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

-45.00 pp-60%-22.50 pp-30%+0.00 pp+0%+22.50 pp+30%+45.00 pp+60%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.83 pp weight change; +8.3% relative return; weight 1.80%Technology Hardware, Storage & Peripherals: +1.09 pp weight change; +33.3% relative return; weight 2.06%Biotechnology: +0.78 pp weight change; -11.5% relative return; weight 2.55%BiotechnologyHealth Care Equipment: +1.46 pp weight change; +1.4% relative return; weight 3.35%Health Care EquipmentIT Consulting & Other Services: +0.60 pp weight change; +3.0% relative return; weight 1.45%Application Software: +1.33 pp weight change; +3.3% relative return; weight 3.06%Application SoftwareSemiconductors: +1.60 pp weight change; +15.8% relative return; weight 3.36%SemiconductorsAgricultural Products & Services: +0.04 pp weight change; -7.5% relative return; weight 0.13%Human Resource & Employment Services: +0.22 pp weight change; +5.3% relative return; weight 0.51%Multi-Utilities: +0.54 pp weight change; -1.4% relative return; weight 1.34%Electric Utilities: +0.85 pp weight change; +0.8% relative return; weight 2.05%Independent Power Producers & Energy Traders: +0.04 pp weight change; -5.2% relative return; weight 0.11%Life & Health Insurance: +0.27 pp weight change; -1.5% relative return; weight 0.74%Multi-line Insurance: +0.14 pp weight change; +3.2% relative return; weight 0.33%Insurance Brokers: +0.29 pp weight change; +11.9% relative return; weight 0.60%Internet Services & Infrastructure: +0.08 pp weight change; +6.0% relative return; weight 0.18%Specialty Chemicals: +0.30 pp weight change; -1.5% relative return; weight 0.78%Health Care Supplies: +0.06 pp weight change; +4.4% relative return; weight 0.13%Property & Casualty Insurance: +0.47 pp weight change; +0.6% relative return; weight 1.13%Building Products: +0.19 pp weight change; +16.8% relative return; weight 0.42%Semiconductor Materials & Equipment: +0.18 pp weight change; +51.8% relative return; weight 0.31%Electrical Components & Equipment: +0.29 pp weight change; +9.4% relative return; weight 0.65%Asset Management & Custody Banks: +0.30 pp weight change; -3.0% relative return; weight 0.83%Telecom Tower REITs: +0.45 pp weight change; +13.7% relative return; weight 0.92%Broadline Retail: +0.14 pp weight change; -0.1% relative return; weight 0.37%Oil & Gas Exploration & Production: +0.22 pp weight change; -24.3% relative return; weight 0.89%Industrial Gases: +0.38 pp weight change; +12.3% relative return; weight 0.82%Electronic Components: +0.03 pp weight change; -18.6% relative return; weight 0.13%Automotive Parts & Equipment: +0.06 pp weight change; +23.1% relative return; weight 0.12%Office REITs: +0.09 pp weight change; +5.7% relative return; weight 0.20%Paper & Plastic Packaging Products & Materials: +0.51 pp weight change; +4.8% relative return; weight 0.62%Water Utilities: +0.05 pp weight change; +8.8% relative return; weight 0.11%Consumer Finance: +0.37 pp weight change; +8.5% relative return; weight 0.85%Automotive Retail: +0.07 pp weight change; +11.3% relative return; weight 0.15%Aerospace & Defense: +2.47 pp weight change; +8.5% relative return; weight 5.22%Aerospace & DefenseDiversified Banks: +2.85 pp weight change; +11.8% relative return; weight 6.68%Diversified BanksMetal, Glass & Plastic Containers: +0.05 pp weight change; +12.0% relative return; weight 0.10%Computer & Electronics Retail: +0.06 pp weight change; +34.7% relative return; weight 0.11%Hotels, Resorts & Cruise Lines: +0.32 pp weight change; +6.9% relative return; weight 0.74%Oil & Gas Equipment & Services: +0.12 pp weight change; -12.7% relative return; weight 0.38%Pharmaceuticals: +1.76 pp weight change; -9.5% relative return; weight 5.42%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; -12.4% relative return; weight 0.00%Health Care Distributors: +0.11 pp weight change; -4.3% relative return; weight 0.33%Construction Machinery & Heavy Transportation Equipment: +0.31 pp weight change; -0.7% relative return; weight 0.70%Financial Exchanges & Data: +0.51 pp weight change; +15.6% relative return; weight 1.05%Real Estate Services: +0.05 pp weight change; +20.9% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.12 pp weight change; -29.4% relative return; weight 0.20%Regional Banks: +0.23 pp weight change; +5.6% relative return; weight 0.56%Household Products: +0.25 pp weight change; -7.9% relative return; weight 0.70%Air Freight & Logistics: +0.23 pp weight change; -10.7% relative return; weight 0.68%Cable & Satellite: +0.56 pp weight change; +21.4% relative return; weight 1.07%Health Care Services: +0.69 pp weight change; -5.7% relative return; weight 1.04%Restaurants: +0.53 pp weight change; -4.1% relative return; weight 1.46%Managed Health Care: +0.83 pp weight change; -5.7% relative return; weight 2.11%Consumer Staples Merchandise Retail: +0.87 pp weight change; +13.7% relative return; weight 1.81%Transaction & Payment Processing Services: +1.43 pp weight change; +12.4% relative return; weight 2.49%Transaction & Payment Processing ServicesCommunications Equipment: +0.38 pp weight change; -9.2% relative return; weight 1.18%Rail Transportation: +0.38 pp weight change; +4.0% relative return; weight 0.96%Diversified Support Services: +0.10 pp weight change; +38.5% relative return; weight 0.13%Integrated Oil & Gas: +0.37 pp weight change; -8.9% relative return; weight 1.12%Passenger Airlines: +0.14 pp weight change; -8.8% relative return; weight 0.43%Agricultural & Farm Machinery: +0.10 pp weight change; -6.6% relative return; weight 0.27%Homebuilding: +0.14 pp weight change; +21.1% relative return; weight 0.22%Movies & Entertainment: +1.38 pp weight change; +11.3% relative return; weight 1.42%Data Center REITs: +0.19 pp weight change; +15.5% relative return; weight 0.37%Health Care REITs: +0.14 pp weight change; -7.1% relative return; weight 0.35%Industrial Machinery & Supplies & Components: +0.48 pp weight change; +6.1% relative return; weight 1.00%Research & Consulting Services: +0.10 pp weight change; +13.3% relative return; weight 0.20%Reinsurance: +0.02 pp weight change; +2.8% relative return; weight 0.06%Multi-Family Residential REITs: +0.16 pp weight change; +1.2% relative return; weight 0.39%Self-Storage REITs: +0.08 pp weight change; -11.6% relative return; weight 0.25%Automobile Manufacturers: +0.16 pp weight change; -5.3% relative return; weight 0.43%Trading Companies & Distributors: +0.07 pp weight change; +22.2% relative return; weight 0.11%Copper: +0.04 pp weight change; +2.4% relative return; weight 0.09%Broadcasting: +0.00 pp weight change; -18.8% relative return; weight 0.00%Retail REITs: +0.14 pp weight change; -15.8% relative return; weight 0.46%Systems Software: +3.21 pp weight change; +24.2% relative return; weight 6.05%Systems SoftwarePackaged Foods & Meats: +0.36 pp weight change; -5.3% relative return; weight 0.96%Distributors: +0.03 pp weight change; -9.9% relative return; weight 0.08%Consumer Electronics: -44.74 pp weight change; +24.9% relative return; weight 0.09%Investment Banking & Brokerage: +0.45 pp weight change; +2.8% relative return; weight 1.15%Leisure Products: +0.03 pp weight change; +5.4% relative return; weight 0.07%Health Care Facilities: +0.09 pp weight change; -5.0% relative return; weight 0.25%Home Improvement Retail: +0.66 pp weight change; +3.4% relative return; weight 1.62%Industrial Conglomerates: +0.65 pp weight change; -12.5% relative return; weight 1.32%Hotel & Resort REITs: +0.02 pp weight change; -7.9% relative return; weight 0.07%Other Specialized REITs: +0.01 pp weight change; -16.4% relative return; weight 0.04%Construction & Engineering: +0.04 pp weight change; +16.6% relative return; weight 0.08%Cargo Ground Transportation: +0.05 pp weight change; +0.1% relative return; weight 0.09%Oil & Gas Storage & Transportation: +0.23 pp weight change; +7.2% relative return; weight 0.53%Soft Drinks & Non-alcoholic Beverages: +0.84 pp weight change; -2.3% relative return; weight 2.14%Food Retail: +0.04 pp weight change; -14.8% relative return; weight 0.11%Casinos & Gaming: +0.33 pp weight change; +10.3% relative return; weight 0.42%Construction Materials: +0.09 pp weight change; +22.3% relative return; weight 0.18%Tobacco: +0.40 pp weight change; -3.5% relative return; weight 1.11%Oil & Gas Refining & Marketing: +0.22 pp weight change; -3.0% relative return; weight 0.62%Gold: +0.11 pp weight change; +3.1% relative return; weight 0.17%Apparel, Accessories & Luxury Goods: +0.20 pp weight change; +3.4% relative return; weight 0.46%Steel: +0.03 pp weight change; -11.7% relative return; weight 0.08%Advertising: +0.03 pp weight change; -9.6% relative return; weight 0.09%Personal Care Products: +0.71 pp weight change; +10.4% relative return; weight 1.53%Industrial REITs: +0.14 pp weight change; +23.1% relative return; weight 0.28%Electronic Equipment & Instruments: +0.20 pp weight change; +13.0% relative return; weight 0.34%Apparel Retail: +0.26 pp weight change; +10.4% relative return; weight 0.57%Environmental & Facilities Services: +0.17 pp weight change; -1.4% relative return; weight 0.41%Food Distributors: +0.10 pp weight change; +10.3% relative return; weight 0.21%Integrated Telecommunication Services: +0.91 pp weight change; +0.9% relative return; weight 2.30%Integrated Telecommunication ServicesElectronic Manufacturing Services: +0.06 pp weight change; +2.2% relative return; weight 0.16%Other Specialty Retail: +0.02 pp weight change; -17.3% relative return; weight 0.08%Timber REITs: +0.05 pp weight change; +15.0% relative return; weight 0.11%Interactive Home Entertainment: +0.03 pp weight change; -6.0% relative return; weight 0.07%Data Processing & Outsourced Services: +0.03 pp weight change; +3.2% relative return; weight 0.07%Gas Utilities: +0.07 pp weight change; -9.2% relative return; weight 0.07%Commodity Chemicals: +0.20 pp weight change; -4.8% relative return; weight 0.20%Wireless Telecommunication Services: +0.33 pp weight change; -22.3% relative return; weight 0.33%Technology Distributors: +0.10 pp weight change; -8.2% relative return; weight 0.10%Heavy Electrical Equipment: +0.00 pp weight change; -21.0% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -21.0% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -21.0% relative return; weight 0.00%Footwear: +0.00 pp weight change; -21.0% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -21.0% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -21.0% 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.