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

-2.50 pp-110%-1.25 pp-55%+0.00 pp+0%+1.25 pp+55%+2.50 pp+110%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.20 pp weight change; +19.9% relative return; weight 2.01%Technology Hardware, Storage & Peripherals: +0.33 pp weight change; +36.2% relative return; weight 2.18%Biotechnology: +0.60 pp weight change; +38.6% relative return; weight 3.09%BiotechnologyHealth Care Equipment: +0.40 pp weight change; +17.6% relative return; weight 3.59%Health Care EquipmentIT Consulting & Other Services: -0.13 pp weight change; +0.1% relative return; weight 1.49%Application Software: +0.24 pp weight change; +13.0% relative return; weight 3.58%Application SoftwareSemiconductors: +0.26 pp weight change; +19.4% relative return; weight 3.62%SemiconductorsAgricultural Products & Services: -0.02 pp weight change; -8.7% relative return; weight 0.12%Human Resource & Employment Services: -0.08 pp weight change; -5.7% relative return; weight 0.49%Multi-Utilities: +0.00 pp weight change; +5.8% relative return; weight 1.39%Electric Utilities: -0.04 pp weight change; +0.8% relative return; weight 2.06%Independent Power Producers & Energy Traders: -0.03 pp weight change; -14.0% relative return; weight 0.10%Life & Health Insurance: -0.26 pp weight change; -22.2% relative return; weight 0.58%Multi-line Insurance: -0.13 pp weight change; -32.6% relative return; weight 0.22%Insurance Brokers: -0.01 pp weight change; +6.3% relative return; weight 0.58%Internet Services & Infrastructure: +0.02 pp weight change; +18.5% relative return; weight 0.22%Specialty Chemicals: -0.09 pp weight change; -1.8% relative return; weight 0.75%Health Care Supplies: -0.05 pp weight change; -25.9% relative return; weight 0.12%Property & Casualty Insurance: -0.20 pp weight change; -10.4% relative return; weight 1.01%Building Products: -0.09 pp weight change; -3.4% relative return; weight 0.37%Semiconductor Materials & Equipment: +0.03 pp weight change; +23.0% relative return; weight 0.29%Electrical Components & Equipment: -0.06 pp weight change; +1.2% relative return; weight 0.61%Asset Management & Custody Banks: -0.22 pp weight change; -12.8% relative return; weight 0.70%Telecom Tower REITs: +0.24 pp weight change; +36.6% relative return; weight 1.14%Broadline Retail: +0.05 pp weight change; +26.2% relative return; weight 0.50%Oil & Gas Exploration & Production: -0.57 pp weight change; -46.6% relative return; weight 0.56%Industrial Gases: +0.03 pp weight change; +12.9% relative return; weight 0.83%Electronic Components: -0.05 pp weight change; -22.0% relative return; weight 0.11%Automotive Parts & Equipment: -0.02 pp weight change; -13.1% relative return; weight 0.10%Office REITs: -0.01 pp weight change; -3.6% relative return; weight 0.20%Paper & Plastic Packaging Products & Materials: +0.37 pp weight change; -2.4% relative return; weight 0.58%Water Utilities: +0.01 pp weight change; +21.2% relative return; weight 0.12%Consumer Finance: -0.28 pp weight change; -21.4% relative return; weight 0.64%Automotive Retail: -0.01 pp weight change; +5.3% relative return; weight 0.14%Aerospace & Defense: -1.54 pp weight change; -24.8% relative return; weight 4.00%Aerospace & DefenseDiversified Banks: -2.01 pp weight change; -18.5% relative return; weight 4.91%Diversified BanksMetal, Glass & Plastic Containers: +0.01 pp weight change; +16.9% relative return; weight 0.12%Computer & Electronics Retail: -0.00 pp weight change; +12.6% relative return; weight 0.11%Hotels, Resorts & Cruise Lines: -0.37 pp weight change; -41.4% relative return; weight 0.42%Oil & Gas Equipment & Services: -0.29 pp weight change; -56.8% relative return; weight 0.18%Pharmaceuticals: +0.62 pp weight change; +18.0% relative return; weight 6.36%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -8.4% relative return; weight 0.00%Health Care Distributors: +0.02 pp weight change; +20.4% relative return; weight 0.37%Construction Machinery & Heavy Transportation Equipment: -0.08 pp weight change; -4.8% relative return; weight 0.64%Financial Exchanges & Data: +0.20 pp weight change; +30.6% relative return; weight 1.22%Real Estate Services: -0.02 pp weight change; -12.6% relative return; weight 0.08%Fertilizers & Agricultural Chemicals: +0.06 pp weight change; -27.0% relative return; weight 0.17%Regional Banks: -0.21 pp weight change; -27.5% relative return; weight 0.38%Household Products: +0.02 pp weight change; +11.2% relative return; weight 0.83%Air Freight & Logistics: -0.13 pp weight change; -9.8% relative return; weight 0.65%Cable & Satellite: +0.13 pp weight change; +19.7% relative return; weight 1.16%Health Care Services: +0.14 pp weight change; +26.3% relative return; weight 1.07%Restaurants: -0.15 pp weight change; +0.9% relative return; weight 1.48%Managed Health Care: +0.51 pp weight change; +34.0% relative return; weight 2.45%Managed Health CareConsumer Staples Merchandise Retail: +0.35 pp weight change; +30.5% relative return; weight 2.05%Transaction & Payment Processing Services: +0.72 pp weight change; +14.8% relative return; weight 2.78%Transaction & Payment Processing ServicesCommunications Equipment: -0.37 pp weight change; -14.8% relative return; weight 1.20%Rail Transportation: -0.17 pp weight change; -5.0% relative return; weight 0.95%Diversified Support Services: +0.08 pp weight change; +30.0% relative return; weight 0.14%Integrated Oil & Gas: -0.30 pp weight change; -15.4% relative return; weight 0.97%Passenger Airlines: -0.28 pp weight change; -50.6% relative return; weight 0.22%Agricultural & Farm Machinery: -0.04 pp weight change; -5.4% relative return; weight 0.25%Homebuilding: +0.06 pp weight change; +7.2% relative return; weight 0.20%Movies & Entertainment: +1.16 pp weight change; -17.1% relative return; weight 1.25%Data Center REITs: +0.16 pp weight change; +51.9% relative return; weight 0.50%Health Care REITs: -0.11 pp weight change; -24.9% relative return; weight 0.26%Industrial Machinery & Supplies & Components: -0.00 pp weight change; -2.6% relative return; weight 0.98%Research & Consulting Services: +0.02 pp weight change; +16.6% relative return; weight 0.23%Reinsurance: -0.01 pp weight change; -20.2% relative return; weight 0.04%Multi-Family Residential REITs: -0.04 pp weight change; -3.7% relative return; weight 0.36%Self-Storage REITs: -0.04 pp weight change; -7.6% relative return; weight 0.25%Automobile Manufacturers: -0.24 pp weight change; -40.5% relative return; weight 0.28%Trading Companies & Distributors: +0.02 pp weight change; +4.3% relative return; weight 0.11%Copper: -0.03 pp weight change; -22.9% relative return; weight 0.07%Broadcasting: -0.00 pp weight change; -28.2% relative return; weight 0.00%Retail REITs: -0.24 pp weight change; -39.4% relative return; weight 0.31%Systems Software: +2.09 pp weight change; +47.5% relative return; weight 7.77%Systems SoftwarePackaged Foods & Meats: +0.02 pp weight change; +11.2% relative return; weight 1.06%Distributors: -0.02 pp weight change; -15.4% relative return; weight 0.06%Consumer Electronics: -0.01 pp weight change; +3.1% relative return; weight 0.09%Investment Banking & Brokerage: -0.26 pp weight change; -8.9% relative return; weight 1.01%Leisure Products: -0.02 pp weight change; -22.7% relative return; weight 0.06%Health Care Facilities: -0.03 pp weight change; -7.3% relative return; weight 0.21%Home Improvement Retail: +0.01 pp weight change; +12.4% relative return; weight 1.76%Industrial Conglomerates: +0.01 pp weight change; -18.3% relative return; weight 1.21%Hotel & Resort REITs: -0.03 pp weight change; -28.4% relative return; weight 0.05%Other Specialized REITs: -0.01 pp weight change; -14.6% relative return; weight 0.04%Construction & Engineering: -0.00 pp weight change; +6.2% relative return; weight 0.08%Cargo Ground Transportation: +0.04 pp weight change; +25.3% relative return; weight 0.09%Oil & Gas Storage & Transportation: -0.20 pp weight change; -26.8% relative return; weight 0.39%Soft Drinks & Non-alcoholic Beverages: -0.03 pp weight change; +7.0% relative return; weight 2.18%Food Retail: +0.02 pp weight change; +33.1% relative return; weight 0.14%Casinos & Gaming: +0.14 pp weight change; -23.7% relative return; weight 0.30%Construction Materials: -0.02 pp weight change; -6.1% relative return; weight 0.15%Tobacco: -0.26 pp weight change; -9.0% relative return; weight 1.06%Oil & Gas Refining & Marketing: -0.24 pp weight change; -26.4% relative return; weight 0.44%Gold: +0.13 pp weight change; +105.8% relative return; weight 0.27%Apparel, Accessories & Luxury Goods: -0.03 pp weight change; +0.5% relative return; weight 0.44%Steel: -0.03 pp weight change; -20.9% relative return; weight 0.07%Advertising: -0.03 pp weight change; -21.8% relative return; weight 0.07%Personal Care Products: +0.14 pp weight change; +20.3% relative return; weight 1.63%Industrial REITs: +0.10 pp weight change; +26.7% relative return; weight 0.37%Electronic Equipment & Instruments: +0.07 pp weight change; +4.8% relative return; weight 0.37%Apparel Retail: -0.06 pp weight change; -2.4% relative return; weight 0.51%Environmental & Facilities Services: -0.02 pp weight change; +2.2% relative return; weight 0.43%Food Distributors: -0.04 pp weight change; -13.0% relative return; weight 0.16%Integrated Telecommunication Services: -0.01 pp weight change; +12.0% relative return; weight 2.25%Electronic Manufacturing Services: -0.04 pp weight change; -17.0% relative return; weight 0.14%Other Specialty Retail: -0.05 pp weight change; -29.6% relative return; weight 0.08%Timber REITs: -0.02 pp weight change; -9.0% relative return; weight 0.09%Interactive Home Entertainment: +0.02 pp weight change; +32.5% relative return; weight 0.08%Data Processing & Outsourced Services: -0.00 pp weight change; +5.9% relative return; weight 0.07%Gas Utilities: +0.00 pp weight change; +7.7% relative return; weight 0.07%Commodity Chemicals: +0.15 pp weight change; -13.0% relative return; weight 0.15%Wireless Telecommunication Services: +0.42 pp weight change; +16.7% relative return; weight 0.42%Technology Distributors: +0.09 pp weight change; -4.2% relative return; weight 0.09%Heavy Electrical Equipment: +0.00 pp weight change; +6.0% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; +6.0% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +6.0% relative return; weight 0.00%Footwear: +0.00 pp weight change; +6.0% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +6.0% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +6.0% 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.