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

-44.50 pp-70%-22.25 pp-35%+0.00 pp+0%+22.25 pp+35%+44.50 pp+70%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.84 pp weight change; +13.0% relative return; weight 1.79%Technology Hardware, Storage & Peripherals: +0.58 pp weight change; -4.9% relative return; weight 1.81%Biotechnology: +0.57 pp weight change; -16.7% relative return; weight 2.32%BiotechnologyHealth Care Equipment: +1.56 pp weight change; +9.9% relative return; weight 3.42%Health Care EquipmentIT Consulting & Other Services: +0.60 pp weight change; +0.6% relative return; weight 1.55%Application Software: +1.30 pp weight change; +3.8% relative return; weight 3.11%Application SoftwareSemiconductors: +1.32 pp weight change; +9.0% relative return; weight 3.19%SemiconductorsAgricultural Products & Services: +0.03 pp weight change; -16.8% relative return; weight 0.12%Human Resource & Employment Services: +0.24 pp weight change; +9.5% relative return; weight 0.53%Multi-Utilities: +0.73 pp weight change; +20.4% relative return; weight 1.45%Electric Utilities: +1.18 pp weight change; +28.6% relative return; weight 2.21%Independent Power Producers & Energy Traders: +0.05 pp weight change; +10.9% relative return; weight 0.11%Life & Health Insurance: +0.29 pp weight change; +2.0% relative return; weight 0.77%Multi-line Insurance: +0.16 pp weight change; +6.0% relative return; weight 0.38%Insurance Brokers: +0.30 pp weight change; +22.8% relative return; weight 0.60%Internet Services & Infrastructure: +0.10 pp weight change; +18.8% relative return; weight 0.20%Specialty Chemicals: +0.34 pp weight change; +5.1% relative return; weight 0.81%Health Care Supplies: -0.01 pp weight change; -48.6% relative return; weight 0.10%Property & Casualty Insurance: +0.60 pp weight change; +18.7% relative return; weight 1.24%Building Products: +0.20 pp weight change; +19.9% relative return; weight 0.44%Semiconductor Materials & Equipment: +0.14 pp weight change; +32.3% relative return; weight 0.28%Electrical Components & Equipment: +0.21 pp weight change; -5.1% relative return; weight 0.62%Asset Management & Custody Banks: +0.25 pp weight change; -9.5% relative return; weight 0.81%Telecom Tower REITs: +0.56 pp weight change; +42.9% relative return; weight 0.97%Broadline Retail: +0.14 pp weight change; -2.3% relative return; weight 0.40%Oil & Gas Exploration & Production: +0.06 pp weight change; -36.2% relative return; weight 0.87%Industrial Gases: +0.70 pp weight change; +22.4% relative return; weight 0.82%Electronic Components: +0.03 pp weight change; -16.1% relative return; weight 0.14%Automotive Parts & Equipment: +0.05 pp weight change; +3.4% relative return; weight 0.12%Office REITs: +0.10 pp weight change; +14.3% relative return; weight 0.20%Paper & Plastic Packaging Products & Materials: +0.48 pp weight change; -5.0% relative return; weight 0.61%Water Utilities: +0.07 pp weight change; +41.7% relative return; weight 0.12%Consumer Finance: +0.36 pp weight change; +6.7% relative return; weight 0.87%Automotive Retail: +0.08 pp weight change; +35.6% relative return; weight 0.15%Aerospace & Defense: +2.00 pp weight change; -5.8% relative return; weight 5.30%Aerospace & DefenseDiversified Banks: +2.34 pp weight change; +2.0% relative return; weight 6.46%Diversified BanksMetal, Glass & Plastic Containers: +0.08 pp weight change; +64.3% relative return; weight 0.13%Computer & Electronics Retail: +0.03 pp weight change; -11.8% relative return; weight 0.10%Hotels, Resorts & Cruise Lines: +0.21 pp weight change; -10.4% relative return; weight 0.68%Oil & Gas Equipment & Services: -0.04 pp weight change; -45.1% relative return; weight 0.34%Pharmaceuticals: +1.87 pp weight change; -1.8% relative return; weight 5.24%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; -4.3% relative return; weight 0.00%Health Care Distributors: +0.12 pp weight change; -3.9% relative return; weight 0.35%Construction Machinery & Heavy Transportation Equipment: +0.26 pp weight change; -7.8% relative return; weight 0.67%Financial Exchanges & Data: +0.53 pp weight change; +22.9% relative return; weight 1.05%Real Estate Services: +0.05 pp weight change; +18.4% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: +0.13 pp weight change; -27.8% relative return; weight 0.21%Regional Banks: +0.18 pp weight change; -5.4% relative return; weight 0.56%Household Products: +0.38 pp weight change; +16.2% relative return; weight 0.79%Air Freight & Logistics: +0.23 pp weight change; -11.3% relative return; weight 0.75%Cable & Satellite: +0.56 pp weight change; +26.1% relative return; weight 1.06%Health Care Services: +0.55 pp weight change; -22.2% relative return; weight 0.94%Restaurants: +0.90 pp weight change; +35.6% relative return; weight 1.69%Managed Health Care: +0.46 pp weight change; -19.5% relative return; weight 1.70%Consumer Staples Merchandise Retail: +1.00 pp weight change; +27.1% relative return; weight 1.92%Transaction & Payment Processing Services: +1.23 pp weight change; +18.0% relative return; weight 2.23%Communications Equipment: +0.50 pp weight change; +3.6% relative return; weight 1.31%Rail Transportation: +0.34 pp weight change; -0.7% relative return; weight 0.96%Diversified Support Services: +0.10 pp weight change; +38.2% relative return; weight 0.13%Integrated Oil & Gas: +0.45 pp weight change; -0.6% relative return; weight 1.20%Passenger Airlines: +0.16 pp weight change; -5.2% relative return; weight 0.47%Agricultural & Farm Machinery: +0.13 pp weight change; +12.6% relative return; weight 0.28%Homebuilding: +0.16 pp weight change; +31.8% relative return; weight 0.23%Movies & Entertainment: +1.26 pp weight change; -11.4% relative return; weight 1.31%Data Center REITs: +0.22 pp weight change; +27.6% relative return; weight 0.40%Health Care REITs: +0.26 pp weight change; +41.9% relative return; weight 0.43%Industrial Machinery & Supplies & Components: +0.40 pp weight change; -1.8% relative return; weight 0.97%Research & Consulting Services: +0.11 pp weight change; +20.0% relative return; weight 0.23%Reinsurance: +0.03 pp weight change; +16.7% relative return; weight 0.06%Multi-Family Residential REITs: +0.24 pp weight change; +30.8% relative return; weight 0.44%Self-Storage REITs: +0.16 pp weight change; +27.2% relative return; weight 0.31%Automobile Manufacturers: +0.20 pp weight change; +10.0% relative return; weight 0.47%Trading Companies & Distributors: +0.04 pp weight change; -14.7% relative return; weight 0.10%Copper: +0.01 pp weight change; -31.2% relative return; weight 0.07%Broadcasting: +0.00 pp weight change; -12.3% relative return; weight 0.00%Retail REITs: +0.23 pp weight change; +6.2% relative return; weight 0.52%Systems Software: +2.89 pp weight change; +21.3% relative return; weight 5.73%Systems SoftwarePackaged Foods & Meats: +0.43 pp weight change; +4.2% relative return; weight 1.03%Distributors: +0.03 pp weight change; +1.7% relative return; weight 0.08%Consumer Electronics: -44.12 pp weight change; +22.4% relative return; weight 0.09%Investment Banking & Brokerage: +0.33 pp weight change; -9.5% relative return; weight 1.10%Leisure Products: +0.04 pp weight change; +14.1% relative return; weight 0.08%Health Care Facilities: +0.06 pp weight change; -13.8% relative return; weight 0.22%Home Improvement Retail: +0.75 pp weight change; +8.4% relative return; weight 1.80%Industrial Conglomerates: +0.71 pp weight change; -7.4% relative return; weight 1.41%Hotel & Resort REITs: +0.02 pp weight change; -15.3% relative return; weight 0.07%Other Specialized REITs: +0.02 pp weight change; -0.7% relative return; weight 0.05%Construction & Engineering: +0.04 pp weight change; +16.1% relative return; weight 0.08%Cargo Ground Transportation: +0.02 pp weight change; -7.5% relative return; weight 0.06%Oil & Gas Storage & Transportation: +0.28 pp weight change; +9.1% relative return; weight 0.56%Soft Drinks & Non-alcoholic Beverages: +1.14 pp weight change; +21.3% relative return; weight 2.30%Soft Drinks & Non-alcoholic BeveragesFood Retail: +0.04 pp weight change; -10.9% relative return; weight 0.11%Casinos & Gaming: +0.05 pp weight change; -6.3% relative return; weight 0.14%Construction Materials: +0.11 pp weight change; +41.6% relative return; weight 0.20%Tobacco: +0.27 pp weight change; -15.0% relative return; weight 1.03%Oil & Gas Refining & Marketing: +0.21 pp weight change; -18.0% relative return; weight 0.64%Gold: +0.11 pp weight change; +28.8% relative return; weight 0.17%Apparel, Accessories & Luxury Goods: +0.19 pp weight change; +0.9% relative return; weight 0.47%Steel: +0.02 pp weight change; -18.6% relative return; weight 0.08%Advertising: +0.04 pp weight change; +17.2% relative return; weight 0.09%Personal Care Products: +0.99 pp weight change; +51.7% relative return; weight 1.65%Industrial REITs: +0.17 pp weight change; +27.3% relative return; weight 0.29%Electronic Equipment & Instruments: +0.20 pp weight change; +29.2% relative return; weight 0.29%Apparel Retail: +0.34 pp weight change; +4.2% relative return; weight 0.57%Environmental & Facilities Services: +0.25 pp weight change; +20.1% relative return; weight 0.45%Food Distributors: +0.10 pp weight change; +9.2% relative return; weight 0.22%Integrated Telecommunication Services: +1.15 pp weight change; +18.1% relative return; weight 2.44%Integrated Telecommunication ServicesElectronic Manufacturing Services: +0.07 pp weight change; +6.6% relative return; weight 0.17%Other Specialty Retail: +0.03 pp weight change; -11.1% relative return; weight 0.09%Timber REITs: +0.03 pp weight change; -10.8% relative return; weight 0.11%Interactive Home Entertainment: +0.03 pp weight change; -10.6% relative return; weight 0.08%Data Processing & Outsourced Services: +0.03 pp weight change; -5.5% relative return; weight 0.08%Gas Utilities: +0.07 pp weight change; +14.6% relative return; weight 0.07%Commodity Chemicals: +0.19 pp weight change; +2.0% relative return; weight 0.19%Wireless Telecommunication Services: +0.36 pp weight change; -2.7% relative return; weight 0.36%Technology Distributors: +0.09 pp weight change; -1.5% relative return; weight 0.09%Heavy Electrical Equipment: +0.00 pp weight change; -1.5% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -1.5% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -1.5% relative return; weight 0.00%Footwear: +0.00 pp weight change; -1.5% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -1.5% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -1.5% 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.