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-70%-49.75 pp-35%+0.00 pp+0%+49.75 pp+35%+99.50 pp+70%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -1.79 pp weight change; +22.9% relative return; weight 0.00%Technology Hardware, Storage & Peripherals: -1.81 pp weight change; +60.1% relative return; weight 0.00%Biotechnology: -2.32 pp weight change; +18.0% relative return; weight 0.00%BiotechnologyHealth Care Equipment: -3.42 pp weight change; -0.9% relative return; weight 0.00%Health Care EquipmentIT Consulting & Other Services: -1.55 pp weight change; -5.6% relative return; weight 0.00%Application Software: -3.11 pp weight change; +32.3% relative return; weight 0.00%Application SoftwareSemiconductors: -3.18 pp weight change; +15.8% relative return; weight 0.00%SemiconductorsAgricultural Products & Services: -0.12 pp weight change; +5.9% relative return; weight 0.00%Human Resource & Employment Services: -0.53 pp weight change; -17.0% relative return; weight 0.00%Multi-Utilities: -1.45 pp weight change; -12.8% relative return; weight 0.00%Electric Utilities: -2.21 pp weight change; -22.9% relative return; weight 0.00%Independent Power Producers & Energy Traders: -0.11 pp weight change; -11.3% relative return; weight 0.00%Life & Health Insurance: -0.77 pp weight change; -30.6% relative return; weight 0.00%Multi-line Insurance: -0.38 pp weight change; -45.8% relative return; weight 0.00%Insurance Brokers: +99.30 pp weight change; +7.5% relative return; weight 99.90%Insurance BrokersInternet Services & Infrastructure: -0.20 pp weight change; +2.7% relative return; weight 0.00%Specialty Chemicals: -0.81 pp weight change; -6.7% relative return; weight 0.00%Health Care Supplies: -0.10 pp weight change; +49.9% relative return; weight 0.00%Property & Casualty Insurance: -1.24 pp weight change; -23.2% relative return; weight 0.00%Building Products: -0.44 pp weight change; +4.6% relative return; weight 0.00%Semiconductor Materials & Equipment: -0.28 pp weight change; +10.8% relative return; weight 0.00%Electrical Components & Equipment: -0.62 pp weight change; +4.7% relative return; weight 0.00%Asset Management & Custody Banks: -0.81 pp weight change; -16.2% relative return; weight 0.00%Telecom Tower REITs: -0.97 pp weight change; +7.0% relative return; weight 0.00%Broadline Retail: -0.40 pp weight change; +46.2% relative return; weight 0.00%Oil & Gas Exploration & Production: -0.87 pp weight change; -58.8% relative return; weight 0.00%Industrial Gases: -0.81 pp weight change; +16.6% relative return; weight 0.00%Electronic Components: -0.14 pp weight change; +5.5% relative return; weight 0.00%Automotive Parts & Equipment: -0.12 pp weight change; -4.7% relative return; weight 0.00%Office REITs: -0.20 pp weight change; -23.0% relative return; weight 0.00%Paper & Plastic Packaging Products & Materials: -0.61 pp weight change; +3.9% relative return; weight 0.00%Water Utilities: -0.12 pp weight change; +7.2% relative return; weight 0.00%Consumer Finance: -0.87 pp weight change; -24.4% relative return; weight 0.00%Automotive Retail: -0.15 pp weight change; -1.4% relative return; weight 0.00%Aerospace & Defense: -5.30 pp weight change; -36.2% relative return; weight 0.00%Aerospace & DefenseDiversified Banks: -6.46 pp weight change; -32.9% relative return; weight 0.00%Diversified BanksMetal, Glass & Plastic Containers: -0.13 pp weight change; +4.1% relative return; weight 0.00%Computer & Electronics Retail: -0.10 pp weight change; +49.8% relative return; weight 0.00%Hotels, Resorts & Cruise Lines: -0.68 pp weight change; -40.9% relative return; weight 0.00%Oil & Gas Equipment & Services: -0.34 pp weight change; -52.8% relative return; weight 0.00%Pharmaceuticals: -5.23 pp weight change; +4.2% relative return; weight 0.01%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -7.4% relative return; weight 0.00%Health Care Distributors: -0.35 pp weight change; -0.1% relative return; weight 0.00%Construction Machinery & Heavy Transportation Equipment: -0.67 pp weight change; +9.3% relative return; weight 0.00%Financial Exchanges & Data: -1.05 pp weight change; +16.5% relative return; weight 0.00%Real Estate Services: -0.09 pp weight change; -19.9% relative return; weight 0.00%Fertilizers & Agricultural Chemicals: -0.21 pp weight change; -17.5% relative return; weight 0.00%Regional Banks: -0.56 pp weight change; -35.2% relative return; weight 0.00%Household Products: -0.79 pp weight change; +3.1% relative return; weight 0.00%Air Freight & Logistics: -0.74 pp weight change; +33.3% relative return; weight 0.00%Cable & Satellite: -1.05 pp weight change; +18.6% relative return; weight 0.00%Health Care Services: -0.94 pp weight change; -4.5% relative return; weight 0.00%Restaurants: -1.69 pp weight change; -10.0% relative return; weight 0.00%Managed Health Care: -1.70 pp weight change; +27.1% relative return; weight 0.00%Consumer Staples Merchandise Retail: -1.92 pp weight change; +12.5% relative return; weight 0.00%Transaction & Payment Processing Services: -2.22 pp weight change; +17.5% relative return; weight 0.00%Transaction & Payment Processing ServicesCommunications Equipment: -1.31 pp weight change; -24.2% relative return; weight 0.00%Rail Transportation: -0.95 pp weight change; +10.7% relative return; weight 0.00%Diversified Support Services: -0.13 pp weight change; +5.2% relative return; weight 0.00%Integrated Oil & Gas: -1.20 pp weight change; -42.3% relative return; weight 0.00%Passenger Airlines: -0.47 pp weight change; -49.9% relative return; weight 0.00%Agricultural & Farm Machinery: -0.28 pp weight change; +21.0% relative return; weight 0.00%Homebuilding: -0.23 pp weight change; +17.5% relative return; weight 0.00%Movies & Entertainment: -1.31 pp weight change; -10.2% relative return; weight 0.00%Data Center REITs: -0.40 pp weight change; +15.3% relative return; weight 0.00%Health Care REITs: -0.43 pp weight change; -40.1% relative return; weight 0.00%Industrial Machinery & Supplies & Components: -0.97 pp weight change; +5.9% relative return; weight 0.00%Research & Consulting Services: -0.23 pp weight change; +4.8% relative return; weight 0.00%Reinsurance: -0.06 pp weight change; -31.0% relative return; weight 0.00%Multi-Family Residential REITs: -0.44 pp weight change; -37.5% relative return; weight 0.00%Self-Storage REITs: -0.31 pp weight change; -14.5% relative return; weight 0.00%Automobile Manufacturers: -0.47 pp weight change; -28.9% relative return; weight 0.00%Trading Companies & Distributors: -0.10 pp weight change; +27.2% relative return; weight 0.00%Copper: -0.07 pp weight change; +49.1% relative return; weight 0.00%Broadcasting: -0.00 pp weight change; -18.6% relative return; weight 0.00%Retail REITs: -0.52 pp weight change; -48.0% relative return; weight 0.00%Systems Software: -5.72 pp weight change; +38.8% relative return; weight 0.01%Systems SoftwarePackaged Foods & Meats: -1.03 pp weight change; -3.2% relative return; weight 0.00%Distributors: -0.08 pp weight change; -10.7% relative return; weight 0.00%Consumer Electronics: -0.09 pp weight change; +4.0% relative return; weight 0.00%Investment Banking & Brokerage: -1.10 pp weight change; -7.9% relative return; weight 0.00%Leisure Products: -0.08 pp weight change; -34.9% relative return; weight 0.00%Health Care Facilities: -0.22 pp weight change; -5.8% relative return; weight 0.00%Home Improvement Retail: -1.80 pp weight change; +17.9% relative return; weight 0.00%Industrial Conglomerates: -1.41 pp weight change; -14.1% relative return; weight 0.00%Hotel & Resort REITs: -0.07 pp weight change; -41.8% relative return; weight 0.00%Other Specialized REITs: -0.05 pp weight change; -18.5% relative return; weight 0.00%Construction & Engineering: -0.08 pp weight change; +4.4% relative return; weight 0.00%Cargo Ground Transportation: -0.06 pp weight change; +13.7% relative return; weight 0.00%Oil & Gas Storage & Transportation: -0.56 pp weight change; -42.8% relative return; weight 0.00%Soft Drinks & Non-alcoholic Beverages: -2.29 pp weight change; -10.4% relative return; weight 0.00%Food Retail: -0.11 pp weight change; +21.5% relative return; weight 0.00%Casinos & Gaming: -0.14 pp weight change; -27.9% relative return; weight 0.00%Construction Materials: -0.20 pp weight change; -19.7% relative return; weight 0.00%Tobacco: -1.03 pp weight change; -5.7% relative return; weight 0.00%Oil & Gas Refining & Marketing: -0.64 pp weight change; -52.6% relative return; weight 0.00%Gold: -0.16 pp weight change; +53.5% relative return; weight 0.00%Apparel, Accessories & Luxury Goods: -0.47 pp weight change; +16.7% relative return; weight 0.00%Steel: -0.08 pp weight change; -17.2% relative return; weight 0.00%Advertising: -0.09 pp weight change; -40.4% relative return; weight 0.00%Personal Care Products: -1.65 pp weight change; +3.6% relative return; weight 0.00%Industrial REITs: -0.29 pp weight change; +9.6% relative return; weight 0.00%Electronic Equipment & Instruments: -0.29 pp weight change; -3.7% relative return; weight 0.00%Apparel Retail: -0.57 pp weight change; -14.1% relative return; weight 0.00%Environmental & Facilities Services: -0.45 pp weight change; -1.6% relative return; weight 0.00%Food Distributors: -0.22 pp weight change; -27.0% relative return; weight 0.00%Integrated Telecommunication Services: -2.43 pp weight change; -15.5% relative return; weight 0.00%Electronic Manufacturing Services: -0.17 pp weight change; -3.1% relative return; weight 0.00%Other Specialty Retail: -0.09 pp weight change; -11.0% relative return; weight 0.00%Timber REITs: -0.11 pp weight change; -4.7% relative return; weight 0.00%Interactive Home Entertainment: -0.08 pp weight change; +19.2% relative return; weight 0.00%Data Processing & Outsourced Services: -0.08 pp weight change; -2.3% relative return; weight 0.00%Gas Utilities: -0.07 pp weight change; -22.4% relative return; weight 0.00%Commodity Chemicals: -0.19 pp weight change; -5.0% relative return; weight 0.00%Wireless Telecommunication Services: -0.36 pp weight change; +31.3% relative return; weight 0.00%Technology Distributors: -0.09 pp weight change; -11.2% relative return; weight 0.00%Heavy Electrical Equipment: +0.00 pp weight change; -9.6% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -9.6% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -9.6% relative return; weight 0.00%Footwear: +0.00 pp weight change; -9.6% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -9.6% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -9.6% 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.