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-80%-3.75 pp-40%+0.00 pp+0%+3.75 pp+40%+7.50 pp+80%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.19 pp weight change; +16.8% relative return; weight 1.98%Technology Hardware, Storage & Peripherals: +7.43 pp weight change; +39.9% relative return; weight 9.50%Technology Hardware, Storage & PeripheralsBiotechnology: -0.29 pp weight change; -7.7% relative return; weight 2.27%BiotechnologyHealth Care Equipment: -0.01 pp weight change; -1.8% relative return; weight 3.34%Health Care EquipmentIT Consulting & Other Services: -0.11 pp weight change; -0.7% relative return; weight 1.34%Application Software: +0.57 pp weight change; +23.6% relative return; weight 3.63%Application SoftwareSemiconductors: +0.06 pp weight change; +9.7% relative return; weight 3.42%SemiconductorsAgricultural Products & Services: -0.01 pp weight change; -3.3% relative return; weight 0.11%Human Resource & Employment Services: -0.07 pp weight change; -7.1% relative return; weight 0.44%Multi-Utilities: -0.28 pp weight change; -15.5% relative return; weight 1.06%Electric Utilities: -0.47 pp weight change; -21.6% relative return; weight 1.57%Independent Power Producers & Energy Traders: -0.01 pp weight change; -3.7% relative return; weight 0.10%Life & Health Insurance: -0.22 pp weight change; -21.5% relative return; weight 0.52%Multi-line Insurance: -0.12 pp weight change; -29.2% relative return; weight 0.21%Insurance Brokers: -0.07 pp weight change; +5.3% relative return; weight 0.53%Internet Services & Infrastructure: -0.01 pp weight change; -0.4% relative return; weight 0.17%Specialty Chemicals: -0.06 pp weight change; -1.9% relative return; weight 0.71%Health Care Supplies: +0.15 pp weight change; +32.0% relative return; weight 0.27%Property & Casualty Insurance: -0.18 pp weight change; -8.9% relative return; weight 0.94%Building Products: +0.11 pp weight change; +11.1% relative return; weight 0.53%Semiconductor Materials & Equipment: +0.13 pp weight change; +25.5% relative return; weight 0.44%Electrical Components & Equipment: -0.03 pp weight change; +3.5% relative return; weight 0.62%Asset Management & Custody Banks: -0.18 pp weight change; -12.3% relative return; weight 0.65%Telecom Tower REITs: -0.11 pp weight change; -7.9% relative return; weight 0.81%Broadline Retail: +0.10 pp weight change; +40.0% relative return; weight 0.47%Oil & Gas Exploration & Production: -0.48 pp weight change; -49.9% relative return; weight 0.41%Industrial Gases: -0.01 pp weight change; +6.2% relative return; weight 0.80%Electronic Components: +0.00 pp weight change; +8.9% relative return; weight 0.13%Automotive Parts & Equipment: +0.02 pp weight change; +18.2% relative return; weight 0.14%Office REITs: -0.04 pp weight change; -21.2% relative return; weight 0.16%Paper & Plastic Packaging Products & Materials: -0.07 pp weight change; -0.8% relative return; weight 0.55%Water Utilities: +0.00 pp weight change; +9.1% relative return; weight 0.11%Consumer Finance: -0.19 pp weight change; -15.4% relative return; weight 0.66%Automotive Retail: -0.03 pp weight change; -14.2% relative return; weight 0.12%Aerospace & Defense: -1.18 pp weight change; -22.9% relative return; weight 4.04%Aerospace & DefenseDiversified Banks: -2.23 pp weight change; -27.3% relative return; weight 4.45%Diversified BanksMetal, Glass & Plastic Containers: +0.02 pp weight change; +24.8% relative return; weight 0.12%Computer & Electronics Retail: -0.01 pp weight change; +0.3% relative return; weight 0.10%Hotels, Resorts & Cruise Lines: -0.27 pp weight change; -36.7% relative return; weight 0.47%Oil & Gas Equipment & Services: -0.19 pp weight change; -46.3% relative return; weight 0.19%Pharmaceuticals: -0.57 pp weight change; -7.5% relative return; weight 4.84%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -12.0% relative return; weight 0.00%Health Care Distributors: -0.03 pp weight change; +1.8% relative return; weight 0.30%Construction Machinery & Heavy Transportation Equipment: -0.02 pp weight change; +5.0% relative return; weight 0.67%Financial Exchanges & Data: +0.01 pp weight change; +6.7% relative return; weight 1.05%Real Estate Services: -0.02 pp weight change; -12.0% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: -0.01 pp weight change; -0.4% relative return; weight 0.19%Regional Banks: -0.17 pp weight change; -23.2% relative return; weight 0.39%Household Products: -0.03 pp weight change; +2.5% relative return; weight 0.67%Air Freight & Logistics: +0.14 pp weight change; +29.1% relative return; weight 0.83%Cable & Satellite: +0.06 pp weight change; +11.3% relative return; weight 1.14%Health Care Services: -0.18 pp weight change; -11.4% relative return; weight 0.85%Restaurants: -0.04 pp weight change; -1.6% relative return; weight 1.41%Managed Health Care: -0.08 pp weight change; -0.4% relative return; weight 2.03%Consumer Staples Merchandise Retail: +0.08 pp weight change; +12.1% relative return; weight 1.89%Transaction & Payment Processing Services: +0.28 pp weight change; +16.8% relative return; weight 2.77%Transaction & Payment Processing ServicesCommunications Equipment: -0.25 pp weight change; -14.9% relative return; weight 0.93%Rail Transportation: -0.05 pp weight change; +3.5% relative return; weight 0.91%Diversified Support Services: +0.00 pp weight change; +4.6% relative return; weight 0.13%Integrated Oil & Gas: -0.48 pp weight change; -36.4% relative return; weight 0.64%Passenger Airlines: -0.17 pp weight change; -40.0% relative return; weight 0.27%Agricultural & Farm Machinery: +0.07 pp weight change; +35.8% relative return; weight 0.34%Homebuilding: -0.01 pp weight change; +2.7% relative return; weight 0.21%Movies & Entertainment: +0.07 pp weight change; +8.4% relative return; weight 1.49%Data Center REITs: +0.05 pp weight change; +5.5% relative return; weight 0.42%Health Care REITs: -0.10 pp weight change; -25.1% relative return; weight 0.25%Industrial Machinery & Supplies & Components: +0.15 pp weight change; +2.2% relative return; weight 1.16%Research & Consulting Services: +0.03 pp weight change; +19.9% relative return; weight 0.23%Reinsurance: -0.02 pp weight change; -25.2% relative return; weight 0.04%Multi-Family Residential REITs: -0.13 pp weight change; -28.0% relative return; weight 0.26%Self-Storage REITs: -0.03 pp weight change; -2.9% relative return; weight 0.22%Automobile Manufacturers: +0.85 pp weight change; -7.5% relative return; weight 1.28%Trading Companies & Distributors: +0.01 pp weight change; +18.4% relative return; weight 0.12%Copper: +0.06 pp weight change; +71.1% relative return; weight 0.15%Broadcasting: -0.00 pp weight change; -30.7% relative return; weight 0.00%Retail REITs: -0.20 pp weight change; -38.3% relative return; weight 0.27%Systems Software: +0.91 pp weight change; +23.1% relative return; weight 6.96%Systems SoftwarePackaged Foods & Meats: -0.11 pp weight change; -5.2% relative return; weight 0.85%Distributors: -0.02 pp weight change; -15.9% relative return; weight 0.06%Consumer Electronics: -0.00 pp weight change; +8.2% relative return; weight 0.09%Investment Banking & Brokerage: +0.04 pp weight change; +6.0% relative return; weight 1.18%Leisure Products: -0.01 pp weight change; -21.3% relative return; weight 0.05%Health Care Facilities: -0.02 pp weight change; -3.8% relative return; weight 0.23%Home Improvement Retail: +0.01 pp weight change; +9.8% relative return; weight 1.63%Industrial Conglomerates: -0.12 pp weight change; -1.6% relative return; weight 1.20%Hotel & Resort REITs: -0.02 pp weight change; -31.0% relative return; weight 0.04%Other Specialized REITs: -0.01 pp weight change; -13.2% relative return; weight 0.03%Construction & Engineering: +0.01 pp weight change; +22.6% relative return; weight 0.09%Cargo Ground Transportation: +0.02 pp weight change; +10.6% relative return; weight 0.10%Oil & Gas Storage & Transportation: -0.24 pp weight change; -38.4% relative return; weight 0.29%Soft Drinks & Non-alcoholic Beverages: -0.31 pp weight change; -7.7% relative return; weight 1.83%Food Retail: -0.02 pp weight change; -3.8% relative return; weight 0.10%Casinos & Gaming: -0.12 pp weight change; -23.9% relative return; weight 0.30%Construction Materials: -0.03 pp weight change; -11.1% relative return; weight 0.15%Tobacco: -0.28 pp weight change; -15.8% relative return; weight 0.83%Oil & Gas Refining & Marketing: -0.30 pp weight change; -41.9% relative return; weight 0.33%Gold: +0.02 pp weight change; +20.6% relative return; weight 0.19%Apparel, Accessories & Luxury Goods: +0.06 pp weight change; +19.5% relative return; weight 0.52%Steel: -0.02 pp weight change; -15.6% relative return; weight 0.06%Advertising: -0.03 pp weight change; -30.9% relative return; weight 0.05%Personal Care Products: -0.13 pp weight change; -1.9% relative return; weight 1.40%Industrial REITs: +0.02 pp weight change; -1.4% relative return; weight 0.30%Electronic Equipment & Instruments: +0.08 pp weight change; +11.7% relative return; weight 0.42%Apparel Retail: -0.06 pp weight change; -5.5% relative return; weight 0.51%Environmental & Facilities Services: -0.04 pp weight change; -2.7% relative return; weight 0.38%Food Distributors: -0.06 pp weight change; -23.0% relative return; weight 0.15%Integrated Telecommunication Services: -0.69 pp weight change; -21.7% relative return; weight 1.61%Electronic Manufacturing Services: +0.00 pp weight change; +10.8% relative return; weight 0.16%Other Specialty Retail: -0.00 pp weight change; +1.9% relative return; weight 0.08%Timber REITs: -0.01 pp weight change; -2.8% relative return; weight 0.10%Interactive Home Entertainment: +0.03 pp weight change; +45.9% relative return; weight 0.10%Data Processing & Outsourced Services: +0.00 pp weight change; +8.5% relative return; weight 0.07%Gas Utilities: -0.02 pp weight change; -25.0% relative return; weight 0.05%Commodity Chemicals: -0.03 pp weight change; -7.3% relative return; weight 0.17%Wireless Telecommunication Services: +0.35 pp weight change; +47.8% relative return; weight 0.68%Technology Distributors: -0.02 pp weight change; -19.7% relative return; weight 0.08%Heavy Electrical Equipment: +0.00 pp weight change; -14.0% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -14.0% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -14.0% relative return; weight 0.00%Footwear: +0.00 pp weight change; -14.0% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -14.0% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -14.0% 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.