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-60%-22.25 pp-30%+0.00 pp+0%+22.25 pp+30%+44.50 pp+60%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.81 pp weight change; +9.4% relative return; weight 1.74%Technology Hardware, Storage & Peripherals: +0.66 pp weight change; -2.4% relative return; weight 1.90%Biotechnology: +0.86 pp weight change; -5.9% relative return; weight 2.48%BiotechnologyHealth Care Equipment: +1.57 pp weight change; +9.7% relative return; weight 3.37%Health Care EquipmentIT Consulting & Other Services: +0.59 pp weight change; +1.7% relative return; weight 1.45%Application Software: +1.32 pp weight change; +3.2% relative return; weight 3.07%Application SoftwareSemiconductors: +1.48 pp weight change; +14.1% relative return; weight 3.26%SemiconductorsAgricultural Products & Services: +0.03 pp weight change; -18.4% relative return; weight 0.12%Human Resource & Employment Services: +0.23 pp weight change; +6.0% relative return; weight 0.52%Multi-Utilities: +0.63 pp weight change; +5.7% relative return; weight 1.42%Electric Utilities: +1.03 pp weight change; +11.7% relative return; weight 2.16%Independent Power Producers & Energy Traders: +0.04 pp weight change; +2.7% relative return; weight 0.11%Life & Health Insurance: +0.29 pp weight change; +2.1% relative return; weight 0.76%Multi-line Insurance: +0.16 pp weight change; +11.1% relative return; weight 0.36%Insurance Brokers: +0.28 pp weight change; +10.8% relative return; weight 0.60%Internet Services & Infrastructure: +0.09 pp weight change; +13.3% relative return; weight 0.19%Specialty Chemicals: +0.32 pp weight change; +0.3% relative return; weight 0.79%Health Care Supplies: +0.05 pp weight change; +1.0% relative return; weight 0.12%Property & Casualty Insurance: +0.48 pp weight change; +4.1% relative return; weight 1.13%Building Products: +0.21 pp weight change; +23.3% relative return; weight 0.45%Semiconductor Materials & Equipment: +0.17 pp weight change; +51.7% relative return; weight 0.30%Electrical Components & Equipment: +0.26 pp weight change; +3.4% relative return; weight 0.63%Asset Management & Custody Banks: +0.28 pp weight change; -6.4% relative return; weight 0.82%Telecom Tower REITs: +0.50 pp weight change; +24.1% relative return; weight 0.95%Broadline Retail: +0.15 pp weight change; +3.1% relative return; weight 0.38%Oil & Gas Exploration & Production: +0.07 pp weight change; -36.2% relative return; weight 0.80%Industrial Gases: +0.69 pp weight change; +19.9% relative return; weight 0.80%Electronic Components: +0.04 pp weight change; -13.7% relative return; weight 0.14%Automotive Parts & Equipment: +0.05 pp weight change; +4.3% relative return; weight 0.12%Office REITs: +0.10 pp weight change; +10.1% relative return; weight 0.21%Paper & Plastic Packaging Products & Materials: +0.48 pp weight change; -2.4% relative return; weight 0.60%Water Utilities: +0.06 pp weight change; +25.9% relative return; weight 0.12%Consumer Finance: +0.33 pp weight change; +1.6% relative return; weight 0.85%Automotive Retail: +0.08 pp weight change; +36.9% relative return; weight 0.15%Aerospace & Defense: +2.16 pp weight change; -3.3% relative return; weight 5.29%Aerospace & DefenseDiversified Banks: +2.43 pp weight change; +0.2% relative return; weight 6.60%Diversified BanksMetal, Glass & Plastic Containers: +0.07 pp weight change; +39.7% relative return; weight 0.12%Computer & Electronics Retail: +0.03 pp weight change; -6.4% relative return; weight 0.10%Hotels, Resorts & Cruise Lines: +0.24 pp weight change; -5.0% relative return; weight 0.67%Oil & Gas Equipment & Services: -0.02 pp weight change; -43.1% relative return; weight 0.32%Pharmaceuticals: +1.80 pp weight change; -6.8% relative return; weight 5.34%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; -8.1% relative return; weight 0.00%Health Care Distributors: +0.11 pp weight change; -8.0% relative return; weight 0.34%Construction Machinery & Heavy Transportation Equipment: +0.33 pp weight change; +7.6% relative return; weight 0.69%Financial Exchanges & Data: +0.54 pp weight change; +19.5% relative return; weight 1.07%Real Estate Services: +0.05 pp weight change; +17.9% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: +0.12 pp weight change; -33.2% relative return; weight 0.19%Regional Banks: +0.17 pp weight change; -9.9% relative return; weight 0.55%Household Products: +0.32 pp weight change; +6.3% relative return; weight 0.73%Air Freight & Logistics: +0.22 pp weight change; -14.5% relative return; weight 0.71%Cable & Satellite: +0.57 pp weight change; +19.0% relative return; weight 1.11%Health Care Services: +0.61 pp weight change; -17.7% relative return; weight 0.99%Restaurants: +0.67 pp weight change; +9.7% relative return; weight 1.54%Managed Health Care: +0.64 pp weight change; -14.3% relative return; weight 1.93%Consumer Staples Merchandise Retail: +0.91 pp weight change; +14.3% relative return; weight 1.90%Transaction & Payment Processing Services: +1.36 pp weight change; +15.7% relative return; weight 2.34%Transaction & Payment Processing ServicesCommunications Equipment: +0.43 pp weight change; -3.8% relative return; weight 1.25%Rail Transportation: +0.36 pp weight change; +0.3% relative return; weight 0.94%Diversified Support Services: +0.10 pp weight change; +35.0% relative return; weight 0.12%Integrated Oil & Gas: +0.42 pp weight change; -4.0% relative return; weight 1.15%Passenger Airlines: +0.16 pp weight change; -3.9% relative return; weight 0.46%Agricultural & Farm Machinery: +0.14 pp weight change; +16.3% relative return; weight 0.29%Homebuilding: +0.16 pp weight change; +33.6% relative return; weight 0.23%Movies & Entertainment: +1.24 pp weight change; -1.0% relative return; weight 1.29%Data Center REITs: +0.21 pp weight change; +26.5% relative return; weight 0.39%Health Care REITs: +0.22 pp weight change; +19.3% relative return; weight 0.42%Industrial Machinery & Supplies & Components: +0.47 pp weight change; +6.9% relative return; weight 0.98%Research & Consulting Services: +0.10 pp weight change; +12.8% relative return; weight 0.21%Reinsurance: +0.02 pp weight change; +6.6% relative return; weight 0.05%Multi-Family Residential REITs: +0.23 pp weight change; +22.9% relative return; weight 0.44%Self-Storage REITs: +0.12 pp weight change; +3.2% relative return; weight 0.28%Automobile Manufacturers: +0.15 pp weight change; -9.7% relative return; weight 0.44%Trading Companies & Distributors: +0.06 pp weight change; +8.5% relative return; weight 0.11%Copper: +0.02 pp weight change; -23.9% relative return; weight 0.07%Broadcasting: +0.00 pp weight change; -21.7% relative return; weight 0.00%Retail REITs: +0.19 pp weight change; -6.5% relative return; weight 0.51%Systems Software: +2.96 pp weight change; +20.7% relative return; weight 5.79%Systems SoftwarePackaged Foods & Meats: +0.35 pp weight change; -8.2% relative return; weight 0.99%Distributors: +0.03 pp weight change; -4.2% relative return; weight 0.08%Consumer Electronics: -44.32 pp weight change; +29.3% relative return; weight 0.10%Investment Banking & Brokerage: +0.32 pp weight change; -13.6% relative return; weight 1.11%Leisure Products: +0.02 pp weight change; -3.4% relative return; weight 0.06%Health Care Facilities: +0.08 pp weight change; -10.2% relative return; weight 0.24%Home Improvement Retail: +0.85 pp weight change; +17.1% relative return; weight 1.79%Industrial Conglomerates: +0.70 pp weight change; -8.7% relative return; weight 1.37%Hotel & Resort REITs: +0.01 pp weight change; -20.1% relative return; weight 0.06%Other Specialized REITs: +0.02 pp weight change; +2.2% relative return; weight 0.05%Construction & Engineering: +0.04 pp weight change; +14.4% relative return; weight 0.09%Cargo Ground Transportation: +0.02 pp weight change; -4.8% relative return; weight 0.07%Oil & Gas Storage & Transportation: +0.24 pp weight change; -1.1% relative return; weight 0.53%Soft Drinks & Non-alcoholic Beverages: +1.00 pp weight change; +7.1% relative return; weight 2.25%Food Retail: +0.02 pp weight change; -24.9% relative return; weight 0.10%Casinos & Gaming: +0.31 pp weight change; +2.7% relative return; weight 0.39%Construction Materials: +0.10 pp weight change; +31.2% relative return; weight 0.18%Tobacco: +0.22 pp weight change; -23.2% relative return; weight 1.10%Oil & Gas Refining & Marketing: +0.30 pp weight change; -5.0% relative return; weight 0.70%Gold: +0.11 pp weight change; +18.7% relative return; weight 0.17%Apparel, Accessories & Luxury Goods: +0.18 pp weight change; -1.0% relative return; weight 0.44%Steel: +0.02 pp weight change; -16.8% relative return; weight 0.09%Advertising: +0.03 pp weight change; -4.7% relative return; weight 0.09%Personal Care Products: +0.87 pp weight change; +28.1% relative return; weight 1.62%Industrial REITs: +0.15 pp weight change; +24.2% relative return; weight 0.29%Electronic Equipment & Instruments: +0.18 pp weight change; +18.9% relative return; weight 0.28%Apparel Retail: +0.33 pp weight change; -3.2% relative return; weight 0.57%Environmental & Facilities Services: +0.21 pp weight change; +8.9% relative return; weight 0.44%Food Distributors: +0.09 pp weight change; +1.6% relative return; weight 0.21%Integrated Telecommunication Services: +1.13 pp weight change; +7.5% relative return; weight 2.41%Integrated Telecommunication ServicesElectronic Manufacturing Services: +0.07 pp weight change; +7.6% relative return; weight 0.16%Other Specialty Retail: +0.02 pp weight change; -22.5% relative return; weight 0.08%Timber REITs: +0.05 pp weight change; +2.7% relative return; weight 0.11%Interactive Home Entertainment: +0.02 pp weight change; -17.2% relative return; weight 0.07%Data Processing & Outsourced Services: +0.03 pp weight change; -3.3% relative return; weight 0.07%Gas Utilities: +0.07 pp weight change; +1.9% relative return; weight 0.07%Commodity Chemicals: +0.20 pp weight change; -2.6% relative return; weight 0.20%Wireless Telecommunication Services: +0.37 pp weight change; -8.0% relative return; weight 0.37%Technology Distributors: +0.10 pp weight change; -7.9% relative return; weight 0.10%Heavy Electrical Equipment: +0.00 pp weight change; -11.3% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -11.3% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -11.3% relative return; weight 0.00%Footwear: +0.00 pp weight change; -11.3% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -11.3% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -11.3% 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.