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

-41.50 pp-110%-20.75 pp-55%+0.00 pp+0%+20.75 pp+55%+41.50 pp+110%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.84 pp weight change; +0.6% relative return; weight 2.10%Technology Hardware, Storage & Peripherals: +4.46 pp weight change; +17.6% relative return; weight 9.98%Technology Hardware, Storage & PeripheralsBiotechnology: +0.96 pp weight change; -10.9% relative return; weight 2.33%BiotechnologyHealth Care Equipment: +1.20 pp weight change; -6.7% relative return; weight 3.17%Health Care EquipmentIT Consulting & Other Services: +0.65 pp weight change; +20.5% relative return; weight 1.39%Application Software: +1.45 pp weight change; +5.1% relative return; weight 3.54%Application SoftwareSemiconductors: +1.62 pp weight change; -3.5% relative return; weight 3.71%SemiconductorsAgricultural Products & Services: +0.07 pp weight change; +35.2% relative return; weight 0.14%Human Resource & Employment Services: +0.19 pp weight change; +15.0% relative return; weight 0.43%Multi-Utilities: +0.77 pp weight change; -2.0% relative return; weight 1.38%Electric Utilities: +0.59 pp weight change; +5.8% relative return; weight 1.50%Independent Power Producers & Energy Traders: +0.02 pp weight change; -15.8% relative return; weight 0.08%Life & Health Insurance: +0.26 pp weight change; +26.5% relative return; weight 0.57%Multi-line Insurance: +0.12 pp weight change; +28.0% relative return; weight 0.24%Insurance Brokers: +0.44 pp weight change; +24.9% relative return; weight 0.74%Internet Services & Infrastructure: +0.05 pp weight change; -4.9% relative return; weight 0.14%Specialty Chemicals: +0.46 pp weight change; +0.1% relative return; weight 0.87%Health Care Supplies: +0.08 pp weight change; -5.5% relative return; weight 0.25%Property & Casualty Insurance: +0.40 pp weight change; +15.8% relative return; weight 0.92%Building Products: +0.24 pp weight change; +14.2% relative return; weight 0.56%Semiconductor Materials & Equipment: +0.24 pp weight change; +19.9% relative return; weight 0.52%Electrical Components & Equipment: +0.26 pp weight change; +9.9% relative return; weight 0.62%Asset Management & Custody Banks: +0.30 pp weight change; +17.1% relative return; weight 0.68%Telecom Tower REITs: +0.29 pp weight change; +2.0% relative return; weight 0.77%Broadline Retail: +0.10 pp weight change; -13.7% relative return; weight 0.38%Oil & Gas Exploration & Production: +0.71 pp weight change; +103.9% relative return; weight 0.96%Industrial Gases: +0.31 pp weight change; +9.4% relative return; weight 0.76%Electronic Components: +0.08 pp weight change; +8.7% relative return; weight 0.16%Automotive Parts & Equipment: +0.04 pp weight change; -10.0% relative return; weight 0.12%Office REITs: +0.08 pp weight change; +7.8% relative return; weight 0.16%Paper & Plastic Packaging Products & Materials: +0.17 pp weight change; +1.4% relative return; weight 0.48%Water Utilities: +0.03 pp weight change; -9.7% relative return; weight 0.10%Consumer Finance: +0.37 pp weight change; +31.5% relative return; weight 0.76%Automotive Retail: +0.08 pp weight change; +54.7% relative return; weight 0.15%Aerospace & Defense: -0.09 pp weight change; +8.9% relative return; weight 2.19%Aerospace & DefenseDiversified Banks: +2.17 pp weight change; +22.0% relative return; weight 4.77%Diversified BanksMetal, Glass & Plastic Containers: +0.04 pp weight change; -2.1% relative return; weight 0.11%Computer & Electronics Retail: +0.01 pp weight change; -17.6% relative return; weight 0.08%Hotels, Resorts & Cruise Lines: -41.43 pp weight change; +26.9% relative return; weight 0.48%Oil & Gas Equipment & Services: +0.17 pp weight change; +56.6% relative return; weight 0.28%Pharmaceuticals: +1.93 pp weight change; +5.3% relative return; weight 4.87%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +20.9% relative return; weight 0.00%Health Care Distributors: +0.13 pp weight change; +15.2% relative return; weight 0.31%Construction Machinery & Heavy Transportation Equipment: +0.20 pp weight change; -4.1% relative return; weight 0.60%Financial Exchanges & Data: +0.51 pp weight change; +12.6% relative return; weight 1.10%Real Estate Services: +0.07 pp weight change; +46.3% relative return; weight 0.11%Fertilizers & Agricultural Chemicals: +0.10 pp weight change; +21.2% relative return; weight 0.22%Regional Banks: +0.24 pp weight change; +24.6% relative return; weight 0.47%Household Products: +0.16 pp weight change; -7.0% relative return; weight 0.54%Air Freight & Logistics: +0.32 pp weight change; +9.9% relative return; weight 0.77%Cable & Satellite: +0.24 pp weight change; -12.4% relative return; weight 0.87%Health Care Services: +0.37 pp weight change; +11.9% relative return; weight 0.90%Restaurants: +0.49 pp weight change; +4.4% relative return; weight 1.28%Managed Health Care: +1.04 pp weight change; +22.6% relative return; weight 2.18%Managed Health CareConsumer Staples Merchandise Retail: +0.73 pp weight change; +8.2% relative return; weight 1.81%Transaction & Payment Processing Services: +0.41 pp weight change; -19.6% relative return; weight 1.93%Communications Equipment: +0.42 pp weight change; +13.4% relative return; weight 0.97%Rail Transportation: +0.49 pp weight change; +7.6% relative return; weight 1.01%Diversified Support Services: +0.03 pp weight change; -9.1% relative return; weight 0.10%Integrated Oil & Gas: +0.47 pp weight change; +42.8% relative return; weight 0.85%Passenger Airlines: +0.07 pp weight change; -8.6% relative return; weight 0.22%Agricultural & Farm Machinery: +0.17 pp weight change; +16.0% relative return; weight 0.39%Homebuilding: +0.08 pp weight change; +4.7% relative return; weight 0.21%Movies & Entertainment: +0.20 pp weight change; -22.5% relative return; weight 1.02%Data Center REITs: +0.11 pp weight change; -10.0% relative return; weight 0.36%Health Care REITs: +0.12 pp weight change; +16.7% relative return; weight 0.26%Industrial Machinery & Supplies & Components: +0.45 pp weight change; +7.6% relative return; weight 1.10%Research & Consulting Services: +0.08 pp weight change; +5.2% relative return; weight 0.20%Reinsurance: +0.02 pp weight change; +21.0% relative return; weight 0.04%Multi-Family Residential REITs: +0.17 pp weight change; +32.2% relative return; weight 0.32%Self-Storage REITs: +0.17 pp weight change; +46.5% relative return; weight 0.30%Automobile Manufacturers: +0.70 pp weight change; +8.7% relative return; weight 1.57%Trading Companies & Distributors: +0.06 pp weight change; +14.1% relative return; weight 0.13%Copper: +0.09 pp weight change; +22.9% relative return; weight 0.18%Broadcasting: +0.00 pp weight change; +10.9% relative return; weight 0.00%Retail REITs: +0.20 pp weight change; +32.4% relative return; weight 0.36%Systems Software: +3.72 pp weight change; +18.8% relative return; weight 8.00%Systems SoftwarePackaged Foods & Meats: +0.32 pp weight change; +8.5% relative return; weight 0.80%Distributors: +0.03 pp weight change; +28.3% relative return; weight 0.06%Consumer Electronics: +0.03 pp weight change; -2.9% relative return; weight 0.08%Investment Banking & Brokerage: +0.78 pp weight change; +34.8% relative return; weight 1.47%Leisure Products: +0.01 pp weight change; -10.1% relative return; weight 0.04%Health Care Facilities: +0.12 pp weight change; +31.2% relative return; weight 0.25%Home Improvement Retail: +0.84 pp weight change; +23.2% relative return; weight 1.83%Industrial Conglomerates: +0.20 pp weight change; -10.9% relative return; weight 0.90%Hotel & Resort REITs: +0.02 pp weight change; +12.6% relative return; weight 0.04%Other Specialized REITs: +0.02 pp weight change; +27.0% relative return; weight 0.04%Construction & Engineering: +0.05 pp weight change; +21.1% relative return; weight 0.10%Cargo Ground Transportation: +0.07 pp weight change; +31.9% relative return; weight 0.13%Oil & Gas Storage & Transportation: +0.17 pp weight change; +27.7% relative return; weight 0.35%Soft Drinks & Non-alcoholic Beverages: +0.76 pp weight change; +14.3% relative return; weight 1.73%Food Retail: +0.04 pp weight change; +13.5% relative return; weight 0.11%Casinos & Gaming: +0.07 pp weight change; -9.0% relative return; weight 0.21%Construction Materials: +0.08 pp weight change; +16.4% relative return; weight 0.17%Tobacco: +0.37 pp weight change; +18.7% relative return; weight 0.85%Oil & Gas Refining & Marketing: +0.19 pp weight change; +34.3% relative return; weight 0.39%Gold: +0.05 pp weight change; -6.3% relative return; weight 0.16%Apparel, Accessories & Luxury Goods: +0.17 pp weight change; -1.1% relative return; weight 0.46%Steel: +0.06 pp weight change; +86.4% relative return; weight 0.10%Advertising: +0.02 pp weight change; +10.3% relative return; weight 0.05%Personal Care Products: +0.54 pp weight change; +12.8% relative return; weight 1.29%Industrial REITs: +0.21 pp weight change; +36.4% relative return; weight 0.39%Electronic Equipment & Instruments: +0.17 pp weight change; +4.3% relative return; weight 0.42%Apparel Retail: +0.13 pp weight change; -7.2% relative return; weight 0.40%Environmental & Facilities Services: +0.19 pp weight change; +14.4% relative return; weight 0.40%Food Distributors: +0.05 pp weight change; -1.5% relative return; weight 0.13%Integrated Telecommunication Services: +0.29 pp weight change; -11.6% relative return; weight 1.20%Electronic Manufacturing Services: +0.06 pp weight change; +6.0% relative return; weight 0.16%Other Specialty Retail: +0.04 pp weight change; +18.4% relative return; weight 0.08%Timber REITs: +0.05 pp weight change; +17.9% relative return; weight 0.10%Interactive Home Entertainment: +0.01 pp weight change; -28.3% relative return; weight 0.06%Data Processing & Outsourced Services: +0.02 pp weight change; +0.7% relative return; weight 0.06%Gas Utilities: +0.02 pp weight change; +8.9% relative return; weight 0.05%Commodity Chemicals: +0.06 pp weight change; +5.9% relative return; weight 0.15%Wireless Telecommunication Services: +0.08 pp weight change; -24.5% relative return; weight 0.45%Technology Distributors: +0.04 pp weight change; +27.6% relative return; weight 0.09%Heavy Electrical Equipment: +0.06 pp weight change; -24.1% relative return; weight 0.06%Single-Family Residential REITs: +0.00 pp weight change; -12.0% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -12.0% relative return; weight 0.00%Footwear: +0.00 pp weight change; -12.0% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -12.0% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -12.0% 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.