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

-2.50 pp-140%-1.25 pp-70%+0.00 pp+0%+1.25 pp+70%+2.50 pp+140%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: +0.06 pp weight change; +8.6% relative return; weight 2.06%Technology Hardware, Storage & Peripherals: +1.21 pp weight change; +28.1% relative return; weight 9.07%Technology Hardware, Storage & PeripheralsBiotechnology: +0.50 pp weight change; +11.4% relative return; weight 2.57%BiotechnologyHealth Care Equipment: -0.02 pp weight change; -1.8% relative return; weight 3.11%Health Care EquipmentIT Consulting & Other Services: +0.06 pp weight change; +14.6% relative return; weight 1.35%Application Software: -0.52 pp weight change; -8.5% relative return; weight 3.05%Application SoftwareSemiconductors: +0.29 pp weight change; +4.3% relative return; weight 3.74%SemiconductorsAgricultural Products & Services: +0.05 pp weight change; +49.7% relative return; weight 0.18%Human Resource & Employment Services: +0.07 pp weight change; +27.5% relative return; weight 0.50%Multi-Utilities: +0.17 pp weight change; +21.9% relative return; weight 1.55%Electric Utilities: +0.34 pp weight change; +31.3% relative return; weight 1.82%Independent Power Producers & Energy Traders: +0.00 pp weight change; +15.7% relative return; weight 0.09%Life & Health Insurance: -0.01 pp weight change; +14.4% relative return; weight 0.58%Multi-line Insurance: +0.01 pp weight change; +21.5% relative return; weight 0.26%Insurance Brokers: +0.21 pp weight change; +20.6% relative return; weight 0.77%Internet Services & Infrastructure: -0.03 pp weight change; -10.6% relative return; weight 0.13%Specialty Chemicals: -0.08 pp weight change; +0.1% relative return; weight 0.89%Health Care Supplies: -0.10 pp weight change; -31.5% relative return; weight 0.18%Property & Casualty Insurance: +0.12 pp weight change; +26.6% relative return; weight 1.07%Building Products: -0.12 pp weight change; -11.1% relative return; weight 0.47%Semiconductor Materials & Equipment: -0.11 pp weight change; -7.9% relative return; weight 0.48%Electrical Components & Equipment: -0.06 pp weight change; -0.6% relative return; weight 0.58%Asset Management & Custody Banks: -0.13 pp weight change; -7.1% relative return; weight 0.61%Telecom Tower REITs: +0.03 pp weight change; +11.8% relative return; weight 0.85%Broadline Retail: -0.12 pp weight change; -17.6% relative return; weight 0.32%Oil & Gas Exploration & Production: +0.71 pp weight change; +134.5% relative return; weight 1.38%Industrial Gases: -0.01 pp weight change; +9.4% relative return; weight 0.79%Electronic Components: -0.02 pp weight change; -4.5% relative return; weight 0.15%Automotive Parts & Equipment: -0.04 pp weight change; -24.2% relative return; weight 0.10%Office REITs: +0.00 pp weight change; +3.0% relative return; weight 0.16%Paper & Plastic Packaging Products & Materials: -0.00 pp weight change; +13.0% relative return; weight 0.52%Water Utilities: -0.00 pp weight change; +6.3% relative return; weight 0.10%Consumer Finance: -0.11 pp weight change; +2.4% relative return; weight 0.71%Automotive Retail: +0.04 pp weight change; +54.9% relative return; weight 0.16%Aerospace & Defense: -2.10 pp weight change; +2.3% relative return; weight 2.31%Aerospace & DefenseDiversified Banks: -1.02 pp weight change; -7.4% relative return; weight 4.26%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -6.5% relative return; weight 0.08%Computer & Electronics Retail: -0.04 pp weight change; -22.1% relative return; weight 0.07%Hotels, Resorts & Cruise Lines: -0.05 pp weight change; -4.8% relative return; weight 0.48%Oil & Gas Equipment & Services: +0.14 pp weight change; +71.8% relative return; weight 0.37%Pharmaceuticals: +1.00 pp weight change; +34.2% relative return; weight 5.61%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +17.2% relative return; weight 0.00%Health Care Distributors: +0.10 pp weight change; +51.9% relative return; weight 0.39%Construction Machinery & Heavy Transportation Equipment: -0.08 pp weight change; -0.8% relative return; weight 0.66%Financial Exchanges & Data: +0.09 pp weight change; -0.1% relative return; weight 1.11%Real Estate Services: -0.01 pp weight change; +1.3% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.11 pp weight change; +68.9% relative return; weight 0.32%Regional Banks: +0.03 pp weight change; +2.4% relative return; weight 0.50%Household Products: -0.02 pp weight change; +5.7% relative return; weight 0.54%Air Freight & Logistics: -0.16 pp weight change; -9.3% relative return; weight 0.75%Cable & Satellite: -0.27 pp weight change; -19.4% relative return; weight 0.80%Health Care Services: +0.01 pp weight change; +14.8% relative return; weight 0.93%Restaurants: -0.14 pp weight change; +0.1% relative return; weight 1.22%Managed Health Care: +0.40 pp weight change; +29.7% relative return; weight 2.50%Managed Health CareConsumer Staples Merchandise Retail: +0.02 pp weight change; +11.4% relative return; weight 1.75%Transaction & Payment Processing Services: -0.98 pp weight change; -32.7% relative return; weight 1.59%Communications Equipment: -0.10 pp weight change; -3.0% relative return; weight 0.87%Rail Transportation: +0.07 pp weight change; +2.6% relative return; weight 0.95%Diversified Support Services: -0.00 pp weight change; +10.2% relative return; weight 0.11%Integrated Oil & Gas: +0.52 pp weight change; +88.7% relative return; weight 1.24%Passenger Airlines: -0.06 pp weight change; -13.4% relative return; weight 0.25%Agricultural & Farm Machinery: -0.01 pp weight change; +7.5% relative return; weight 0.39%Homebuilding: -0.05 pp weight change; -11.5% relative return; weight 0.19%Movies & Entertainment: -0.48 pp weight change; -32.6% relative return; weight 0.83%Data Center REITs: -0.02 pp weight change; +1.8% relative return; weight 0.37%Health Care REITs: +0.03 pp weight change; +18.2% relative return; weight 0.29%Industrial Machinery & Supplies & Components: -0.13 pp weight change; -6.8% relative return; weight 1.05%Research & Consulting Services: -0.01 pp weight change; +1.1% relative return; weight 0.19%Reinsurance: +0.00 pp weight change; +19.4% relative return; weight 0.04%Multi-Family Residential REITs: +0.07 pp weight change; +12.1% relative return; weight 0.36%Self-Storage REITs: +0.05 pp weight change; +29.4% relative return; weight 0.30%Automobile Manufacturers: +0.11 pp weight change; +10.9% relative return; weight 1.33%Trading Companies & Distributors: -0.01 pp weight change; +1.5% relative return; weight 0.13%Copper: -0.02 pp weight change; -0.8% relative return; weight 0.20%Broadcasting: +0.16 pp weight change; +1.3% relative return; weight 0.16%Retail REITs: +0.07 pp weight change; +12.0% relative return; weight 0.39%Systems Software: +0.59 pp weight change; +17.6% relative return; weight 7.47%Systems SoftwarePackaged Foods & Meats: +0.02 pp weight change; +12.7% relative return; weight 0.85%Distributors: +0.00 pp weight change; +14.9% relative return; weight 0.07%Consumer Electronics: -0.02 pp weight change; -18.7% relative return; weight 0.07%Investment Banking & Brokerage: -0.10 pp weight change; +2.4% relative return; weight 1.35%Leisure Products: -0.00 pp weight change; +3.4% relative return; weight 0.05%Health Care Facilities: -0.03 pp weight change; +6.0% relative return; weight 0.22%Home Improvement Retail: -0.14 pp weight change; +5.5% relative return; weight 1.57%Industrial Conglomerates: -0.24 pp weight change; -12.1% relative return; weight 0.88%Hotel & Resort REITs: +0.01 pp weight change; +25.2% relative return; weight 0.05%Other Specialized REITs: +0.01 pp weight change; +39.9% relative return; weight 0.06%Construction & Engineering: +0.01 pp weight change; +19.5% relative return; weight 0.12%Cargo Ground Transportation: -0.00 pp weight change; +7.0% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.08 pp weight change; +39.7% relative return; weight 0.43%Soft Drinks & Non-alcoholic Beverages: +0.24 pp weight change; +25.3% relative return; weight 1.87%Food Retail: +0.04 pp weight change; +56.6% relative return; weight 0.14%Casinos & Gaming: -0.11 pp weight change; -30.7% relative return; weight 0.18%Construction Materials: -0.01 pp weight change; -1.0% relative return; weight 0.16%Tobacco: +0.08 pp weight change; +25.3% relative return; weight 0.95%Oil & Gas Refining & Marketing: +0.17 pp weight change; +66.2% relative return; weight 0.56%Gold: -0.02 pp weight change; +2.5% relative return; weight 0.19%Apparel, Accessories & Luxury Goods: -0.07 pp weight change; -7.0% relative return; weight 0.40%Steel: +0.02 pp weight change; +40.9% relative return; weight 0.13%Advertising: -0.01 pp weight change; +1.1% relative return; weight 0.06%Personal Care Products: +0.10 pp weight change; +20.5% relative return; weight 1.28%Industrial REITs: +0.03 pp weight change; +18.3% relative return; weight 0.34%Electronic Equipment & Instruments: -0.02 pp weight change; -0.7% relative return; weight 0.40%Apparel Retail: -0.08 pp weight change; -7.9% relative return; weight 0.38%Environmental & Facilities Services: +0.05 pp weight change; +24.7% relative return; weight 0.45%Food Distributors: +0.01 pp weight change; +14.2% relative return; weight 0.15%Integrated Telecommunication Services: -0.08 pp weight change; +6.1% relative return; weight 1.32%Electronic Manufacturing Services: -0.01 pp weight change; +3.8% relative return; weight 0.15%Other Specialty Retail: +0.01 pp weight change; +27.9% relative return; weight 0.09%Timber REITs: +0.00 pp weight change; +19.6% relative return; weight 0.11%Interactive Home Entertainment: -0.02 pp weight change; -28.0% relative return; weight 0.05%Data Processing & Outsourced Services: -0.00 pp weight change; -0.1% relative return; weight 0.06%Gas Utilities: +0.01 pp weight change; +29.2% relative return; weight 0.06%Commodity Chemicals: -0.00 pp weight change; +11.6% relative return; weight 0.18%Wireless Telecommunication Services: -0.03 pp weight change; +1.1% relative return; weight 0.60%Technology Distributors: -0.00 pp weight change; +11.4% relative return; weight 0.08%Heavy Electrical Equipment: -0.02 pp weight change; -19.3% relative return; weight 0.06%Single-Family Residential REITs: +0.00 pp weight change; +7.3% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +7.3% relative return; weight 0.00%Footwear: +0.00 pp weight change; +7.3% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +7.3% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +7.3% 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.