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

-99.50 pp-60%-49.75 pp-30%+0.00 pp+0%+49.75 pp+30%+99.50 pp+60%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -1.90 pp weight change; +11.5% relative return; weight 0.00%Technology Hardware, Storage & Peripherals: -1.71 pp weight change; +54.6% relative return; weight 0.00%Biotechnology: -2.40 pp weight change; +34.7% relative return; weight 0.00%BiotechnologyHealth Care Equipment: -3.33 pp weight change; +0.1% relative return; weight 0.00%Health Care EquipmentIT Consulting & Other Services: -1.54 pp weight change; -0.4% relative return; weight 0.00%Application Software: -3.20 pp weight change; +20.7% relative return; weight 0.00%Application SoftwareSemiconductors: -3.07 pp weight change; +25.0% relative return; weight 0.00%SemiconductorsAgricultural Products & Services: -0.12 pp weight change; -0.7% relative return; weight 0.00%Human Resource & Employment Services: -0.55 pp weight change; -8.9% relative return; weight 0.00%Multi-Utilities: -1.37 pp weight change; -3.7% relative return; weight 0.00%Electric Utilities: -2.06 pp weight change; -11.5% relative return; weight 0.00%Independent Power Producers & Energy Traders: -0.11 pp weight change; -10.1% relative return; weight 0.00%Life & Health Insurance: -0.84 pp weight change; -30.5% relative return; weight 0.00%Multi-line Insurance: -0.37 pp weight change; -36.6% relative return; weight 0.00%Insurance Brokers: +99.29 pp weight change; +8.1% relative return; weight 99.90%Insurance BrokersInternet Services & Infrastructure: -0.21 pp weight change; +8.7% relative return; weight 0.00%Specialty Chemicals: -0.83 pp weight change; -4.7% relative return; weight 0.00%Health Care Supplies: -0.14 pp weight change; -5.7% relative return; weight 0.00%Property & Casualty Insurance: -1.21 pp weight change; -14.3% relative return; weight 0.00%Building Products: -0.46 pp weight change; -6.0% relative return; weight 0.00%Semiconductor Materials & Equipment: -0.25 pp weight change; +37.4% relative return; weight 0.00%Electrical Components & Equipment: -0.63 pp weight change; +4.1% relative return; weight 0.00%Asset Management & Custody Banks: -0.83 pp weight change; -6.8% relative return; weight 0.00%Telecom Tower REITs: -0.92 pp weight change; +27.9% relative return; weight 0.00%Broadline Retail: -0.44 pp weight change; +37.7% relative return; weight 0.00%Oil & Gas Exploration & Production: -1.03 pp weight change; -46.3% relative return; weight 0.00%Industrial Gases: -0.86 pp weight change; +5.8% relative return; weight 0.00%Electronic Components: -0.16 pp weight change; -18.7% relative return; weight 0.00%Automotive Parts & Equipment: -0.11 pp weight change; -4.8% relative return; weight 0.00%Office REITs: -0.19 pp weight change; -8.2% relative return; weight 0.00%Paper & Plastic Packaging Products & Materials: -0.19 pp weight change; +3.6% relative return; weight 0.00%Water Utilities: -0.11 pp weight change; +10.5% relative return; weight 0.00%Consumer Finance: -0.91 pp weight change; -26.9% relative return; weight 0.00%Automotive Retail: -0.16 pp weight change; +1.3% relative return; weight 0.00%Aerospace & Defense: -5.45 pp weight change; -29.9% relative return; weight 0.00%Aerospace & DefenseDiversified Banks: -6.44 pp weight change; -23.5% relative return; weight 0.00%Diversified BanksMetal, Glass & Plastic Containers: -0.13 pp weight change; -1.9% relative return; weight 0.00%Computer & Electronics Retail: -0.10 pp weight change; +26.2% relative return; weight 0.00%Hotels, Resorts & Cruise Lines: -0.75 pp weight change; -46.6% relative return; weight 0.00%Oil & Gas Equipment & Services: -0.40 pp weight change; -49.6% relative return; weight 0.00%Pharmaceuticals: -5.60 pp weight change; +2.2% relative return; weight 0.01%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -18.0% relative return; weight 0.00%Health Care Distributors: -0.37 pp weight change; +11.4% relative return; weight 0.00%Construction Machinery & Heavy Transportation Equipment: -0.72 pp weight change; -4.6% relative return; weight 0.00%Financial Exchanges & Data: -1.02 pp weight change; +24.4% relative return; weight 0.00%Real Estate Services: -0.09 pp weight change; -13.6% relative return; weight 0.00%Fertilizers & Agricultural Chemicals: -0.11 pp weight change; -30.2% relative return; weight 0.00%Regional Banks: -0.58 pp weight change; -30.5% relative return; weight 0.00%Household Products: -0.78 pp weight change; +9.8% relative return; weight 0.00%Air Freight & Logistics: -0.72 pp weight change; +0.8% relative return; weight 0.00%Cable & Satellite: -1.02 pp weight change; +11.9% relative return; weight 0.00%Health Care Services: -0.91 pp weight change; +16.9% relative return; weight 0.00%Restaurants: -1.67 pp weight change; -13.8% relative return; weight 0.00%Managed Health Care: -1.95 pp weight change; +17.3% relative return; weight 0.00%Consumer Staples Merchandise Retail: -1.76 pp weight change; +15.7% relative return; weight 0.00%Transaction & Payment Processing Services: -2.06 pp weight change; +16.8% relative return; weight 0.00%Transaction & Payment Processing ServicesCommunications Equipment: -1.46 pp weight change; -14.0% relative return; weight 0.00%Rail Transportation: -1.04 pp weight change; -4.3% relative return; weight 0.00%Diversified Support Services: -0.06 pp weight change; +12.2% relative return; weight 0.00%Integrated Oil & Gas: -1.28 pp weight change; -26.4% relative return; weight 0.00%Passenger Airlines: -0.47 pp weight change; -47.8% relative return; weight 0.00%Agricultural & Farm Machinery: -0.28 pp weight change; -5.3% relative return; weight 0.00%Homebuilding: -0.13 pp weight change; +14.8% relative return; weight 0.00%Movies & Entertainment: -1.44 pp weight change; -19.2% relative return; weight 0.00%Data Center REITs: -0.36 pp weight change; +32.7% relative return; weight 0.00%Health Care REITs: -0.39 pp weight change; -33.0% relative return; weight 0.00%Industrial Machinery & Supplies & Components: -0.92 pp weight change; +1.1% relative return; weight 0.00%Research & Consulting Services: -0.22 pp weight change; +19.2% relative return; weight 0.00%Reinsurance: -0.05 pp weight change; -16.1% relative return; weight 0.00%Multi-Family Residential REITs: -0.40 pp weight change; -16.7% relative return; weight 0.00%Self-Storage REITs: -0.30 pp weight change; -16.5% relative return; weight 0.00%Automobile Manufacturers: -0.50 pp weight change; -35.7% relative return; weight 0.00%Trading Companies & Distributors: -0.08 pp weight change; +20.8% relative return; weight 0.00%Copper: -0.09 pp weight change; -1.0% relative return; weight 0.00%Broadcasting: -0.00 pp weight change; -27.0% relative return; weight 0.00%Retail REITs: -0.51 pp weight change; -38.2% relative return; weight 0.00%Systems Software: -5.61 pp weight change; +51.1% relative return; weight 0.01%Systems SoftwarePackaged Foods & Meats: -1.02 pp weight change; +1.3% relative return; weight 0.00%Distributors: -0.08 pp weight change; -15.0% relative return; weight 0.00%Consumer Electronics: -0.09 pp weight change; +23.0% relative return; weight 0.00%Investment Banking & Brokerage: -1.13 pp weight change; -2.2% relative return; weight 0.00%Leisure Products: -0.07 pp weight change; -28.5% relative return; weight 0.00%Health Care Facilities: -0.25 pp weight change; -29.0% relative return; weight 0.00%Home Improvement Retail: -1.66 pp weight change; +24.3% relative return; weight 0.00%Industrial Conglomerates: -2.27 pp weight change; -18.4% relative return; weight 0.00%Hotel & Resort REITs: -0.07 pp weight change; -39.4% relative return; weight 0.00%Other Specialized REITs: -0.05 pp weight change; -11.2% relative return; weight 0.00%Construction & Engineering: -0.08 pp weight change; -0.1% relative return; weight 0.00%Cargo Ground Transportation: -0.05 pp weight change; +41.2% relative return; weight 0.00%Oil & Gas Storage & Transportation: -0.59 pp weight change; -32.3% relative return; weight 0.00%Soft Drinks & Non-alcoholic Beverages: -2.21 pp weight change; -5.1% relative return; weight 0.00%Food Retail: -0.09 pp weight change; +56.3% relative return; weight 0.00%Casinos & Gaming: -0.15 pp weight change; -31.2% relative return; weight 0.00%Construction Materials: -0.18 pp weight change; -14.2% relative return; weight 0.00%Tobacco: -1.14 pp weight change; -8.9% relative return; weight 0.00%Oil & Gas Refining & Marketing: -0.62 pp weight change; -27.2% relative return; weight 0.00%Gold: -0.17 pp weight change; +59.5% relative return; weight 0.00%Apparel, Accessories & Luxury Goods: -0.44 pp weight change; +7.7% relative return; weight 0.00%Steel: -0.09 pp weight change; -23.6% relative return; weight 0.00%Advertising: -0.10 pp weight change; -32.2% relative return; weight 0.00%Personal Care Products: -1.48 pp weight change; +9.6% relative return; weight 0.00%Industrial REITs: -0.27 pp weight change; +17.2% relative return; weight 0.00%Electronic Equipment & Instruments: -0.30 pp weight change; +5.0% relative return; weight 0.00%Apparel Retail: -0.54 pp weight change; -8.8% relative return; weight 0.00%Environmental & Facilities Services: -0.46 pp weight change; -5.0% relative return; weight 0.00%Food Distributors: -0.20 pp weight change; -22.2% relative return; weight 0.00%Integrated Telecommunication Services: -2.27 pp weight change; -2.6% relative return; weight 0.00%Electronic Manufacturing Services: -0.17 pp weight change; -14.8% relative return; weight 0.00%Other Specialty Retail: -0.12 pp weight change; -35.4% relative return; weight 0.00%Timber REITs: -0.11 pp weight change; -13.4% relative return; weight 0.00%Interactive Home Entertainment: -0.07 pp weight change; +20.4% relative return; weight 0.00%Data Processing & Outsourced Services: -0.08 pp weight change; -1.3% relative return; weight 0.00%Gas Utilities: -0.07 pp weight change; -5.6% relative return; weight 0.00%Commodity Chemicals: -0.20 pp weight change; -13.7% relative return; weight 0.00%Wireless Telecommunication Services: +0.00 pp weight change; +28.0% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; -6.8% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; -2.0% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -2.0% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -2.0% relative return; weight 0.00%Footwear: +0.00 pp weight change; -2.0% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -2.0% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -2.0% 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.