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

-1.50 pp-130%-0.75 pp-65%+0.00 pp+0%+0.75 pp+65%+1.50 pp+130%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.06 pp weight change; +3.2% relative return; weight 2.30%Life Sciences Tools & ServicesTechnology Hardware, Storage & Peripherals: -0.51 pp weight change; +2.2% relative return; weight 8.56%Technology Hardware, Storage & PeripheralsBiotechnology: -0.08 pp weight change; -16.0% relative return; weight 2.35%BiotechnologyHealth Care Equipment: -0.04 pp weight change; -5.2% relative return; weight 3.44%Health Care EquipmentIT Consulting & Other Services: +0.02 pp weight change; +7.8% relative return; weight 1.35%Application Software: +0.40 pp weight change; +11.1% relative return; weight 4.22%Application SoftwareSemiconductors: +0.08 pp weight change; -4.0% relative return; weight 3.41%SemiconductorsAgricultural Products & Services: -0.00 pp weight change; +4.2% relative return; weight 0.12%Human Resource & Employment Services: +0.00 pp weight change; +7.9% relative return; weight 0.46%Multi-Utilities: +0.06 pp weight change; -23.9% relative return; weight 1.35%Electric Utilities: -0.43 pp weight change; -18.4% relative return; weight 1.40%Independent Power Producers & Energy Traders: -0.01 pp weight change; -4.3% relative return; weight 0.09%Life & Health Insurance: +0.04 pp weight change; +22.4% relative return; weight 0.53%Multi-line Insurance: +0.04 pp weight change; +28.7% relative return; weight 0.25%Insurance Brokers: +0.15 pp weight change; +23.0% relative return; weight 0.69%Internet Services & Infrastructure: -0.04 pp weight change; -16.5% relative return; weight 0.14%Specialty Chemicals: +0.24 pp weight change; +4.4% relative return; weight 0.94%Health Care Supplies: +0.01 pp weight change; +9.3% relative return; weight 0.29%Property & Casualty Insurance: -0.06 pp weight change; +3.1% relative return; weight 0.89%Building Products: +0.02 pp weight change; +10.4% relative return; weight 0.58%Semiconductor Materials & Equipment: +0.17 pp weight change; +55.4% relative return; weight 0.53%Electrical Components & Equipment: +0.02 pp weight change; +9.3% relative return; weight 0.64%Asset Management & Custody Banks: +0.13 pp weight change; +29.6% relative return; weight 0.75%Telecom Tower REITs: -0.14 pp weight change; -10.6% relative return; weight 0.82%Broadline Retail: -0.07 pp weight change; -7.5% relative return; weight 0.45%Oil & Gas Exploration & Production: +0.49 pp weight change; +124.8% relative return; weight 0.81%Industrial Gases: -0.07 pp weight change; -1.7% relative return; weight 0.77%Electronic Components: +0.00 pp weight change; -11.5% relative return; weight 0.14%Automotive Parts & Equipment: +0.03 pp weight change; +31.0% relative return; weight 0.16%Office REITs: +0.01 pp weight change; +7.6% relative return; weight 0.16%Paper & Plastic Packaging Products & Materials: -0.09 pp weight change; -8.7% relative return; weight 0.48%Water Utilities: -0.02 pp weight change; -14.2% relative return; weight 0.11%Consumer Finance: +0.18 pp weight change; +44.1% relative return; weight 0.76%Automotive Retail: +0.00 pp weight change; +14.7% relative return; weight 0.13%Aerospace & Defense: -1.41 pp weight change; +13.1% relative return; weight 2.16%Aerospace & DefenseDiversified Banks: +1.07 pp weight change; +38.1% relative return; weight 5.05%Diversified BanksMetal, Glass & Plastic Containers: -0.04 pp weight change; -24.3% relative return; weight 0.10%Computer & Electronics Retail: -0.04 pp weight change; -17.9% relative return; weight 0.10%Hotels, Resorts & Cruise Lines: +0.10 pp weight change; +33.7% relative return; weight 0.50%Oil & Gas Equipment & Services: +0.08 pp weight change; +58.2% relative return; weight 0.23%Pharmaceuticals: -0.39 pp weight change; -3.0% relative return; weight 4.64%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +3.9% relative return; weight 0.00%Health Care Distributors: -0.04 pp weight change; -4.9% relative return; weight 0.27%Construction Machinery & Heavy Transportation Equipment: -0.09 pp weight change; -7.7% relative return; weight 0.61%Financial Exchanges & Data: +0.10 pp weight change; +14.5% relative return; weight 1.19%Real Estate Services: +0.04 pp weight change; +51.0% relative return; weight 0.12%Fertilizers & Agricultural Chemicals: +0.02 pp weight change; +18.9% relative return; weight 0.20%Regional Banks: +0.09 pp weight change; +27.8% relative return; weight 0.46%Household Products: -0.26 pp weight change; -29.3% relative return; weight 0.50%Air Freight & Logistics: -0.13 pp weight change; -9.4% relative return; weight 0.79%Cable & Satellite: -0.22 pp weight change; -15.3% relative return; weight 0.94%Health Care Services: -0.03 pp weight change; +5.3% relative return; weight 0.81%Restaurants: -0.22 pp weight change; -9.5% relative return; weight 1.28%Managed Health Care: +0.03 pp weight change; +7.8% relative return; weight 2.14%Consumer Staples Merchandise Retail: -0.21 pp weight change; -3.2% relative return; weight 1.87%Transaction & Payment Processing Services: -0.56 pp weight change; -17.9% relative return; weight 2.08%Communications Equipment: +0.09 pp weight change; +17.3% relative return; weight 0.98%Rail Transportation: +0.11 pp weight change; +2.3% relative return; weight 1.02%Diversified Support Services: -0.01 pp weight change; -3.3% relative return; weight 0.12%Integrated Oil & Gas: +0.13 pp weight change; +27.1% relative return; weight 0.74%Passenger Airlines: -0.02 pp weight change; -8.1% relative return; weight 0.23%Agricultural & Farm Machinery: +0.02 pp weight change; +12.0% relative return; weight 0.35%Homebuilding: -0.03 pp weight change; -6.2% relative return; weight 0.21%Movies & Entertainment: +0.02 pp weight change; +4.4% relative return; weight 1.20%Data Center REITs: -0.09 pp weight change; -15.9% relative return; weight 0.40%Health Care REITs: +0.00 pp weight change; +6.4% relative return; weight 0.25%Industrial Machinery & Supplies & Components: -0.10 pp weight change; -3.5% relative return; weight 1.10%Research & Consulting Services: +0.01 pp weight change; +9.7% relative return; weight 0.23%Reinsurance: -0.00 pp weight change; -0.6% relative return; weight 0.03%Multi-Family Residential REITs: +0.07 pp weight change; +32.8% relative return; weight 0.32%Self-Storage REITs: +0.02 pp weight change; +14.5% relative return; weight 0.28%Automobile Manufacturers: +1.35 pp weight change; +35.4% relative return; weight 1.72%Trading Companies & Distributors: +0.03 pp weight change; +28.1% relative return; weight 0.15%Copper: +0.07 pp weight change; +60.0% relative return; weight 0.18%Broadcasting: -0.00 pp weight change; +4.7% relative return; weight 0.00%Retail REITs: +0.08 pp weight change; +38.6% relative return; weight 0.33%Systems Software: +1.08 pp weight change; +20.6% relative return; weight 8.50%Systems SoftwarePackaged Foods & Meats: -0.18 pp weight change; -13.6% relative return; weight 0.73%Distributors: +0.00 pp weight change; +9.1% relative return; weight 0.06%Consumer Electronics: -0.00 pp weight change; +2.8% relative return; weight 0.09%Investment Banking & Brokerage: +0.54 pp weight change; +56.9% relative return; weight 1.49%Leisure Products: -0.01 pp weight change; -13.0% relative return; weight 0.04%Health Care Facilities: +0.07 pp weight change; +49.0% relative return; weight 0.27%Home Improvement Retail: -0.07 pp weight change; +5.7% relative return; weight 1.85%Industrial Conglomerates: -0.22 pp weight change; -7.3% relative return; weight 0.94%Hotel & Resort REITs: +0.01 pp weight change; +17.4% relative return; weight 0.04%Other Specialized REITs: +0.01 pp weight change; +36.5% relative return; weight 0.04%Construction & Engineering: +0.02 pp weight change; +24.2% relative return; weight 0.11%Cargo Ground Transportation: +0.02 pp weight change; +25.4% relative return; weight 0.14%Oil & Gas Storage & Transportation: +0.04 pp weight change; +24.2% relative return; weight 0.34%Soft Drinks & Non-alcoholic Beverages: -0.30 pp weight change; -10.5% relative return; weight 1.60%Food Retail: -0.02 pp weight change; -7.3% relative return; weight 0.10%Casinos & Gaming: -0.05 pp weight change; -16.5% relative return; weight 0.21%Construction Materials: -0.00 pp weight change; +2.3% relative return; weight 0.17%Tobacco: -0.08 pp weight change; +0.1% relative return; weight 0.76%Oil & Gas Refining & Marketing: +0.09 pp weight change; +48.9% relative return; weight 0.36%Gold: -0.10 pp weight change; -35.0% relative return; weight 0.14%Apparel, Accessories & Luxury Goods: -0.00 pp weight change; +4.1% relative return; weight 0.51%Steel: +0.04 pp weight change; +74.6% relative return; weight 0.11%Advertising: +0.00 pp weight change; +9.5% relative return; weight 0.05%Personal Care Products: -0.45 pp weight change; -21.8% relative return; weight 1.16%Industrial REITs: +0.01 pp weight change; +9.2% relative return; weight 0.36%Electronic Equipment & Instruments: +0.05 pp weight change; +11.7% relative return; weight 0.45%Apparel Retail: -0.03 pp weight change; -3.9% relative return; weight 0.40%Environmental & Facilities Services: +0.02 pp weight change; +3.5% relative return; weight 0.42%Food Distributors: -0.00 pp weight change; +4.1% relative return; weight 0.13%Integrated Telecommunication Services: -0.62 pp weight change; -27.3% relative return; weight 1.19%Electronic Manufacturing Services: +0.01 pp weight change; +11.9% relative return; weight 0.16%Other Specialty Retail: +0.01 pp weight change; +27.9% relative return; weight 0.08%Timber REITs: -0.01 pp weight change; -1.0% relative return; weight 0.09%Interactive Home Entertainment: -0.01 pp weight change; -14.6% relative return; weight 0.07%Data Processing & Outsourced Services: -0.01 pp weight change; -3.8% relative return; weight 0.07%Gas Utilities: -0.01 pp weight change; -24.6% relative return; weight 0.04%Commodity Chemicals: -0.02 pp weight change; -6.0% relative return; weight 0.14%Wireless Telecommunication Services: -0.16 pp weight change; -23.3% relative return; weight 0.48%Technology Distributors: +0.00 pp weight change; +12.4% relative return; weight 0.09%Heavy Electrical Equipment: +0.11 pp weight change; +11.3% relative return; weight 0.11%Single-Family Residential REITs: +0.00 pp weight change; -26.9% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -26.9% relative return; weight 0.00%Footwear: +0.00 pp weight change; -26.9% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -26.9% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -26.9% 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.