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

-41.50 pp-110%-20.75 pp-55%+0.00 pp+0%+20.75 pp+55%+41.50 pp+110%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.50 pp weight change; +27.1% relative return; weight 1.26%Technology Hardware, Storage & Peripherals: +3.40 pp weight change; +33.1% relative return; weight 5.52%Technology Hardware, Storage & PeripheralsBiotechnology: -1.01 pp weight change; +0.9% relative return; weight 1.37%Health Care Equipment: -1.40 pp weight change; -3.3% relative return; weight 1.97%Health Care EquipmentIT Consulting & Other Services: -0.74 pp weight change; -9.6% relative return; weight 0.74%Application Software: -1.17 pp weight change; +9.9% relative return; weight 2.08%Application SoftwareSemiconductors: -1.28 pp weight change; +11.7% relative return; weight 2.09%SemiconductorsAgricultural Products & Services: -0.06 pp weight change; -1.8% relative return; weight 0.07%Human Resource & Employment Services: -0.27 pp weight change; -14.5% relative return; weight 0.25%Multi-Utilities: -0.81 pp weight change; -22.8% relative return; weight 0.61%Electric Utilities: -1.29 pp weight change; -28.9% relative return; weight 0.91%Independent Power Producers & Energy Traders: -0.05 pp weight change; +4.4% relative return; weight 0.06%Life & Health Insurance: -0.41 pp weight change; -19.6% relative return; weight 0.31%Multi-line Insurance: -0.20 pp weight change; -29.2% relative return; weight 0.13%Insurance Brokers: -0.33 pp weight change; -4.9% relative return; weight 0.30%Internet Services & Infrastructure: -0.10 pp weight change; -12.3% relative return; weight 0.10%Specialty Chemicals: -0.34 pp weight change; -2.0% relative return; weight 0.41%Health Care Supplies: +0.04 pp weight change; +39.1% relative return; weight 0.16%Property & Casualty Insurance: -0.62 pp weight change; -16.1% relative return; weight 0.53%Building Products: -0.10 pp weight change; +12.3% relative return; weight 0.32%Semiconductor Materials & Equipment: -0.01 pp weight change; +40.7% relative return; weight 0.28%Electrical Components & Equipment: -0.27 pp weight change; +3.7% relative return; weight 0.36%Asset Management & Custody Banks: -0.42 pp weight change; -10.3% relative return; weight 0.38%Telecom Tower REITs: -0.47 pp weight change; -11.3% relative return; weight 0.48%Broadline Retail: -0.09 pp weight change; +38.5% relative return; weight 0.29%Oil & Gas Exploration & Production: -0.55 pp weight change; -42.2% relative return; weight 0.26%Industrial Gases: -0.35 pp weight change; +2.0% relative return; weight 0.45%Electronic Components: -0.04 pp weight change; +16.2% relative return; weight 0.08%Automotive Parts & Equipment: -0.02 pp weight change; +34.2% relative return; weight 0.09%Office REITs: -0.11 pp weight change; -28.0% relative return; weight 0.09%Paper & Plastic Packaging Products & Materials: -0.29 pp weight change; -2.7% relative return; weight 0.31%Water Utilities: -0.05 pp weight change; +0.8% relative return; weight 0.07%Consumer Finance: -0.47 pp weight change; -17.6% relative return; weight 0.39%Automotive Retail: -0.07 pp weight change; -10.2% relative return; weight 0.07%Aerospace & Defense: -3.35 pp weight change; -32.4% relative return; weight 2.28%Aerospace & DefenseDiversified Banks: -3.62 pp weight change; -23.4% relative return; weight 2.59%Diversified BanksMetal, Glass & Plastic Containers: -0.05 pp weight change; +4.4% relative return; weight 0.07%Computer & Electronics Retail: -0.04 pp weight change; +12.1% relative return; weight 0.07%Hotels, Resorts & Cruise Lines: +41.23 pp weight change; -39.3% relative return; weight 41.91%Hotels, Resorts & Cruise LinesOil & Gas Equipment & Services: -0.21 pp weight change; -38.3% relative return; weight 0.11%Pharmaceuticals: -2.47 pp weight change; -5.6% relative return; weight 2.94%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -13.7% relative return; weight 0.00%Health Care Distributors: -0.16 pp weight change; +0.3% relative return; weight 0.18%Construction Machinery & Heavy Transportation Equipment: -0.23 pp weight change; +16.9% relative return; weight 0.41%Financial Exchanges & Data: -0.55 pp weight change; -7.5% relative return; weight 0.59%Real Estate Services: -0.05 pp weight change; -15.1% relative return; weight 0.05%Fertilizers & Agricultural Chemicals: -0.07 pp weight change; +11.5% relative return; weight 0.12%Regional Banks: -0.29 pp weight change; -15.4% relative return; weight 0.24%Household Products: -0.36 pp weight change; -7.9% relative return; weight 0.38%Air Freight & Logistics: -0.17 pp weight change; +28.9% relative return; weight 0.45%Cable & Satellite: -0.48 pp weight change; -0.3% relative return; weight 0.62%Health Care Services: -0.46 pp weight change; -2.6% relative return; weight 0.53%Restaurants: -0.73 pp weight change; -11.5% relative return; weight 0.79%Managed Health Care: -0.81 pp weight change; +1.4% relative return; weight 1.14%Consumer Staples Merchandise Retail: -0.69 pp weight change; +9.7% relative return; weight 1.08%Transaction & Payment Processing Services: -1.11 pp weight change; +1.8% relative return; weight 1.52%Transaction & Payment Processing ServicesCommunications Equipment: -0.60 pp weight change; -13.3% relative return; weight 0.55%Rail Transportation: -0.47 pp weight change; -3.5% relative return; weight 0.52%Diversified Support Services: -0.06 pp weight change; -6.9% relative return; weight 0.07%Integrated Oil & Gas: -0.62 pp weight change; -28.6% relative return; weight 0.38%Passenger Airlines: -0.27 pp weight change; -41.2% relative return; weight 0.15%Agricultural & Farm Machinery: -0.03 pp weight change; +57.4% relative return; weight 0.22%Homebuilding: -0.10 pp weight change; +0.9% relative return; weight 0.13%Movies & Entertainment: -0.56 pp weight change; +3.8% relative return; weight 0.82%Data Center REITs: -0.12 pp weight change; +6.2% relative return; weight 0.25%Health Care REITs: -0.22 pp weight change; -31.7% relative return; weight 0.14%Industrial Machinery & Supplies & Components: -0.32 pp weight change; -0.3% relative return; weight 0.65%Research & Consulting Services: -0.10 pp weight change; -1.4% relative return; weight 0.12%Reinsurance: -0.04 pp weight change; -33.3% relative return; weight 0.02%Multi-Family Residential REITs: -0.24 pp weight change; -29.0% relative return; weight 0.16%Self-Storage REITs: -0.13 pp weight change; -10.0% relative return; weight 0.13%Automobile Manufacturers: +0.47 pp weight change; +12.7% relative return; weight 0.87%Trading Companies & Distributors: -0.03 pp weight change; +33.0% relative return; weight 0.07%Copper: +0.01 pp weight change; +106.0% relative return; weight 0.09%Broadcasting: -0.00 pp weight change; -29.0% relative return; weight 0.00%Retail REITs: -0.28 pp weight change; -34.0% relative return; weight 0.16%Systems Software: -2.28 pp weight change; +17.3% relative return; weight 4.28%Systems SoftwarePackaged Foods & Meats: -0.49 pp weight change; -10.0% relative return; weight 0.48%Distributors: -0.03 pp weight change; -11.8% relative return; weight 0.03%Consumer Electronics: -0.04 pp weight change; +3.3% relative return; weight 0.05%Investment Banking & Brokerage: -0.47 pp weight change; +3.2% relative return; weight 0.69%Leisure Products: -0.03 pp weight change; -19.6% relative return; weight 0.03%Health Care Facilities: -0.10 pp weight change; +0.0% relative return; weight 0.13%Home Improvement Retail: -0.68 pp weight change; +8.7% relative return; weight 0.99%Industrial Conglomerates: -0.51 pp weight change; +5.0% relative return; weight 0.70%Hotel & Resort REITs: -0.03 pp weight change; -28.3% relative return; weight 0.02%Other Specialized REITs: -0.02 pp weight change; -1.2% relative return; weight 0.02%Construction & Engineering: -0.03 pp weight change; +14.6% relative return; weight 0.05%Cargo Ground Transportation: -0.02 pp weight change; +13.2% relative return; weight 0.06%Oil & Gas Storage & Transportation: -0.33 pp weight change; -33.4% relative return; weight 0.18%Soft Drinks & Non-alcoholic Beverages: -1.28 pp weight change; -21.8% relative return; weight 0.98%Food Retail: -0.04 pp weight change; +11.5% relative return; weight 0.06%Casinos & Gaming: -0.25 pp weight change; -32.5% relative return; weight 0.15%Construction Materials: -0.08 pp weight change; -8.1% relative return; weight 0.09%Tobacco: -0.59 pp weight change; -15.6% relative return; weight 0.48%Oil & Gas Refining & Marketing: -0.35 pp weight change; -33.9% relative return; weight 0.19%Gold: -0.07 pp weight change; +14.4% relative return; weight 0.11%Apparel, Accessories & Luxury Goods: -0.15 pp weight change; +17.9% relative return; weight 0.29%Steel: -0.04 pp weight change; -9.4% relative return; weight 0.04%Advertising: -0.05 pp weight change; -26.5% relative return; weight 0.03%Personal Care Products: -0.76 pp weight change; -10.4% relative return; weight 0.76%Industrial REITs: -0.11 pp weight change; -3.1% relative return; weight 0.18%Electronic Equipment & Instruments: -0.10 pp weight change; +6.6% relative return; weight 0.24%Apparel Retail: -0.27 pp weight change; -10.4% relative return; weight 0.28%Environmental & Facilities Services: -0.24 pp weight change; -15.7% relative return; weight 0.21%Food Distributors: -0.12 pp weight change; -23.6% relative return; weight 0.09%Integrated Telecommunication Services: -1.33 pp weight change; -23.2% relative return; weight 0.91%Electronic Manufacturing Services: -0.06 pp weight change; +13.3% relative return; weight 0.10%Other Specialty Retail: -0.04 pp weight change; -6.0% relative return; weight 0.05%Timber REITs: -0.05 pp weight change; -6.8% relative return; weight 0.06%Interactive Home Entertainment: -0.01 pp weight change; +36.7% relative return; weight 0.06%Data Processing & Outsourced Services: -0.03 pp weight change; +2.6% relative return; weight 0.04%Gas Utilities: -0.04 pp weight change; -33.9% relative return; weight 0.03%Commodity Chemicals: -0.08 pp weight change; +1.9% relative return; weight 0.09%Wireless Telecommunication Services: +0.04 pp weight change; +35.3% relative return; weight 0.37%Technology Distributors: -0.05 pp weight change; -13.1% relative return; weight 0.05%Heavy Electrical Equipment: +0.00 pp weight change; -15.0% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -15.0% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -15.0% relative return; weight 0.00%Footwear: +0.00 pp weight change; -15.0% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -15.0% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -15.0% 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.