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-110%-1.00 pp-55%+0.00 pp+0%+1.00 pp+55%+2.00 pp+110%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.09 pp weight change; +7.2% relative return; weight 2.04%Technology Hardware, Storage & Peripherals: +1.23 pp weight change; +26.9% relative return; weight 9.61%Technology Hardware, Storage & PeripheralsBiotechnology: +0.42 pp weight change; +7.5% relative return; weight 2.50%BiotechnologyHealth Care Equipment: -0.07 pp weight change; -3.7% relative return; weight 3.17%Health Care EquipmentIT Consulting & Other Services: +0.04 pp weight change; +12.2% relative return; weight 1.36%Application Software: -0.48 pp weight change; -7.5% relative return; weight 3.07%Application SoftwareSemiconductors: -0.07 pp weight change; -2.3% relative return; weight 3.39%SemiconductorsAgricultural Products & Services: +0.05 pp weight change; +54.1% relative return; weight 0.18%Human Resource & Employment Services: +0.08 pp weight change; +30.9% relative return; weight 0.49%Multi-Utilities: +0.05 pp weight change; +11.4% relative return; weight 1.49%Electric Utilities: +0.25 pp weight change; +23.4% relative return; weight 1.77%Independent Power Producers & Energy Traders: -0.02 pp weight change; -10.2% relative return; weight 0.08%Life & Health Insurance: -0.01 pp weight change; +15.2% relative return; weight 0.58%Multi-line Insurance: +0.03 pp weight change; +28.2% relative return; weight 0.27%Insurance Brokers: +0.23 pp weight change; +24.4% relative return; weight 0.79%Internet Services & Infrastructure: -0.02 pp weight change; -3.6% relative return; weight 0.14%Specialty Chemicals: -0.11 pp weight change; -3.1% relative return; weight 0.86%Health Care Supplies: -0.09 pp weight change; -29.5% relative return; weight 0.18%Property & Casualty Insurance: +0.05 pp weight change; +20.2% relative return; weight 1.00%Building Products: -0.09 pp weight change; -5.9% relative return; weight 0.48%Semiconductor Materials & Equipment: -0.11 pp weight change; -10.8% relative return; weight 0.45%Electrical Components & Equipment: -0.01 pp weight change; +6.4% relative return; weight 0.61%Asset Management & Custody Banks: -0.14 pp weight change; -9.7% relative return; weight 0.57%Telecom Tower REITs: -0.00 pp weight change; +7.2% relative return; weight 0.82%Broadline Retail: -0.12 pp weight change; -16.7% relative return; weight 0.34%Oil & Gas Exploration & Production: +0.56 pp weight change; +107.8% relative return; weight 1.15%Industrial Gases: -0.01 pp weight change; +8.7% relative return; weight 0.76%Electronic Components: -0.03 pp weight change; -7.6% relative return; weight 0.15%Automotive Parts & Equipment: -0.04 pp weight change; -21.4% relative return; weight 0.10%Office REITs: +0.02 pp weight change; +12.5% relative return; weight 0.17%Paper & Plastic Packaging Products & Materials: -0.03 pp weight change; +6.9% relative return; weight 0.49%Water Utilities: -0.00 pp weight change; +6.5% relative return; weight 0.10%Consumer Finance: -0.06 pp weight change; +9.0% relative return; weight 0.73%Automotive Retail: +0.02 pp weight change; +40.0% relative return; weight 0.15%Aerospace & Defense: -1.90 pp weight change; +7.1% relative return; weight 2.33%Aerospace & DefenseDiversified Banks: -1.07 pp weight change; -9.9% relative return; weight 4.00%Diversified BanksMetal, Glass & Plastic Containers: -0.02 pp weight change; -7.1% relative return; weight 0.10%Computer & Electronics Retail: -0.03 pp weight change; -15.5% relative return; weight 0.07%Hotels, Resorts & Cruise Lines: +0.01 pp weight change; +5.9% relative return; weight 0.54%Oil & Gas Equipment & Services: +0.12 pp weight change; +68.3% relative return; weight 0.32%Pharmaceuticals: +0.97 pp weight change; +33.9% relative return; weight 5.46%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +24.8% relative return; weight 0.00%Health Care Distributors: +0.08 pp weight change; +43.1% relative return; weight 0.38%Construction Machinery & Heavy Transportation Equipment: -0.08 pp weight change; -1.8% relative return; weight 0.63%Financial Exchanges & Data: +0.01 pp weight change; +3.9% relative return; weight 1.06%Real Estate Services: -0.00 pp weight change; +3.6% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.09 pp weight change; +56.8% relative return; weight 0.31%Regional Banks: -0.02 pp weight change; +0.6% relative return; weight 0.43%Household Products: -0.02 pp weight change; +6.7% relative return; weight 0.55%Air Freight & Logistics: -0.14 pp weight change; -8.7% relative return; weight 0.72%Cable & Satellite: -0.36 pp weight change; -29.0% relative return; weight 0.70%Health Care Services: +0.04 pp weight change; +18.2% relative return; weight 0.91%Restaurants: -0.18 pp weight change; -3.7% relative return; weight 1.21%Managed Health Care: +0.50 pp weight change; +35.1% relative return; weight 2.54%Managed Health CareConsumer Staples Merchandise Retail: +0.34 pp weight change; +32.1% relative return; weight 2.07%Transaction & Payment Processing Services: -1.08 pp weight change; -35.2% relative return; weight 1.60%Communications Equipment: -0.01 pp weight change; +7.1% relative return; weight 0.93%Rail Transportation: +0.14 pp weight change; +9.7% relative return; weight 1.02%Diversified Support Services: +0.00 pp weight change; +10.7% relative return; weight 0.11%Integrated Oil & Gas: +0.38 pp weight change; +69.4% relative return; weight 1.10%Passenger Airlines: -0.05 pp weight change; -10.4% relative return; weight 0.26%Agricultural & Farm Machinery: -0.00 pp weight change; +9.4% relative return; weight 0.42%Homebuilding: -0.07 pp weight change; -19.8% relative return; weight 0.18%Movies & Entertainment: -0.52 pp weight change; -34.2% relative return; weight 0.85%Data Center REITs: -0.00 pp weight change; +6.0% relative return; weight 0.39%Health Care REITs: +0.04 pp weight change; +18.9% relative return; weight 0.29%Industrial Machinery & Supplies & Components: -0.14 pp weight change; -8.3% relative return; weight 1.03%Research & Consulting Services: -0.00 pp weight change; +5.8% relative return; weight 0.21%Reinsurance: -0.00 pp weight change; +7.9% relative return; weight 0.04%Multi-Family Residential REITs: +0.11 pp weight change; +25.4% relative return; weight 0.39%Self-Storage REITs: +0.08 pp weight change; +42.6% relative return; weight 0.33%Automobile Manufacturers: +0.20 pp weight change; +17.1% relative return; weight 1.48%Trading Companies & Distributors: +0.00 pp weight change; +8.9% relative return; weight 0.14%Copper: +0.01 pp weight change; +15.5% relative return; weight 0.21%Broadcasting: +0.16 pp weight change; -1.6% relative return; weight 0.16%Retail REITs: +0.08 pp weight change; +16.4% relative return; weight 0.40%Systems Software: +0.63 pp weight change; +17.9% relative return; weight 7.66%Systems SoftwarePackaged Foods & Meats: +0.09 pp weight change; +22.5% relative return; weight 0.90%Distributors: +0.00 pp weight change; +13.5% relative return; weight 0.07%Consumer Electronics: -0.02 pp weight change; -13.3% relative return; weight 0.08%Investment Banking & Brokerage: -0.08 pp weight change; +2.4% relative return; weight 1.27%Leisure Products: -0.01 pp weight change; -3.1% relative return; weight 0.04%Health Care Facilities: -0.01 pp weight change; +14.3% relative return; weight 0.24%Home Improvement Retail: -0.18 pp weight change; +2.9% relative return; weight 1.60%Industrial Conglomerates: -0.22 pp weight change; -10.7% relative return; weight 0.87%Hotel & Resort REITs: +0.01 pp weight change; +19.2% relative return; weight 0.05%Other Specialized REITs: +0.01 pp weight change; +49.8% relative return; weight 0.06%Construction & Engineering: +0.01 pp weight change; +19.1% relative return; weight 0.11%Cargo Ground Transportation: +0.02 pp weight change; +11.2% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.07 pp weight change; +36.8% relative return; weight 0.40%Soft Drinks & Non-alcoholic Beverages: +0.30 pp weight change; +29.5% relative return; weight 1.91%Food Retail: +0.04 pp weight change; +60.0% relative return; weight 0.14%Casinos & Gaming: -0.10 pp weight change; -28.2% relative return; weight 0.19%Construction Materials: -0.00 pp weight change; +5.3% relative return; weight 0.16%Tobacco: +0.07 pp weight change; +23.3% relative return; weight 0.92%Oil & Gas Refining & Marketing: +0.12 pp weight change; +53.0% relative return; weight 0.49%Gold: +0.03 pp weight change; +28.3% relative return; weight 0.21%Apparel, Accessories & Luxury Goods: -0.04 pp weight change; -2.0% relative return; weight 0.42%Steel: +0.06 pp weight change; +103.1% relative return; weight 0.15%Advertising: -0.01 pp weight change; +2.0% relative return; weight 0.06%Personal Care Products: +0.21 pp weight change; +30.9% relative return; weight 1.39%Industrial REITs: +0.12 pp weight change; +48.9% relative return; weight 0.43%Electronic Equipment & Instruments: -0.01 pp weight change; +2.1% relative return; weight 0.42%Apparel Retail: -0.09 pp weight change; -10.9% relative return; weight 0.39%Environmental & Facilities Services: +0.06 pp weight change; +25.6% relative return; weight 0.46%Food Distributors: +0.00 pp weight change; +9.7% relative return; weight 0.16%Integrated Telecommunication Services: -0.29 pp weight change; -9.6% relative return; weight 1.19%Electronic Manufacturing Services: -0.02 pp weight change; -0.1% relative return; weight 0.15%Other Specialty Retail: +0.01 pp weight change; +25.4% relative return; weight 0.09%Timber REITs: +0.01 pp weight change; +20.9% relative return; weight 0.11%Interactive Home Entertainment: -0.02 pp weight change; -27.6% relative return; weight 0.05%Data Processing & Outsourced Services: -0.01 pp weight change; -2.0% relative return; weight 0.06%Gas Utilities: +0.01 pp weight change; +19.4% relative return; weight 0.06%Commodity Chemicals: +0.01 pp weight change; +18.3% relative return; weight 0.18%Wireless Telecommunication Services: -0.04 pp weight change; -1.0% relative return; weight 0.56%Technology Distributors: -0.01 pp weight change; -1.8% relative return; weight 0.08%Heavy Electrical Equipment: -0.02 pp weight change; -28.0% relative return; weight 0.05%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.