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

-7.00 pp-80%-3.50 pp-40%+0.00 pp+0%+3.50 pp+40%+7.00 pp+80%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.28 pp weight change; +21.5% relative return; weight 2.05%Technology Hardware, Storage & Peripherals: +6.99 pp weight change; +38.0% relative return; weight 8.94%Technology Hardware, Storage & PeripheralsBiotechnology: -0.27 pp weight change; -7.7% relative return; weight 2.35%BiotechnologyHealth Care Equipment: +0.06 pp weight change; -2.6% relative return; weight 3.36%Health Care EquipmentIT Consulting & Other Services: -0.11 pp weight change; -2.0% relative return; weight 1.36%Application Software: +0.52 pp weight change; +20.4% relative return; weight 3.67%Application SoftwareSemiconductors: +0.22 pp weight change; +13.8% relative return; weight 3.45%SemiconductorsAgricultural Products & Services: -0.00 pp weight change; +4.3% relative return; weight 0.12%Human Resource & Employment Services: -0.07 pp weight change; -7.3% relative return; weight 0.46%Multi-Utilities: -0.20 pp weight change; -10.3% relative return; weight 1.14%Electric Utilities: -0.39 pp weight change; -18.2% relative return; weight 1.65%Independent Power Producers & Energy Traders: -0.02 pp weight change; -12.7% relative return; weight 0.09%Life & Health Insurance: -0.22 pp weight change; -22.0% relative return; weight 0.53%Multi-line Insurance: -0.13 pp weight change; -30.3% relative return; weight 0.22%Insurance Brokers: -0.06 pp weight change; +5.8% relative return; weight 0.54%Internet Services & Infrastructure: -0.01 pp weight change; -3.8% relative return; weight 0.17%Specialty Chemicals: -0.04 pp weight change; +1.1% relative return; weight 0.75%Health Care Supplies: +0.14 pp weight change; +24.5% relative return; weight 0.27%Property & Casualty Insurance: -0.21 pp weight change; -14.5% relative return; weight 0.91%Building Products: +0.12 pp weight change; +11.5% relative return; weight 0.55%Semiconductor Materials & Equipment: +0.14 pp weight change; +27.7% relative return; weight 0.44%Electrical Components & Equipment: -0.01 pp weight change; +6.2% relative return; weight 0.64%Asset Management & Custody Banks: -0.19 pp weight change; -15.2% relative return; weight 0.64%Telecom Tower REITs: -0.01 pp weight change; +2.6% relative return; weight 0.88%Broadline Retail: +0.11 pp weight change; +42.2% relative return; weight 0.49%Oil & Gas Exploration & Production: -0.41 pp weight change; -46.1% relative return; weight 0.41%Industrial Gases: +0.01 pp weight change; +8.5% relative return; weight 0.83%Electronic Components: +0.01 pp weight change; +14.8% relative return; weight 0.14%Automotive Parts & Equipment: +0.02 pp weight change; +10.3% relative return; weight 0.14%Office REITs: -0.04 pp weight change; -23.6% relative return; weight 0.16%Paper & Plastic Packaging Products & Materials: -0.05 pp weight change; +0.6% relative return; weight 0.56%Water Utilities: +0.01 pp weight change; +12.0% relative return; weight 0.12%Consumer Finance: -0.20 pp weight change; -17.9% relative return; weight 0.65%Automotive Retail: -0.03 pp weight change; -15.8% relative return; weight 0.12%Aerospace & Defense: -1.41 pp weight change; -26.5% relative return; weight 4.10%Aerospace & DefenseDiversified Banks: -2.28 pp weight change; -29.3% relative return; weight 4.32%Diversified BanksMetal, Glass & Plastic Containers: +0.02 pp weight change; +27.4% relative return; weight 0.13%Computer & Electronics Retail: +0.01 pp weight change; +20.6% relative return; weight 0.12%Hotels, Resorts & Cruise Lines: -0.23 pp weight change; -33.2% relative return; weight 0.47%Oil & Gas Equipment & Services: -0.16 pp weight change; -42.9% relative return; weight 0.19%Pharmaceuticals: -0.37 pp weight change; -4.9% relative return; weight 4.86%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -9.6% relative return; weight 0.00%Health Care Distributors: -0.04 pp weight change; +0.8% relative return; weight 0.32%Construction Machinery & Heavy Transportation Equipment: -0.02 pp weight change; +4.4% relative return; weight 0.69%Financial Exchanges & Data: +0.02 pp weight change; +7.2% relative return; weight 1.08%Real Estate Services: -0.01 pp weight change; -6.7% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: +0.01 pp weight change; +9.2% relative return; weight 0.19%Regional Banks: -0.18 pp weight change; -25.3% relative return; weight 0.38%Household Products: +0.01 pp weight change; +6.5% relative return; weight 0.71%Air Freight & Logistics: +0.18 pp weight change; +32.1% relative return; weight 0.89%Cable & Satellite: +0.09 pp weight change; +12.9% relative return; weight 1.16%Health Care Services: -0.17 pp weight change; -10.4% relative return; weight 0.89%Restaurants: -0.03 pp weight change; -2.0% relative return; weight 1.44%Managed Health Care: +0.00 pp weight change; +2.6% relative return; weight 2.06%Consumer Staples Merchandise Retail: +0.20 pp weight change; +16.6% relative return; weight 2.07%Transaction & Payment Processing Services: +0.22 pp weight change; +13.0% relative return; weight 2.77%Transaction & Payment Processing ServicesCommunications Equipment: -0.22 pp weight change; -13.3% relative return; weight 0.94%Rail Transportation: -0.03 pp weight change; +5.3% relative return; weight 0.94%Diversified Support Services: +0.00 pp weight change; +7.5% relative return; weight 0.13%Integrated Oil & Gas: -0.42 pp weight change; -31.6% relative return; weight 0.69%Passenger Airlines: -0.18 pp weight change; -40.5% relative return; weight 0.28%Agricultural & Farm Machinery: +0.08 pp weight change; +38.0% relative return; weight 0.35%Homebuilding: +0.00 pp weight change; +4.8% relative return; weight 0.23%Movies & Entertainment: -0.16 pp weight change; -12.7% relative return; weight 1.29%Data Center REITs: +0.05 pp weight change; +5.5% relative return; weight 0.42%Health Care REITs: -0.12 pp weight change; -28.0% relative return; weight 0.25%Industrial Machinery & Supplies & Components: +0.22 pp weight change; +7.8% relative return; weight 1.22%Research & Consulting Services: +0.02 pp weight change; +12.5% relative return; weight 0.22%Reinsurance: -0.02 pp weight change; -25.1% relative return; weight 0.04%Multi-Family Residential REITs: -0.14 pp weight change; -30.1% relative return; weight 0.27%Self-Storage REITs: -0.03 pp weight change; -3.8% relative return; weight 0.23%Automobile Manufacturers: -0.02 pp weight change; +0.6% relative return; weight 0.41%Trading Companies & Distributors: +0.02 pp weight change; +26.6% relative return; weight 0.13%Copper: +0.06 pp weight change; +79.5% relative return; weight 0.14%Broadcasting: -0.00 pp weight change; -28.3% relative return; weight 0.00%Retail REITs: -0.22 pp weight change; -41.1% relative return; weight 0.27%Systems Software: +1.06 pp weight change; +24.7% relative return; weight 7.03%Systems SoftwarePackaged Foods & Meats: -0.08 pp weight change; -2.8% relative return; weight 0.88%Distributors: -0.02 pp weight change; -15.2% relative return; weight 0.06%Consumer Electronics: -0.00 pp weight change; +6.8% relative return; weight 0.09%Investment Banking & Brokerage: -0.05 pp weight change; -2.4% relative return; weight 1.11%Leisure Products: -0.01 pp weight change; -17.7% relative return; weight 0.05%Health Care Facilities: -0.02 pp weight change; -5.5% relative return; weight 0.22%Home Improvement Retail: +0.09 pp weight change; +13.6% relative return; weight 1.75%Industrial Conglomerates: -0.15 pp weight change; -4.7% relative return; weight 1.20%Hotel & Resort REITs: -0.02 pp weight change; -28.0% relative return; weight 0.04%Other Specialized REITs: -0.01 pp weight change; -18.8% relative return; weight 0.03%Construction & Engineering: +0.01 pp weight change; +17.7% relative return; weight 0.09%Cargo Ground Transportation: +0.05 pp weight change; +14.5% relative return; weight 0.11%Oil & Gas Storage & Transportation: -0.20 pp weight change; -32.1% relative return; weight 0.31%Soft Drinks & Non-alcoholic Beverages: -0.31 pp weight change; -8.8% relative return; weight 1.84%Food Retail: -0.00 pp weight change; +7.2% relative return; weight 0.11%Casinos & Gaming: -0.11 pp weight change; -21.8% relative return; weight 0.29%Construction Materials: -0.03 pp weight change; -13.2% relative return; weight 0.15%Tobacco: -0.30 pp weight change; -19.0% relative return; weight 0.82%Oil & Gas Refining & Marketing: -0.34 pp weight change; -47.2% relative return; weight 0.31%Gold: +0.04 pp weight change; +35.2% relative return; weight 0.20%Apparel, Accessories & Luxury Goods: +0.08 pp weight change; +23.6% relative return; weight 0.52%Steel: -0.02 pp weight change; -13.9% relative return; weight 0.07%Advertising: -0.03 pp weight change; -28.1% relative return; weight 0.06%Personal Care Products: -0.07 pp weight change; +1.4% relative return; weight 1.46%Industrial REITs: +0.02 pp weight change; -2.4% relative return; weight 0.31%Electronic Equipment & Instruments: +0.14 pp weight change; +6.4% relative return; weight 0.43%Apparel Retail: -0.10 pp weight change; -12.8% relative return; weight 0.49%Environmental & Facilities Services: -0.03 pp weight change; -1.0% relative return; weight 0.40%Food Distributors: -0.05 pp weight change; -20.5% relative return; weight 0.15%Integrated Telecommunication Services: -0.58 pp weight change; -16.9% relative return; weight 1.72%Electronic Manufacturing Services: +0.00 pp weight change; +9.2% relative return; weight 0.16%Other Specialty Retail: -0.00 pp weight change; +6.5% relative return; weight 0.08%Timber REITs: -0.02 pp weight change; -12.3% relative return; weight 0.09%Interactive Home Entertainment: +0.02 pp weight change; +29.4% relative return; weight 0.09%Data Processing & Outsourced Services: +0.00 pp weight change; +5.2% relative return; weight 0.07%Gas Utilities: -0.01 pp weight change; -20.2% relative return; weight 0.05%Commodity Chemicals: -0.03 pp weight change; -8.1% relative return; weight 0.17%Wireless Telecommunication Services: +0.36 pp weight change; +47.2% relative return; weight 0.70%Technology Distributors: -0.02 pp weight change; -14.9% relative return; weight 0.08%Heavy Electrical Equipment: +0.00 pp weight change; -13.0% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -13.0% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -13.0% relative return; weight 0.00%Footwear: +0.00 pp weight change; -13.0% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -13.0% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -13.0% 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.