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

-50.00 pp-110%-25.00 pp-55%+0.00 pp+0%+25.00 pp+55%+50.00 pp+110%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +1.06 pp weight change; +6.5% relative return; weight 2.05%Technology Hardware, Storage & Peripherals: +5.45 pp weight change; +26.4% relative return; weight 9.73%Technology Hardware, Storage & PeripheralsBiotechnology: +1.28 pp weight change; -3.3% relative return; weight 2.39%BiotechnologyHealth Care Equipment: +1.65 pp weight change; -1.5% relative return; weight 3.31%Health Care EquipmentIT Consulting & Other Services: +0.69 pp weight change; +14.4% relative return; weight 1.32%Application Software: +1.52 pp weight change; -1.5% relative return; weight 3.30%Application SoftwareSemiconductors: +1.96 pp weight change; -1.9% relative return; weight 3.80%SemiconductorsAgricultural Products & Services: +0.09 pp weight change; +31.7% relative return; weight 0.15%Human Resource & Employment Services: +0.23 pp weight change; +15.2% relative return; weight 0.45%Multi-Utilities: +0.72 pp weight change; +9.9% relative return; weight 1.42%Electric Utilities: +0.82 pp weight change; +14.5% relative return; weight 1.54%Independent Power Producers & Energy Traders: +0.03 pp weight change; -16.1% relative return; weight 0.08%Life & Health Insurance: +0.29 pp weight change; +17.3% relative return; weight 0.58%Multi-line Insurance: +0.14 pp weight change; +29.4% relative return; weight 0.26%Insurance Brokers: +0.49 pp weight change; +24.6% relative return; weight 0.76%Internet Services & Infrastructure: +0.07 pp weight change; +4.0% relative return; weight 0.14%Specialty Chemicals: +0.43 pp weight change; -6.4% relative return; weight 0.83%Health Care Supplies: +0.12 pp weight change; -2.1% relative return; weight 0.26%Property & Casualty Insurance: +0.49 pp weight change; +17.0% relative return; weight 0.95%Building Products: +0.24 pp weight change; +5.1% relative return; weight 0.52%Semiconductor Materials & Equipment: +0.24 pp weight change; +2.3% relative return; weight 0.52%Electrical Components & Equipment: +0.30 pp weight change; +5.9% relative return; weight 0.62%Asset Management & Custody Banks: +0.32 pp weight change; +9.1% relative return; weight 0.65%Telecom Tower REITs: +0.34 pp weight change; +2.1% relative return; weight 0.72%Broadline Retail: +0.15 pp weight change; -7.9% relative return; weight 0.38%Oil & Gas Exploration & Production: +0.75 pp weight change; +81.2% relative return; weight 1.07%Industrial Gases: +0.33 pp weight change; +5.3% relative return; weight 0.70%Electronic Components: +0.09 pp weight change; +4.0% relative return; weight 0.16%Automotive Parts & Equipment: +0.04 pp weight change; -19.8% relative return; weight 0.12%Office REITs: +0.10 pp weight change; +14.8% relative return; weight 0.17%Paper & Plastic Packaging Products & Materials: +0.20 pp weight change; +0.2% relative return; weight 0.46%Water Utilities: +0.04 pp weight change; +0.4% relative return; weight 0.10%Consumer Finance: +0.44 pp weight change; +27.3% relative return; weight 0.81%Automotive Retail: +0.09 pp weight change; +48.1% relative return; weight 0.14%Aerospace & Defense: +0.34 pp weight change; +13.4% relative return; weight 2.48%Aerospace & DefenseDiversified Banks: +2.15 pp weight change; +6.5% relative return; weight 4.67%Diversified BanksMetal, Glass & Plastic Containers: +0.04 pp weight change; -1.6% relative return; weight 0.10%Computer & Electronics Retail: +0.03 pp weight change; -8.3% relative return; weight 0.08%Hotels, Resorts & Cruise Lines: -49.57 pp weight change; -3.7% relative return; weight 0.51%Oil & Gas Equipment & Services: +0.18 pp weight change; +36.4% relative return; weight 0.30%Pharmaceuticals: +2.43 pp weight change; +10.0% relative return; weight 4.80%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +24.1% relative return; weight 0.00%Health Care Distributors: +0.20 pp weight change; +34.7% relative return; weight 0.34%Construction Machinery & Heavy Transportation Equipment: +0.20 pp weight change; -14.5% relative return; weight 0.58%Financial Exchanges & Data: +0.57 pp weight change; +9.5% relative return; weight 1.08%Real Estate Services: +0.06 pp weight change; +18.7% relative return; weight 0.11%Fertilizers & Agricultural Chemicals: +0.15 pp weight change; +31.4% relative return; weight 0.26%Regional Banks: +0.27 pp weight change; +15.8% relative return; weight 0.51%Household Products: +0.22 pp weight change; -3.3% relative return; weight 0.52%Air Freight & Logistics: +0.40 pp weight change; +10.8% relative return; weight 0.79%Cable & Satellite: +0.34 pp weight change; -11.6% relative return; weight 0.88%Health Care Services: +0.48 pp weight change; +22.9% relative return; weight 0.90%Restaurants: +0.55 pp weight change; +0.2% relative return; weight 1.24%Managed Health Care: +1.35 pp weight change; +32.5% relative return; weight 2.29%Managed Health CareConsumer Staples Merchandise Retail: +0.97 pp weight change; +17.9% relative return; weight 1.83%Transaction & Payment Processing Services: +0.22 pp weight change; -37.4% relative return; weight 1.62%Communications Equipment: +0.54 pp weight change; +17.7% relative return; weight 1.01%Rail Transportation: +0.57 pp weight change; +6.7% relative return; weight 1.01%Diversified Support Services: +0.05 pp weight change; +7.4% relative return; weight 0.11%Integrated Oil & Gas: +0.59 pp weight change; +40.2% relative return; weight 0.97%Passenger Airlines: +0.07 pp weight change; -25.6% relative return; weight 0.23%Agricultural & Farm Machinery: +0.16 pp weight change; -3.2% relative return; weight 0.38%Homebuilding: +0.09 pp weight change; +3.4% relative return; weight 0.21%Movies & Entertainment: +0.32 pp weight change; -24.7% relative return; weight 1.09%Data Center REITs: +0.17 pp weight change; +0.1% relative return; weight 0.36%Health Care REITs: +0.13 pp weight change; +7.9% relative return; weight 0.26%Industrial Machinery & Supplies & Components: +0.53 pp weight change; +0.9% relative return; weight 1.09%Research & Consulting Services: +0.10 pp weight change; +11.7% relative return; weight 0.19%Reinsurance: +0.02 pp weight change; +17.3% relative return; weight 0.04%Multi-Family Residential REITs: +0.19 pp weight change; +28.2% relative return; weight 0.33%Self-Storage REITs: +0.19 pp weight change; +44.2% relative return; weight 0.30%Automobile Manufacturers: +0.84 pp weight change; +14.7% relative return; weight 1.50%Trading Companies & Distributors: +0.06 pp weight change; +2.3% relative return; weight 0.13%Copper: +0.14 pp weight change; +29.8% relative return; weight 0.24%Broadcasting: +0.00 pp weight change; +12.7% relative return; weight 0.00%Retail REITs: +0.23 pp weight change; +15.8% relative return; weight 0.39%Systems Software: +4.37 pp weight change; +20.5% relative return; weight 7.95%Systems SoftwarePackaged Foods & Meats: +0.43 pp weight change; +16.5% relative return; weight 0.83%Distributors: +0.03 pp weight change; +10.6% relative return; weight 0.06%Consumer Electronics: +0.03 pp weight change; -15.8% relative return; weight 0.07%Investment Banking & Brokerage: +0.74 pp weight change; +13.5% relative return; weight 1.42%Leisure Products: +0.02 pp weight change; -1.1% relative return; weight 0.05%Health Care Facilities: +0.15 pp weight change; +36.3% relative return; weight 0.26%Home Improvement Retail: +0.87 pp weight change; +20.0% relative return; weight 1.66%Industrial Conglomerates: +0.32 pp weight change; -11.0% relative return; weight 0.87%Hotel & Resort REITs: +0.02 pp weight change; +2.3% relative return; weight 0.05%Other Specialized REITs: +0.03 pp weight change; +38.9% relative return; weight 0.05%Construction & Engineering: +0.05 pp weight change; +10.2% relative return; weight 0.10%Cargo Ground Transportation: +0.09 pp weight change; +32.8% relative return; weight 0.14%Oil & Gas Storage & Transportation: +0.21 pp weight change; +30.4% relative return; weight 0.37%Soft Drinks & Non-alcoholic Beverages: +0.96 pp weight change; +20.5% relative return; weight 1.76%Food Retail: +0.07 pp weight change; +37.6% relative return; weight 0.12%Casinos & Gaming: +0.05 pp weight change; -26.6% relative return; weight 0.22%Construction Materials: +0.08 pp weight change; +3.4% relative return; weight 0.17%Tobacco: +0.44 pp weight change; +17.5% relative return; weight 0.87%Oil & Gas Refining & Marketing: +0.19 pp weight change; +14.1% relative return; weight 0.40%Gold: +0.10 pp weight change; +17.3% relative return; weight 0.18%Apparel, Accessories & Luxury Goods: +0.19 pp weight change; -5.7% relative return; weight 0.44%Steel: +0.09 pp weight change; +108.0% relative return; weight 0.12%Advertising: +0.03 pp weight change; +17.6% relative return; weight 0.06%Personal Care Products: +0.69 pp weight change; +20.1% relative return; weight 1.30%Industrial REITs: +0.23 pp weight change; +39.5% relative return; weight 0.37%Electronic Equipment & Instruments: +0.20 pp weight change; +0.2% relative return; weight 0.41%Apparel Retail: +0.14 pp weight change; -12.8% relative return; weight 0.39%Environmental & Facilities Services: +0.21 pp weight change; +18.8% relative return; weight 0.40%Food Distributors: +0.07 pp weight change; +4.0% relative return; weight 0.15%Integrated Telecommunication Services: +0.47 pp weight change; -8.4% relative return; weight 1.22%Electronic Manufacturing Services: +0.07 pp weight change; +3.1% relative return; weight 0.16%Other Specialty Retail: +0.04 pp weight change; +10.0% relative return; weight 0.09%Timber REITs: +0.05 pp weight change; +14.1% relative return; weight 0.10%Interactive Home Entertainment: +0.02 pp weight change; -18.4% relative return; weight 0.06%Data Processing & Outsourced Services: +0.03 pp weight change; -3.3% relative return; weight 0.06%Gas Utilities: +0.03 pp weight change; +23.8% relative return; weight 0.05%Commodity Chemicals: +0.06 pp weight change; -3.4% relative return; weight 0.15%Wireless Telecommunication Services: +0.24 pp weight change; -4.6% relative return; weight 0.53%Technology Distributors: +0.04 pp weight change; +3.1% relative return; weight 0.08%Heavy Electrical Equipment: +0.07 pp weight change; -10.5% relative return; weight 0.07%Single-Family Residential REITs: +0.00 pp weight change; -7.1% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -7.1% relative return; weight 0.00%Footwear: +0.00 pp weight change; -7.1% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -7.1% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -7.1% 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.