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-140%-49.75 pp-70%+0.00 pp+0%+49.75 pp+70%+99.50 pp+140%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +2.11 pp weight change; +6.8% relative return; weight 2.11%Technology Hardware, Storage & Peripherals: +8.46 pp weight change; +7.1% relative return; weight 8.46%Technology Hardware, Storage & PeripheralsBiotechnology: +2.12 pp weight change; -26.3% relative return; weight 2.12%BiotechnologyHealth Care Equipment: +3.15 pp weight change; -4.6% relative return; weight 3.16%Health Care EquipmentIT Consulting & Other Services: +1.31 pp weight change; -2.6% relative return; weight 1.31%Application Software: +3.73 pp weight change; -0.7% relative return; weight 3.73%Application SoftwareSemiconductors: +3.51 pp weight change; -2.0% relative return; weight 3.52%SemiconductorsAgricultural Products & Services: +0.12 pp weight change; +12.1% relative return; weight 0.12%Human Resource & Employment Services: +0.43 pp weight change; -0.1% relative return; weight 0.43%Multi-Utilities: +1.32 pp weight change; -23.8% relative return; weight 1.32%Electric Utilities: +1.41 pp weight change; -16.8% relative return; weight 1.41%Independent Power Producers & Energy Traders: +0.10 pp weight change; +14.4% relative return; weight 0.10%Life & Health Insurance: +0.55 pp weight change; +17.3% relative return; weight 0.55%Multi-line Insurance: +0.23 pp weight change; +13.1% relative return; weight 0.23%Insurance Brokers: -99.36 pp weight change; +3.2% relative return; weight 0.54%Internet Services & Infrastructure: +0.16 pp weight change; -21.3% relative return; weight 0.16%Specialty Chemicals: +0.93 pp weight change; -1.3% relative return; weight 0.93%Health Care Supplies: +0.28 pp weight change; +36.2% relative return; weight 0.28%Property & Casualty Insurance: +0.89 pp weight change; -1.9% relative return; weight 0.89%Building Products: +0.59 pp weight change; +35.2% relative return; weight 0.59%Semiconductor Materials & Equipment: +0.59 pp weight change; +58.4% relative return; weight 0.59%Electrical Components & Equipment: +0.64 pp weight change; +12.8% relative return; weight 0.64%Asset Management & Custody Banks: +0.70 pp weight change; +11.1% relative return; weight 0.71%Telecom Tower REITs: +0.84 pp weight change; -20.2% relative return; weight 0.84%Broadline Retail: +0.47 pp weight change; -8.0% relative return; weight 0.48%Oil & Gas Exploration & Production: +0.72 pp weight change; +22.1% relative return; weight 0.72%Industrial Gases: +0.75 pp weight change; -4.6% relative return; weight 0.76%Electronic Components: +0.16 pp weight change; +15.1% relative return; weight 0.16%Automotive Parts & Equipment: +0.15 pp weight change; +44.9% relative return; weight 0.15%Office REITs: +0.16 pp weight change; -13.0% relative return; weight 0.16%Paper & Plastic Packaging Products & Materials: +0.50 pp weight change; -5.0% relative return; weight 0.50%Water Utilities: +0.10 pp weight change; -12.8% relative return; weight 0.10%Consumer Finance: +0.81 pp weight change; +43.1% relative return; weight 0.81%Automotive Retail: +0.12 pp weight change; -4.9% relative return; weight 0.12%Aerospace & Defense: +4.21 pp weight change; +12.1% relative return; weight 4.22%Aerospace & DefenseDiversified Banks: +4.93 pp weight change; +21.6% relative return; weight 4.94%Diversified BanksMetal, Glass & Plastic Containers: +0.09 pp weight change; -15.7% relative return; weight 0.09%Computer & Electronics Retail: +0.10 pp weight change; -3.2% relative return; weight 0.10%Hotels, Resorts & Cruise Lines: +0.49 pp weight change; +33.7% relative return; weight 0.49%Oil & Gas Equipment & Services: +0.23 pp weight change; +28.0% relative return; weight 0.23%Pharmaceuticals: +4.67 pp weight change; -11.1% relative return; weight 4.68%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +11.7% relative return; weight 0.00%Health Care Distributors: +0.28 pp weight change; -12.6% relative return; weight 0.29%Construction Machinery & Heavy Transportation Equipment: +0.67 pp weight change; +14.0% relative return; weight 0.67%Financial Exchanges & Data: +1.09 pp weight change; -3.9% relative return; weight 1.09%Real Estate Services: +0.10 pp weight change; +36.1% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.20 pp weight change; +33.3% relative return; weight 0.20%Regional Banks: +0.42 pp weight change; +28.3% relative return; weight 0.42%Household Products: +0.55 pp weight change; -25.9% relative return; weight 0.56%Air Freight & Logistics: +0.87 pp weight change; +35.6% relative return; weight 0.87%Cable & Satellite: +1.08 pp weight change; +3.3% relative return; weight 1.08%Health Care Services: +0.86 pp weight change; -4.6% relative return; weight 0.86%Restaurants: +1.33 pp weight change; +0.2% relative return; weight 1.33%Managed Health Care: +2.01 pp weight change; -3.4% relative return; weight 2.02%Consumer Staples Merchandise Retail: +1.76 pp weight change; -1.4% relative return; weight 1.77%Transaction & Payment Processing Services: +2.63 pp weight change; -5.0% relative return; weight 2.63%Transaction & Payment Processing ServicesCommunications Equipment: +0.96 pp weight change; -12.2% relative return; weight 0.96%Rail Transportation: +0.84 pp weight change; -0.5% relative return; weight 0.84%Diversified Support Services: +0.11 pp weight change; -7.4% relative return; weight 0.11%Integrated Oil & Gas: +0.71 pp weight change; -11.0% relative return; weight 0.71%Passenger Airlines: +0.27 pp weight change; +10.6% relative return; weight 0.27%Agricultural & Farm Machinery: +0.39 pp weight change; +62.9% relative return; weight 0.39%Homebuilding: +0.23 pp weight change; +15.2% relative return; weight 0.23%Movies & Entertainment: +1.28 pp weight change; +11.7% relative return; weight 1.28%Data Center REITs: +0.40 pp weight change; -18.5% relative return; weight 0.40%Health Care REITs: +0.26 pp weight change; +10.2% relative return; weight 0.26%Industrial Machinery & Supplies & Components: +1.14 pp weight change; +6.9% relative return; weight 1.14%Research & Consulting Services: +0.20 pp weight change; -14.4% relative return; weight 0.20%Reinsurance: +0.04 pp weight change; -10.0% relative return; weight 0.04%Multi-Family Residential REITs: +0.29 pp weight change; -0.1% relative return; weight 0.29%Self-Storage REITs: +0.26 pp weight change; +20.2% relative return; weight 0.26%Automobile Manufacturers: +1.27 pp weight change; +26.6% relative return; weight 1.27%Trading Companies & Distributors: +0.13 pp weight change; +19.8% relative return; weight 0.13%Copper: +0.19 pp weight change; +130.7% relative return; weight 0.19%Broadcasting: +0.00 pp weight change; -4.5% relative return; weight 0.00%Retail REITs: +0.32 pp weight change; +12.3% relative return; weight 0.32%Systems Software: +7.35 pp weight change; -3.4% relative return; weight 7.36%Systems SoftwarePackaged Foods & Meats: +0.80 pp weight change; -10.9% relative return; weight 0.80%Distributors: +0.06 pp weight change; +7.5% relative return; weight 0.06%Consumer Electronics: +0.10 pp weight change; +8.7% relative return; weight 0.10%Investment Banking & Brokerage: +1.43 pp weight change; +43.5% relative return; weight 1.43%Leisure Products: +0.05 pp weight change; -6.6% relative return; weight 0.05%Health Care Facilities: +0.24 pp weight change; +54.0% relative return; weight 0.24%Home Improvement Retail: +1.68 pp weight change; -3.6% relative return; weight 1.68%Industrial Conglomerates: +1.05 pp weight change; +4.5% relative return; weight 1.05%Hotel & Resort REITs: +0.04 pp weight change; +13.7% relative return; weight 0.04%Other Specialized REITs: +0.04 pp weight change; +25.1% relative return; weight 0.04%Construction & Engineering: +0.10 pp weight change; +33.3% relative return; weight 0.10%Cargo Ground Transportation: +0.11 pp weight change; +2.6% relative return; weight 0.11%Oil & Gas Storage & Transportation: +0.35 pp weight change; +5.8% relative return; weight 0.35%Soft Drinks & Non-alcoholic Beverages: +1.59 pp weight change; -13.5% relative return; weight 1.59%Food Retail: +0.10 pp weight change; -17.0% relative return; weight 0.10%Casinos & Gaming: +0.27 pp weight change; +4.6% relative return; weight 0.27%Construction Materials: +0.16 pp weight change; +15.4% relative return; weight 0.16%Tobacco: +0.86 pp weight change; +2.0% relative return; weight 0.86%Oil & Gas Refining & Marketing: +0.38 pp weight change; +3.3% relative return; weight 0.38%Gold: +0.18 pp weight change; -24.2% relative return; weight 0.18%Apparel, Accessories & Luxury Goods: +0.51 pp weight change; +19.1% relative return; weight 0.51%Steel: +0.10 pp weight change; +70.7% relative return; weight 0.10%Advertising: +0.06 pp weight change; +9.4% relative return; weight 0.06%Personal Care Products: +1.16 pp weight change; -17.0% relative return; weight 1.17%Industrial REITs: +0.31 pp weight change; -6.0% relative return; weight 0.31%Electronic Equipment & Instruments: +0.43 pp weight change; +3.5% relative return; weight 0.43%Apparel Retail: +0.44 pp weight change; -0.7% relative return; weight 0.44%Environmental & Facilities Services: +0.39 pp weight change; -4.9% relative return; weight 0.39%Food Distributors: +0.14 pp weight change; +4.9% relative return; weight 0.14%Integrated Telecommunication Services: +1.36 pp weight change; -24.3% relative return; weight 1.37%Electronic Manufacturing Services: +0.16 pp weight change; +21.0% relative return; weight 0.16%Other Specialty Retail: +0.08 pp weight change; +17.9% relative return; weight 0.08%Timber REITs: +0.09 pp weight change; +11.7% relative return; weight 0.09%Interactive Home Entertainment: +0.07 pp weight change; -9.0% relative return; weight 0.07%Data Processing & Outsourced Services: +0.07 pp weight change; -6.7% relative return; weight 0.07%Gas Utilities: +0.04 pp weight change; -29.0% relative return; weight 0.04%Commodity Chemicals: +0.17 pp weight change; +17.0% relative return; weight 0.17%Wireless Telecommunication Services: +0.64 pp weight change; -0.2% relative return; weight 0.64%Technology Distributors: +0.09 pp weight change; +9.1% relative return; weight 0.09%Heavy Electrical Equipment: +0.09 pp weight change; -9.0% relative return; weight 0.09%Single-Family Residential REITs: +0.00 pp weight change; -28.2% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -28.2% relative return; weight 0.00%Footwear: +0.00 pp weight change; -28.2% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -28.2% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -28.2% 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.