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-100%-49.75 pp-50%+0.00 pp+0%+49.75 pp+50%+99.50 pp+100%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +2.27 pp weight change; +9.7% relative return; weight 2.28%Technology Hardware, Storage & Peripherals: +8.57 pp weight change; -1.8% relative return; weight 8.57%Technology Hardware, Storage & PeripheralsBiotechnology: +2.51 pp weight change; -17.0% relative return; weight 2.51%BiotechnologyHealth Care Equipment: +3.08 pp weight change; -4.0% relative return; weight 3.09%Health Care EquipmentIT Consulting & Other Services: +1.36 pp weight change; +6.1% relative return; weight 1.36%Application Software: +3.96 pp weight change; +0.9% relative return; weight 3.96%Application SoftwareSemiconductors: +3.51 pp weight change; -2.6% relative return; weight 3.51%SemiconductorsAgricultural Products & Services: +0.12 pp weight change; +4.4% relative return; weight 0.12%Human Resource & Employment Services: +0.44 pp weight change; +14.9% relative return; weight 0.44%Multi-Utilities: +1.35 pp weight change; -19.1% relative return; weight 1.35%Electric Utilities: +1.41 pp weight change; -10.8% relative return; weight 1.41%Independent Power Producers & Energy Traders: +0.09 pp weight change; +4.3% relative return; weight 0.09%Life & Health Insurance: +0.54 pp weight change; +26.9% relative return; weight 0.54%Multi-line Insurance: +0.25 pp weight change; +42.1% relative return; weight 0.25%Insurance Brokers: -99.24 pp weight change; +16.6% relative return; weight 0.66%Internet Services & Infrastructure: +0.14 pp weight change; -23.0% relative return; weight 0.14%Specialty Chemicals: +0.90 pp weight change; -1.0% relative return; weight 0.90%Health Care Supplies: +0.31 pp weight change; +39.3% relative return; weight 0.31%Property & Casualty Insurance: +0.89 pp weight change; +7.4% relative return; weight 0.89%Building Products: +0.58 pp weight change; +18.4% relative return; weight 0.58%Semiconductor Materials & Equipment: +0.52 pp weight change; +57.3% relative return; weight 0.52%Electrical Components & Equipment: +0.63 pp weight change; +11.6% relative return; weight 0.63%Asset Management & Custody Banks: +0.69 pp weight change; +24.6% relative return; weight 0.69%Telecom Tower REITs: +0.81 pp weight change; -13.9% relative return; weight 0.81%Broadline Retail: +0.45 pp weight change; -10.2% relative return; weight 0.45%Oil & Gas Exploration & Production: +0.75 pp weight change; +95.3% relative return; weight 0.75%Industrial Gases: +0.73 pp weight change; -11.6% relative return; weight 0.73%Electronic Components: +0.15 pp weight change; -4.5% relative return; weight 0.15%Automotive Parts & Equipment: +0.14 pp weight change; +28.0% relative return; weight 0.14%Office REITs: +0.16 pp weight change; +1.6% relative return; weight 0.16%Paper & Plastic Packaging Products & Materials: +0.49 pp weight change; -5.6% relative return; weight 0.49%Water Utilities: +0.11 pp weight change; -6.7% relative return; weight 0.11%Consumer Finance: +0.82 pp weight change; +47.5% relative return; weight 0.82%Automotive Retail: +0.14 pp weight change; +12.9% relative return; weight 0.14%Aerospace & Defense: +4.02 pp weight change; +24.2% relative return; weight 4.02%Aerospace & DefenseDiversified Banks: +5.01 pp weight change; +40.0% relative return; weight 5.02%Diversified BanksMetal, Glass & Plastic Containers: +0.10 pp weight change; -14.1% relative return; weight 0.10%Computer & Electronics Retail: +0.09 pp weight change; -23.3% relative return; weight 0.09%Hotels, Resorts & Cruise Lines: +0.51 pp weight change; +37.7% relative return; weight 0.51%Oil & Gas Equipment & Services: +0.21 pp weight change; +49.5% relative return; weight 0.21%Pharmaceuticals: +4.62 pp weight change; -7.7% relative return; weight 4.62%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +1.0% relative return; weight 0.00%Health Care Distributors: +0.28 pp weight change; +0.7% relative return; weight 0.28%Construction Machinery & Heavy Transportation Equipment: +0.60 pp weight change; -3.7% relative return; weight 0.60%Financial Exchanges & Data: +1.10 pp weight change; +0.5% relative return; weight 1.10%Real Estate Services: +0.11 pp weight change; +63.3% relative return; weight 0.11%Fertilizers & Agricultural Chemicals: +0.20 pp weight change; +30.1% relative return; weight 0.20%Regional Banks: +0.46 pp weight change; +48.0% relative return; weight 0.46%Household Products: +0.52 pp weight change; -26.5% relative return; weight 0.52%Air Freight & Logistics: +0.73 pp weight change; -17.0% relative return; weight 0.73%Cable & Satellite: +1.07 pp weight change; -6.4% relative return; weight 1.07%Health Care Services: +0.82 pp weight change; +8.0% relative return; weight 0.82%Restaurants: +1.35 pp weight change; -4.0% relative return; weight 1.35%Managed Health Care: +1.91 pp weight change; -2.6% relative return; weight 1.92%Consumer Staples Merchandise Retail: +1.79 pp weight change; -5.2% relative return; weight 1.79%Transaction & Payment Processing Services: +2.38 pp weight change; -11.9% relative return; weight 2.39%Transaction & Payment Processing ServicesCommunications Equipment: +0.99 pp weight change; +13.8% relative return; weight 0.99%Rail Transportation: +0.89 pp weight change; -16.2% relative return; weight 0.89%Diversified Support Services: +0.11 pp weight change; -8.1% relative return; weight 0.11%Integrated Oil & Gas: +0.69 pp weight change; +17.2% relative return; weight 0.69%Passenger Airlines: +0.26 pp weight change; +8.6% relative return; weight 0.26%Agricultural & Farm Machinery: +0.36 pp weight change; +20.4% relative return; weight 0.36%Homebuilding: +0.21 pp weight change; -12.6% relative return; weight 0.21%Movies & Entertainment: +1.24 pp weight change; +7.6% relative return; weight 1.24%Data Center REITs: +0.39 pp weight change; -18.0% relative return; weight 0.39%Health Care REITs: +0.26 pp weight change; +12.0% relative return; weight 0.26%Industrial Machinery & Supplies & Components: +1.08 pp weight change; -1.5% relative return; weight 1.09%Research & Consulting Services: +0.22 pp weight change; +2.2% relative return; weight 0.22%Reinsurance: +0.04 pp weight change; +2.5% relative return; weight 0.04%Multi-Family Residential REITs: +0.31 pp weight change; +29.9% relative return; weight 0.31%Self-Storage REITs: +0.26 pp weight change; +13.4% relative return; weight 0.26%Automobile Manufacturers: +1.35 pp weight change; +28.3% relative return; weight 1.35%Trading Companies & Distributors: +0.14 pp weight change; +25.5% relative return; weight 0.14%Copper: +0.17 pp weight change; +64.6% relative return; weight 0.17%Broadcasting: +0.00 pp weight change; +5.9% relative return; weight 0.00%Retail REITs: +0.32 pp weight change; +30.8% relative return; weight 0.32%Systems Software: +7.60 pp weight change; +6.7% relative return; weight 7.61%Systems SoftwarePackaged Foods & Meats: +0.75 pp weight change; -13.0% relative return; weight 0.75%Distributors: +0.06 pp weight change; +3.3% relative return; weight 0.06%Consumer Electronics: +0.10 pp weight change; +31.6% relative return; weight 0.10%Investment Banking & Brokerage: +1.44 pp weight change; +57.7% relative return; weight 1.44%Leisure Products: +0.04 pp weight change; -12.5% relative return; weight 0.04%Health Care Facilities: +0.27 pp weight change; +54.8% relative return; weight 0.27%Home Improvement Retail: +1.71 pp weight change; -4.1% relative return; weight 1.71%Industrial Conglomerates: +0.96 pp weight change; -1.9% relative return; weight 0.96%Hotel & Resort REITs: +0.04 pp weight change; +19.3% relative return; weight 0.04%Other Specialized REITs: +0.04 pp weight change; +36.3% relative return; weight 0.04%Construction & Engineering: +0.11 pp weight change; +37.5% relative return; weight 0.11%Cargo Ground Transportation: +0.12 pp weight change; +14.2% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.33 pp weight change; +27.4% relative return; weight 0.33%Soft Drinks & Non-alcoholic Beverages: +1.56 pp weight change; -12.8% relative return; weight 1.57%Food Retail: +0.11 pp weight change; -4.1% relative return; weight 0.11%Casinos & Gaming: +0.21 pp weight change; -15.2% relative return; weight 0.21%Construction Materials: +0.15 pp weight change; +6.4% relative return; weight 0.15%Tobacco: +0.81 pp weight change; +3.0% relative return; weight 0.81%Oil & Gas Refining & Marketing: +0.35 pp weight change; +39.0% relative return; weight 0.35%Gold: +0.15 pp weight change; -30.3% relative return; weight 0.15%Apparel, Accessories & Luxury Goods: +0.47 pp weight change; -4.4% relative return; weight 0.47%Steel: +0.10 pp weight change; +76.7% relative return; weight 0.10%Advertising: +0.05 pp weight change; +19.8% relative return; weight 0.05%Personal Care Products: +1.19 pp weight change; -18.8% relative return; weight 1.19%Industrial REITs: +0.33 pp weight change; +0.4% relative return; weight 0.33%Electronic Equipment & Instruments: +0.44 pp weight change; +12.5% relative return; weight 0.44%Apparel Retail: +0.41 pp weight change; -6.2% relative return; weight 0.41%Environmental & Facilities Services: +0.42 pp weight change; -0.0% relative return; weight 0.42%Food Distributors: +0.14 pp weight change; +2.5% relative return; weight 0.14%Integrated Telecommunication Services: +1.29 pp weight change; -22.5% relative return; weight 1.30%Electronic Manufacturing Services: +0.16 pp weight change; +12.3% 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; +0.3% relative return; weight 0.09%Interactive Home Entertainment: +0.06 pp weight change; -26.5% 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; -25.4% relative return; weight 0.04%Commodity Chemicals: +0.15 pp weight change; +0.8% relative return; weight 0.15%Wireless Telecommunication Services: +0.56 pp weight change; -12.0% relative return; weight 0.56%Technology Distributors: +0.09 pp weight change; +21.2% relative return; weight 0.09%Heavy Electrical Equipment: +0.09 pp weight change; -1.7% relative return; weight 0.09%Single-Family Residential REITs: +0.00 pp weight change; -21.2% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -21.2% relative return; weight 0.00%Footwear: +0.00 pp weight change; -21.2% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -21.2% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -21.2% 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.