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

-6.50 pp-200%-3.25 pp-100%+0.00 pp+0%+3.25 pp+100%+6.50 pp+200%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.07 pp weight change; +2.0% relative return; weight 1.94%Technology Hardware, Storage & Peripherals: +6.20 pp weight change; +18.2% relative return; weight 8.38%Technology Hardware, Storage & PeripheralsBiotechnology: -1.01 pp weight change; -29.6% relative return; weight 2.08%BiotechnologyHealth Care Equipment: -0.35 pp weight change; -10.1% relative return; weight 3.24%Health Care EquipmentIT Consulting & Other Services: -0.17 pp weight change; -3.8% relative return; weight 1.33%Application Software: -0.04 pp weight change; +0.0% relative return; weight 3.54%Application SoftwareSemiconductors: -0.16 pp weight change; -4.7% relative return; weight 3.46%SemiconductorsAgricultural Products & Services: +0.01 pp weight change; +19.7% relative return; weight 0.13%Human Resource & Employment Services: -0.08 pp weight change; -7.9% relative return; weight 0.42%Multi-Utilities: +0.05 pp weight change; -22.6% relative return; weight 1.44%Electric Utilities: -0.53 pp weight change; -20.2% relative return; weight 1.52%Independent Power Producers & Energy Traders: +0.00 pp weight change; +12.8% relative return; weight 0.10%Life & Health Insurance: +0.00 pp weight change; +13.9% relative return; weight 0.58%Multi-line Insurance: +0.02 pp weight change; +22.9% relative return; weight 0.24%Insurance Brokers: -0.02 pp weight change; +15.4% relative return; weight 0.56%Internet Services & Infrastructure: -0.07 pp weight change; -27.0% relative return; weight 0.15%Specialty Chemicals: +0.22 pp weight change; +2.5% relative return; weight 0.97%Health Care Supplies: +0.16 pp weight change; +50.3% relative return; weight 0.28%Property & Casualty Insurance: -0.06 pp weight change; +2.8% relative return; weight 0.95%Building Products: +0.20 pp weight change; +34.3% relative return; weight 0.57%Semiconductor Materials & Equipment: +0.28 pp weight change; +71.8% relative return; weight 0.57%Electrical Components & Equipment: +0.02 pp weight change; +10.7% relative return; weight 0.63%Asset Management & Custody Banks: +0.00 pp weight change; +10.3% relative return; weight 0.71%Telecom Tower REITs: -0.32 pp weight change; -23.1% relative return; weight 0.82%Broadline Retail: -0.05 pp weight change; -4.0% relative return; weight 0.45%Oil & Gas Exploration & Production: +0.04 pp weight change; +0.7% relative return; weight 0.60%Industrial Gases: -0.05 pp weight change; +1.3% relative return; weight 0.77%Electronic Components: +0.06 pp weight change; +35.0% relative return; weight 0.17%Automotive Parts & Equipment: +0.04 pp weight change; +41.0% relative return; weight 0.14%Office REITs: -0.04 pp weight change; -19.9% relative return; weight 0.16%Paper & Plastic Packaging Products & Materials: -0.05 pp weight change; +1.9% relative return; weight 0.53%Water Utilities: -0.02 pp weight change; -11.3% relative return; weight 0.10%Consumer Finance: +0.15 pp weight change; +31.4% relative return; weight 0.79%Automotive Retail: -0.02 pp weight change; -2.2% relative return; weight 0.13%Aerospace & Defense: +0.23 pp weight change; +6.9% relative return; weight 4.23%Aerospace & DefenseDiversified Banks: +0.16 pp weight change; +13.5% relative return; weight 5.07%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -2.0% relative return; weight 0.11%Computer & Electronics Retail: -0.00 pp weight change; +5.8% relative return; weight 0.11%Hotels, Resorts & Cruise Lines: +0.12 pp weight change; +33.4% relative return; weight 0.53%Oil & Gas Equipment & Services: +0.02 pp weight change; +16.8% relative return; weight 0.20%Pharmaceuticals: -1.87 pp weight change; -24.6% relative return; weight 4.48%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +0.0% relative return; weight 0.00%Health Care Distributors: -0.07 pp weight change; -7.9% relative return; weight 0.30%Construction Machinery & Heavy Transportation Equipment: +0.07 pp weight change; +20.7% relative return; weight 0.72%Financial Exchanges & Data: -0.17 pp weight change; -8.5% relative return; weight 1.05%Real Estate Services: +0.02 pp weight change; +35.3% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.05 pp weight change; +40.4% relative return; weight 0.22%Regional Banks: +0.07 pp weight change; +32.2% relative return; weight 0.46%Household Products: -0.26 pp weight change; -25.3% relative return; weight 0.57%Air Freight & Logistics: +0.22 pp weight change; +43.5% relative return; weight 0.87%Cable & Satellite: -0.10 pp weight change; -3.4% relative return; weight 1.05%Health Care Services: -0.20 pp weight change; -10.9% relative return; weight 0.87%Restaurants: -0.09 pp weight change; -5.1% relative return; weight 1.39%Managed Health Care: -0.41 pp weight change; -10.2% relative return; weight 2.04%Consumer Staples Merchandise Retail: -0.32 pp weight change; -8.6% relative return; weight 1.73%Transaction & Payment Processing Services: -0.10 pp weight change; +2.2% relative return; weight 2.68%Transaction & Payment Processing ServicesCommunications Equipment: -0.25 pp weight change; -14.4% relative return; weight 0.94%Rail Transportation: -0.07 pp weight change; +1.8% relative return; weight 0.88%Diversified Support Services: -0.03 pp weight change; -13.8% relative return; weight 0.11%Integrated Oil & Gas: -0.25 pp weight change; -19.1% relative return; weight 0.72%Passenger Airlines: +0.08 pp weight change; +29.6% relative return; weight 0.31%Agricultural & Farm Machinery: +0.17 pp weight change; +76.7% relative return; weight 0.42%Homebuilding: +0.05 pp weight change; +33.2% relative return; weight 0.25%Movies & Entertainment: +0.12 pp weight change; +14.8% relative return; weight 1.37%Data Center REITs: -0.11 pp weight change; -26.2% relative return; weight 0.39%Health Care REITs: -0.00 pp weight change; +6.0% relative return; weight 0.26%Industrial Machinery & Supplies & Components: +0.20 pp weight change; +11.1% relative return; weight 1.17%Research & Consulting Services: -0.02 pp weight change; -3.8% relative return; weight 0.21%Reinsurance: +0.00 pp weight change; +12.1% relative return; weight 0.04%Multi-Family Residential REITs: -0.07 pp weight change; -13.5% relative return; weight 0.28%Self-Storage REITs: +0.00 pp weight change; +10.2% relative return; weight 0.25%Automobile Manufacturers: +0.99 pp weight change; +37.0% relative return; weight 1.28%Trading Companies & Distributors: +0.03 pp weight change; +33.9% relative return; weight 0.14%Copper: +0.13 pp weight change; +191.8% relative return; weight 0.20%Broadcasting: -0.00 pp weight change; -1.6% relative return; weight 0.00%Retail REITs: +0.01 pp weight change; +10.7% relative return; weight 0.32%Systems Software: -0.75 pp weight change; -3.2% relative return; weight 7.03%Systems SoftwarePackaged Foods & Meats: -0.25 pp weight change; -16.4% relative return; weight 0.81%Distributors: +0.00 pp weight change; +11.0% relative return; weight 0.07%Consumer Electronics: +0.01 pp weight change; +17.9% relative return; weight 0.10%Investment Banking & Brokerage: +0.34 pp weight change; +36.1% relative return; weight 1.35%Leisure Products: -0.01 pp weight change; -3.1% relative return; weight 0.05%Health Care Facilities: +0.03 pp weight change; +25.3% relative return; weight 0.24%Home Improvement Retail: +0.01 pp weight change; +9.4% relative return; weight 1.77%Industrial Conglomerates: -0.12 pp weight change; +4.5% relative return; weight 1.09%Hotel & Resort REITs: -0.00 pp weight change; +0.6% relative return; weight 0.05%Other Specialized REITs: +0.00 pp weight change; +22.7% relative return; weight 0.04%Construction & Engineering: +0.02 pp weight change; +36.6% relative return; weight 0.10%Cargo Ground Transportation: +0.01 pp weight change; +18.8% relative return; weight 0.11%Oil & Gas Storage & Transportation: -0.06 pp weight change; -4.5% relative return; weight 0.33%Soft Drinks & Non-alcoholic Beverages: -0.56 pp weight change; -19.6% relative return; weight 1.61%Food Retail: -0.04 pp weight change; -19.5% relative return; weight 0.10%Casinos & Gaming: -0.01 pp weight change; +1.5% relative return; weight 0.30%Construction Materials: +0.02 pp weight change; +17.1% relative return; weight 0.17%Tobacco: -0.20 pp weight change; -8.8% relative return; weight 0.86%Oil & Gas Refining & Marketing: -0.07 pp weight change; -6.5% relative return; weight 0.37%Gold: -0.09 pp weight change; -26.7% relative return; weight 0.18%Apparel, Accessories & Luxury Goods: +0.02 pp weight change; +10.7% relative return; weight 0.46%Steel: +0.02 pp weight change; +40.5% relative return; weight 0.09%Advertising: -0.00 pp weight change; +2.6% relative return; weight 0.06%Personal Care Products: -0.45 pp weight change; -20.9% relative return; weight 1.18%Industrial REITs: -0.06 pp weight change; -8.8% relative return; weight 0.31%Electronic Equipment & Instruments: +0.05 pp weight change; +4.0% relative return; weight 0.42%Apparel Retail: -0.03 pp weight change; -1.3% relative return; weight 0.48%Environmental & Facilities Services: -0.03 pp weight change; -5.1% relative return; weight 0.40%Food Distributors: -0.00 pp weight change; +5.5% relative return; weight 0.16%Integrated Telecommunication Services: -0.77 pp weight change; -26.2% relative return; weight 1.48%Electronic Manufacturing Services: +0.02 pp weight change; +27.2% relative return; weight 0.16%Other Specialty Retail: +0.00 pp weight change; +7.1% relative return; weight 0.08%Timber REITs: +0.01 pp weight change; +22.2% relative return; weight 0.11%Interactive Home Entertainment: -0.00 pp weight change; -1.2% relative return; weight 0.07%Data Processing & Outsourced Services: -0.01 pp weight change; -5.2% relative return; weight 0.07%Gas Utilities: -0.02 pp weight change; -29.0% relative return; weight 0.05%Commodity Chemicals: +0.02 pp weight change; +22.9% relative return; weight 0.17%Wireless Telecommunication Services: +0.17 pp weight change; +2.6% relative return; weight 0.60%Technology Distributors: +0.00 pp weight change; +11.1% relative return; weight 0.09%Heavy Electrical Equipment: +0.07 pp weight change; -32.6% relative return; weight 0.07%Single-Family Residential REITs: +0.00 pp weight change; -31.8% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -31.8% relative return; weight 0.00%Footwear: +0.00 pp weight change; -31.8% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -31.8% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -31.8% 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.