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

-2.50 pp-70%-1.25 pp-35%+0.00 pp+0%+1.25 pp+35%+2.50 pp+70%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.26 pp weight change; +14.0% relative return; weight 2.30%Life Sciences Tools & ServicesTechnology Hardware, Storage & Peripherals: +0.61 pp weight change; +17.4% relative return; weight 9.55%Technology Hardware, Storage & PeripheralsBiotechnology: +0.02 pp weight change; -11.0% relative return; weight 2.37%BiotechnologyHealth Care Equipment: -0.14 pp weight change; -6.7% relative return; weight 3.22%Health Care EquipmentIT Consulting & Other Services: -0.01 pp weight change; +7.6% relative return; weight 1.35%Application Software: +0.53 pp weight change; +16.1% relative return; weight 4.20%Application SoftwareSemiconductors: +0.58 pp weight change; +9.0% relative return; weight 4.03%SemiconductorsAgricultural Products & Services: -0.00 pp weight change; +7.1% relative return; weight 0.12%Human Resource & Employment Services: +0.02 pp weight change; +12.1% relative return; weight 0.47%Multi-Utilities: +0.22 pp weight change; -12.9% relative return; weight 1.36%Electric Utilities: -0.27 pp weight change; -9.3% relative return; weight 1.38%Independent Power Producers & Energy Traders: -0.01 pp weight change; -3.1% relative return; weight 0.08%Life & Health Insurance: -0.02 pp weight change; +9.6% relative return; weight 0.51%Multi-line Insurance: +0.00 pp weight change; +12.7% relative return; weight 0.22%Insurance Brokers: +0.14 pp weight change; +22.2% relative return; weight 0.68%Internet Services & Infrastructure: -0.02 pp weight change; -3.9% relative return; weight 0.15%Specialty Chemicals: +0.21 pp weight change; +0.6% relative return; weight 0.96%Health Care Supplies: +0.02 pp weight change; +14.7% relative return; weight 0.29%Property & Casualty Insurance: -0.08 pp weight change; +1.6% relative return; weight 0.83%Building Products: +0.05 pp weight change; +17.5% relative return; weight 0.60%Semiconductor Materials & Equipment: +0.14 pp weight change; +42.3% relative return; weight 0.59%Electrical Components & Equipment: -0.01 pp weight change; +5.6% relative return; weight 0.63%Asset Management & Custody Banks: +0.05 pp weight change; +19.0% relative return; weight 0.69%Telecom Tower REITs: -0.08 pp weight change; -3.7% relative return; weight 0.80%Broadline Retail: -0.04 pp weight change; -0.9% relative return; weight 0.44%Oil & Gas Exploration & Production: +0.36 pp weight change; +69.8% relative return; weight 0.77%Industrial Gases: -0.07 pp weight change; -0.3% relative return; weight 0.77%Electronic Components: +0.01 pp weight change; -9.5% relative return; weight 0.15%Automotive Parts & Equipment: +0.01 pp weight change; +13.0% relative return; weight 0.15%Office REITs: +0.00 pp weight change; +1.2% relative return; weight 0.16%Paper & Plastic Packaging Products & Materials: -0.11 pp weight change; -10.7% relative return; weight 0.45%Water Utilities: -0.01 pp weight change; -6.8% relative return; weight 0.10%Consumer Finance: +0.04 pp weight change; +18.6% relative return; weight 0.68%Automotive Retail: +0.02 pp weight change; +32.6% relative return; weight 0.14%Aerospace & Defense: -2.04 pp weight change; -4.9% relative return; weight 2.06%Diversified Banks: +0.39 pp weight change; +21.8% relative return; weight 4.71%Diversified BanksMetal, Glass & Plastic Containers: -0.03 pp weight change; -18.0% relative return; weight 0.10%Computer & Electronics Retail: -0.03 pp weight change; -15.9% relative return; weight 0.09%Hotels, Resorts & Cruise Lines: -0.03 pp weight change; +2.0% relative return; weight 0.44%Oil & Gas Equipment & Services: +0.02 pp weight change; +15.3% relative return; weight 0.20%Pharmaceuticals: -0.21 pp weight change; +2.1% relative return; weight 4.65%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +1.1% relative return; weight 0.00%Health Care Distributors: -0.05 pp weight change; -6.1% relative return; weight 0.27%Construction Machinery & Heavy Transportation Equipment: -0.11 pp weight change; -9.6% relative return; weight 0.58%Financial Exchanges & Data: +0.07 pp weight change; +13.5% relative return; weight 1.15%Real Estate Services: +0.02 pp weight change; +30.7% relative return; weight 0.11%Fertilizers & Agricultural Chemicals: +0.01 pp weight change; +12.4% relative return; weight 0.20%Regional Banks: +0.07 pp weight change; +23.5% relative return; weight 0.45%Household Products: -0.21 pp weight change; -22.9% relative return; weight 0.50%Air Freight & Logistics: -0.14 pp weight change; -9.6% relative return; weight 0.76%Cable & Satellite: -0.24 pp weight change; -16.5% relative return; weight 0.92%Health Care Services: -0.11 pp weight change; -2.3% relative return; weight 0.79%Restaurants: -0.14 pp weight change; -2.6% relative return; weight 1.30%Managed Health Care: +0.01 pp weight change; +8.1% relative return; weight 2.07%Managed Health CareConsumer Staples Merchandise Retail: -0.15 pp weight change; +1.6% relative return; weight 1.92%Transaction & Payment Processing Services: -0.96 pp weight change; -30.6% relative return; weight 1.81%Communications Equipment: +0.04 pp weight change; +12.4% relative return; weight 0.98%Rail Transportation: +0.05 pp weight change; -2.7% relative return; weight 0.99%Diversified Support Services: -0.02 pp weight change; -10.9% relative return; weight 0.11%Integrated Oil & Gas: +0.04 pp weight change; +13.9% relative return; weight 0.74%Passenger Airlines: -0.07 pp weight change; -22.1% relative return; weight 0.21%Agricultural & Farm Machinery: +0.01 pp weight change; +11.7% relative return; weight 0.36%Homebuilding: -0.01 pp weight change; +7.4% relative return; weight 0.22%Movies & Entertainment: -0.22 pp weight change; -13.6% relative return; weight 1.07%Data Center REITs: -0.02 pp weight change; +2.1% relative return; weight 0.41%Health Care REITs: -0.01 pp weight change; -0.9% relative return; weight 0.24%Industrial Machinery & Supplies & Components: -0.11 pp weight change; -2.3% relative return; weight 1.11%Research & Consulting Services: +0.01 pp weight change; +12.8% relative return; weight 0.24%Reinsurance: -0.00 pp weight change; -2.8% relative return; weight 0.03%Multi-Family Residential REITs: +0.05 pp weight change; +28.2% relative return; weight 0.32%Self-Storage REITs: +0.06 pp weight change; +33.2% relative return; weight 0.28%Automobile Manufacturers: +1.41 pp weight change; +31.2% relative return; weight 1.82%Trading Companies & Distributors: +0.01 pp weight change; +14.7% relative return; weight 0.14%Copper: +0.04 pp weight change; +33.4% relative return; weight 0.18%Broadcasting: -0.00 pp weight change; +0.3% relative return; weight 0.00%Retail REITs: +0.08 pp weight change; +32.5% relative return; weight 0.36%Systems Software: +1.53 pp weight change; +30.0% relative return; weight 8.56%Systems SoftwarePackaged Foods & Meats: -0.15 pp weight change; -9.3% relative return; weight 0.72%Distributors: +0.00 pp weight change; +11.7% relative return; weight 0.06%Consumer Electronics: -0.01 pp weight change; -2.6% relative return; weight 0.09%Investment Banking & Brokerage: +0.30 pp weight change; +35.1% relative return; weight 1.41%Leisure Products: -0.01 pp weight change; -10.4% relative return; weight 0.05%Health Care Facilities: +0.02 pp weight change; +26.7% relative return; weight 0.24%Home Improvement Retail: +0.22 pp weight change; +26.2% relative return; weight 1.97%Industrial Conglomerates: -0.30 pp weight change; -12.7% relative return; weight 0.90%Hotel & Resort REITs: -0.00 pp weight change; -6.4% relative return; weight 0.04%Other Specialized REITs: +0.01 pp weight change; +47.3% relative return; weight 0.04%Construction & Engineering: +0.02 pp weight change; +24.1% relative return; weight 0.11%Cargo Ground Transportation: +0.03 pp weight change; +31.9% relative return; weight 0.14%Oil & Gas Storage & Transportation: +0.00 pp weight change; +13.8% relative return; weight 0.32%Soft Drinks & Non-alcoholic Beverages: -0.29 pp weight change; -8.9% relative return; weight 1.55%Food Retail: -0.00 pp weight change; +7.4% relative return; weight 0.10%Casinos & Gaming: -0.10 pp weight change; -31.3% relative return; weight 0.19%Construction Materials: +0.02 pp weight change; +21.4% relative return; weight 0.17%Tobacco: -0.10 pp weight change; -1.5% relative return; weight 0.72%Oil & Gas Refining & Marketing: +0.01 pp weight change; +15.4% relative return; weight 0.32%Gold: -0.05 pp weight change; -19.3% relative return; weight 0.15%Apparel, Accessories & Luxury Goods: +0.00 pp weight change; +6.7% relative return; weight 0.53%Steel: +0.03 pp weight change; +69.0% relative return; weight 0.10%Advertising: -0.01 pp weight change; -7.2% relative return; weight 0.05%Personal Care Products: -0.28 pp weight change; -10.7% relative return; weight 1.18%Industrial REITs: +0.06 pp weight change; +28.8% relative return; weight 0.38%Electronic Equipment & Instruments: +0.03 pp weight change; +8.5% relative return; weight 0.46%Apparel Retail: -0.08 pp weight change; -9.7% relative return; weight 0.41%Environmental & Facilities Services: +0.03 pp weight change; +7.9% relative return; weight 0.42%Food Distributors: -0.03 pp weight change; -15.9% relative return; weight 0.12%Integrated Telecommunication Services: -0.60 pp weight change; -27.1% relative return; weight 1.12%Electronic Manufacturing Services: +0.01 pp weight change; +14.5% relative return; weight 0.17%Other Specialty Retail: +0.01 pp weight change; +19.9% relative return; weight 0.09%Timber REITs: +0.00 pp weight change; +12.1% relative return; weight 0.10%Interactive Home Entertainment: -0.02 pp weight change; -23.1% relative return; weight 0.06%Data Processing & Outsourced Services: -0.01 pp weight change; -2.6% relative return; weight 0.07%Gas Utilities: -0.01 pp weight change; -19.1% relative return; weight 0.04%Commodity Chemicals: -0.03 pp weight change; -9.4% relative return; weight 0.14%Wireless Telecommunication Services: -0.24 pp weight change; -31.6% relative return; weight 0.46%Technology Distributors: +0.01 pp weight change; +22.5% relative return; weight 0.09%Heavy Electrical Equipment: +0.09 pp weight change; +7.6% relative return; weight 0.09%Single-Family Residential REITs: +0.00 pp weight change; -16.4% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -16.4% relative return; weight 0.00%Footwear: +0.00 pp weight change; -16.4% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -16.4% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -16.4% 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.