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

-48.50 pp-90%-24.25 pp-45%+0.00 pp+0%+24.25 pp+45%+48.50 pp+90%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +1.13 pp weight change; +13.2% relative return; weight 2.10%Technology Hardware, Storage & Peripherals: +5.74 pp weight change; +33.1% relative return; weight 9.96%Technology Hardware, Storage & PeripheralsBiotechnology: +1.38 pp weight change; +1.5% relative return; weight 2.51%BiotechnologyHealth Care Equipment: +1.62 pp weight change; +0.1% relative return; weight 3.25%Health Care EquipmentIT Consulting & Other Services: +0.68 pp weight change; +11.6% relative return; weight 1.36%Application Software: +1.51 pp weight change; -0.2% relative return; weight 3.28%Application SoftwareSemiconductors: +1.70 pp weight change; -4.0% relative return; weight 3.63%SemiconductorsAgricultural Products & Services: +0.11 pp weight change; +51.7% relative return; weight 0.17%Human Resource & Employment Services: +0.26 pp weight change; +20.9% relative return; weight 0.49%Multi-Utilities: +0.75 pp weight change; +10.7% relative return; weight 1.50%Electric Utilities: +0.87 pp weight change; +14.4% relative return; weight 1.66%Independent Power Producers & Energy Traders: +0.04 pp weight change; -5.6% relative return; weight 0.09%Life & Health Insurance: +0.29 pp weight change; +17.3% relative return; weight 0.58%Multi-line Insurance: +0.14 pp weight change; +26.7% relative return; weight 0.26%Insurance Brokers: +0.54 pp weight change; +33.0% relative return; weight 0.81%Internet Services & Infrastructure: +0.07 pp weight change; +7.0% relative return; weight 0.15%Specialty Chemicals: +0.40 pp weight change; -8.6% relative return; weight 0.81%Health Care Supplies: +0.10 pp weight change; -4.0% relative return; weight 0.24%Property & Casualty Insurance: +0.51 pp weight change; +19.1% relative return; weight 0.99%Building Products: +0.20 pp weight change; -4.7% relative return; weight 0.50%Semiconductor Materials & Equipment: +0.19 pp weight change; -7.2% relative return; weight 0.50%Electrical Components & Equipment: +0.28 pp weight change; +2.6% relative return; weight 0.61%Asset Management & Custody Banks: +0.27 pp weight change; -0.0% relative return; weight 0.63%Telecom Tower REITs: +0.37 pp weight change; +3.8% relative return; weight 0.78%Broadline Retail: +0.16 pp weight change; -4.3% relative return; weight 0.39%Oil & Gas Exploration & Production: +0.79 pp weight change; +89.1% relative return; weight 1.11%Industrial Gases: +0.32 pp weight change; +1.4% relative return; weight 0.73%Electronic Components: +0.07 pp weight change; -13.0% relative return; weight 0.14%Automotive Parts & Equipment: +0.04 pp weight change; -18.7% relative return; weight 0.11%Office REITs: +0.10 pp weight change; +19.4% relative return; weight 0.18%Paper & Plastic Packaging Products & Materials: +0.17 pp weight change; -5.4% relative return; weight 0.44%Water Utilities: +0.05 pp weight change; +5.0% relative return; weight 0.10%Consumer Finance: +0.34 pp weight change; +12.2% relative return; weight 0.72%Automotive Retail: +0.08 pp weight change; +35.7% relative return; weight 0.15%Aerospace & Defense: +0.10 pp weight change; +3.6% relative return; weight 2.36%Aerospace & DefenseDiversified Banks: +1.60 pp weight change; -6.2% relative return; weight 4.23%Diversified BanksMetal, Glass & Plastic Containers: +0.04 pp weight change; +0.3% relative return; weight 0.10%Computer & Electronics Retail: +0.01 pp weight change; -23.7% relative return; weight 0.07%Hotels, Resorts & Cruise Lines: -48.10 pp weight change; +0.9% relative return; weight 0.52%Oil & Gas Equipment & Services: +0.20 pp weight change; +52.2% relative return; weight 0.31%Pharmaceuticals: +2.63 pp weight change; +17.3% relative return; weight 5.04%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +29.4% relative return; weight 0.00%Health Care Distributors: +0.19 pp weight change; +26.6% relative return; weight 0.36%Construction Machinery & Heavy Transportation Equipment: +0.24 pp weight change; -9.4% relative return; weight 0.63%Financial Exchanges & Data: +0.58 pp weight change; +10.4% relative return; weight 1.10%Real Estate Services: +0.05 pp weight change; +8.4% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.18 pp weight change; +51.7% relative return; weight 0.29%Regional Banks: +0.21 pp weight change; +3.6% relative return; weight 0.45%Household Products: +0.18 pp weight change; -11.0% relative return; weight 0.49%Air Freight & Logistics: +0.37 pp weight change; +5.0% relative return; weight 0.78%Cable & Satellite: +0.27 pp weight change; -17.3% relative return; weight 0.80%Health Care Services: +0.41 pp weight change; +10.2% relative return; weight 0.87%Restaurants: +0.49 pp weight change; -4.6% relative return; weight 1.20%Managed Health Care: +1.33 pp weight change; +26.3% relative return; weight 2.36%Managed Health CareConsumer Staples Merchandise Retail: +1.05 pp weight change; +22.5% relative return; weight 1.94%Transaction & Payment Processing Services: +0.28 pp weight change; -33.2% relative return; weight 1.62%Communications Equipment: +0.48 pp weight change; +6.2% relative return; weight 1.00%Rail Transportation: +0.62 pp weight change; +11.9% relative return; weight 1.09%Diversified Support Services: +0.06 pp weight change; +10.3% relative return; weight 0.11%Integrated Oil & Gas: +0.67 pp weight change; +52.7% relative return; weight 1.07%Passenger Airlines: +0.06 pp weight change; -26.2% relative return; weight 0.23%Agricultural & Farm Machinery: +0.20 pp weight change; +5.2% relative return; weight 0.43%Homebuilding: +0.05 pp weight change; -19.1% relative return; weight 0.17%Movies & Entertainment: +0.25 pp weight change; -27.5% relative return; weight 0.99%Data Center REITs: +0.17 pp weight change; +1.2% relative return; weight 0.36%Health Care REITs: +0.16 pp weight change; +18.3% relative return; weight 0.29%Industrial Machinery & Supplies & Components: +0.43 pp weight change; -9.5% relative return; weight 1.03%Research & Consulting Services: +0.11 pp weight change; +18.3% relative return; weight 0.21%Reinsurance: +0.02 pp weight change; +16.6% relative return; weight 0.04%Multi-Family Residential REITs: +0.19 pp weight change; +26.2% relative return; weight 0.33%Self-Storage REITs: +0.20 pp weight change; +51.1% relative return; weight 0.32%Automobile Manufacturers: +1.01 pp weight change; +29.7% relative return; weight 1.68%Trading Companies & Distributors: +0.07 pp weight change; +5.6% relative return; weight 0.14%Copper: +0.15 pp weight change; +42.9% relative return; weight 0.24%Broadcasting: +0.00 pp weight change; -1.4% relative return; weight 0.00%Retail REITs: +0.23 pp weight change; +16.8% relative return; weight 0.39%Systems Software: +4.39 pp weight change; +23.5% relative return; weight 7.94%Systems SoftwarePackaged Foods & Meats: +0.38 pp weight change; +6.6% relative return; weight 0.81%Distributors: +0.03 pp weight change; +4.9% relative return; weight 0.06%Consumer Electronics: +0.03 pp weight change; -14.0% relative return; weight 0.08%Investment Banking & Brokerage: +0.66 pp weight change; +8.9% relative return; weight 1.34%Leisure Products: +0.01 pp weight change; -17.8% relative return; weight 0.04%Health Care Facilities: +0.13 pp weight change; +25.7% relative return; weight 0.26%Home Improvement Retail: +0.58 pp weight change; -4.1% relative return; weight 1.49%Industrial Conglomerates: +0.27 pp weight change; -17.0% relative return; weight 0.84%Hotel & Resort REITs: +0.02 pp weight change; +8.2% relative return; weight 0.05%Other Specialized REITs: +0.03 pp weight change; +47.7% relative return; weight 0.05%Construction & Engineering: +0.06 pp weight change; +19.5% relative return; weight 0.11%Cargo Ground Transportation: +0.07 pp weight change; +15.1% relative return; weight 0.13%Oil & Gas Storage & Transportation: +0.21 pp weight change; +28.7% relative return; weight 0.39%Soft Drinks & Non-alcoholic Beverages: +0.87 pp weight change; +12.9% relative return; weight 1.72%Food Retail: +0.09 pp weight change; +52.3% relative return; weight 0.14%Casinos & Gaming: +0.04 pp weight change; -30.0% relative return; weight 0.19%Construction Materials: +0.08 pp weight change; +5.4% relative return; weight 0.16%Tobacco: +0.35 pp weight change; +3.6% relative return; weight 0.81%Oil & Gas Refining & Marketing: +0.24 pp weight change; +32.3% relative return; weight 0.43%Gold: +0.12 pp weight change; +27.8% relative return; weight 0.21%Apparel, Accessories & Luxury Goods: +0.18 pp weight change; -5.3% relative return; weight 0.42%Steel: +0.09 pp weight change; +76.3% relative return; weight 0.13%Advertising: +0.03 pp weight change; +11.3% relative return; weight 0.06%Personal Care Products: +0.58 pp weight change; +8.3% relative return; weight 1.23%Industrial REITs: +0.25 pp weight change; +45.5% relative return; weight 0.40%Electronic Equipment & Instruments: +0.20 pp weight change; +1.5% relative return; weight 0.41%Apparel Retail: +0.11 pp weight change; -18.4% relative return; weight 0.35%Environmental & Facilities Services: +0.22 pp weight change; +16.6% relative return; weight 0.42%Food Distributors: +0.06 pp weight change; -0.5% relative return; weight 0.14%Integrated Telecommunication Services: +0.36 pp weight change; -16.1% relative return; weight 1.15%Electronic Manufacturing Services: +0.06 pp weight change; -3.6% relative return; weight 0.14%Other Specialty Retail: +0.05 pp weight change; +21.5% relative return; weight 0.09%Timber REITs: +0.04 pp weight change; +6.7% relative return; weight 0.10%Interactive Home Entertainment: +0.02 pp weight change; -18.5% relative return; weight 0.06%Data Processing & Outsourced Services: +0.03 pp weight change; -3.2% relative return; weight 0.06%Gas Utilities: +0.03 pp weight change; +16.3% relative return; weight 0.05%Commodity Chemicals: +0.06 pp weight change; -2.3% relative return; weight 0.16%Wireless Telecommunication Services: +0.24 pp weight change; -4.0% relative return; weight 0.54%Technology Distributors: +0.04 pp weight change; +2.1% relative return; weight 0.08%Heavy Electrical Equipment: +0.02 pp weight change; -14.9% relative return; weight 0.06%Single-Family Residential REITs: +0.00 pp weight change; -6.3% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; -6.3% relative return; weight 0.00%Footwear: +0.00 pp weight change; -6.3% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -6.3% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -6.3% 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.