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

-2.00 pp-90%-1.00 pp-45%+0.00 pp+0%+1.00 pp+45%+2.00 pp+90%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.31 pp weight change; +18.8% relative return; weight 2.30%Life Sciences Tools & ServicesTechnology Hardware, Storage & Peripherals: +0.23 pp weight change; +14.0% relative return; weight 9.72%Technology Hardware, Storage & PeripheralsBiotechnology: +0.06 pp weight change; -8.3% relative return; weight 2.33%BiotechnologyHealth Care Equipment: -0.02 pp weight change; -2.0% relative return; weight 3.33%Health Care EquipmentIT Consulting & Other Services: +0.12 pp weight change; +19.6% relative return; weight 1.47%Application Software: +0.10 pp weight change; +5.7% relative return; weight 3.73%Application SoftwareSemiconductors: +0.48 pp weight change; +5.3% relative return; weight 3.90%SemiconductorsAgricultural Products & Services: +0.01 pp weight change; +15.7% relative return; weight 0.12%Human Resource & Employment Services: +0.05 pp weight change; +22.1% relative return; weight 0.49%Multi-Utilities: +0.33 pp weight change; -2.9% relative return; weight 1.40%Electric Utilities: -0.14 pp weight change; -0.2% relative return; weight 1.43%Independent Power Producers & Energy Traders: -0.01 pp weight change; -6.8% relative return; weight 0.09%Life & Health Insurance: -0.00 pp weight change; +15.6% relative return; weight 0.51%Multi-line Insurance: +0.01 pp weight change; +20.0% relative return; weight 0.23%Insurance Brokers: +0.14 pp weight change; +24.6% relative return; weight 0.67%Internet Services & Infrastructure: -0.02 pp weight change; -3.2% relative return; weight 0.15%Specialty Chemicals: +0.24 pp weight change; +6.0% relative return; weight 0.95%Health Care Supplies: +0.02 pp weight change; +14.4% relative return; weight 0.29%Property & Casualty Insurance: -0.10 pp weight change; +1.6% relative return; weight 0.85%Building Products: +0.07 pp weight change; +25.3% relative return; weight 0.60%Semiconductor Materials & Equipment: +0.14 pp weight change; +45.6% relative return; weight 0.59%Electrical Components & Equipment: +0.02 pp weight change; +11.5% relative return; weight 0.64%Asset Management & Custody Banks: +0.03 pp weight change; +16.9% relative return; weight 0.68%Telecom Tower REITs: +0.04 pp weight change; +13.4% relative return; weight 0.85%Broadline Retail: -0.07 pp weight change; -5.7% relative return; weight 0.40%Oil & Gas Exploration & Production: +0.34 pp weight change; +66.6% relative return; weight 0.75%Industrial Gases: -0.02 pp weight change; +7.3% relative return; weight 0.78%Electronic Components: +0.01 pp weight change; -3.3% relative return; weight 0.14%Automotive Parts & Equipment: +0.00 pp weight change; +6.7% relative return; weight 0.14%Office REITs: +0.01 pp weight change; +7.8% relative return; weight 0.17%Paper & Plastic Packaging Products & Materials: -0.10 pp weight change; -8.4% relative return; weight 0.45%Water Utilities: -0.00 pp weight change; +5.2% relative return; weight 0.11%Consumer Finance: +0.03 pp weight change; +18.3% relative return; weight 0.69%Automotive Retail: +0.03 pp weight change; +47.7% relative return; weight 0.15%Aerospace & Defense: -1.97 pp weight change; -2.0% relative return; weight 2.06%Diversified Banks: -0.00 pp weight change; +12.9% relative return; weight 4.45%Diversified BanksMetal, Glass & Plastic Containers: -0.02 pp weight change; -12.3% relative return; weight 0.10%Computer & Electronics Retail: -0.03 pp weight change; -12.0% relative return; weight 0.08%Hotels, Resorts & Cruise Lines: +0.00 pp weight change; +10.8% relative return; weight 0.47%Oil & Gas Equipment & Services: +0.01 pp weight change; +12.4% relative return; weight 0.20%Pharmaceuticals: -0.01 pp weight change; +7.7% relative return; weight 4.84%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +8.7% relative return; weight 0.00%Health Care Distributors: -0.00 pp weight change; +10.3% relative return; weight 0.29%Construction Machinery & Heavy Transportation Equipment: -0.09 pp weight change; -5.6% relative return; weight 0.58%Financial Exchanges & Data: +0.12 pp weight change; +14.0% relative return; weight 1.18%Real Estate Services: +0.03 pp weight change; +45.8% relative return; weight 0.12%Fertilizers & Agricultural Chemicals: +0.02 pp weight change; +21.7% relative return; weight 0.21%Regional Banks: +0.04 pp weight change; +17.9% relative return; weight 0.43%Household Products: -0.14 pp weight change; -12.1% relative return; weight 0.53%Air Freight & Logistics: -0.04 pp weight change; +3.0% relative return; weight 0.78%Cable & Satellite: -0.26 pp weight change; -17.2% relative return; weight 0.88%Health Care Services: +0.01 pp weight change; +14.5% relative return; weight 0.87%Restaurants: -0.07 pp weight change; +3.6% relative return; weight 1.34%Managed Health Care: +0.19 pp weight change; +19.2% relative return; weight 2.22%Managed Health CareConsumer Staples Merchandise Retail: -0.03 pp weight change; +8.3% relative return; weight 1.87%Transaction & Payment Processing Services: -0.94 pp weight change; -28.9% relative return; weight 1.83%Communications Equipment: +0.13 pp weight change; +24.6% relative return; weight 1.06%Rail Transportation: +0.11 pp weight change; +5.1% relative return; weight 1.02%Diversified Support Services: -0.02 pp weight change; -11.0% relative return; weight 0.11%Integrated Oil & Gas: +0.09 pp weight change; +23.2% relative return; weight 0.72%Passenger Airlines: -0.06 pp weight change; -19.3% relative return; weight 0.21%Agricultural & Farm Machinery: -0.00 pp weight change; +8.6% relative return; weight 0.34%Homebuilding: +0.03 pp weight change; +25.7% relative return; weight 0.24%Movies & Entertainment: -0.42 pp weight change; -23.7% relative return; weight 1.07%Data Center REITs: -0.01 pp weight change; +4.7% relative return; weight 0.40%Health Care REITs: -0.00 pp weight change; +5.1% relative return; weight 0.25%Industrial Machinery & Supplies & Components: -0.04 pp weight change; +4.3% relative return; weight 1.11%Research & Consulting Services: +0.00 pp weight change; +7.9% relative return; weight 0.23%Reinsurance: -0.00 pp weight change; +1.0% relative return; weight 0.03%Multi-Family Residential REITs: +0.07 pp weight change; +37.7% relative return; weight 0.33%Self-Storage REITs: +0.08 pp weight change; +48.4% relative return; weight 0.31%Automobile Manufacturers: +0.38 pp weight change; +32.5% relative return; weight 1.65%Trading Companies & Distributors: +0.01 pp weight change; +17.1% relative return; weight 0.14%Copper: +0.04 pp weight change; +36.0% relative return; weight 0.20%Broadcasting: -0.00 pp weight change; +1.3% relative return; weight 0.00%Retail REITs: +0.09 pp weight change; +38.3% relative return; weight 0.36%Systems Software: +1.30 pp weight change; +28.2% relative return; weight 8.26%Systems SoftwarePackaged Foods & Meats: -0.09 pp weight change; -1.2% relative return; weight 0.75%Distributors: +0.01 pp weight change; +20.8% relative return; weight 0.06%Consumer Electronics: -0.01 pp weight change; -2.3% relative return; weight 0.08%Investment Banking & Brokerage: +0.21 pp weight change; +26.9% relative return; weight 1.39%Leisure Products: -0.01 pp weight change; -5.7% relative return; weight 0.04%Health Care Facilities: +0.03 pp weight change; +32.8% relative return; weight 0.26%Home Improvement Retail: +0.31 pp weight change; +35.4% relative return; weight 1.95%Industrial Conglomerates: -0.31 pp weight change; -12.3% relative return; weight 0.90%Hotel & Resort REITs: -0.00 pp weight change; +0.2% relative return; weight 0.04%Other Specialized REITs: +0.01 pp weight change; +58.2% relative return; weight 0.05%Construction & Engineering: +0.01 pp weight change; +20.4% relative return; weight 0.10%Cargo Ground Transportation: +0.03 pp weight change; +39.9% relative return; weight 0.13%Oil & Gas Storage & Transportation: +0.01 pp weight change; +16.5% relative return; weight 0.30%Soft Drinks & Non-alcoholic Beverages: -0.20 pp weight change; -2.8% relative return; weight 1.63%Food Retail: +0.01 pp weight change; +22.5% relative return; weight 0.11%Casinos & Gaming: -0.11 pp weight change; -31.1% relative return; weight 0.19%Construction Materials: +0.03 pp weight change; +24.9% relative return; weight 0.18%Tobacco: -0.08 pp weight change; +2.8% relative return; weight 0.75%Oil & Gas Refining & Marketing: +0.00 pp weight change; +13.9% relative return; weight 0.33%Gold: -0.04 pp weight change; -9.5% relative return; weight 0.16%Apparel, Accessories & Luxury Goods: -0.03 pp weight change; +0.8% relative return; weight 0.49%Steel: +0.04 pp weight change; +84.1% relative return; weight 0.10%Advertising: -0.00 pp weight change; +2.7% relative return; weight 0.05%Personal Care Products: -0.13 pp weight change; +1.6% relative return; weight 1.27%Industrial REITs: +0.10 pp weight change; +45.2% relative return; weight 0.40%Electronic Equipment & Instruments: +0.03 pp weight change; +10.7% relative return; weight 0.45%Apparel Retail: -0.09 pp weight change; -10.5% relative return; weight 0.42%Environmental & Facilities Services: +0.04 pp weight change; +13.6% relative return; weight 0.42%Food Distributors: -0.02 pp weight change; -8.7% relative return; weight 0.13%Integrated Telecommunication Services: -0.50 pp weight change; -21.5% relative return; weight 1.11%Electronic Manufacturing Services: +0.01 pp weight change; +13.9% relative return; weight 0.17%Other Specialty Retail: +0.01 pp weight change; +25.0% relative return; weight 0.09%Timber REITs: -0.00 pp weight change; +7.0% relative return; weight 0.10%Interactive Home Entertainment: -0.03 pp weight change; -27.9% relative return; weight 0.07%Data Processing & Outsourced Services: -0.00 pp weight change; +2.1% relative return; weight 0.07%Gas Utilities: -0.00 pp weight change; -5.0% relative return; weight 0.04%Commodity Chemicals: -0.03 pp weight change; -10.0% relative return; weight 0.13%Wireless Telecommunication Services: -0.21 pp weight change; -27.5% relative return; weight 0.46%Technology Distributors: +0.01 pp weight change; +32.2% relative return; weight 0.09%Heavy Electrical Equipment: +0.07 pp weight change; -9.4% relative return; weight 0.07%Single-Family Residential REITs: +0.00 pp weight change; -15.7% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -15.7% relative return; weight 0.00%Footwear: +0.00 pp weight change; -15.7% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -15.7% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -15.7% 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.