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-80%-49.75 pp-40%+0.00 pp+0%+49.75 pp+40%+99.50 pp+80%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -1.78 pp weight change; +19.5% relative return; weight 0.00%Technology Hardware, Storage & Peripherals: -1.73 pp weight change; +79.6% relative return; weight 0.00%Technology Hardware, Storage & PeripheralsBiotechnology: -2.36 pp weight change; +18.2% relative return; weight 0.00%Health Care Equipment: -3.54 pp weight change; -5.1% relative return; weight 0.00%Health Care EquipmentIT Consulting & Other Services: -1.56 pp weight change; -6.0% relative return; weight 0.00%Application Software: -3.23 pp weight change; +28.9% relative return; weight 0.00%Application SoftwareSemiconductors: -3.16 pp weight change; +14.4% relative return; weight 0.00%SemiconductorsAgricultural Products & Services: -0.12 pp weight change; +4.5% relative return; weight 0.00%Human Resource & Employment Services: -0.56 pp weight change; -24.9% relative return; weight 0.00%Multi-Utilities: -1.43 pp weight change; -14.2% relative return; weight 0.00%Electric Utilities: -2.18 pp weight change; -25.8% relative return; weight 0.00%Independent Power Producers & Energy Traders: -0.11 pp weight change; -6.3% relative return; weight 0.00%Life & Health Insurance: -0.74 pp weight change; -26.7% relative return; weight 0.00%Multi-line Insurance: -0.37 pp weight change; -43.1% relative return; weight 0.00%Insurance Brokers: +99.28 pp weight change; +1.0% relative return; weight 99.90%Insurance BrokersInternet Services & Infrastructure: -0.21 pp weight change; -1.3% relative return; weight 0.00%Specialty Chemicals: -0.79 pp weight change; -9.3% relative return; weight 0.00%Health Care Supplies: -0.10 pp weight change; +34.1% relative return; weight 0.00%Property & Casualty Insurance: -1.23 pp weight change; -21.9% relative return; weight 0.00%Building Products: -0.44 pp weight change; +2.0% relative return; weight 0.00%Semiconductor Materials & Equipment: -0.27 pp weight change; +13.8% relative return; weight 0.00%Electrical Components & Equipment: -0.59 pp weight change; +10.2% relative return; weight 0.00%Asset Management & Custody Banks: -0.77 pp weight change; -7.9% relative return; weight 0.00%Telecom Tower REITs: -1.04 pp weight change; -2.9% relative return; weight 0.00%Broadline Retail: -0.42 pp weight change; +46.1% relative return; weight 0.00%Oil & Gas Exploration & Production: -0.86 pp weight change; -50.9% relative return; weight 0.00%Industrial Gases: -0.83 pp weight change; +14.5% relative return; weight 0.00%Electronic Components: -0.14 pp weight change; +3.9% relative return; weight 0.00%Automotive Parts & Equipment: -0.12 pp weight change; -10.7% relative return; weight 0.00%Office REITs: -0.20 pp weight change; -21.0% relative return; weight 0.00%Paper & Plastic Packaging Products & Materials: -0.18 pp weight change; -0.6% relative return; weight 0.00%Water Utilities: -0.12 pp weight change; -3.2% relative return; weight 0.00%Consumer Finance: -0.88 pp weight change; -28.0% relative return; weight 0.00%Automotive Retail: -0.16 pp weight change; -6.1% relative return; weight 0.00%Aerospace & Defense: -5.19 pp weight change; -34.3% relative return; weight 0.00%Aerospace & DefenseDiversified Banks: -6.17 pp weight change; -27.8% relative return; weight 0.00%Diversified BanksMetal, Glass & Plastic Containers: -0.15 pp weight change; -13.5% relative return; weight 0.00%Computer & Electronics Retail: -0.09 pp weight change; +54.0% relative return; weight 0.00%Hotels, Resorts & Cruise Lines: -0.69 pp weight change; -39.0% relative return; weight 0.00%Oil & Gas Equipment & Services: -0.33 pp weight change; -40.8% relative return; weight 0.00%Pharmaceuticals: -5.35 pp weight change; +1.3% relative return; weight 0.01%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -8.0% relative return; weight 0.00%Health Care Distributors: -0.35 pp weight change; +0.9% relative return; weight 0.00%Construction Machinery & Heavy Transportation Equipment: -0.64 pp weight change; +8.0% relative return; weight 0.00%Financial Exchanges & Data: -1.12 pp weight change; +9.7% relative return; weight 0.00%Real Estate Services: -0.10 pp weight change; -22.8% relative return; weight 0.00%Fertilizers & Agricultural Chemicals: -0.22 pp weight change; -21.2% relative return; weight 0.00%Regional Banks: -0.54 pp weight change; -32.7% relative return; weight 0.00%Household Products: -0.82 pp weight change; +0.9% relative return; weight 0.00%Air Freight & Logistics: -0.77 pp weight change; +19.3% relative return; weight 0.00%Cable & Satellite: -1.07 pp weight change; +11.6% relative return; weight 0.00%Health Care Services: -0.95 pp weight change; -4.7% relative return; weight 0.00%Restaurants: -1.80 pp weight change; -19.9% relative return; weight 0.00%Managed Health Care: -1.88 pp weight change; +12.9% relative return; weight 0.00%Consumer Staples Merchandise Retail: -1.94 pp weight change; +6.3% relative return; weight 0.00%Transaction & Payment Processing Services: -2.37 pp weight change; +10.2% relative return; weight 0.00%Transaction & Payment Processing ServicesCommunications Equipment: -1.30 pp weight change; -20.4% relative return; weight 0.00%Rail Transportation: -0.97 pp weight change; +4.4% relative return; weight 0.00%Diversified Support Services: -0.13 pp weight change; +1.0% relative return; weight 0.00%Integrated Oil & Gas: -1.21 pp weight change; -35.7% relative return; weight 0.00%Passenger Airlines: -0.48 pp weight change; -50.9% relative return; weight 0.00%Agricultural & Farm Machinery: -0.26 pp weight change; +18.7% relative return; weight 0.00%Homebuilding: -0.15 pp weight change; +15.8% relative return; weight 0.00%Movies & Entertainment: -1.41 pp weight change; -14.2% relative return; weight 0.00%Data Center REITs: -0.40 pp weight change; +19.4% relative return; weight 0.00%Health Care REITs: -0.44 pp weight change; -41.5% relative return; weight 0.00%Industrial Machinery & Supplies & Components: -0.95 pp weight change; +5.9% relative return; weight 0.00%Research & Consulting Services: -0.24 pp weight change; -0.2% relative return; weight 0.00%Reinsurance: -0.05 pp weight change; -17.8% relative return; weight 0.00%Multi-Family Residential REITs: -0.44 pp weight change; -35.8% relative return; weight 0.00%Self-Storage REITs: -0.34 pp weight change; -26.9% relative return; weight 0.00%Automobile Manufacturers: -0.47 pp weight change; -31.1% relative return; weight 0.00%Trading Companies & Distributors: -0.09 pp weight change; +37.8% relative return; weight 0.00%Copper: -0.07 pp weight change; +47.1% relative return; weight 0.00%Broadcasting: -0.00 pp weight change; -26.2% relative return; weight 0.00%Retail REITs: -0.51 pp weight change; -45.7% relative return; weight 0.00%Systems Software: -5.81 pp weight change; +42.4% relative return; weight 0.01%Systems SoftwarePackaged Foods & Meats: -1.04 pp weight change; -1.3% relative return; weight 0.00%Distributors: -0.07 pp weight change; -7.2% relative return; weight 0.00%Consumer Electronics: -0.09 pp weight change; +12.0% relative return; weight 0.00%Investment Banking & Brokerage: -1.08 pp weight change; -5.9% relative return; weight 0.00%Leisure Products: -0.08 pp weight change; -36.7% relative return; weight 0.00%Health Care Facilities: -0.22 pp weight change; -2.5% relative return; weight 0.00%Home Improvement Retail: -1.83 pp weight change; +14.8% relative return; weight 0.00%Industrial Conglomerates: -1.40 pp weight change; -15.3% relative return; weight 0.00%Hotel & Resort REITs: -0.06 pp weight change; -37.3% relative return; weight 0.00%Other Specialized REITs: -0.05 pp weight change; -11.9% relative return; weight 0.00%Construction & Engineering: -0.08 pp weight change; +1.9% relative return; weight 0.00%Cargo Ground Transportation: -0.06 pp weight change; +23.2% relative return; weight 0.00%Oil & Gas Storage & Transportation: -0.56 pp weight change; -40.0% relative return; weight 0.00%Soft Drinks & Non-alcoholic Beverages: -2.36 pp weight change; -14.8% relative return; weight 0.00%Food Retail: -0.10 pp weight change; +32.1% relative return; weight 0.00%Casinos & Gaming: -0.14 pp weight change; -25.9% relative return; weight 0.00%Construction Materials: -0.19 pp weight change; -28.3% relative return; weight 0.00%Tobacco: -1.05 pp weight change; -2.1% relative return; weight 0.00%Oil & Gas Refining & Marketing: -0.59 pp weight change; -40.3% relative return; weight 0.00%Gold: -0.18 pp weight change; +46.8% relative return; weight 0.00%Apparel, Accessories & Luxury Goods: -0.42 pp weight change; +11.2% relative return; weight 0.00%Steel: -0.08 pp weight change; -17.3% relative return; weight 0.00%Advertising: -0.09 pp weight change; -36.6% relative return; weight 0.00%Personal Care Products: -1.63 pp weight change; +1.3% relative return; weight 0.00%Industrial REITs: -0.29 pp weight change; +7.4% relative return; weight 0.00%Electronic Equipment & Instruments: -0.31 pp weight change; -4.6% relative return; weight 0.00%Apparel Retail: -0.57 pp weight change; -18.1% relative return; weight 0.00%Environmental & Facilities Services: -0.47 pp weight change; -8.9% relative return; weight 0.00%Food Distributors: -0.21 pp weight change; -28.5% relative return; weight 0.00%Integrated Telecommunication Services: -2.36 pp weight change; -14.2% relative return; weight 0.00%Electronic Manufacturing Services: -0.17 pp weight change; -7.2% relative return; weight 0.00%Other Specialty Retail: -0.09 pp weight change; -9.8% relative return; weight 0.00%Timber REITs: -0.11 pp weight change; +2.5% relative return; weight 0.00%Interactive Home Entertainment: -0.08 pp weight change; +11.3% relative return; weight 0.00%Data Processing & Outsourced Services: -0.08 pp weight change; -7.2% relative return; weight 0.00%Gas Utilities: -0.07 pp weight change; -20.6% relative return; weight 0.00%Commodity Chemicals: -0.17 pp weight change; -3.3% relative return; weight 0.00%Wireless Telecommunication Services: -0.36 pp weight change; +28.3% relative return; weight 0.00%Technology Distributors: +0.00 pp weight change; -19.9% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; -14.2% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -14.2% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -14.2% relative return; weight 0.00%Footwear: +0.00 pp weight change; -14.2% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -14.2% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -14.2% 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.