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

-7.50 pp-70%-3.75 pp-35%+0.00 pp+0%+3.75 pp+35%+7.50 pp+70%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.50 pp weight change; +36.5% relative return; weight 2.24%Technology Hardware, Storage & Peripherals: +7.18 pp weight change; +46.7% relative return; weight 9.08%Technology Hardware, Storage & PeripheralsBiotechnology: -0.06 pp weight change; +2.1% relative return; weight 2.43%BiotechnologyHealth Care Equipment: +0.12 pp weight change; +0.5% relative return; weight 3.48%Health Care EquipmentIT Consulting & Other Services: -0.12 pp weight change; -1.0% relative return; weight 1.34%Application Software: +0.75 pp weight change; +30.3% relative return; weight 3.82%Application SoftwareSemiconductors: +0.07 pp weight change; +11.6% relative return; weight 3.33%SemiconductorsAgricultural Products & Services: -0.00 pp weight change; +8.1% relative return; weight 0.12%Human Resource & Employment Services: -0.06 pp weight change; -4.7% relative return; weight 0.46%Multi-Utilities: -0.13 pp weight change; -4.0% relative return; weight 1.29%Electric Utilities: -0.33 pp weight change; -13.1% relative return; weight 1.83%Independent Power Producers & Energy Traders: -0.01 pp weight change; -3.8% relative return; weight 0.10%Life & Health Insurance: -0.27 pp weight change; -27.8% relative return; weight 0.49%Multi-line Insurance: -0.15 pp weight change; -35.2% relative return; weight 0.21%Insurance Brokers: -0.05 pp weight change; +8.7% relative return; weight 0.54%Internet Services & Infrastructure: -0.01 pp weight change; -1.1% relative return; weight 0.18%Specialty Chemicals: -0.09 pp weight change; -5.3% relative return; weight 0.70%Health Care Supplies: +0.15 pp weight change; +37.6% relative return; weight 0.27%Property & Casualty Insurance: -0.18 pp weight change; -11.1% relative return; weight 0.95%Building Products: +0.12 pp weight change; +11.7% relative return; weight 0.56%Semiconductor Materials & Equipment: +0.07 pp weight change; +8.7% relative return; weight 0.36%Electrical Components & Equipment: -0.01 pp weight change; +7.2% relative return; weight 0.62%Asset Management & Custody Banks: -0.20 pp weight change; -14.8% relative return; weight 0.62%Telecom Tower REITs: +0.01 pp weight change; +6.5% relative return; weight 0.96%Broadline Retail: +0.14 pp weight change; +50.0% relative return; weight 0.52%Oil & Gas Exploration & Production: -0.48 pp weight change; -58.2% relative return; weight 0.32%Industrial Gases: +0.03 pp weight change; +13.0% relative return; weight 0.84%Electronic Components: -0.00 pp weight change; +6.1% relative return; weight 0.14%Automotive Parts & Equipment: +0.00 pp weight change; +2.9% relative return; weight 0.12%Office REITs: -0.06 pp weight change; -28.1% relative return; weight 0.15%Paper & Plastic Packaging Products & Materials: -0.03 pp weight change; +6.9% relative return; weight 0.57%Water Utilities: +0.01 pp weight change; +17.9% relative return; weight 0.13%Consumer Finance: -0.27 pp weight change; -25.5% relative return; weight 0.57%Automotive Retail: -0.02 pp weight change; -6.2% relative return; weight 0.13%Aerospace & Defense: -1.71 pp weight change; -32.4% relative return; weight 3.57%Aerospace & DefenseDiversified Banks: -2.62 pp weight change; -32.5% relative return; weight 3.98%Diversified BanksMetal, Glass & Plastic Containers: +0.02 pp weight change; +21.9% relative return; weight 0.14%Computer & Electronics Retail: +0.04 pp weight change; +51.6% relative return; weight 0.14%Hotels, Resorts & Cruise Lines: -0.28 pp weight change; -40.1% relative return; weight 0.40%Oil & Gas Equipment & Services: -0.18 pp weight change; -50.4% relative return; weight 0.15%Pharmaceuticals: -0.32 pp weight change; -2.2% relative return; weight 5.03%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -9.8% relative return; weight 0.00%Health Care Distributors: -0.03 pp weight change; +4.1% relative return; weight 0.31%Construction Machinery & Heavy Transportation Equipment: +0.01 pp weight change; +11.0% relative return; weight 0.70%Financial Exchanges & Data: +0.02 pp weight change; +8.4% relative return; weight 1.09%Real Estate Services: -0.01 pp weight change; -10.6% relative return; weight 0.08%Fertilizers & Agricultural Chemicals: -0.02 pp weight change; -1.3% relative return; weight 0.18%Regional Banks: -0.19 pp weight change; -25.0% relative return; weight 0.37%Household Products: +0.03 pp weight change; +11.6% relative return; weight 0.76%Air Freight & Logistics: +0.20 pp weight change; +38.2% relative return; weight 0.92%Cable & Satellite: +0.05 pp weight change; +10.0% relative return; weight 1.16%Health Care Services: -0.15 pp weight change; -7.8% relative return; weight 0.84%Restaurants: -0.05 pp weight change; -0.1% relative return; weight 1.50%Managed Health Care: +0.18 pp weight change; +13.7% relative return; weight 2.11%Consumer Staples Merchandise Retail: +0.18 pp weight change; +16.8% relative return; weight 2.08%Transaction & Payment Processing Services: +0.29 pp weight change; +10.6% relative return; weight 2.64%Transaction & Payment Processing ServicesCommunications Equipment: -0.36 pp weight change; -23.1% relative return; weight 0.89%Rail Transportation: -0.03 pp weight change; +6.2% relative return; weight 0.91%Diversified Support Services: +0.00 pp weight change; +5.5% relative return; weight 0.13%Integrated Oil & Gas: -0.53 pp weight change; -40.2% relative return; weight 0.61%Passenger Airlines: -0.21 pp weight change; -46.6% relative return; weight 0.25%Agricultural & Farm Machinery: +0.05 pp weight change; +25.6% relative return; weight 0.34%Homebuilding: +0.01 pp weight change; +11.1% relative return; weight 0.24%Movies & Entertainment: -0.10 pp weight change; -8.4% relative return; weight 1.19%Data Center REITs: +0.10 pp weight change; +19.8% relative return; weight 0.49%Health Care REITs: -0.17 pp weight change; -37.4% relative return; weight 0.24%Industrial Machinery & Supplies & Components: +0.21 pp weight change; +8.2% relative return; weight 1.19%Research & Consulting Services: +0.01 pp weight change; +8.7% relative return; weight 0.22%Reinsurance: -0.02 pp weight change; -25.2% relative return; weight 0.04%Multi-Family Residential REITs: -0.19 pp weight change; -38.1% relative return; weight 0.25%Self-Storage REITs: -0.02 pp weight change; +1.6% relative return; weight 0.26%Automobile Manufacturers: -0.07 pp weight change; -10.9% relative return; weight 0.37%Trading Companies & Distributors: +0.01 pp weight change; +21.9% relative return; weight 0.12%Copper: +0.04 pp weight change; +68.4% relative return; weight 0.12%Broadcasting: -0.00 pp weight change; -19.3% relative return; weight 0.00%Retail REITs: -0.26 pp weight change; -47.7% relative return; weight 0.25%Systems Software: +1.62 pp weight change; +36.4% relative return; weight 7.41%Systems SoftwarePackaged Foods & Meats: -0.08 pp weight change; -0.7% relative return; weight 0.91%Distributors: -0.02 pp weight change; -13.4% relative return; weight 0.06%Consumer Electronics: -0.00 pp weight change; +8.2% relative return; weight 0.09%Investment Banking & Brokerage: -0.16 pp weight change; -5.1% relative return; weight 0.95%Leisure Products: -0.01 pp weight change; -16.5% relative return; weight 0.05%Health Care Facilities: -0.04 pp weight change; -11.2% relative return; weight 0.20%Home Improvement Retail: +0.14 pp weight change; +17.3% relative return; weight 1.92%Industrial Conglomerates: -0.21 pp weight change; -8.4% relative return; weight 1.15%Hotel & Resort REITs: -0.03 pp weight change; -37.3% relative return; weight 0.03%Other Specialized REITs: -0.01 pp weight change; -17.7% relative return; weight 0.04%Construction & Engineering: +0.00 pp weight change; +13.5% relative return; weight 0.09%Cargo Ground Transportation: +0.05 pp weight change; +12.8% relative return; weight 0.11%Oil & Gas Storage & Transportation: -0.23 pp weight change; -36.4% relative return; weight 0.30%Soft Drinks & Non-alcoholic Beverages: -0.35 pp weight change; -8.9% relative return; weight 1.90%Food Retail: +0.02 pp weight change; +26.9% relative return; weight 0.12%Casinos & Gaming: -0.13 pp weight change; -28.3% relative return; weight 0.26%Construction Materials: -0.01 pp weight change; -2.5% relative return; weight 0.17%Tobacco: -0.26 pp weight change; -13.7% relative return; weight 0.84%Oil & Gas Refining & Marketing: -0.44 pp weight change; -58.2% relative return; weight 0.26%Gold: +0.07 pp weight change; +52.5% relative return; weight 0.24%Apparel, Accessories & Luxury Goods: +0.08 pp weight change; +24.9% relative return; weight 0.52%Steel: -0.02 pp weight change; -12.5% relative return; weight 0.07%Advertising: -0.04 pp weight change; -39.4% relative return; weight 0.05%Personal Care Products: -0.01 pp weight change; +7.2% relative return; weight 1.61%Industrial REITs: +0.06 pp weight change; +10.2% relative return; weight 0.35%Electronic Equipment & Instruments: +0.12 pp weight change; +4.1% relative return; weight 0.40%Apparel Retail: -0.14 pp weight change; -19.3% relative return; weight 0.43%Environmental & Facilities Services: -0.03 pp weight change; -0.1% relative return; weight 0.41%Food Distributors: -0.08 pp weight change; -32.1% relative return; weight 0.13%Integrated Telecommunication Services: -0.61 pp weight change; -15.8% relative return; weight 1.80%Electronic Manufacturing Services: -0.01 pp weight change; +5.0% relative return; weight 0.15%Other Specialty Retail: -0.01 pp weight change; -8.5% relative return; weight 0.07%Timber REITs: -0.02 pp weight change; -9.1% relative return; weight 0.10%Interactive Home Entertainment: +0.01 pp weight change; +22.3% relative return; weight 0.08%Data Processing & Outsourced Services: +0.00 pp weight change; +6.4% relative return; weight 0.08%Gas Utilities: -0.02 pp weight change; -20.9% relative return; weight 0.05%Commodity Chemicals: -0.04 pp weight change; -8.9% relative return; weight 0.16%Wireless Telecommunication Services: +0.27 pp weight change; +25.9% relative return; weight 0.64%Technology Distributors: -0.01 pp weight change; -7.8% relative return; weight 0.08%Heavy Electrical Equipment: +0.00 pp weight change; -5.0% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -5.0% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -5.0% relative return; weight 0.00%Footwear: +0.00 pp weight change; -5.0% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -5.0% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -5.0% 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.