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-170%-49.75 pp-85%+0.00 pp+0%+49.75 pp+85%+99.50 pp+170%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.99 pp weight change; +18.5% relative return; weight 0.99%Technology Hardware, Storage & Peripherals: +4.27 pp weight change; +25.7% relative return; weight 4.28%Technology Hardware, Storage & PeripheralsBiotechnology: +1.10 pp weight change; -15.6% relative return; weight 1.11%Health Care Equipment: +1.66 pp weight change; -1.7% relative return; weight 1.67%Health Care EquipmentIT Consulting & Other Services: +0.63 pp weight change; -7.4% relative return; weight 0.63%Application Software: +1.78 pp weight change; +6.4% relative return; weight 1.78%Application SoftwareSemiconductors: +1.83 pp weight change; +13.4% relative return; weight 1.83%SemiconductorsAgricultural Products & Services: +0.06 pp weight change; +19.3% relative return; weight 0.06%Human Resource & Employment Services: +0.21 pp weight change; -10.0% relative return; weight 0.21%Multi-Utilities: +0.70 pp weight change; -27.4% relative return; weight 0.70%Electric Utilities: -99.20 pp weight change; -32.0% relative return; weight 0.72%Independent Power Producers & Energy Traders: +0.05 pp weight change; +10.0% relative return; weight 0.05%Life & Health Insurance: +0.29 pp weight change; -3.1% relative return; weight 0.29%Multi-line Insurance: +0.12 pp weight change; -17.6% relative return; weight 0.12%Insurance Brokers: +0.27 pp weight change; -1.8% relative return; weight 0.27%Internet Services & Infrastructure: +0.07 pp weight change; -19.3% relative return; weight 0.07%Specialty Chemicals: +0.40 pp weight change; +1.4% relative return; weight 0.40%Health Care Supplies: +0.14 pp weight change; +50.2% relative return; weight 0.14%Property & Casualty Insurance: +0.46 pp weight change; -11.9% relative return; weight 0.46%Building Products: +0.27 pp weight change; +14.3% relative return; weight 0.27%Semiconductor Materials & Equipment: +0.29 pp weight change; +53.0% relative return; weight 0.29%Electrical Components & Equipment: +0.32 pp weight change; +7.8% relative return; weight 0.32%Asset Management & Custody Banks: +0.34 pp weight change; -2.8% relative return; weight 0.34%Telecom Tower REITs: +0.38 pp weight change; -21.8% relative return; weight 0.38%Broadline Retail: +0.23 pp weight change; +25.8% relative return; weight 0.23%Oil & Gas Exploration & Production: +0.32 pp weight change; -18.6% relative return; weight 0.32%Industrial Gases: +0.37 pp weight change; -2.8% relative return; weight 0.37%Electronic Components: +0.07 pp weight change; +23.5% relative return; weight 0.07%Automotive Parts & Equipment: +0.08 pp weight change; +47.4% relative return; weight 0.08%Office REITs: +0.07 pp weight change; -28.3% relative return; weight 0.07%Paper & Plastic Packaging Products & Materials: +0.26 pp weight change; +1.0% relative return; weight 0.26%Water Utilities: +0.05 pp weight change; -10.5% relative return; weight 0.05%Consumer Finance: +0.37 pp weight change; +0.0% relative return; weight 0.37%Automotive Retail: +0.06 pp weight change; -13.2% relative return; weight 0.06%Aerospace & Defense: +2.13 pp weight change; -21.6% relative return; weight 2.14%Aerospace & DefenseDiversified Banks: +2.51 pp weight change; -7.5% relative return; weight 2.52%Diversified BanksMetal, Glass & Plastic Containers: +0.06 pp weight change; -6.2% relative return; weight 0.06%Computer & Electronics Retail: +0.05 pp weight change; +4.7% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: +50.09 pp weight change; -4.3% relative return; weight 50.09%Hotels, Resorts & Cruise LinesOil & Gas Equipment & Services: +0.12 pp weight change; -13.4% relative return; weight 0.12%Pharmaceuticals: +2.37 pp weight change; -9.1% relative return; weight 2.37%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; -10.4% relative return; weight 0.00%Health Care Distributors: +0.14 pp weight change; -10.4% relative return; weight 0.14%Construction Machinery & Heavy Transportation Equipment: +0.38 pp weight change; +26.1% relative return; weight 0.38%Financial Exchanges & Data: +0.51 pp weight change; -6.4% relative return; weight 0.51%Real Estate Services: +0.05 pp weight change; +3.7% relative return; weight 0.05%Fertilizers & Agricultural Chemicals: +0.11 pp weight change; +23.8% relative return; weight 0.11%Regional Banks: +0.23 pp weight change; +5.3% relative return; weight 0.23%Household Products: +0.30 pp weight change; -15.4% relative return; weight 0.30%Air Freight & Logistics: +0.39 pp weight change; +32.3% relative return; weight 0.39%Cable & Satellite: +0.53 pp weight change; -1.9% relative return; weight 0.54%Health Care Services: +0.42 pp weight change; -8.7% relative return; weight 0.42%Restaurants: +0.69 pp weight change; -7.6% relative return; weight 0.69%Managed Health Care: +0.94 pp weight change; -2.4% relative return; weight 0.94%Consumer Staples Merchandise Retail: +0.86 pp weight change; +1.2% relative return; weight 0.86%Transaction & Payment Processing Services: +1.40 pp weight change; +9.4% relative return; weight 1.41%Transaction & Payment Processing ServicesCommunications Equipment: +0.46 pp weight change; -10.2% relative return; weight 0.46%Rail Transportation: +0.45 pp weight change; +3.0% relative return; weight 0.45%Diversified Support Services: +0.05 pp weight change; -19.5% relative return; weight 0.05%Integrated Oil & Gas: +0.38 pp weight change; -12.8% relative return; weight 0.38%Passenger Airlines: +0.16 pp weight change; -17.2% relative return; weight 0.16%Agricultural & Farm Machinery: +0.22 pp weight change; +74.4% relative return; weight 0.22%Homebuilding: +0.11 pp weight change; +0.5% relative return; weight 0.11%Movies & Entertainment: +0.77 pp weight change; +22.1% relative return; weight 0.77%Data Center REITs: +0.19 pp weight change; -11.3% relative return; weight 0.19%Health Care REITs: +0.13 pp weight change; -24.7% relative return; weight 0.13%Industrial Machinery & Supplies & Components: +0.57 pp weight change; +0.9% relative return; weight 0.57%Research & Consulting Services: +0.09 pp weight change; -15.5% relative return; weight 0.09%Reinsurance: +0.02 pp weight change; -22.9% relative return; weight 0.02%Multi-Family Residential REITs: +0.14 pp weight change; -26.5% relative return; weight 0.14%Self-Storage REITs: +0.11 pp weight change; -7.9% relative return; weight 0.11%Automobile Manufacturers: +0.67 pp weight change; +7.7% relative return; weight 0.67%Trading Companies & Distributors: +0.07 pp weight change; +39.9% relative return; weight 0.07%Copper: +0.10 pp weight change; +161.7% relative return; weight 0.10%Broadcasting: +0.00 pp weight change; -18.1% relative return; weight 0.00%Retail REITs: +0.16 pp weight change; -27.2% relative return; weight 0.16%Systems Software: +3.57 pp weight change; +11.3% relative return; weight 3.58%Systems SoftwarePackaged Foods & Meats: +0.40 pp weight change; -12.0% relative return; weight 0.40%Distributors: +0.03 pp weight change; -4.0% relative return; weight 0.03%Consumer Electronics: +0.05 pp weight change; +10.7% relative return; weight 0.05%Investment Banking & Brokerage: +0.68 pp weight change; +25.8% relative return; weight 0.68%Leisure Products: +0.03 pp weight change; -3.5% relative return; weight 0.03%Health Care Facilities: +0.12 pp weight change; +4.3% relative return; weight 0.12%Home Improvement Retail: +0.79 pp weight change; -0.6% relative return; weight 0.79%Industrial Conglomerates: +0.54 pp weight change; +1.9% relative return; weight 0.54%Hotel & Resort REITs: +0.02 pp weight change; -10.4% relative return; weight 0.02%Other Specialized REITs: +0.02 pp weight change; -4.0% relative return; weight 0.02%Construction & Engineering: +0.05 pp weight change; +22.0% relative return; weight 0.05%Cargo Ground Transportation: +0.05 pp weight change; +21.7% relative return; weight 0.05%Oil & Gas Storage & Transportation: +0.16 pp weight change; -29.2% relative return; weight 0.16%Soft Drinks & Non-alcoholic Beverages: +0.80 pp weight change; -24.5% relative return; weight 0.80%Food Retail: +0.05 pp weight change; -10.1% relative return; weight 0.05%Casinos & Gaming: +0.16 pp weight change; -7.8% relative return; weight 0.16%Construction Materials: +0.09 pp weight change; +11.2% relative return; weight 0.09%Tobacco: +0.42 pp weight change; -13.5% relative return; weight 0.42%Oil & Gas Refining & Marketing: +0.21 pp weight change; -7.1% relative return; weight 0.21%Gold: +0.09 pp weight change; -4.7% relative return; weight 0.09%Apparel, Accessories & Luxury Goods: +0.25 pp weight change; +18.7% relative return; weight 0.25%Steel: +0.04 pp weight change; +15.6% relative return; weight 0.04%Advertising: +0.03 pp weight change; -20.3% relative return; weight 0.03%Personal Care Products: +0.61 pp weight change; -14.1% relative return; weight 0.61%Industrial REITs: +0.15 pp weight change; -7.3% relative return; weight 0.15%Electronic Equipment & Instruments: +0.21 pp weight change; +7.6% relative return; weight 0.21%Apparel Retail: +0.24 pp weight change; -15.7% relative return; weight 0.24%Environmental & Facilities Services: +0.18 pp weight change; -19.6% relative return; weight 0.18%Food Distributors: +0.08 pp weight change; -5.2% relative return; weight 0.08%Integrated Telecommunication Services: +0.76 pp weight change; -25.0% relative return; weight 0.76%Electronic Manufacturing Services: +0.09 pp weight change; +23.0% relative return; weight 0.09%Other Specialty Retail: +0.04 pp weight change; +1.7% relative return; weight 0.04%Timber REITs: +0.05 pp weight change; +2.0% relative return; weight 0.05%Interactive Home Entertainment: +0.04 pp weight change; +31.9% relative return; weight 0.04%Data Processing & Outsourced Services: +0.03 pp weight change; +6.9% relative return; weight 0.03%Gas Utilities: +0.02 pp weight change; -35.4% relative return; weight 0.02%Commodity Chemicals: +0.09 pp weight change; +19.4% relative return; weight 0.09%Wireless Telecommunication Services: +0.30 pp weight change; +2.3% relative return; weight 0.30%Technology Distributors: +0.04 pp weight change; +6.9% relative return; weight 0.04%Heavy Electrical Equipment: +0.00 pp weight change; -23.1% relative return; weight 0.00%Single-Family Residential REITs: +0.00 pp weight change; -23.1% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -23.1% relative return; weight 0.00%Footwear: +0.00 pp weight change; -23.1% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -23.1% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -23.1% 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.