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

-44.00 pp-50%-22.00 pp-25%+0.00 pp+0%+22.00 pp+25%+44.00 pp+50%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.78 pp weight change; +5.4% relative return; weight 1.76%Technology Hardware, Storage & Peripherals: +0.93 pp weight change; +20.9% relative return; weight 1.96%Biotechnology: +0.86 pp weight change; -7.6% relative return; weight 2.62%BiotechnologyHealth Care Equipment: +1.42 pp weight change; +3.3% relative return; weight 3.30%Health Care EquipmentIT Consulting & Other Services: +0.58 pp weight change; +0.2% relative return; weight 1.47%Application Software: +1.39 pp weight change; +6.5% relative return; weight 3.15%Application SoftwareSemiconductors: +1.49 pp weight change; +13.8% relative return; weight 3.23%SemiconductorsAgricultural Products & Services: +0.03 pp weight change; -15.0% relative return; weight 0.12%Human Resource & Employment Services: +0.23 pp weight change; +5.9% relative return; weight 0.53%Multi-Utilities: +0.56 pp weight change; +1.4% relative return; weight 1.34%Electric Utilities: +0.88 pp weight change; +4.3% relative return; weight 2.03%Independent Power Producers & Energy Traders: +0.04 pp weight change; +1.1% relative return; weight 0.11%Life & Health Insurance: +0.29 pp weight change; +0.9% relative return; weight 0.76%Multi-line Insurance: +0.15 pp weight change; +7.3% relative return; weight 0.35%Insurance Brokers: +0.27 pp weight change; +9.4% relative return; weight 0.60%Internet Services & Infrastructure: +0.08 pp weight change; +9.2% relative return; weight 0.18%Specialty Chemicals: +0.29 pp weight change; -1.7% relative return; weight 0.78%Health Care Supplies: +0.06 pp weight change; +5.1% relative return; weight 0.13%Property & Casualty Insurance: +0.47 pp weight change; +5.2% relative return; weight 1.12%Building Products: +0.19 pp weight change; +14.7% relative return; weight 0.43%Semiconductor Materials & Equipment: +0.17 pp weight change; +40.6% relative return; weight 0.30%Electrical Components & Equipment: +0.27 pp weight change; +5.7% relative return; weight 0.65%Asset Management & Custody Banks: +0.28 pp weight change; -5.9% relative return; weight 0.84%Telecom Tower REITs: +0.43 pp weight change; +13.9% relative return; weight 0.89%Broadline Retail: +0.14 pp weight change; -0.9% relative return; weight 0.37%Oil & Gas Exploration & Production: +0.15 pp weight change; -33.2% relative return; weight 0.82%Industrial Gases: +0.41 pp weight change; +21.1% relative return; weight 0.82%Electronic Components: +0.04 pp weight change; -15.7% relative return; weight 0.13%Automotive Parts & Equipment: +0.06 pp weight change; +16.2% relative return; weight 0.12%Office REITs: +0.09 pp weight change; +5.0% relative return; weight 0.20%Paper & Plastic Packaging Products & Materials: +0.50 pp weight change; -0.4% relative return; weight 0.61%Water Utilities: +0.05 pp weight change; +13.7% relative return; weight 0.11%Consumer Finance: +0.33 pp weight change; +0.9% relative return; weight 0.85%Automotive Retail: +0.08 pp weight change; +26.9% relative return; weight 0.15%Aerospace & Defense: +2.81 pp weight change; +17.4% relative return; weight 5.52%Aerospace & DefenseDiversified Banks: +2.44 pp weight change; +2.6% relative return; weight 6.60%Diversified BanksMetal, Glass & Plastic Containers: +0.05 pp weight change; +19.5% relative return; weight 0.11%Computer & Electronics Retail: +0.05 pp weight change; +13.2% relative return; weight 0.11%Hotels, Resorts & Cruise Lines: +0.26 pp weight change; -2.7% relative return; weight 0.70%Oil & Gas Equipment & Services: +0.05 pp weight change; -29.8% relative return; weight 0.35%Pharmaceuticals: +1.57 pp weight change; -11.9% relative return; weight 5.23%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; -11.1% relative return; weight 0.00%Health Care Distributors: +0.12 pp weight change; -4.5% relative return; weight 0.35%Construction Machinery & Heavy Transportation Equipment: +0.32 pp weight change; +2.1% relative return; weight 0.71%Financial Exchanges & Data: +0.52 pp weight change; +17.0% relative return; weight 1.06%Real Estate Services: +0.05 pp weight change; +15.0% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.11 pp weight change; -35.9% relative return; weight 0.19%Regional Banks: +0.19 pp weight change; -6.0% relative return; weight 0.56%Household Products: +0.27 pp weight change; -2.9% relative return; weight 0.71%Air Freight & Logistics: +0.20 pp weight change; -17.5% relative return; weight 0.72%Cable & Satellite: +0.52 pp weight change; +14.8% relative return; weight 1.07%Health Care Services: +0.67 pp weight change; -12.9% relative return; weight 1.06%Restaurants: +0.58 pp weight change; +0.5% relative return; weight 1.47%Managed Health Care: +0.71 pp weight change; -11.8% relative return; weight 2.06%Consumer Staples Merchandise Retail: +0.92 pp weight change; +18.6% relative return; weight 1.86%Transaction & Payment Processing Services: +1.51 pp weight change; +18.8% relative return; weight 2.55%Transaction & Payment Processing ServicesCommunications Equipment: +0.34 pp weight change; -12.2% relative return; weight 1.16%Rail Transportation: +0.36 pp weight change; +1.0% relative return; weight 0.96%Diversified Support Services: +0.10 pp weight change; +32.6% relative return; weight 0.12%Integrated Oil & Gas: +0.36 pp weight change; -9.8% relative return; weight 1.12%Passenger Airlines: +0.13 pp weight change; -12.1% relative return; weight 0.46%Agricultural & Farm Machinery: +0.10 pp weight change; -2.6% relative return; weight 0.27%Homebuilding: +0.16 pp weight change; +31.3% relative return; weight 0.23%Movies & Entertainment: +1.40 pp weight change; +20.5% relative return; weight 1.45%Data Center REITs: +0.19 pp weight change; +16.7% relative return; weight 0.37%Health Care REITs: +0.16 pp weight change; +0.1% relative return; weight 0.37%Industrial Machinery & Supplies & Components: +0.44 pp weight change; +1.5% relative return; weight 0.99%Research & Consulting Services: +0.10 pp weight change; +11.7% relative return; weight 0.21%Reinsurance: +0.03 pp weight change; +9.5% relative return; weight 0.06%Multi-Family Residential REITs: +0.19 pp weight change; +9.1% relative return; weight 0.41%Self-Storage REITs: +0.09 pp weight change; -7.3% relative return; weight 0.25%Automobile Manufacturers: +0.13 pp weight change; -11.7% relative return; weight 0.43%Trading Companies & Distributors: +0.06 pp weight change; +12.1% relative return; weight 0.11%Copper: +0.03 pp weight change; -14.5% relative return; weight 0.08%Broadcasting: +0.00 pp weight change; -13.0% relative return; weight 0.00%Retail REITs: +0.16 pp weight change; -11.3% relative return; weight 0.49%Systems Software: +3.08 pp weight change; +21.7% relative return; weight 5.97%Systems SoftwarePackaged Foods & Meats: +0.33 pp weight change; -8.5% relative return; weight 0.96%Distributors: +0.03 pp weight change; -8.7% relative return; weight 0.08%Consumer Electronics: -43.77 pp weight change; +32.7% relative return; weight 0.10%Investment Banking & Brokerage: +0.44 pp weight change; +1.5% relative return; weight 1.16%Leisure Products: +0.03 pp weight change; +1.0% relative return; weight 0.06%Health Care Facilities: +0.07 pp weight change; -14.1% relative return; weight 0.24%Home Improvement Retail: +0.74 pp weight change; +10.3% relative return; weight 1.67%Industrial Conglomerates: +0.66 pp weight change; -11.9% relative return; weight 1.35%Hotel & Resort REITs: +0.02 pp weight change; -14.9% relative return; weight 0.06%Other Specialized REITs: +0.01 pp weight change; -10.5% relative return; weight 0.05%Construction & Engineering: +0.04 pp weight change; +16.8% relative return; weight 0.08%Cargo Ground Transportation: +0.02 pp weight change; -3.3% relative return; weight 0.06%Oil & Gas Storage & Transportation: +0.20 pp weight change; -0.8% relative return; weight 0.51%Soft Drinks & Non-alcoholic Beverages: +0.84 pp weight change; -1.8% relative return; weight 2.15%Food Retail: +0.03 pp weight change; -16.9% relative return; weight 0.11%Casinos & Gaming: +0.30 pp weight change; +0.6% relative return; weight 0.39%Construction Materials: +0.09 pp weight change; +22.0% relative return; weight 0.18%Tobacco: +0.33 pp weight change; -12.3% relative return; weight 1.12%Oil & Gas Refining & Marketing: +0.25 pp weight change; +1.5% relative return; weight 0.65%Gold: +0.10 pp weight change; +8.9% relative return; weight 0.16%Apparel, Accessories & Luxury Goods: +0.19 pp weight change; +3.8% relative return; weight 0.44%Steel: +0.02 pp weight change; -15.4% relative return; weight 0.09%Advertising: +0.03 pp weight change; -6.0% relative return; weight 0.09%Personal Care Products: +0.75 pp weight change; +16.9% relative return; weight 1.53%Industrial REITs: +0.15 pp weight change; +23.1% relative return; weight 0.29%Electronic Equipment & Instruments: +0.15 pp weight change; +19.6% relative return; weight 0.29%Apparel Retail: +0.37 pp weight change; +14.9% relative return; weight 0.58%Environmental & Facilities Services: +0.19 pp weight change; +2.3% relative return; weight 0.42%Food Distributors: +0.09 pp weight change; +7.7% relative return; weight 0.21%Integrated Telecommunication Services: +0.90 pp weight change; +0.8% relative return; weight 2.29%Integrated Telecommunication ServicesElectronic Manufacturing Services: +0.07 pp weight change; +8.3% relative return; weight 0.16%Other Specialty Retail: +0.01 pp weight change; -28.6% relative return; weight 0.08%Timber REITs: +0.05 pp weight change; +2.5% relative return; weight 0.11%Interactive Home Entertainment: +0.03 pp weight change; -2.6% relative return; weight 0.07%Data Processing & Outsourced Services: +0.03 pp weight change; +4.7% relative return; weight 0.07%Gas Utilities: +0.06 pp weight change; -3.3% relative return; weight 0.06%Commodity Chemicals: +0.20 pp weight change; +3.5% relative return; weight 0.20%Wireless Telecommunication Services: +0.34 pp weight change; -13.2% relative return; weight 0.34%Technology Distributors: +0.10 pp weight change; -3.2% relative return; weight 0.10%Heavy Electrical Equipment: +0.00 pp weight change; -11.9% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -11.9% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -11.9% relative return; weight 0.00%Footwear: +0.00 pp weight change; -11.9% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -11.9% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -11.9% 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.