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

-45.50 pp-50%-22.75 pp-25%+0.00 pp+0%+22.75 pp+25%+45.50 pp+50%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.80 pp weight change; +7.6% relative return; weight 1.77%Technology Hardware, Storage & Peripherals: +1.16 pp weight change; +40.4% relative return; weight 2.12%Biotechnology: +0.72 pp weight change; -11.5% relative return; weight 2.38%BiotechnologyHealth Care Equipment: +1.56 pp weight change; +6.6% relative return; weight 3.38%Health Care EquipmentIT Consulting & Other Services: +0.60 pp weight change; +1.9% relative return; weight 1.48%Application Software: +1.49 pp weight change; +8.0% relative return; weight 3.25%Application SoftwareSemiconductors: +1.68 pp weight change; +22.6% relative return; weight 3.36%SemiconductorsAgricultural Products & Services: +0.04 pp weight change; -10.6% relative return; weight 0.12%Human Resource & Employment Services: +0.23 pp weight change; +8.2% relative return; weight 0.52%Multi-Utilities: +0.70 pp weight change; +9.8% relative return; weight 1.43%Electric Utilities: +1.04 pp weight change; +12.1% relative return; weight 2.20%Independent Power Producers & Energy Traders: +0.04 pp weight change; -6.4% relative return; weight 0.11%Life & Health Insurance: +0.25 pp weight change; -4.6% relative return; weight 0.72%Multi-line Insurance: +0.13 pp weight change; +2.4% relative return; weight 0.33%Insurance Brokers: +0.31 pp weight change; +17.6% relative return; weight 0.63%Internet Services & Infrastructure: +0.09 pp weight change; +12.6% relative return; weight 0.19%Specialty Chemicals: +0.28 pp weight change; -2.7% relative return; weight 0.74%Health Care Supplies: +0.04 pp weight change; -7.9% relative return; weight 0.12%Property & Casualty Insurance: +0.51 pp weight change; +6.6% relative return; weight 1.15%Building Products: +0.18 pp weight change; +13.5% relative return; weight 0.41%Semiconductor Materials & Equipment: +0.16 pp weight change; +32.7% relative return; weight 0.30%Electrical Components & Equipment: +0.26 pp weight change; +4.8% relative return; weight 0.63%Asset Management & Custody Banks: +0.27 pp weight change; -6.0% relative return; weight 0.80%Telecom Tower REITs: +0.47 pp weight change; +17.1% relative return; weight 0.95%Broadline Retail: +0.14 pp weight change; -3.8% relative return; weight 0.38%Oil & Gas Exploration & Production: +0.12 pp weight change; -32.6% relative return; weight 0.81%Industrial Gases: +0.38 pp weight change; +15.3% relative return; weight 0.80%Electronic Components: +0.02 pp weight change; -25.5% relative return; weight 0.12%Automotive Parts & Equipment: +0.04 pp weight change; -6.2% relative return; weight 0.11%Office REITs: +0.09 pp weight change; +2.5% relative return; weight 0.20%Paper & Plastic Packaging Products & Materials: +0.48 pp weight change; -5.3% relative return; weight 0.60%Water Utilities: +0.06 pp weight change; +25.5% relative return; weight 0.12%Consumer Finance: +0.37 pp weight change; +8.5% relative return; weight 0.86%Automotive Retail: +0.06 pp weight change; +7.6% relative return; weight 0.13%Aerospace & Defense: +2.52 pp weight change; +4.1% relative return; weight 5.63%Aerospace & DefenseDiversified Banks: +2.29 pp weight change; +2.1% relative return; weight 6.21%Diversified BanksMetal, Glass & Plastic Containers: +0.06 pp weight change; +20.6% relative return; weight 0.12%Computer & Electronics Retail: +0.06 pp weight change; +27.3% relative return; weight 0.11%Hotels, Resorts & Cruise Lines: +0.25 pp weight change; -4.5% relative return; weight 0.68%Oil & Gas Equipment & Services: +0.03 pp weight change; -32.8% relative return; weight 0.32%Pharmaceuticals: +2.03 pp weight change; -1.5% relative return; weight 5.40%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; -5.4% relative return; weight 0.00%Health Care Distributors: +0.12 pp weight change; -3.9% relative return; weight 0.34%Construction Machinery & Heavy Transportation Equipment: +0.25 pp weight change; -8.2% relative return; weight 0.63%Financial Exchanges & Data: +0.60 pp weight change; +27.4% relative return; weight 1.14%Real Estate Services: +0.05 pp weight change; +15.6% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.11 pp weight change; -31.8% relative return; weight 0.19%Regional Banks: +0.18 pp weight change; -4.9% relative return; weight 0.52%Household Products: +0.31 pp weight change; +4.2% relative return; weight 0.74%Air Freight & Logistics: +0.17 pp weight change; -17.3% relative return; weight 0.62%Cable & Satellite: +0.57 pp weight change; +21.8% relative return; weight 1.10%Health Care Services: +0.66 pp weight change; -4.8% relative return; weight 0.99%Restaurants: +0.64 pp weight change; +6.2% relative return; weight 1.52%Managed Health Care: +0.65 pp weight change; -13.3% relative return; weight 1.95%Consumer Staples Merchandise Retail: +0.85 pp weight change; +14.9% relative return; weight 1.77%Transaction & Payment Processing Services: +1.59 pp weight change; +21.9% relative return; weight 2.63%Transaction & Payment Processing ServicesCommunications Equipment: +0.35 pp weight change; -10.5% relative return; weight 1.15%Rail Transportation: +0.38 pp weight change; +2.5% relative return; weight 0.98%Diversified Support Services: +0.11 pp weight change; +45.2% relative return; weight 0.13%Integrated Oil & Gas: +0.28 pp weight change; -15.8% relative return; weight 1.00%Passenger Airlines: +0.12 pp weight change; -12.1% relative return; weight 0.41%Agricultural & Farm Machinery: +0.07 pp weight change; -14.7% relative return; weight 0.25%Homebuilding: +0.16 pp weight change; +32.2% relative return; weight 0.24%Movies & Entertainment: +1.33 pp weight change; -7.5% relative return; weight 1.38%Data Center REITs: +0.20 pp weight change; +19.8% relative return; weight 0.37%Health Care REITs: +0.14 pp weight change; -5.9% relative return; weight 0.36%Industrial Machinery & Supplies & Components: +0.44 pp weight change; +2.4% relative return; weight 0.97%Research & Consulting Services: +0.11 pp weight change; +21.5% relative return; weight 0.22%Reinsurance: +0.03 pp weight change; +11.9% relative return; weight 0.06%Multi-Family Residential REITs: +0.18 pp weight change; +4.3% relative return; weight 0.40%Self-Storage REITs: +0.10 pp weight change; -4.0% relative return; weight 0.26%Automobile Manufacturers: +0.11 pp weight change; -17.1% relative return; weight 0.40%Trading Companies & Distributors: +0.05 pp weight change; -2.5% relative return; weight 0.10%Copper: +0.02 pp weight change; -16.0% relative return; weight 0.08%Broadcasting: +0.00 pp weight change; -11.1% relative return; weight 0.00%Retail REITs: +0.12 pp weight change; -19.5% relative return; weight 0.45%Systems Software: +3.86 pp weight change; +42.9% relative return; weight 6.56%Systems SoftwarePackaged Foods & Meats: +0.35 pp weight change; -6.7% relative return; weight 0.97%Distributors: +0.02 pp weight change; -16.3% relative return; weight 0.07%Consumer Electronics: -45.10 pp weight change; +24.5% relative return; weight 0.09%Investment Banking & Brokerage: +0.45 pp weight change; +1.3% relative return; weight 1.16%Leisure Products: +0.03 pp weight change; -0.1% relative return; weight 0.06%Health Care Facilities: +0.07 pp weight change; -12.7% relative return; weight 0.23%Home Improvement Retail: +0.73 pp weight change; +9.4% relative return; weight 1.67%Industrial Conglomerates: +0.55 pp weight change; -18.1% relative return; weight 1.21%Hotel & Resort REITs: +0.01 pp weight change; -17.9% relative return; weight 0.06%Other Specialized REITs: +0.01 pp weight change; -20.8% relative return; weight 0.04%Construction & Engineering: +0.04 pp weight change; +13.3% relative return; weight 0.08%Cargo Ground Transportation: +0.04 pp weight change; -8.8% relative return; weight 0.08%Oil & Gas Storage & Transportation: +0.18 pp weight change; -5.9% relative return; weight 0.51%Soft Drinks & Non-alcoholic Beverages: +1.03 pp weight change; +10.0% relative return; weight 2.26%Soft Drinks & Non-alcoholic BeveragesFood Retail: +0.03 pp weight change; -16.0% relative return; weight 0.11%Casinos & Gaming: +0.30 pp weight change; -7.7% relative return; weight 0.39%Construction Materials: +0.09 pp weight change; +25.7% relative return; weight 0.17%Tobacco: +0.37 pp weight change; -5.4% relative return; weight 1.07%Oil & Gas Refining & Marketing: +0.13 pp weight change; -18.2% relative return; weight 0.55%Gold: +0.12 pp weight change; +19.1% relative return; weight 0.18%Apparel, Accessories & Luxury Goods: +0.17 pp weight change; -2.9% relative return; weight 0.44%Steel: +0.01 pp weight change; -30.9% relative return; weight 0.07%Advertising: +0.02 pp weight change; -13.4% relative return; weight 0.08%Personal Care Products: +0.72 pp weight change; +14.8% relative return; weight 1.52%Industrial REITs: +0.15 pp weight change; +19.4% relative return; weight 0.29%Electronic Equipment & Instruments: +0.20 pp weight change; +12.7% relative return; weight 0.35%Apparel Retail: +0.23 pp weight change; +5.3% relative return; weight 0.55%Environmental & Facilities Services: +0.21 pp weight change; +8.5% relative return; weight 0.45%Food Distributors: +0.10 pp weight change; +13.8% relative return; weight 0.21%Integrated Telecommunication Services: +0.94 pp weight change; +5.6% relative return; weight 2.24%Electronic Manufacturing Services: +0.06 pp weight change; +0.7% relative return; weight 0.15%Other Specialty Retail: +0.02 pp weight change; -18.8% relative return; weight 0.09%Timber REITs: +0.04 pp weight change; +0.7% relative return; weight 0.11%Interactive Home Entertainment: +0.03 pp weight change; +2.3% relative return; weight 0.07%Data Processing & Outsourced Services: +0.03 pp weight change; +4.1% relative return; weight 0.07%Gas Utilities: +0.07 pp weight change; +4.1% relative return; weight 0.07%Commodity Chemicals: +0.17 pp weight change; -12.1% relative return; weight 0.17%Wireless Telecommunication Services: +0.33 pp weight change; -14.0% relative return; weight 0.33%Technology Distributors: +0.09 pp weight change; -8.1% relative return; weight 0.09%Heavy Electrical Equipment: +0.00 pp weight change; -13.4% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -13.4% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -13.4% relative return; weight 0.00%Footwear: +0.00 pp weight change; -13.4% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -13.4% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -13.4% 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.