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

-4.50 pp-120%-2.25 pp-60%+0.00 pp+0%+2.25 pp+60%+4.50 pp+120%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.11 pp weight change; +4.5% relative return; weight 2.09%Technology Hardware, Storage & Peripherals: +0.68 pp weight change; +24.4% relative return; weight 9.31%Technology Hardware, Storage & PeripheralsBiotechnology: -0.14 pp weight change; +9.2% relative return; weight 2.41%BiotechnologyHealth Care Equipment: -0.33 pp weight change; -9.7% relative return; weight 2.91%Health Care EquipmentIT Consulting & Other Services: -0.05 pp weight change; +10.0% relative return; weight 1.27%Application Software: -0.70 pp weight change; -9.3% relative return; weight 3.14%Application SoftwareSemiconductors: +0.03 pp weight change; -1.1% relative return; weight 3.46%SemiconductorsAgricultural Products & Services: +0.04 pp weight change; +57.8% relative return; weight 0.16%Human Resource & Employment Services: +0.06 pp weight change; +29.7% relative return; weight 0.50%Multi-Utilities: +0.18 pp weight change; +28.4% relative return; weight 1.52%Electric Utilities: +0.26 pp weight change; +30.8% relative return; weight 1.70%Independent Power Producers & Energy Traders: -0.01 pp weight change; +6.9% relative return; weight 0.08%Life & Health Insurance: -0.00 pp weight change; +21.4% relative return; weight 0.52%Multi-line Insurance: +0.00 pp weight change; +24.2% relative return; weight 0.22%Insurance Brokers: +0.21 pp weight change; +27.4% relative return; weight 0.76%Internet Services & Infrastructure: -0.03 pp weight change; -6.1% relative return; weight 0.12%Specialty Chemicals: -0.15 pp weight change; -3.7% relative return; weight 0.79%Health Care Supplies: -0.13 pp weight change; -36.4% relative return; weight 0.18%Property & Casualty Insurance: +0.04 pp weight change; +21.8% relative return; weight 0.90%Building Products: -0.16 pp weight change; -13.9% relative return; weight 0.46%Semiconductor Materials & Equipment: -0.14 pp weight change; -12.9% relative return; weight 0.42%Electrical Components & Equipment: -0.07 pp weight change; +1.6% relative return; weight 0.59%Asset Management & Custody Banks: -0.13 pp weight change; -6.2% relative return; weight 0.55%Telecom Tower REITs: -0.03 pp weight change; +8.8% relative return; weight 0.83%Broadline Retail: +4.37 pp weight change; -12.6% relative return; weight 4.82%Broadline RetailOil & Gas Exploration & Production: +0.51 pp weight change; +116.4% relative return; weight 1.13%Industrial Gases: -0.06 pp weight change; +7.1% relative return; weight 0.71%Electronic Components: -0.01 pp weight change; +5.1% relative return; weight 0.15%Automotive Parts & Equipment: -0.06 pp weight change; -29.9% relative return; weight 0.10%Office REITs: -0.03 pp weight change; -7.4% relative return; weight 0.14%Paper & Plastic Packaging Products & Materials: +0.00 pp weight change; +19.0% relative return; weight 0.49%Water Utilities: -0.01 pp weight change; +3.4% relative return; weight 0.10%Consumer Finance: -0.21 pp weight change; -7.8% relative return; weight 0.60%Automotive Retail: +0.02 pp weight change; +45.5% relative return; weight 0.15%Aerospace & Defense: -1.78 pp weight change; +13.5% relative return; weight 2.22%Diversified Banks: -0.89 pp weight change; -3.8% relative return; weight 3.72%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; +2.1% relative return; weight 0.08%Computer & Electronics Retail: -0.04 pp weight change; -21.0% relative return; weight 0.06%Hotels, Resorts & Cruise Lines: -0.08 pp weight change; -7.8% relative return; weight 0.39%Oil & Gas Equipment & Services: +0.07 pp weight change; +49.9% relative return; weight 0.27%Pharmaceuticals: +0.53 pp weight change; +27.7% relative return; weight 5.28%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +20.4% relative return; weight 0.00%Health Care Distributors: +0.07 pp weight change; +48.2% relative return; weight 0.37%Construction Machinery & Heavy Transportation Equipment: -0.02 pp weight change; +12.4% relative return; weight 0.60%Financial Exchanges & Data: +0.02 pp weight change; -2.1% relative return; weight 1.12%Real Estate Services: -0.01 pp weight change; -1.1% relative return; weight 0.10%Fertilizers & Agricultural Chemicals: +0.09 pp weight change; +75.0% relative return; weight 0.28%Regional Banks: +0.06 pp weight change; +16.9% relative return; weight 0.45%Household Products: -0.02 pp weight change; +9.6% relative return; weight 0.51%Air Freight & Logistics: -0.04 pp weight change; +9.7% relative return; weight 0.75%Cable & Satellite: -0.43 pp weight change; -32.4% relative return; weight 0.65%Health Care Services: +0.05 pp weight change; +25.4% relative return; weight 0.89%Restaurants: -0.15 pp weight change; +3.1% relative return; weight 1.23%Managed Health Care: +0.56 pp weight change; +45.4% relative return; weight 2.54%Managed Health CareConsumer Staples Merchandise Retail: +0.00 pp weight change; +15.0% relative return; weight 1.82%Transaction & Payment Processing Services: -1.05 pp weight change; -32.9% relative return; weight 1.51%Communications Equipment: -0.13 pp weight change; -2.1% relative return; weight 0.85%Rail Transportation: -0.03 pp weight change; +15.0% relative return; weight 0.93%Diversified Support Services: -0.00 pp weight change; +11.8% relative return; weight 0.11%Integrated Oil & Gas: +0.43 pp weight change; +87.3% relative return; weight 1.11%Passenger Airlines: -0.05 pp weight change; -13.4% relative return; weight 0.19%Agricultural & Farm Machinery: -0.03 pp weight change; +7.1% relative return; weight 0.36%Homebuilding: -0.05 pp weight change; -7.9% relative return; weight 0.18%Movies & Entertainment: -0.46 pp weight change; -30.8% relative return; weight 0.77%Data Center REITs: -0.05 pp weight change; -2.1% relative return; weight 0.35%Health Care REITs: -0.01 pp weight change; +4.4% relative return; weight 0.26%Industrial Machinery & Supplies & Components: -0.12 pp weight change; -1.0% relative return; weight 1.03%Research & Consulting Services: -0.02 pp weight change; +0.9% relative return; weight 0.19%Reinsurance: +0.00 pp weight change; +18.0% relative return; weight 0.04%Multi-Family Residential REITs: +0.03 pp weight change; +4.4% relative return; weight 0.34%Self-Storage REITs: +0.02 pp weight change; +24.4% relative return; weight 0.28%Automobile Manufacturers: +0.20 pp weight change; +24.4% relative return; weight 1.44%Trading Companies & Distributors: -0.01 pp weight change; +8.2% relative return; weight 0.13%Copper: -0.03 pp weight change; -6.4% relative return; weight 0.16%Broadcasting: +0.13 pp weight change; -6.6% relative return; weight 0.13%Retail REITs: +0.06 pp weight change; +15.1% relative return; weight 0.37%Systems Software: -0.16 pp weight change; +10.5% relative return; weight 7.34%Systems SoftwarePackaged Foods & Meats: +0.06 pp weight change; +24.7% relative return; weight 0.83%Distributors: +0.01 pp weight change; +37.9% relative return; weight 0.07%Consumer Electronics: -0.04 pp weight change; -29.2% relative return; weight 0.06%Investment Banking & Brokerage: -0.11 pp weight change; +5.1% relative return; weight 1.28%Leisure Products: -0.01 pp weight change; -9.0% relative return; weight 0.04%Health Care Facilities: -0.07 pp weight change; -3.7% relative return; weight 0.22%Home Improvement Retail: -0.18 pp weight change; +6.8% relative return; weight 1.48%Industrial Conglomerates: -0.24 pp weight change; -9.7% relative return; weight 0.81%Hotel & Resort REITs: +0.12 pp weight change; +26.2% relative return; weight 0.16%Other Specialized REITs: +0.01 pp weight change; +30.0% relative return; weight 0.05%Construction & Engineering: +0.03 pp weight change; +40.6% relative return; weight 0.12%Cargo Ground Transportation: +0.01 pp weight change; +24.0% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.05 pp weight change; +38.3% relative return; weight 0.37%Soft Drinks & Non-alcoholic Beverages: +0.39 pp weight change; +28.9% relative return; weight 2.02%Food Retail: +0.01 pp weight change; +29.5% relative return; weight 0.11%Casinos & Gaming: -0.04 pp weight change; -6.0% relative return; weight 0.17%Construction Materials: -0.01 pp weight change; +5.9% relative return; weight 0.15%Tobacco: -0.05 pp weight change; +12.4% relative return; weight 0.79%Oil & Gas Refining & Marketing: +0.14 pp weight change; +74.8% relative return; weight 0.47%Gold: -0.05 pp weight change; -16.8% relative return; weight 0.12%Apparel, Accessories & Luxury Goods: -0.16 pp weight change; -21.9% relative return; weight 0.37%Steel: +0.02 pp weight change; +47.9% relative return; weight 0.12%Advertising: -0.00 pp weight change; +11.1% relative return; weight 0.05%Personal Care Products: -0.05 pp weight change; +11.5% relative return; weight 1.15%Industrial REITs: +0.01 pp weight change; +17.9% relative return; weight 0.34%Electronic Equipment & Instruments: -0.05 pp weight change; -4.6% relative return; weight 0.39%Apparel Retail: -0.09 pp weight change; -8.3% relative return; weight 0.34%Environmental & Facilities Services: +0.04 pp weight change; +25.9% relative return; weight 0.45%Food Distributors: +0.02 pp weight change; +30.5% relative return; weight 0.15%Integrated Telecommunication Services: -0.18 pp weight change; +0.7% relative return; weight 1.13%Electronic Manufacturing Services: -0.02 pp weight change; +2.5% relative return; weight 0.15%Other Specialty Retail: +0.01 pp weight change; +27.3% relative return; weight 0.08%Timber REITs: +0.01 pp weight change; +28.5% relative return; weight 0.09%Interactive Home Entertainment: -0.02 pp weight change; -14.7% relative return; weight 0.05%Data Processing & Outsourced Services: -0.00 pp weight change; +4.9% relative return; weight 0.06%Gas Utilities: +0.01 pp weight change; +40.9% relative return; weight 0.06%Commodity Chemicals: -0.03 pp weight change; -0.1% relative return; weight 0.13%Wireless Telecommunication Services: +0.00 pp weight change; +10.7% relative return; weight 0.62%Technology Distributors: -0.00 pp weight change; +11.6% relative return; weight 0.08%Heavy Electrical Equipment: -0.03 pp weight change; -28.7% relative return; weight 0.06%Single-Family Residential REITs: +0.00 pp weight change; +11.5% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +11.5% relative return; weight 0.00%Footwear: +0.00 pp weight change; +11.5% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +11.5% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +11.5% 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.