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-80%-0.75 pp-40%+0.00 pp+0%+0.75 pp+40%+1.50 pp+80%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.11 pp weight change; +15.3% relative return; weight 1.75%Technology Hardware, Storage & Peripherals: -0.26 pp weight change; +2.9% relative return; weight 1.76%Biotechnology: -0.85 pp weight change; -16.3% relative return; weight 2.27%BiotechnologyHealth Care Equipment: +0.28 pp weight change; +17.5% relative return; weight 3.39%Health Care EquipmentIT Consulting & Other Services: -0.10 pp weight change; +5.2% relative return; weight 1.59%Application Software: +0.18 pp weight change; +19.2% relative return; weight 3.19%Application SoftwareSemiconductors: -0.22 pp weight change; +7.7% relative return; weight 3.17%SemiconductorsAgricultural Products & Services: -0.04 pp weight change; -14.7% relative return; weight 0.12%Human Resource & Employment Services: +0.05 pp weight change; +21.8% relative return; weight 0.54%Multi-Utilities: +0.01 pp weight change; +9.3% relative return; weight 1.34%Electric Utilities: +0.21 pp weight change; +15.4% relative return; weight 2.03%Independent Power Producers & Energy Traders: -0.00 pp weight change; +16.3% relative return; weight 0.11%Life & Health Insurance: -0.07 pp weight change; +6.3% relative return; weight 0.82%Multi-line Insurance: -0.03 pp weight change; +1.8% relative return; weight 0.38%Insurance Brokers: +0.07 pp weight change; +23.4% relative return; weight 0.59%Internet Services & Infrastructure: +0.03 pp weight change; +29.8% relative return; weight 0.21%Specialty Chemicals: -0.02 pp weight change; +5.8% relative return; weight 0.83%Health Care Supplies: -0.07 pp weight change; -36.1% relative return; weight 0.11%Property & Casualty Insurance: +0.05 pp weight change; +16.8% relative return; weight 1.22%Building Products: +0.00 pp weight change; +12.6% relative return; weight 0.46%Semiconductor Materials & Equipment: -0.04 pp weight change; +1.7% relative return; weight 0.27%Electrical Components & Equipment: -0.11 pp weight change; -5.3% relative return; weight 0.60%Asset Management & Custody Banks: -0.26 pp weight change; -13.7% relative return; weight 0.85%Telecom Tower REITs: +0.19 pp weight change; +35.6% relative return; weight 0.94%Broadline Retail: -0.02 pp weight change; +9.6% relative return; weight 0.43%Oil & Gas Exploration & Production: -0.50 pp weight change; -30.2% relative return; weight 0.98%Industrial Gases: +0.61 pp weight change; +23.2% relative return; weight 0.82%Electronic Components: -0.03 pp weight change; -7.1% relative return; weight 0.15%Automotive Parts & Equipment: -0.03 pp weight change; -12.7% relative return; weight 0.12%Office REITs: +0.01 pp weight change; +9.9% relative return; weight 0.20%Paper & Plastic Packaging Products & Materials: -0.05 pp weight change; -11.3% relative return; weight 0.19%Water Utilities: +0.02 pp weight change; +28.9% relative return; weight 0.11%Consumer Finance: +0.02 pp weight change; +15.5% relative return; weight 0.91%Automotive Retail: +0.04 pp weight change; +51.9% relative return; weight 0.16%Aerospace & Defense: -1.14 pp weight change; -10.4% relative return; weight 5.35%Aerospace & DefenseDiversified Banks: -1.31 pp weight change; -2.7% relative return; weight 6.59%Diversified BanksMetal, Glass & Plastic Containers: +0.05 pp weight change; +79.8% relative return; weight 0.13%Computer & Electronics Retail: -0.01 pp weight change; +1.9% relative return; weight 0.11%Hotels, Resorts & Cruise Lines: -0.08 pp weight change; +1.0% relative return; weight 0.73%Oil & Gas Equipment & Services: -0.36 pp weight change; -41.6% relative return; weight 0.40%Pharmaceuticals: -0.53 pp weight change; +3.2% relative return; weight 5.25%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +0.9% relative return; weight 0.00%Health Care Distributors: -0.03 pp weight change; +4.5% relative return; weight 0.36%Construction Machinery & Heavy Transportation Equipment: -0.04 pp weight change; -1.2% relative return; weight 0.69%Financial Exchanges & Data: +0.09 pp weight change; +20.2% relative return; weight 1.05%Real Estate Services: -0.00 pp weight change; +3.4% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: -0.02 pp weight change; -5.0% relative return; weight 0.11%Regional Banks: -0.14 pp weight change; -7.1% relative return; weight 0.59%Household Products: +0.03 pp weight change; +15.3% relative return; weight 0.79%Air Freight & Logistics: -0.18 pp weight change; -10.9% relative return; weight 0.78%Cable & Satellite: +0.11 pp weight change; +21.5% relative return; weight 1.00%Health Care Services: +0.30 pp weight change; -14.5% relative return; weight 0.93%Restaurants: +0.36 pp weight change; +46.4% relative return; weight 1.72%Managed Health Care: -0.14 pp weight change; -1.7% relative return; weight 1.99%Consumer Staples Merchandise Retail: +0.15 pp weight change; +20.8% relative return; weight 1.75%Transaction & Payment Processing Services: +0.41 pp weight change; +30.2% relative return; weight 2.09%Communications Equipment: +0.13 pp weight change; +28.8% relative return; weight 1.46%Rail Transportation: +0.00 pp weight change; +14.9% relative return; weight 1.04%Diversified Support Services: +0.01 pp weight change; +27.6% relative return; weight 0.06%Integrated Oil & Gas: -0.16 pp weight change; -1.5% relative return; weight 1.25%Passenger Airlines: -0.06 pp weight change; +2.8% relative return; weight 0.48%Agricultural & Farm Machinery: +0.01 pp weight change; +13.3% relative return; weight 0.28%Homebuilding: -0.01 pp weight change; +5.4% relative return; weight 0.14%Movies & Entertainment: +1.36 pp weight change; +6.9% relative return; weight 1.44%Data Center REITs: +0.00 pp weight change; +5.9% relative return; weight 0.35%Health Care REITs: +0.07 pp weight change; +28.7% relative return; weight 0.39%Industrial Machinery & Supplies & Components: -0.11 pp weight change; -0.6% 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; +11.7% relative return; weight 0.05%Multi-Family Residential REITs: +0.04 pp weight change; +21.4% relative return; weight 0.40%Self-Storage REITs: +0.01 pp weight change; +14.2% relative return; weight 0.30%Automobile Manufacturers: -0.04 pp weight change; +4.0% relative return; weight 0.49%Trading Companies & Distributors: +0.00 pp weight change; -11.0% relative return; weight 0.10%Copper: -0.05 pp weight change; -33.8% relative return; weight 0.09%Broadcasting: +0.00 pp weight change; +1.4% relative return; weight 0.00%Retail REITs: -0.03 pp weight change; +3.6% relative return; weight 0.51%Systems Software: +0.82 pp weight change; +26.4% relative return; weight 5.64%Systems SoftwarePackaged Foods & Meats: -0.12 pp weight change; -1.3% relative return; weight 1.04%Distributors: -0.01 pp weight change; -0.2% relative return; weight 0.08%Consumer Electronics: +0.01 pp weight change; +25.9% relative return; weight 0.08%Investment Banking & Brokerage: -0.32 pp weight change; -12.1% relative return; weight 1.17%Leisure Products: +0.01 pp weight change; +21.3% relative return; weight 0.08%Health Care Facilities: -0.01 pp weight change; +5.6% relative return; weight 0.24%Home Improvement Retail: -0.13 pp weight change; +6.0% relative return; weight 1.67%Industrial Conglomerates: +0.92 pp weight change; -3.9% relative return; weight 2.18%Hotel & Resort REITs: -0.02 pp weight change; -15.5% relative return; weight 0.07%Other Specialized REITs: -0.01 pp weight change; -12.6% relative return; weight 0.04%Construction & Engineering: +0.00 pp weight change; +14.9% relative return; weight 0.08%Cargo Ground Transportation: -0.02 pp weight change; -16.2% relative return; weight 0.06%Oil & Gas Storage & Transportation: +0.02 pp weight change; +2.9% relative return; weight 0.56%Soft Drinks & Non-alcoholic Beverages: +0.04 pp weight change; +12.3% relative return; weight 2.20%Soft Drinks & Non-alcoholic BeveragesFood Retail: -0.04 pp weight change; -27.7% relative return; weight 0.09%Casinos & Gaming: -0.05 pp weight change; -13.9% relative return; weight 0.16%Construction Materials: +0.02 pp weight change; +21.6% relative return; weight 0.18%Tobacco: -0.27 pp weight change; -8.0% relative return; weight 1.16%Oil & Gas Refining & Marketing: -0.22 pp weight change; -25.2% relative return; weight 0.63%Gold: +0.05 pp weight change; +0.9% relative return; weight 0.16%Apparel, Accessories & Luxury Goods: -0.02 pp weight change; +2.4% relative return; weight 0.44%Steel: -0.04 pp weight change; -18.8% relative return; weight 0.09%Advertising: +0.00 pp weight change; +17.2% relative return; weight 0.09%Personal Care Products: +0.39 pp weight change; +46.2% relative return; weight 1.58%Industrial REITs: +0.07 pp weight change; +22.8% relative return; weight 0.27%Electronic Equipment & Instruments: +0.11 pp weight change; +23.5% relative return; weight 0.29%Apparel Retail: +0.19 pp weight change; +14.3% relative return; weight 0.56%Environmental & Facilities Services: +0.09 pp weight change; +21.1% relative return; weight 0.45%Food Distributors: -0.02 pp weight change; +1.4% relative return; weight 0.19%Integrated Telecommunication Services: +0.11 pp weight change; +10.5% relative return; weight 2.22%Integrated Telecommunication ServicesElectronic Manufacturing Services: -0.02 pp weight change; -2.0% relative return; weight 0.17%Other Specialty Retail: +0.03 pp weight change; +38.7% relative return; weight 0.12%Timber REITs: -0.05 pp weight change; -24.0% relative return; weight 0.10%Interactive Home Entertainment: -0.00 pp weight change; +5.3% relative return; weight 0.07%Data Processing & Outsourced Services: +0.00 pp weight change; +11.2% relative return; weight 0.08%Gas Utilities: +0.07 pp weight change; +7.7% relative return; weight 0.07%Commodity Chemicals: +0.19 pp weight change; +0.7% relative return; weight 0.19%Wireless Telecommunication Services: +0.36 pp weight change; -2.8% relative return; weight 0.36%Technology Distributors: +0.00 pp weight change; -2.8% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; -2.8% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -2.8% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -2.8% relative return; weight 0.00%Footwear: +0.00 pp weight change; -2.8% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -2.8% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -2.8% 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.