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-110%-49.75 pp-55%+0.00 pp+0%+49.75 pp+55%+99.50 pp+110%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +2.27 pp weight change; +14.0% relative return; weight 2.27%Technology Hardware, Storage & Peripherals: +8.76 pp weight change; -5.7% relative return; weight 8.76%Technology Hardware, Storage & PeripheralsBiotechnology: +2.56 pp weight change; -16.2% relative return; weight 2.57%BiotechnologyHealth Care Equipment: +3.08 pp weight change; -2.6% relative return; weight 3.09%Health Care EquipmentIT Consulting & Other Services: +1.34 pp weight change; +5.0% relative return; weight 1.34%Application Software: +4.02 pp weight change; +1.7% relative return; weight 4.02%Application SoftwareSemiconductors: +3.50 pp weight change; -0.3% relative return; weight 3.50%SemiconductorsAgricultural Products & Services: +0.11 pp weight change; +6.9% relative return; weight 0.11%Human Resource & Employment Services: +0.43 pp weight change; +19.5% relative return; weight 0.43%Multi-Utilities: +1.37 pp weight change; -14.4% relative return; weight 1.37%Electric Utilities: +1.44 pp weight change; -3.6% relative return; weight 1.44%Independent Power Producers & Energy Traders: +0.09 pp weight change; +7.0% relative return; weight 0.09%Life & Health Insurance: +0.53 pp weight change; +24.9% relative return; weight 0.53%Multi-line Insurance: +0.24 pp weight change; +36.8% relative return; weight 0.24%Insurance Brokers: -99.32 pp weight change; +17.2% relative return; weight 0.58%Internet Services & Infrastructure: +0.14 pp weight change; -22.8% relative return; weight 0.14%Specialty Chemicals: +0.94 pp weight change; +9.1% relative return; weight 0.94%Health Care Supplies: +0.32 pp weight change; +52.7% relative return; weight 0.32%Property & Casualty Insurance: +0.89 pp weight change; +7.4% relative return; weight 0.89%Building Products: +0.61 pp weight change; +31.1% relative return; weight 0.61%Semiconductor Materials & Equipment: +0.52 pp weight change; +58.5% relative return; weight 0.52%Electrical Components & Equipment: +0.67 pp weight change; +19.4% relative return; weight 0.67%Asset Management & Custody Banks: +0.72 pp weight change; +25.3% relative return; weight 0.72%Telecom Tower REITs: +0.86 pp weight change; -6.3% relative return; weight 0.86%Broadline Retail: +0.46 pp weight change; -12.2% relative return; weight 0.46%Oil & Gas Exploration & Production: +0.60 pp weight change; +33.0% relative return; weight 0.60%Industrial Gases: +0.74 pp weight change; -9.2% relative return; weight 0.74%Electronic Components: +0.15 pp weight change; +1.7% relative return; weight 0.15%Automotive Parts & Equipment: +0.14 pp weight change; +37.4% relative return; weight 0.14%Office REITs: +0.16 pp weight change; +0.7% relative return; weight 0.16%Paper & Plastic Packaging Products & Materials: +0.51 pp weight change; +5.6% relative return; weight 0.52%Water Utilities: +0.11 pp weight change; +1.7% relative return; weight 0.11%Consumer Finance: +0.78 pp weight change; +47.3% relative return; weight 0.78%Automotive Retail: +0.12 pp weight change; +0.6% relative return; weight 0.12%Aerospace & Defense: +3.90 pp weight change; +20.1% relative return; weight 3.90%Aerospace & DefenseDiversified Banks: +4.69 pp weight change; +28.7% relative return; weight 4.70%Diversified BanksMetal, Glass & Plastic Containers: +0.10 pp weight change; -6.5% relative return; weight 0.10%Computer & Electronics Retail: +0.10 pp weight change; -16.4% relative return; weight 0.10%Hotels, Resorts & Cruise Lines: +0.46 pp weight change; +17.9% relative return; weight 0.46%Oil & Gas Equipment & Services: +0.19 pp weight change; +10.4% relative return; weight 0.19%Pharmaceuticals: +4.73 pp weight change; -4.2% relative return; weight 4.74%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +1.9% relative return; weight 0.00%Health Care Distributors: +0.28 pp weight change; -2.3% relative return; weight 0.28%Construction Machinery & Heavy Transportation Equipment: +0.62 pp weight change; +4.7% relative return; weight 0.62%Financial Exchanges & Data: +1.10 pp weight change; +0.4% relative return; weight 1.10%Real Estate Services: +0.11 pp weight change; +59.2% relative return; weight 0.11%Fertilizers & Agricultural Chemicals: +0.18 pp weight change; +22.7% relative return; weight 0.18%Regional Banks: +0.42 pp weight change; +34.7% relative return; weight 0.42%Household Products: +0.51 pp weight change; -28.6% relative return; weight 0.51%Air Freight & Logistics: +0.77 pp weight change; -5.3% relative return; weight 0.77%Cable & Satellite: +1.13 pp weight change; +4.6% relative return; weight 1.13%Health Care Services: +0.81 pp weight change; +7.2% relative return; weight 0.81%Restaurants: +1.32 pp weight change; -0.6% relative return; weight 1.32%Managed Health Care: +1.91 pp weight change; -0.3% relative return; weight 1.92%Consumer Staples Merchandise Retail: +1.78 pp weight change; -0.8% relative return; weight 1.78%Transaction & Payment Processing Services: +2.43 pp weight change; -9.4% relative return; weight 2.44%Transaction & Payment Processing ServicesCommunications Equipment: +1.02 pp weight change; +14.1% relative return; weight 1.02%Rail Transportation: +0.93 pp weight change; -8.1% relative return; weight 0.93%Diversified Support Services: +0.11 pp weight change; -6.7% relative return; weight 0.11%Integrated Oil & Gas: +0.63 pp weight change; -5.3% relative return; weight 0.63%Passenger Airlines: +0.24 pp weight change; +2.1% relative return; weight 0.24%Agricultural & Farm Machinery: +0.39 pp weight change; +41.5% relative return; weight 0.39%Homebuilding: +0.22 pp weight change; +0.4% relative return; weight 0.22%Movies & Entertainment: +1.25 pp weight change; +5.5% relative return; weight 1.25%Data Center REITs: +0.41 pp weight change; -15.6% relative return; weight 0.41%Health Care REITs: +0.26 pp weight change; +14.2% relative return; weight 0.26%Industrial Machinery & Supplies & Components: +1.13 pp weight change; +6.3% relative return; weight 1.13%Research & Consulting Services: +0.22 pp weight change; +1.5% relative return; weight 0.22%Reinsurance: +0.04 pp weight change; -3.4% relative return; weight 0.04%Multi-Family Residential REITs: +0.30 pp weight change; +24.3% relative return; weight 0.30%Self-Storage REITs: +0.27 pp weight change; +27.5% relative return; weight 0.27%Automobile Manufacturers: +1.21 pp weight change; +18.0% relative return; weight 1.21%Trading Companies & Distributors: +0.14 pp weight change; +21.9% relative return; weight 0.14%Copper: +0.18 pp weight change; +82.1% relative return; weight 0.18%Broadcasting: +0.00 pp weight change; -1.1% relative return; weight 0.00%Retail REITs: +0.32 pp weight change; +30.0% relative return; weight 0.32%Systems Software: +7.75 pp weight change; +5.1% relative return; weight 7.76%Systems SoftwarePackaged Foods & Meats: +0.73 pp weight change; -16.4% relative return; weight 0.73%Distributors: +0.06 pp weight change; +3.7% relative return; weight 0.06%Consumer Electronics: +0.11 pp weight change; +33.7% relative return; weight 0.11%Investment Banking & Brokerage: +1.46 pp weight change; +59.6% relative return; weight 1.46%Leisure Products: +0.05 pp weight change; -0.3% relative return; weight 0.05%Health Care Facilities: +0.27 pp weight change; +46.0% relative return; weight 0.27%Home Improvement Retail: +1.62 pp weight change; -7.2% relative return; weight 1.62%Industrial Conglomerates: +1.01 pp weight change; +5.2% relative return; weight 1.01%Hotel & Resort REITs: +0.04 pp weight change; +14.7% relative return; weight 0.04%Other Specialized REITs: +0.05 pp weight change; +32.6% relative return; weight 0.05%Construction & Engineering: +0.10 pp weight change; +33.3% relative return; weight 0.10%Cargo Ground Transportation: +0.12 pp weight change; +4.8% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.30 pp weight change; +10.0% relative return; weight 0.30%Soft Drinks & Non-alcoholic Beverages: +1.58 pp weight change; -9.6% relative return; weight 1.58%Food Retail: +0.11 pp weight change; +2.4% relative return; weight 0.12%Casinos & Gaming: +0.22 pp weight change; -13.4% relative return; weight 0.22%Construction Materials: +0.16 pp weight change; +32.9% relative return; weight 0.16%Tobacco: +0.85 pp weight change; +2.2% relative return; weight 0.85%Oil & Gas Refining & Marketing: +0.32 pp weight change; +12.9% relative return; weight 0.32%Gold: +0.15 pp weight change; -31.1% relative return; weight 0.15%Apparel, Accessories & Luxury Goods: +0.51 pp weight change; +19.3% relative return; weight 0.51%Steel: +0.12 pp weight change; +106.4% relative return; weight 0.12%Advertising: +0.05 pp weight change; +9.6% relative return; weight 0.05%Personal Care Products: +1.15 pp weight change; -18.0% relative return; weight 1.16%Industrial REITs: +0.33 pp weight change; +5.2% relative return; weight 0.33%Electronic Equipment & Instruments: +0.46 pp weight change; +14.7% relative return; weight 0.46%Apparel Retail: +0.43 pp weight change; +3.4% relative return; weight 0.43%Environmental & Facilities Services: +0.41 pp weight change; +2.9% relative return; weight 0.41%Food Distributors: +0.14 pp weight change; +5.6% relative return; weight 0.14%Integrated Telecommunication Services: +1.25 pp weight change; -23.4% relative return; weight 1.26%Electronic Manufacturing Services: +0.16 pp weight change; +22.8% relative return; weight 0.16%Other Specialty Retail: +0.09 pp weight change; +24.0% relative return; weight 0.09%Timber REITs: +0.09 pp weight change; -6.2% relative return; weight 0.09%Interactive Home Entertainment: +0.06 pp weight change; -26.8% relative return; weight 0.06%Data Processing & Outsourced Services: +0.07 pp weight change; -1.0% relative return; weight 0.07%Gas Utilities: +0.04 pp weight change; -22.1% relative return; weight 0.04%Commodity Chemicals: +0.16 pp weight change; +13.3% relative return; weight 0.16%Wireless Telecommunication Services: +0.57 pp weight change; -8.7% relative return; weight 0.57%Technology Distributors: +0.09 pp weight change; +38.6% relative return; weight 0.09%Heavy Electrical Equipment: +0.09 pp weight change; +3.8% relative return; weight 0.09%Single-Family Residential REITs: +0.00 pp weight change; -22.2% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -22.2% relative return; weight 0.00%Footwear: +0.00 pp weight change; -22.2% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -22.2% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -22.2% 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.