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-130%-49.75 pp-65%+0.00 pp+0%+49.75 pp+65%+99.50 pp+130%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +2.20 pp weight change; +6.4% relative return; weight 2.21%Technology Hardware, Storage & Peripherals: +8.63 pp weight change; +4.1% relative return; weight 8.63%Technology Hardware, Storage & PeripheralsBiotechnology: +2.55 pp weight change; -21.1% relative return; weight 2.55%BiotechnologyHealth Care Equipment: +3.24 pp weight change; -4.0% relative return; weight 3.24%Health Care EquipmentIT Consulting & Other Services: +1.32 pp weight change; +0.3% relative return; weight 1.32%Application Software: +3.84 pp weight change; +7.4% relative return; weight 3.84%Application SoftwareSemiconductors: +3.43 pp weight change; +3.6% relative return; weight 3.43%SemiconductorsAgricultural Products & Services: +0.11 pp weight change; +7.4% relative return; weight 0.11%Human Resource & Employment Services: +0.45 pp weight change; +21.1% relative return; weight 0.45%Multi-Utilities: +1.34 pp weight change; -22.8% relative return; weight 1.34%Electric Utilities: +1.44 pp weight change; -13.8% relative return; weight 1.44%Independent Power Producers & Energy Traders: +0.09 pp weight change; +8.4% relative return; weight 0.09%Life & Health Insurance: +0.52 pp weight change; +17.6% relative return; weight 0.53%Multi-line Insurance: +0.22 pp weight change; +13.0% relative return; weight 0.22%Insurance Brokers: -99.35 pp weight change; +3.0% relative return; weight 0.56%Internet Services & Infrastructure: +0.15 pp weight change; -21.9% relative return; weight 0.15%Specialty Chemicals: +0.94 pp weight change; +8.3% relative return; weight 0.94%Health Care Supplies: +0.31 pp weight change; +45.7% relative return; weight 0.31%Property & Casualty Insurance: +0.87 pp weight change; -1.2% relative return; weight 0.87%Building Products: +0.62 pp weight change; +30.5% relative return; weight 0.62%Semiconductor Materials & Equipment: +0.56 pp weight change; +51.6% relative return; weight 0.56%Electrical Components & Equipment: +0.66 pp weight change; +20.7% relative return; weight 0.66%Asset Management & Custody Banks: +0.69 pp weight change; +15.9% relative return; weight 0.69%Telecom Tower REITs: +0.85 pp weight change; -15.7% relative return; weight 0.86%Broadline Retail: +0.45 pp weight change; -16.5% relative return; weight 0.45%Oil & Gas Exploration & Production: +0.62 pp weight change; +25.1% relative return; weight 0.62%Industrial Gases: +0.76 pp weight change; -10.4% relative return; weight 0.77%Electronic Components: +0.16 pp weight change; +4.8% relative return; weight 0.16%Automotive Parts & Equipment: +0.15 pp weight change; +60.8% relative return; weight 0.15%Office REITs: +0.17 pp weight change; -7.1% relative return; weight 0.17%Paper & Plastic Packaging Products & Materials: +0.48 pp weight change; -0.9% relative return; weight 0.48%Water Utilities: +0.11 pp weight change; -12.2% relative return; weight 0.11%Consumer Finance: +0.80 pp weight change; +54.7% relative return; weight 0.80%Automotive Retail: +0.13 pp weight change; +0.3% relative return; weight 0.13%Aerospace & Defense: +4.00 pp weight change; +22.2% relative return; weight 4.00%Aerospace & DefenseDiversified Banks: +4.60 pp weight change; +20.9% relative return; weight 4.61%Diversified BanksMetal, Glass & Plastic Containers: +0.09 pp weight change; -17.1% relative return; weight 0.09%Computer & Electronics Retail: +0.10 pp weight change; -13.5% relative return; weight 0.10%Hotels, Resorts & Cruise Lines: +0.47 pp weight change; +41.6% relative return; weight 0.47%Oil & Gas Equipment & Services: +0.20 pp weight change; +17.4% relative return; weight 0.20%Pharmaceuticals: +4.74 pp weight change; -6.7% relative return; weight 4.75%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +6.5% relative return; weight 0.00%Health Care Distributors: +0.29 pp weight change; -5.1% relative return; weight 0.29%Construction Machinery & Heavy Transportation Equipment: +0.62 pp weight change; +5.2% relative return; weight 0.63%Financial Exchanges & Data: +1.10 pp weight change; -0.8% relative return; weight 1.10%Real Estate Services: +0.11 pp weight change; +65.0% relative return; weight 0.11%Fertilizers & Agricultural Chemicals: +0.18 pp weight change; +23.9% relative return; weight 0.18%Regional Banks: +0.39 pp weight change; +26.0% relative return; weight 0.39%Household Products: +0.54 pp weight change; -29.1% relative return; weight 0.54%Air Freight & Logistics: +0.79 pp weight change; +6.6% relative return; weight 0.79%Cable & Satellite: +1.08 pp weight change; -0.8% relative return; weight 1.08%Health Care Services: +0.83 pp weight change; +0.8% relative return; weight 0.83%Restaurants: +1.38 pp weight change; +7.3% relative return; weight 1.38%Managed Health Care: +1.98 pp weight change; -0.6% relative return; weight 1.98%Consumer Staples Merchandise Retail: +1.82 pp weight change; +3.0% relative return; weight 1.82%Transaction & Payment Processing Services: +2.56 pp weight change; -6.7% relative return; weight 2.56%Transaction & Payment Processing ServicesCommunications Equipment: +0.98 pp weight change; -5.0% relative return; weight 0.98%Rail Transportation: +0.96 pp weight change; -1.4% relative return; weight 0.96%Diversified Support Services: +0.12 pp weight change; -4.0% relative return; weight 0.12%Integrated Oil & Gas: +0.67 pp weight change; -4.0% relative return; weight 0.67%Passenger Airlines: +0.24 pp weight change; +19.2% relative return; weight 0.24%Agricultural & Farm Machinery: +0.39 pp weight change; +55.4% relative return; weight 0.39%Homebuilding: +0.23 pp weight change; +3.2% relative return; weight 0.23%Movies & Entertainment: +1.23 pp weight change; +10.4% relative return; weight 1.23%Data Center REITs: +0.40 pp weight change; -22.5% relative return; weight 0.40%Health Care REITs: +0.27 pp weight change; +19.1% relative return; weight 0.27%Industrial Machinery & Supplies & Components: +1.14 pp weight change; +7.6% relative return; weight 1.14%Research & Consulting Services: +0.21 pp weight change; -6.4% relative return; weight 0.21%Reinsurance: +0.03 pp weight change; -11.1% relative return; weight 0.03%Multi-Family Residential REITs: +0.31 pp weight change; +20.3% relative return; weight 0.31%Self-Storage REITs: +0.27 pp weight change; +23.7% relative return; weight 0.27%Automobile Manufacturers: +1.24 pp weight change; +27.6% relative return; weight 1.24%Trading Companies & Distributors: +0.14 pp weight change; +21.3% relative return; weight 0.14%Copper: +0.19 pp weight change; +122.0% relative return; weight 0.19%Broadcasting: +0.00 pp weight change; -2.0% relative return; weight 0.00%Retail REITs: +0.31 pp weight change; +25.8% relative return; weight 0.31%Systems Software: +7.49 pp weight change; +5.1% relative return; weight 7.50%Systems SoftwarePackaged Foods & Meats: +0.77 pp weight change; -14.1% relative return; weight 0.77%Distributors: +0.06 pp weight change; +8.7% relative return; weight 0.06%Consumer Electronics: +0.10 pp weight change; +22.0% relative return; weight 0.10%Investment Banking & Brokerage: +1.39 pp weight change; +49.6% relative return; weight 1.39%Leisure Products: +0.05 pp weight change; +5.4% relative return; weight 0.05%Health Care Facilities: +0.28 pp weight change; +47.9% relative return; weight 0.28%Home Improvement Retail: +1.66 pp weight change; -4.3% relative return; weight 1.66%Industrial Conglomerates: +1.05 pp weight change; +11.5% relative return; weight 1.05%Hotel & Resort REITs: +0.04 pp weight change; +10.7% relative return; weight 0.04%Other Specialized REITs: +0.04 pp weight change; +25.0% relative return; weight 0.04%Construction & Engineering: +0.09 pp weight change; +38.9% relative return; weight 0.09%Cargo Ground Transportation: +0.11 pp weight change; +4.1% relative return; weight 0.11%Oil & Gas Storage & Transportation: +0.32 pp weight change; +11.0% relative return; weight 0.32%Soft Drinks & Non-alcoholic Beverages: +1.63 pp weight change; -9.3% relative return; weight 1.63%Food Retail: +0.10 pp weight change; -10.5% relative return; weight 0.10%Casinos & Gaming: +0.21 pp weight change; -6.2% relative return; weight 0.21%Construction Materials: +0.16 pp weight change; +23.4% relative return; weight 0.16%Tobacco: +0.84 pp weight change; -0.2% relative return; weight 0.84%Oil & Gas Refining & Marketing: +0.33 pp weight change; +0.8% relative return; weight 0.33%Gold: +0.17 pp weight change; -30.1% relative return; weight 0.17%Apparel, Accessories & Luxury Goods: +0.53 pp weight change; +34.2% relative return; weight 0.53%Steel: +0.11 pp weight change; +90.7% relative return; weight 0.11%Advertising: +0.05 pp weight change; +5.7% relative return; weight 0.05%Personal Care Products: +1.19 pp weight change; -16.7% relative return; weight 1.19%Industrial REITs: +0.32 pp weight change; -6.9% relative return; weight 0.32%Electronic Equipment & Instruments: +0.44 pp weight change; +6.8% relative return; weight 0.44%Apparel Retail: +0.43 pp weight change; +1.0% relative return; weight 0.43%Environmental & Facilities Services: +0.41 pp weight change; -0.2% relative return; weight 0.41%Food Distributors: +0.13 pp weight change; +7.9% relative return; weight 0.13%Integrated Telecommunication Services: +1.31 pp weight change; -23.2% relative return; weight 1.31%Electronic Manufacturing Services: +0.17 pp weight change; +26.2% relative return; weight 0.17%Other Specialty Retail: +0.08 pp weight change; +22.4% relative return; weight 0.08%Timber REITs: +0.09 pp weight change; -7.7% relative return; weight 0.09%Interactive Home Entertainment: +0.07 pp weight change; -20.8% relative return; weight 0.07%Data Processing & Outsourced Services: +0.07 pp weight change; -1.7% relative return; weight 0.07%Gas Utilities: +0.04 pp weight change; -28.5% relative return; weight 0.04%Commodity Chemicals: +0.16 pp weight change; +19.1% relative return; weight 0.16%Wireless Telecommunication Services: +0.62 pp weight change; +0.5% relative return; weight 0.62%Technology Distributors: +0.09 pp weight change; +19.6% relative return; weight 0.09%Heavy Electrical Equipment: +0.09 pp weight change; -4.0% relative return; weight 0.09%Single-Family Residential REITs: +0.00 pp weight change; -25.1% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -25.1% relative return; weight 0.00%Footwear: +0.00 pp weight change; -25.1% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -25.1% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -25.1% 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.