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-220%-49.75 pp-110%+0.00 pp+0%+49.75 pp+110%+99.50 pp+220%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.97 pp weight change; +4.7% relative return; weight 0.97%Technology Hardware, Storage & Peripherals: +4.22 pp weight change; +17.2% relative return; weight 4.23%Technology Hardware, Storage & PeripheralsBiotechnology: +1.13 pp weight change; -26.4% relative return; weight 1.13%Health Care Equipment: +1.63 pp weight change; -10.4% relative return; weight 1.64%Health Care EquipmentIT Consulting & Other Services: +0.68 pp weight change; -0.4% relative return; weight 0.68%Application Software: +1.76 pp weight change; +0.6% relative return; weight 1.77%Application SoftwareSemiconductors: +1.92 pp weight change; +6.3% relative return; weight 1.93%SemiconductorsAgricultural Products & Services: +0.06 pp weight change; +8.3% relative return; weight 0.06%Human Resource & Employment Services: +0.23 pp weight change; -5.1% relative return; weight 0.23%Multi-Utilities: +0.75 pp weight change; -27.0% relative return; weight 0.75%Electric Utilities: -99.13 pp weight change; -22.3% relative return; weight 0.79%Independent Power Producers & Energy Traders: +0.05 pp weight change; +15.4% relative return; weight 0.05%Life & Health Insurance: +0.30 pp weight change; +17.3% relative return; weight 0.30%Multi-line Insurance: +0.12 pp weight change; +12.9% relative return; weight 0.12%Insurance Brokers: +0.27 pp weight change; +5.1% relative return; weight 0.27%Internet Services & Infrastructure: +0.08 pp weight change; -28.3% relative return; weight 0.08%Specialty Chemicals: +0.40 pp weight change; +8.6% relative return; weight 0.40%Health Care Supplies: +0.13 pp weight change; +52.4% relative return; weight 0.13%Property & Casualty Insurance: +0.48 pp weight change; -6.3% relative return; weight 0.48%Building Products: +0.30 pp weight change; +33.3% relative return; weight 0.30%Semiconductor Materials & Equipment: +0.31 pp weight change; +77.2% relative return; weight 0.31%Electrical Components & Equipment: +0.33 pp weight change; +19.4% relative return; weight 0.33%Asset Management & Custody Banks: +0.36 pp weight change; +12.1% relative return; weight 0.36%Telecom Tower REITs: +0.41 pp weight change; -26.1% relative return; weight 0.41%Broadline Retail: +0.23 pp weight change; +12.0% relative return; weight 0.23%Oil & Gas Exploration & Production: +0.32 pp weight change; +34.2% relative return; weight 0.32%Industrial Gases: +0.41 pp weight change; +2.1% relative return; weight 0.41%Electronic Components: +0.07 pp weight change; +37.6% relative return; weight 0.08%Automotive Parts & Equipment: +0.07 pp weight change; +81.2% relative return; weight 0.07%Office REITs: +0.07 pp weight change; -23.3% relative return; weight 0.07%Paper & Plastic Packaging Products & Materials: +0.27 pp weight change; +2.4% relative return; weight 0.27%Water Utilities: +0.05 pp weight change; -17.6% relative return; weight 0.05%Consumer Finance: +0.38 pp weight change; +27.6% relative return; weight 0.38%Automotive Retail: +0.07 pp weight change; +7.5% relative return; weight 0.07%Aerospace & Defense: +2.26 pp weight change; -3.1% relative return; weight 2.26%Aerospace & DefenseDiversified Banks: +2.63 pp weight change; +13.1% relative return; weight 2.64%Diversified BanksMetal, Glass & Plastic Containers: +0.05 pp weight change; -14.6% relative return; weight 0.05%Computer & Electronics Retail: +0.06 pp weight change; +33.4% relative return; weight 0.06%Hotels, Resorts & Cruise Lines: +48.62 pp weight change; +46.0% relative return; weight 48.62%Hotels, Resorts & Cruise LinesOil & Gas Equipment & Services: +0.11 pp weight change; +51.0% relative return; weight 0.11%Pharmaceuticals: +2.40 pp weight change; -20.4% relative return; weight 2.41%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; -9.6% relative return; weight 0.00%Health Care Distributors: +0.16 pp weight change; -9.1% relative return; weight 0.16%Construction Machinery & Heavy Transportation Equipment: +0.39 pp weight change; +25.2% relative return; weight 0.39%Financial Exchanges & Data: +0.52 pp weight change; -8.9% relative return; weight 0.52%Real Estate Services: +0.05 pp weight change; +35.7% relative return; weight 0.05%Fertilizers & Agricultural Chemicals: +0.11 pp weight change; +35.8% relative return; weight 0.11%Regional Banks: +0.23 pp weight change; +38.3% relative return; weight 0.23%Household Products: +0.31 pp weight change; -22.9% relative return; weight 0.31%Air Freight & Logistics: +0.42 pp weight change; +25.1% relative return; weight 0.42%Cable & Satellite: +0.53 pp weight change; -4.3% relative return; weight 0.53%Health Care Services: +0.46 pp weight change; -9.4% relative return; weight 0.46%Restaurants: +0.71 pp weight change; -1.0% relative return; weight 0.71%Managed Health Care: +1.04 pp weight change; -5.0% relative return; weight 1.04%Consumer Staples Merchandise Retail: +0.89 pp weight change; -9.1% relative return; weight 0.89%Transaction & Payment Processing Services: +1.34 pp weight change; +4.7% relative return; weight 1.35%Transaction & Payment Processing ServicesCommunications Equipment: +0.52 pp weight change; -10.0% relative return; weight 0.52%Rail Transportation: +0.47 pp weight change; +8.4% relative return; weight 0.47%Diversified Support Services: +0.06 pp weight change; -12.2% relative return; weight 0.06%Integrated Oil & Gas: +0.39 pp weight change; -0.9% relative return; weight 0.39%Passenger Airlines: +0.17 pp weight change; +11.9% relative return; weight 0.17%Agricultural & Farm Machinery: +0.23 pp weight change; +77.7% relative return; weight 0.23%Homebuilding: +0.12 pp weight change; +49.8% relative return; weight 0.12%Movies & Entertainment: +0.74 pp weight change; +20.7% relative return; weight 0.74%Data Center REITs: +0.20 pp weight change; -29.7% relative return; weight 0.20%Health Care REITs: +0.13 pp weight change; +8.2% relative return; weight 0.13%Industrial Machinery & Supplies & Components: +0.60 pp weight change; +15.1% relative return; weight 0.61%Research & Consulting Services: +0.10 pp weight change; -11.0% relative return; weight 0.10%Reinsurance: +0.02 pp weight change; -14.3% relative return; weight 0.02%Multi-Family Residential REITs: +0.14 pp weight change; -17.2% relative return; weight 0.14%Self-Storage REITs: +0.12 pp weight change; -14.2% relative return; weight 0.12%Automobile Manufacturers: +0.67 pp weight change; +34.5% relative return; weight 0.67%Trading Companies & Distributors: +0.07 pp weight change; +53.2% relative return; weight 0.07%Copper: +0.09 pp weight change; +215.7% relative return; weight 0.09%Broadcasting: +0.00 pp weight change; +0.2% relative return; weight 0.00%Retail REITs: +0.16 pp weight change; +10.5% relative return; weight 0.16%Systems Software: +3.55 pp weight change; -2.3% relative return; weight 3.55%Systems SoftwarePackaged Foods & Meats: +0.43 pp weight change; -16.9% relative return; weight 0.43%Distributors: +0.03 pp weight change; +14.8% relative return; weight 0.03%Consumer Electronics: +0.05 pp weight change; +16.4% relative return; weight 0.05%Investment Banking & Brokerage: +0.68 pp weight change; +39.8% relative return; weight 0.68%Leisure Products: +0.03 pp weight change; -10.1% relative return; weight 0.03%Health Care Facilities: +0.13 pp weight change; +36.3% relative return; weight 0.13%Home Improvement Retail: +0.91 pp weight change; +17.2% relative return; weight 0.91%Industrial Conglomerates: +0.58 pp weight change; +9.9% relative return; weight 0.58%Hotel & Resort REITs: +0.02 pp weight change; -1.2% relative return; weight 0.02%Other Specialized REITs: +0.02 pp weight change; +9.1% relative return; weight 0.02%Construction & Engineering: +0.05 pp weight change; +31.5% relative return; weight 0.05%Cargo Ground Transportation: +0.05 pp weight change; +18.8% relative return; weight 0.05%Oil & Gas Storage & Transportation: +0.17 pp weight change; +7.0% relative return; weight 0.17%Soft Drinks & Non-alcoholic Beverages: +0.85 pp weight change; -20.3% relative return; weight 0.85%Food Retail: +0.05 pp weight change; -21.0% relative return; weight 0.05%Casinos & Gaming: +0.16 pp weight change; +13.7% relative return; weight 0.16%Construction Materials: +0.08 pp weight change; +8.3% relative return; weight 0.08%Tobacco: +0.46 pp weight change; -13.0% relative return; weight 0.46%Oil & Gas Refining & Marketing: +0.19 pp weight change; +19.3% relative return; weight 0.19%Gold: +0.09 pp weight change; -11.7% relative return; weight 0.09%Apparel, Accessories & Luxury Goods: +0.24 pp weight change; +9.7% relative return; weight 0.24%Steel: +0.05 pp weight change; +48.8% relative return; weight 0.05%Advertising: +0.03 pp weight change; -8.8% relative return; weight 0.03%Personal Care Products: +0.65 pp weight change; -18.4% relative return; weight 0.65%Industrial REITs: +0.15 pp weight change; -12.6% relative return; weight 0.15%Electronic Equipment & Instruments: +0.22 pp weight change; +6.4% relative return; weight 0.22%Apparel Retail: +0.24 pp weight change; -10.3% relative return; weight 0.24%Environmental & Facilities Services: +0.20 pp weight change; -10.0% relative return; weight 0.20%Food Distributors: +0.08 pp weight change; +16.0% relative return; weight 0.08%Integrated Telecommunication Services: +0.79 pp weight change; -26.6% relative return; weight 0.79%Electronic Manufacturing Services: +0.08 pp weight change; +35.2% relative return; weight 0.08%Other Specialty Retail: +0.04 pp weight change; +17.7% relative return; weight 0.04%Timber REITs: +0.05 pp weight change; +37.4% relative return; weight 0.05%Interactive Home Entertainment: +0.04 pp weight change; -3.6% relative return; weight 0.04%Data Processing & Outsourced Services: +0.03 pp weight change; +6.2% relative return; weight 0.03%Gas Utilities: +0.02 pp weight change; -33.9% relative return; weight 0.02%Commodity Chemicals: +0.09 pp weight change; +49.7% relative return; weight 0.09%Wireless Telecommunication Services: +0.30 pp weight change; -3.4% relative return; weight 0.30%Technology Distributors: +0.05 pp weight change; +16.4% relative return; weight 0.05%Heavy Electrical Equipment: +0.04 pp weight change; -35.3% relative return; weight 0.04%Single-Family Residential REITs: +0.00 pp weight change; -35.3% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -35.3% relative return; weight 0.00%Footwear: +0.00 pp weight change; -35.3% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -35.3% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -35.3% 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.