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-90%-1.00 pp-45%+0.00 pp+0%+1.00 pp+45%+2.00 pp+90%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.01 pp weight change; +5.7% relative return; weight 2.10%Technology Hardware, Storage & Peripherals: +0.50 pp weight change; +18.2% relative return; weight 8.96%Technology Hardware, Storage & PeripheralsBiotechnology: +0.64 pp weight change; +17.6% relative return; weight 2.76%BiotechnologyHealth Care Equipment: -0.11 pp weight change; -3.6% relative return; weight 3.05%Health Care EquipmentIT Consulting & Other Services: +0.09 pp weight change; +17.4% relative return; weight 1.39%Application Software: -0.63 pp weight change; -11.0% relative return; weight 3.10%Application SoftwareSemiconductors: -0.09 pp weight change; -8.0% relative return; weight 3.43%SemiconductorsAgricultural Products & Services: +0.05 pp weight change; +54.7% relative return; weight 0.17%Human Resource & Employment Services: +0.07 pp weight change; +27.8% relative return; weight 0.50%Multi-Utilities: +0.31 pp weight change; +34.2% relative return; weight 1.63%Electric Utilities: +0.42 pp weight change; +38.4% relative return; weight 1.83%Independent Power Producers & Energy Traders: -0.01 pp weight change; +4.5% relative return; weight 0.09%Life & Health Insurance: +0.03 pp weight change; +23.8% relative return; weight 0.58%Multi-line Insurance: +0.02 pp weight change; +30.2% relative return; weight 0.25%Insurance Brokers: +0.27 pp weight change; +32.6% relative return; weight 0.81%Internet Services & Infrastructure: -0.03 pp weight change; -10.7% relative return; weight 0.13%Specialty Chemicals: -0.10 pp weight change; -1.5% relative return; weight 0.83%Health Care Supplies: -0.11 pp weight change; -33.2% relative return; weight 0.17%Property & Casualty Insurance: +0.20 pp weight change; +37.7% relative return; weight 1.09%Building Products: -0.13 pp weight change; -12.9% relative return; weight 0.46%Semiconductor Materials & Equipment: -0.18 pp weight change; -22.0% relative return; weight 0.41%Electrical Components & Equipment: -0.07 pp weight change; -2.5% relative return; weight 0.57%Asset Management & Custody Banks: -0.13 pp weight change; -8.6% relative return; weight 0.57%Telecom Tower REITs: +0.03 pp weight change; +11.9% relative return; weight 0.87%Broadline Retail: -0.17 pp weight change; -27.5% relative return; weight 0.30%Oil & Gas Exploration & Production: +0.47 pp weight change; +89.2% relative return; weight 1.19%Industrial Gases: +0.01 pp weight change; +14.0% relative return; weight 0.77%Electronic Components: -0.02 pp weight change; -2.1% relative return; weight 0.14%Automotive Parts & Equipment: -0.06 pp weight change; -33.0% relative return; weight 0.09%Office REITs: -0.01 pp weight change; -4.1% relative return; weight 0.15%Paper & Plastic Packaging Products & Materials: +0.03 pp weight change; +20.2% relative return; weight 0.53%Water Utilities: +0.01 pp weight change; +15.9% relative return; weight 0.11%Consumer Finance: -0.20 pp weight change; -8.9% relative return; weight 0.62%Automotive Retail: +0.05 pp weight change; +67.4% relative return; weight 0.17%Aerospace & Defense: -1.77 pp weight change; +14.0% relative return; weight 2.44%Aerospace & DefenseDiversified Banks: -0.98 pp weight change; -7.7% relative return; weight 3.95%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; +1.3% relative return; weight 0.09%Computer & Electronics Retail: -0.04 pp weight change; -30.6% relative return; weight 0.06%Hotels, Resorts & Cruise Lines: -0.10 pp weight change; -15.9% relative return; weight 0.39%Oil & Gas Equipment & Services: +0.08 pp weight change; +43.0% relative return; weight 0.31%Pharmaceuticals: +1.38 pp weight change; +43.8% relative return; weight 6.06%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +16.2% relative return; weight 0.00%Health Care Distributors: +0.11 pp weight change; +58.7% relative return; weight 0.40%Construction Machinery & Heavy Transportation Equipment: -0.07 pp weight change; +1.7% relative return; weight 0.61%Financial Exchanges & Data: +0.05 pp weight change; -3.0% relative return; weight 1.14%Real Estate Services: -0.01 pp weight change; +1.6% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: +0.09 pp weight change; +63.7% relative return; weight 0.29%Regional Banks: +0.05 pp weight change; +8.6% relative return; weight 0.47%Household Products: +0.04 pp weight change; +18.5% relative return; weight 0.59%Air Freight & Logistics: -0.06 pp weight change; +2.4% relative return; weight 0.80%Cable & Satellite: -0.29 pp weight change; -21.0% relative return; weight 0.79%Health Care Services: +0.10 pp weight change; +27.0% relative return; weight 0.96%Restaurants: -0.04 pp weight change; +8.8% relative return; weight 1.29%Managed Health Care: +0.73 pp weight change; +49.3% relative return; weight 2.75%Managed Health CareConsumer Staples Merchandise Retail: +0.10 pp weight change; +17.1% relative return; weight 1.87%Transaction & Payment Processing Services: -1.13 pp weight change; -37.4% relative return; weight 1.50%Communications Equipment: -0.08 pp weight change; +0.2% relative return; weight 0.89%Rail Transportation: +0.14 pp weight change; +11.2% relative return; weight 0.98%Diversified Support Services: +0.00 pp weight change; +13.1% relative return; weight 0.12%Integrated Oil & Gas: +0.39 pp weight change; +70.8% relative return; weight 1.11%Passenger Airlines: -0.07 pp weight change; -20.1% relative return; weight 0.20%Agricultural & Farm Machinery: -0.03 pp weight change; +1.7% relative return; weight 0.36%Homebuilding: -0.05 pp weight change; -10.6% relative return; weight 0.18%Movies & Entertainment: -0.51 pp weight change; -35.5% relative return; weight 0.77%Data Center REITs: -0.03 pp weight change; +1.0% relative return; weight 0.38%Health Care REITs: +0.02 pp weight change; +11.9% relative return; weight 0.28%Industrial Machinery & Supplies & Components: -0.11 pp weight change; -4.8% relative return; weight 1.03%Research & Consulting Services: -0.01 pp weight change; +4.1% relative return; weight 0.19%Reinsurance: +0.01 pp weight change; +34.7% relative return; weight 0.04%Multi-Family Residential REITs: +0.07 pp weight change; +14.8% relative return; weight 0.36%Self-Storage REITs: +0.04 pp weight change; +26.2% relative return; weight 0.30%Automobile Manufacturers: -0.02 pp weight change; +0.5% relative return; weight 1.24%Trading Companies & Distributors: -0.01 pp weight change; +0.2% relative return; weight 0.12%Copper: -0.03 pp weight change; -5.7% relative return; weight 0.16%Broadcasting: +0.13 pp weight change; -16.3% relative return; weight 0.13%Retail REITs: +0.06 pp weight change; +11.6% relative return; weight 0.38%Systems Software: +0.27 pp weight change; +12.9% relative return; weight 7.63%Systems SoftwarePackaged Foods & Meats: +0.13 pp weight change; +29.1% relative return; weight 0.93%Distributors: +0.01 pp weight change; +27.8% relative return; weight 0.07%Consumer Electronics: -0.02 pp weight change; -17.8% relative return; weight 0.07%Investment Banking & Brokerage: -0.13 pp weight change; +0.6% relative return; weight 1.30%Leisure Products: -0.00 pp weight change; +5.5% relative return; weight 0.04%Health Care Facilities: -0.05 pp weight change; -3.0% relative return; weight 0.19%Home Improvement Retail: -0.15 pp weight change; +5.2% relative return; weight 1.53%Industrial Conglomerates: -0.22 pp weight change; -11.1% relative return; weight 0.83%Hotel & Resort REITs: +0.11 pp weight change; +9.1% relative return; weight 0.16%Other Specialized REITs: +0.01 pp weight change; +43.2% relative return; weight 0.06%Construction & Engineering: +0.03 pp weight change; +37.4% relative return; weight 0.12%Cargo Ground Transportation: +0.01 pp weight change; +17.3% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.04 pp weight change; +28.4% relative return; weight 0.39%Soft Drinks & Non-alcoholic Beverages: +0.61 pp weight change; +38.8% relative return; weight 2.20%Food Retail: +0.03 pp weight change; +48.8% relative return; weight 0.13%Casinos & Gaming: -0.09 pp weight change; -26.8% relative return; weight 0.17%Construction Materials: -0.01 pp weight change; -0.7% relative return; weight 0.15%Tobacco: +0.03 pp weight change; +19.7% relative return; weight 0.89%Oil & Gas Refining & Marketing: +0.11 pp weight change; +50.6% relative return; weight 0.50%Gold: +0.00 pp weight change; +15.3% relative return; weight 0.18%Apparel, Accessories & Luxury Goods: -0.14 pp weight change; -20.6% relative return; weight 0.37%Steel: +0.01 pp weight change; +30.8% relative return; weight 0.11%Advertising: -0.01 pp weight change; -2.2% relative return; weight 0.05%Personal Care Products: +0.18 pp weight change; +29.0% relative return; weight 1.34%Industrial REITs: +0.03 pp weight change; +18.9% relative return; weight 0.34%Electronic Equipment & Instruments: -0.04 pp weight change; -5.6% relative return; weight 0.39%Apparel Retail: -0.09 pp weight change; -11.6% relative return; weight 0.35%Environmental & Facilities Services: +0.08 pp weight change; +33.5% relative return; weight 0.47%Food Distributors: +0.03 pp weight change; +32.7% relative return; weight 0.17%Integrated Telecommunication Services: +0.05 pp weight change; +17.1% relative return; weight 1.41%Electronic Manufacturing Services: -0.02 pp weight change; +0.4% relative return; weight 0.14%Other Specialty Retail: +0.01 pp weight change; +30.5% relative return; weight 0.09%Timber REITs: +0.00 pp weight change; +21.8% relative return; weight 0.10%Interactive Home Entertainment: -0.02 pp weight change; -18.1% relative return; weight 0.06%Data Processing & Outsourced Services: -0.00 pp weight change; +6.1% relative return; weight 0.06%Gas Utilities: +0.02 pp weight change; +41.6% relative return; weight 0.06%Commodity Chemicals: -0.02 pp weight change; +0.9% relative return; weight 0.15%Wireless Telecommunication Services: +0.02 pp weight change; +9.9% relative return; weight 0.66%Technology Distributors: -0.00 pp weight change; +7.8% relative return; weight 0.08%Heavy Electrical Equipment: -0.04 pp weight change; -40.0% relative return; weight 0.05%Single-Family Residential REITs: +0.00 pp weight change; +18.3% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +18.3% relative return; weight 0.00%Footwear: +0.00 pp weight change; +18.3% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +18.3% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +18.3% 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.