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

-43.50 pp-100%-21.75 pp-50%+0.00 pp+0%+21.75 pp+50%+43.50 pp+100%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.86 pp weight change; +15.5% relative return; weight 1.79%Technology Hardware, Storage & Peripherals: +0.47 pp weight change; -10.6% relative return; weight 1.73%Biotechnology: +0.60 pp weight change; -15.0% relative return; weight 2.36%Health Care Equipment: +1.75 pp weight change; +18.5% relative return; weight 3.55%Health Care EquipmentIT Consulting & Other Services: +0.61 pp weight change; +2.2% relative return; weight 1.56%Application Software: +1.44 pp weight change; +10.8% relative return; weight 3.24%Application SoftwareSemiconductors: +1.24 pp weight change; +5.5% relative return; weight 3.16%SemiconductorsAgricultural Products & Services: +0.02 pp weight change; -21.9% relative return; weight 0.12%Human Resource & Employment Services: +0.27 pp weight change; +17.3% relative return; weight 0.56%Multi-Utilities: +0.68 pp weight change; +15.9% relative return; weight 1.43%Electric Utilities: +1.13 pp weight change; +25.1% relative return; weight 2.18%Independent Power Producers & Energy Traders: +0.04 pp weight change; +9.8% relative return; weight 0.11%Life & Health Insurance: +0.26 pp weight change; -1.2% relative return; weight 0.74%Multi-line Insurance: +0.14 pp weight change; +1.7% relative return; weight 0.37%Insurance Brokers: +0.32 pp weight change; +27.3% relative return; weight 0.62%Internet Services & Infrastructure: +0.11 pp weight change; +24.7% relative return; weight 0.21%Specialty Chemicals: +0.31 pp weight change; +1.3% relative return; weight 0.79%Health Care Supplies: -0.01 pp weight change; -45.8% relative return; weight 0.10%Property & Casualty Insurance: +0.58 pp weight change; +16.9% relative return; weight 1.23%Building Products: +0.19 pp weight change; +14.1% relative return; weight 0.44%Semiconductor Materials & Equipment: +0.12 pp weight change; +15.3% relative return; weight 0.27%Electrical Components & Equipment: +0.19 pp weight change; -8.4% relative return; weight 0.59%Asset Management & Custody Banks: +0.18 pp weight change; -18.0% relative return; weight 0.77%Telecom Tower REITs: +0.62 pp weight change; +50.0% relative return; weight 1.04%Broadline Retail: +0.15 pp weight change; -0.2% relative return; weight 0.42%Oil & Gas Exploration & Production: +0.07 pp weight change; -35.0% relative return; weight 0.86%Industrial Gases: +0.71 pp weight change; +24.2% relative return; weight 0.83%Electronic Components: +0.04 pp weight change; -13.7% relative return; weight 0.14%Automotive Parts & Equipment: +0.04 pp weight change; -4.7% relative return; weight 0.12%Office REITs: +0.09 pp weight change; +9.4% relative return; weight 0.20%Paper & Plastic Packaging Products & Materials: +0.06 pp weight change; -8.5% relative return; weight 0.18%Water Utilities: +0.07 pp weight change; +48.3% relative return; weight 0.13%Consumer Finance: +0.36 pp weight change; +6.0% relative return; weight 0.88%Automotive Retail: +0.09 pp weight change; +41.3% relative return; weight 0.16%Aerospace & Defense: +1.75 pp weight change; -10.7% relative return; weight 5.20%Aerospace & DefenseDiversified Banks: +1.82 pp weight change; -7.4% relative return; weight 6.17%Diversified BanksMetal, Glass & Plastic Containers: +0.10 pp weight change; +93.7% relative return; weight 0.15%Computer & Electronics Retail: +0.02 pp weight change; -17.7% relative return; weight 0.09%Hotels, Resorts & Cruise Lines: +0.24 pp weight change; -5.1% relative return; weight 0.69%Oil & Gas Equipment & Services: -0.06 pp weight change; -47.8% relative return; weight 0.33%Pharmaceuticals: +2.06 pp weight change; +2.9% relative return; weight 5.35%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; -2.5% relative return; weight 0.00%Health Care Distributors: +0.12 pp weight change; -0.9% relative return; weight 0.35%Construction Machinery & Heavy Transportation Equipment: +0.25 pp weight change; -5.8% relative return; weight 0.65%Financial Exchanges & Data: +0.57 pp weight change; +24.8% relative return; weight 1.13%Real Estate Services: +0.04 pp weight change; +7.2% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.14 pp weight change; -23.6% relative return; weight 0.22%Regional Banks: +0.13 pp weight change; -15.5% relative return; weight 0.54%Household Products: +0.41 pp weight change; +20.9% relative return; weight 0.83%Air Freight & Logistics: +0.23 pp weight change; -11.6% relative return; weight 0.77%Cable & Satellite: +0.57 pp weight change; +27.6% relative return; weight 1.07%Health Care Services: +0.57 pp weight change; -19.7% relative return; weight 0.95%Restaurants: +1.03 pp weight change; +49.2% relative return; weight 1.81%Managed Health Care: +0.63 pp weight change; -11.4% relative return; weight 1.88%Consumer Staples Merchandise Retail: +1.01 pp weight change; +27.3% relative return; weight 1.94%Transaction & Payment Processing Services: +1.37 pp weight change; +24.9% relative return; weight 2.37%Transaction & Payment Processing ServicesCommunications Equipment: +0.47 pp weight change; +2.9% relative return; weight 1.30%Rail Transportation: +0.38 pp weight change; +5.7% relative return; weight 0.97%Diversified Support Services: +0.10 pp weight change; +22.0% relative return; weight 0.13%Integrated Oil & Gas: +0.48 pp weight change; +3.5% relative return; weight 1.22%Passenger Airlines: +0.15 pp weight change; -5.0% relative return; weight 0.48%Agricultural & Farm Machinery: +0.12 pp weight change; +9.9% relative return; weight 0.27%Homebuilding: +0.07 pp weight change; +16.1% relative return; weight 0.15%Movies & Entertainment: +1.36 pp weight change; -3.3% relative return; weight 1.41%Data Center REITs: +0.20 pp weight change; +19.0% relative return; weight 0.40%Health Care REITs: +0.25 pp weight change; +35.3% relative return; weight 0.44%Industrial Machinery & Supplies & Components: +0.39 pp weight change; -2.4% relative return; weight 0.95%Research & Consulting Services: +0.12 pp weight change; +24.8% relative return; weight 0.24%Reinsurance: +0.02 pp weight change; +7.7% relative return; weight 0.05%Multi-Family Residential REITs: +0.23 pp weight change; +29.2% relative return; weight 0.44%Self-Storage REITs: +0.18 pp weight change; +31.1% relative return; weight 0.34%Automobile Manufacturers: +0.20 pp weight change; +5.7% relative return; weight 0.47%Trading Companies & Distributors: +0.04 pp weight change; -17.4% relative return; weight 0.09%Copper: +0.01 pp weight change; -33.5% relative return; weight 0.07%Broadcasting: +0.00 pp weight change; -7.9% relative return; weight 0.00%Retail REITs: +0.20 pp weight change; -0.9% relative return; weight 0.51%Systems Software: +3.00 pp weight change; +24.5% relative return; weight 5.82%Systems SoftwarePackaged Foods & Meats: +0.41 pp weight change; +1.2% relative return; weight 1.04%Distributors: +0.02 pp weight change; -6.9% relative return; weight 0.07%Consumer Electronics: -43.48 pp weight change; +23.3% relative return; weight 0.09%Investment Banking & Brokerage: +0.27 pp weight change; -15.6% relative return; weight 1.08%Leisure Products: +0.04 pp weight change; +14.2% relative return; weight 0.08%Health Care Facilities: +0.07 pp weight change; -9.2% relative return; weight 0.22%Home Improvement Retail: +0.81 pp weight change; +12.9% relative return; weight 1.84%Industrial Conglomerates: +0.71 pp weight change; -6.5% relative return; weight 1.41%Hotel & Resort REITs: +0.01 pp weight change; -21.9% relative return; weight 0.06%Other Specialized REITs: +0.02 pp weight change; -5.3% relative return; weight 0.05%Construction & Engineering: +0.04 pp weight change; +13.9% relative return; weight 0.08%Cargo Ground Transportation: +0.02 pp weight change; -9.6% relative return; weight 0.06%Oil & Gas Storage & Transportation: +0.27 pp weight change; +6.9% relative return; weight 0.57%Soft Drinks & Non-alcoholic Beverages: +1.21 pp weight change; +26.2% relative return; weight 2.36%Soft Drinks & Non-alcoholic BeveragesFood Retail: +0.02 pp weight change; -23.1% relative return; weight 0.10%Casinos & Gaming: +0.04 pp weight change; -12.4% relative return; weight 0.14%Construction Materials: +0.10 pp weight change; +28.9% relative return; weight 0.19%Tobacco: +0.31 pp weight change; -10.9% relative return; weight 1.05%Oil & Gas Refining & Marketing: +0.13 pp weight change; -28.7% relative return; weight 0.59%Gold: +0.12 pp weight change; +34.1% relative return; weight 0.18%Apparel, Accessories & Luxury Goods: +0.15 pp weight change; -6.5% relative return; weight 0.43%Steel: +0.02 pp weight change; -19.4% relative return; weight 0.08%Advertising: +0.04 pp weight change; +13.6% relative return; weight 0.09%Personal Care Products: +0.97 pp weight change; +49.5% relative return; weight 1.64%Industrial REITs: +0.17 pp weight change; +28.2% relative return; weight 0.29%Electronic Equipment & Instruments: +0.21 pp weight change; +32.7% relative return; weight 0.31%Apparel Retail: +0.35 pp weight change; +6.4% relative return; weight 0.57%Environmental & Facilities Services: +0.27 pp weight change; +24.9% relative return; weight 0.47%Food Distributors: +0.08 pp weight change; +1.7% relative return; weight 0.21%Integrated Telecommunication Services: +1.08 pp weight change; +15.4% relative return; weight 2.37%Integrated Telecommunication ServicesElectronic Manufacturing Services: +0.06 pp weight change; +1.7% relative return; weight 0.17%Other Specialty Retail: +0.03 pp weight change; -5.4% relative return; weight 0.09%Timber REITs: +0.02 pp weight change; -20.2% relative return; weight 0.11%Interactive Home Entertainment: +0.03 pp weight change; -1.1% relative return; weight 0.08%Data Processing & Outsourced Services: +0.03 pp weight change; -2.5% relative return; weight 0.08%Gas Utilities: +0.07 pp weight change; +12.7% relative return; weight 0.07%Commodity Chemicals: +0.17 pp weight change; -7.2% relative return; weight 0.17%Wireless Telecommunication Services: +0.36 pp weight change; -2.0% relative return; weight 0.36%Technology Distributors: +0.00 pp weight change; +0.1% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; +0.1% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +0.1% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +0.1% relative return; weight 0.00%Footwear: +0.00 pp weight change; +0.1% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +0.1% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +0.1% 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.