return; weight 0.11%Regional Banks: -0.15 pp weight change; -9.3% relative return; weight 0.58%Household Products: +0.03 pp weight change; +14.9% relative return; weight 0.78%Air Freight & Logistics: -0.19 pp weight change; -13.0% relative return; weight 0.72%Cable & Satellite: +0.15 pp weight change; +25.9% relative return; weight 1.02%Health Care Services: +0.25 pp weight change; -20.0% relative return; weight 0.91%Restaurants: +0.28 pp weight change; +38.6% relative return; weight 1.67%Managed Health Care: -0.16 pp weight change; -3.8% relative return; weight 1.95%Consumer Staples Merchandise Retail: +0.16 pp weight change; +21.2% relative return; weight 1.76%Transaction & Payment Processing Services: +0.33 pp weight change; +23.9% relative return; weight 2.07%Communications Equipment: +0.06 pp weight change; +22.5% relative return; weight 1.46%Rail Transportation: +0.01 pp weight change; +18.1% relative return; weight 1.04%Diversified Support Services: +0.03 pp weight change; +27.5% relative return; weight 0.06%Integrated Oil & Gas: -0.19 pp weight change; -3.4% relative return; weight 1.28%Passenger Airlines: -0.03 pp weight change; +7.1% relative return; weight 0.47%Agricultural & Farm Machinery: +0.01 pp weight change; +14.0% relative return; weight 0.28%Homebuilding: -0.01 pp weight change; +2.3% relative return; weight 0.13%Movies & Entertainment: +1.34 pp weight change; -12.4% relative return; weight 1.44%Data Center REITs: +0.01 pp weight change; +9.2% relative return; weight 0.36%Health Care REITs: +0.05 pp weight change; +24.1% relative return; weight 0.39%Industrial Machinery & Supplies & Components: -0.07 pp weight change; +3.9% relative return; weight 0.92%Research & Consulting Services: +0.02 pp weight change; +17.2% relative return; weight 0.22%Reinsurance: -0.00 pp weight change; +3.0% relative return; weight 0.05%Multi-Family Residential REITs: +0.03 pp weight change; +16.5% relative return; weight 0.40%Self-Storage REITs: -0.02 pp weight change; +3.0% relative return; weight 0.30%Automobile Manufacturers: -0.09 pp weight change; -5.1% relative return; weight 0.50%Trading Companies & Distributors: -0.01 pp weight change; -5.0% relative return; weight 0.08%Copper: -0.06 pp weight change; -35.6% relative return; weight 0.09%Broadcasting: +0.00 pp weight change; -3.3% relative return; weight 0.00%Retail REITs: -0.04 pp weight change; +1.8% relative return; weight 0.51%Systems Software: +0.95 pp weight change; +29.6% relative return; weight 5.62%Systems SoftwarePackaged Foods & Meats: -0.17 pp weight change; -4.9% relative return; weight 1.03%Distributors: -0.00 pp weight change; +9.6% relative return; weight 0.08%Consumer Electronics: +0.01 pp weight change; +27.1% relative return; weight 0.09%Investment Banking & Brokerage: -0.35 pp weight change; -14.8% relative return; weight 1.13%Leisure Products: +0.00 pp weight change; +11.0% relative return; weight 0.07%Health Care Facilities: +0.03 pp weight change; +25.7% relative return; weight 0.25%Home Improvement Retail: -0.18 pp weight change; +2.7% relative return; weight 1.66%Industrial Conglomerates: +1.06 pp weight change; +4.2% relative return; weight 2.27%Industrial ConglomeratesHotel & Resort REITs: -0.02 pp weight change; -14.5% relative return; weight 0.07%Other Specialized REITs: -0.01 pp weight change; -9.5% relative return; weight 0.05%Construction & Engineering: +0.01 pp weight change; +19.3% relative return; weight 0.08%Cargo Ground Transportation: -0.03 pp weight change; -28.4% relative return; weight 0.05%Oil & Gas Storage & Transportation: +0.04 pp weight change; +6.9% relative return; weight 0.59%Soft Drinks & Non-alcoholic Beverages: +0.09 pp weight change; +14.8% relative return; weight 2.21%Food Retail: -0.04 pp weight change; -26.6% relative return; weight 0.09%Casinos & Gaming: -0.05 pp weight change; -17.5% relative return; weight 0.15%Construction Materials: -0.01 pp weight change; -0.0% relative return; weight 0.18%Tobacco: -0.28 pp weight change; -9.1% relative return; weight 1.14%Oil & Gas Refining & Marketing: -0.18 pp weight change; -22.9% relative return; weight 0.62%Gold: +0.05 pp weight change; +0.3% relative return; weight 0.17%Apparel, Accessories & Luxury Goods: -0.06 pp weight change; -5.1% relative return; weight 0.44%Steel: -0.03 pp weight change; -14.5% relative return; weight 0.09%Advertising: -0.01 pp weight change; +4.9% relative return; weight 0.10%Personal Care Products: +0.29 pp weight change; +36.9% relative return; weight 1.48%Industrial REITs: +0.06 pp weight change; +18.4% relative return; weight 0.27%Electronic Equipment & Instruments: +0.12 pp weight change; +32.1% relative return; weight 0.30%Apparel Retail: +0.17 pp weight change; +9.0% relative return; weight 0.54%Environmental & Facilities Services: +0.11 pp weight change; +26.7% relative return; weight 0.46%Food Distributors: -0.02 pp weight change; -0.1% relative return; weight 0.20%Integrated Telecommunication Services: +0.10 pp weight change; +10.1% relative return; weight 2.27%Integrated Telecommunication ServicesElectronic Manufacturing Services: -0.02 pp weight change; +2.5% relative return; weight 0.17%Other Specialty Retail: +0.03 pp weight change; +39.7% relative return; weight 0.12%Timber REITs: -0.06 pp weight change; -28.3% relative return; weight 0.11%Interactive Home Entertainment: -0.01 pp weight change; -9.5% relative return; weight 0.07%Data Processing & Outsourced Services: -0.00 pp weight change; +6.4% relative return; weight 0.08%Gas Utilities: +0.07 pp weight change; +1.3% relative return; weight 0.07%Commodity Chemicals: +0.20 pp weight change; -0.5% relative return; weight 0.20%Wireless Telecommunication Services: +0.00 pp weight change; -5.6% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; -5.6% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; -5.6% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -5.6% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -5.6% relative return; weight 0.00%Footwear: +0.00 pp weight change; -5.6% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -5.6% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -5.6% 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.