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-240%-49.75 pp-120%+0.00 pp+0%+49.75 pp+120%+99.50 pp+240%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +2.00 pp weight change; +0.8% relative return; weight 2.00%Technology Hardware, Storage & Peripherals: +7.86 pp weight change; +8.8% relative return; weight 7.86%Technology Hardware, Storage & PeripheralsBiotechnology: +2.07 pp weight change; -29.3% relative return; weight 2.08%Health Care Equipment: +3.13 pp weight change; -11.7% relative return; weight 3.14%Health Care EquipmentIT Consulting & Other Services: +1.29 pp weight change; -4.5% relative return; weight 1.29%Application Software: +3.56 pp weight change; -1.7% relative return; weight 3.57%Application SoftwareSemiconductors: +3.45 pp weight change; -4.5% relative return; weight 3.45%SemiconductorsAgricultural Products & Services: +0.13 pp weight change; +22.9% relative return; weight 0.13%Human Resource & Employment Services: +0.43 pp weight change; -1.8% relative return; weight 0.43%Multi-Utilities: +1.38 pp weight change; -25.7% relative return; weight 1.39%Electric Utilities: +1.47 pp weight change; -21.0% relative return; weight 1.47%Independent Power Producers & Energy Traders: +0.09 pp weight change; +5.3% relative return; weight 0.09%Life & Health Insurance: +0.60 pp weight change; +23.6% relative return; weight 0.60%Multi-line Insurance: +0.25 pp weight change; +25.4% relative return; weight 0.25%Insurance Brokers: -99.34 pp weight change; +7.7% relative return; weight 0.56%Internet Services & Infrastructure: +0.16 pp weight change; -26.9% relative return; weight 0.16%Specialty Chemicals: +0.97 pp weight change; -2.0% relative return; weight 0.97%Health Care Supplies: +0.28 pp weight change; +38.4% relative return; weight 0.28%Property & Casualty Insurance: +0.95 pp weight change; +4.3% relative return; weight 0.95%Building Products: +0.59 pp weight change; +37.4% relative return; weight 0.59%Semiconductor Materials & Equipment: +0.58 pp weight change; +64.7% relative return; weight 0.58%Electrical Components & Equipment: +0.63 pp weight change; +9.4% relative return; weight 0.63%Asset Management & Custody Banks: +0.73 pp weight change; +17.4% relative return; weight 0.73%Telecom Tower REITs: +0.82 pp weight change; -26.4% relative return; weight 0.82%Broadline Retail: +0.44 pp weight change; -6.1% relative return; weight 0.44%Oil & Gas Exploration & Production: +0.67 pp weight change; +14.4% relative return; weight 0.67%Industrial Gases: +0.80 pp weight change; +0.9% relative return; weight 0.80%Electronic Components: +0.17 pp weight change; +31.9% relative return; weight 0.17%Automotive Parts & Equipment: +0.15 pp weight change; +40.9% relative return; weight 0.15%Office REITs: +0.16 pp weight change; -9.8% relative return; weight 0.16%Paper & Plastic Packaging Products & Materials: +0.53 pp weight change; -2.5% relative return; weight 0.53%Water Utilities: +0.10 pp weight change; -12.6% relative return; weight 0.10%Consumer Finance: +0.82 pp weight change; +38.0% relative return; weight 0.82%Automotive Retail: +0.12 pp weight change; -13.2% relative return; weight 0.12%Aerospace & Defense: +4.41 pp weight change; +16.2% relative return; weight 4.42%Aerospace & DefenseDiversified Banks: +5.27 pp weight change; +24.5% relative return; weight 5.28%Diversified BanksMetal, Glass & Plastic Containers: +0.10 pp weight change; -18.0% relative return; weight 0.10%Computer & Electronics Retail: +0.10 pp weight change; +7.6% relative return; weight 0.10%Hotels, Resorts & Cruise Lines: +0.54 pp weight change; +36.5% relative return; weight 0.54%Oil & Gas Equipment & Services: +0.23 pp weight change; +26.6% relative return; weight 0.23%Pharmaceuticals: +4.60 pp weight change; -18.9% relative return; weight 4.61%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +10.1% relative return; weight 0.00%Health Care Distributors: +0.29 pp weight change; -14.7% relative return; weight 0.29%Construction Machinery & Heavy Transportation Equipment: +0.74 pp weight change; +24.8% relative return; weight 0.74%Financial Exchanges & Data: +1.03 pp weight change; -13.2% relative return; weight 1.03%Real Estate Services: +0.11 pp weight change; +40.9% relative return; weight 0.11%Fertilizers & Agricultural Chemicals: +0.21 pp weight change; +35.6% relative return; weight 0.21%Regional Banks: +0.47 pp weight change; +42.3% relative return; weight 0.48%Household Products: +0.57 pp weight change; -25.4% relative return; weight 0.57%Air Freight & Logistics: +0.91 pp weight change; +49.2% relative return; weight 0.91%Cable & Satellite: +1.07 pp weight change; -5.0% relative return; weight 1.07%Health Care Services: +0.91 pp weight change; -4.9% relative return; weight 0.92%Restaurants: +1.36 pp weight change; -3.3% relative return; weight 1.36%Managed Health Care: +2.10 pp weight change; -7.2% relative return; weight 2.10%Managed Health CareConsumer Staples Merchandise Retail: +1.73 pp weight change; -8.7% relative return; weight 1.73%Transaction & Payment Processing Services: +2.57 pp weight change; -8.5% relative return; weight 2.57%Transaction & Payment Processing ServicesCommunications Equipment: +0.97 pp weight change; -16.1% relative return; weight 0.97%Rail Transportation: +0.88 pp weight change; +0.2% relative return; weight 0.88%Diversified Support Services: +0.11 pp weight change; -16.0% relative return; weight 0.11%Integrated Oil & Gas: +0.72 pp weight change; -15.6% relative return; weight 0.72%Passenger Airlines: +0.31 pp weight change; +37.2% relative return; weight 0.31%Agricultural & Farm Machinery: +0.40 pp weight change; +69.9% relative return; weight 0.40%Homebuilding: +0.24 pp weight change; +18.0% relative return; weight 0.24%Movies & Entertainment: +1.31 pp weight change; +6.7% relative return; weight 1.31%Data Center REITs: +0.39 pp weight change; -23.7% relative return; weight 0.39%Health Care REITs: +0.25 pp weight change; +8.3% relative return; weight 0.25%Industrial Machinery & Supplies & Components: +1.18 pp weight change; +11.0% relative return; weight 1.18%Research & Consulting Services: +0.20 pp weight change; -13.8% relative return; weight 0.20%Reinsurance: +0.04 pp weight change; -5.1% relative return; weight 0.04%Multi-Family Residential REITs: +0.29 pp weight change; -5.7% relative return; weight 0.29%Self-Storage REITs: +0.25 pp weight change; +4.9% relative return; weight 0.25%Automobile Manufacturers: +1.22 pp weight change; +19.3% relative return; weight 1.22%Trading Companies & Distributors: +0.14 pp weight change; +28.8% relative return; weight 0.14%Copper: +0.22 pp weight change; +233.3% relative return; weight 0.22%Broadcasting: +0.00 pp weight change; -9.7% relative return; weight 0.00%Retail REITs: +0.32 pp weight change; +23.2% relative return; weight 0.32%Systems Software: +6.88 pp weight change; -3.0% relative return; weight 6.89%Systems SoftwarePackaged Foods & Meats: +0.84 pp weight change; -11.3% relative return; weight 0.84%Distributors: +0.07 pp weight change; +14.7% relative return; weight 0.07%Consumer Electronics: +0.10 pp weight change; +13.9% relative return; weight 0.10%Investment Banking & Brokerage: +1.44 pp weight change; +43.3% relative return; weight 1.44%Leisure Products: +0.05 pp weight change; -4.9% relative return; weight 0.05%Health Care Facilities: +0.25 pp weight change; +42.5% relative return; weight 0.25%Home Improvement Retail: +1.71 pp weight change; -3.5% relative return; weight 1.71%Industrial Conglomerates: +1.12 pp weight change; +8.5% relative return; weight 1.12%Hotel & Resort REITs: +0.04 pp weight change; +1.5% relative return; weight 0.04%Other Specialized REITs: +0.04 pp weight change; +29.4% relative return; weight 0.05%Construction & Engineering: +0.10 pp weight change; +42.9% relative return; weight 0.10%Cargo Ground Transportation: +0.12 pp weight change; +5.8% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.35 pp weight change; -3.4% relative return; weight 0.35%Soft Drinks & Non-alcoholic Beverages: +1.63 pp weight change; -15.6% relative return; weight 1.63%Food Retail: +0.10 pp weight change; -18.2% relative return; weight 0.10%Casinos & Gaming: +0.29 pp weight change; +3.8% relative return; weight 0.29%Construction Materials: +0.17 pp weight change; +27.0% relative return; weight 0.17%Tobacco: +0.87 pp weight change; -2.4% relative return; weight 0.87%Oil & Gas Refining & Marketing: +0.39 pp weight change; -2.8% relative return; weight 0.39%Gold: +0.21 pp weight change; -9.1% relative return; weight 0.21%Apparel, Accessories & Luxury Goods: +0.46 pp weight change; +4.3% relative return; weight 0.46%Steel: +0.11 pp weight change; +76.8% relative return; weight 0.11%Advertising: +0.06 pp weight change; +10.6% relative return; weight 0.06%Personal Care Products: +1.18 pp weight change; -15.9% relative return; weight 1.18%Industrial REITs: +0.31 pp weight change; -6.9% relative return; weight 0.31%Electronic Equipment & Instruments: +0.41 pp weight change; -6.1% relative return; weight 0.41%Apparel Retail: +0.45 pp weight change; -8.5% relative return; weight 0.45%Environmental & Facilities Services: +0.40 pp weight change; -7.9% relative return; weight 0.40%Food Distributors: +0.15 pp weight change; +6.5% relative return; weight 0.15%Integrated Telecommunication Services: +1.40 pp weight change; -26.9% relative return; weight 1.41%Electronic Manufacturing Services: +0.16 pp weight change; +19.9% relative return; weight 0.16%Other Specialty Retail: +0.08 pp weight change; +1.0% relative return; weight 0.08%Timber REITs: +0.10 pp weight change; +34.2% relative return; weight 0.10%Interactive Home Entertainment: +0.08 pp weight change; -3.8% relative return; weight 0.08%Data Processing & Outsourced Services: +0.07 pp weight change; -5.5% relative return; weight 0.07%Gas Utilities: +0.05 pp weight change; -30.1% relative return; weight 0.05%Commodity Chemicals: +0.18 pp weight change; +31.4% relative return; weight 0.18%Wireless Telecommunication Services: +0.63 pp weight change; -0.2% relative return; weight 0.63%Technology Distributors: +0.08 pp weight change; +6.5% relative return; weight 0.08%Heavy Electrical Equipment: +0.07 pp weight change; -29.1% relative return; weight 0.07%Single-Family Residential REITs: +0.00 pp weight change; -29.4% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -29.4% relative return; weight 0.00%Footwear: +0.00 pp weight change; -29.4% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -29.4% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -29.4% 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.