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-160%-2.25 pp-80%+0.00 pp+0%+2.25 pp+80%+4.50 pp+160%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.29 pp weight change; -3.0% relative return; weight 1.99%Technology Hardware, Storage & Peripherals: +0.59 pp weight change; +23.2% relative return; weight 9.35%Technology Hardware, Storage & PeripheralsBiotechnology: -0.17 pp weight change; +7.9% relative return; weight 2.39%BiotechnologyHealth Care Equipment: -0.23 pp weight change; -10.7% relative return; weight 2.86%Health Care EquipmentIT Consulting & Other Services: -0.07 pp weight change; +8.3% relative return; weight 1.27%Application Software: -1.02 pp weight change; -16.1% relative return; weight 3.00%Application SoftwareSemiconductors: -0.24 pp weight change; -4.7% relative return; weight 3.26%SemiconductorsAgricultural Products & Services: +0.06 pp weight change; +78.0% relative return; weight 0.18%Human Resource & Employment Services: +0.09 pp weight change; +38.5% relative return; weight 0.52%Multi-Utilities: +0.22 pp weight change; +31.6% relative return; weight 1.59%Electric Utilities: +0.33 pp weight change; +36.2% relative return; weight 1.77%Independent Power Producers & Energy Traders: +0.01 pp weight change; +22.9% relative return; weight 0.10%Life & Health Insurance: +0.01 pp weight change; +24.4% relative return; weight 0.55%Multi-line Insurance: -0.02 pp weight change; +15.8% relative return; weight 0.22%Insurance Brokers: +0.20 pp weight change; +24.6% relative return; weight 0.78%Internet Services & Infrastructure: -0.02 pp weight change; -2.0% relative return; weight 0.12%Specialty Chemicals: -0.14 pp weight change; -2.6% relative return; weight 0.80%Health Care Supplies: -0.16 pp weight change; -43.8% relative return; weight 0.16%Property & Casualty Insurance: +0.07 pp weight change; +26.4% relative return; weight 0.96%Building Products: -0.15 pp weight change; -11.4% relative return; weight 0.47%Semiconductor Materials & Equipment: -0.15 pp weight change; -15.0% relative return; weight 0.38%Electrical Components & Equipment: -0.10 pp weight change; -3.5% relative return; weight 0.56%Asset Management & Custody Banks: -0.16 pp weight change; -9.9% relative return; weight 0.55%Telecom Tower REITs: -0.04 pp weight change; +6.9% relative return; weight 0.81%Broadline Retail: +4.25 pp weight change; -18.3% relative return; weight 4.71%Broadline RetailOil & Gas Exploration & Production: +0.68 pp weight change; +157.1% relative return; weight 1.28%Industrial Gases: -0.04 pp weight change; +10.2% relative return; weight 0.70%Electronic Components: -0.01 pp weight change; +7.8% relative return; weight 0.14%Automotive Parts & Equipment: -0.05 pp weight change; -26.9% relative return; weight 0.09%Office REITs: -0.03 pp weight change; -10.5% relative return; weight 0.13%Paper & Plastic Packaging Products & Materials: -0.04 pp weight change; +9.5% relative return; weight 0.47%Water Utilities: -0.01 pp weight change; -1.4% relative return; weight 0.10%Consumer Finance: -0.17 pp weight change; -3.5% relative return; weight 0.61%Automotive Retail: +0.04 pp weight change; +61.2% relative return; weight 0.16%Aerospace & Defense: -1.61 pp weight change; +20.2% relative return; weight 2.29%Diversified Banks: -0.91 pp weight change; -4.4% relative return; weight 3.79%Diversified BanksMetal, Glass & Plastic Containers: -0.04 pp weight change; -30.0% relative return; weight 0.06%Computer & Electronics Retail: -0.04 pp weight change; -25.2% relative return; weight 0.06%Hotels, Resorts & Cruise Lines: -0.05 pp weight change; -1.5% relative return; weight 0.40%Oil & Gas Equipment & Services: +0.10 pp weight change; +69.2% relative return; weight 0.29%Pharmaceuticals: +0.30 pp weight change; +22.3% relative return; weight 5.04%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +17.0% relative return; weight 0.00%Health Care Distributors: +0.13 pp weight change; +72.5% relative return; weight 0.40%Construction Machinery & Heavy Transportation Equipment: -0.03 pp weight change; +11.0% relative return; weight 0.59%Financial Exchanges & Data: -0.00 pp weight change; -3.1% relative return; weight 1.10%Real Estate Services: -0.02 pp weight change; -2.3% relative return; weight 0.09%Fertilizers & Agricultural Chemicals: +0.12 pp weight change; +95.3% relative return; weight 0.30%Regional Banks: +0.04 pp weight change; +18.5% relative return; weight 0.46%Household Products: +0.01 pp weight change; +17.3% relative return; weight 0.52%Air Freight & Logistics: -0.00 pp weight change; +14.9% relative return; weight 0.77%Cable & Satellite: -0.48 pp weight change; -35.5% relative return; weight 0.65%Health Care Services: +0.10 pp weight change; +33.6% relative return; weight 0.91%Restaurants: -0.09 pp weight change; +8.5% relative return; weight 1.23%Managed Health Care: +0.64 pp weight change; +51.9% relative return; weight 2.56%Managed Health CareConsumer Staples Merchandise Retail: +0.04 pp weight change; +17.4% relative return; weight 1.83%Transaction & Payment Processing Services: -0.91 pp weight change; -28.7% relative return; weight 1.52%Communications Equipment: -0.14 pp weight change; -2.7% relative return; weight 0.87%Rail Transportation: +0.02 pp weight change; +21.5% relative return; weight 0.95%Diversified Support Services: -0.00 pp weight change; +14.3% relative return; weight 0.11%Integrated Oil & Gas: +0.48 pp weight change; +102.3% relative return; weight 1.11%Passenger Airlines: -0.05 pp weight change; -10.4% relative return; weight 0.19%Agricultural & Farm Machinery: +0.01 pp weight change; +16.5% relative return; weight 0.40%Homebuilding: -0.05 pp weight change; -8.6% relative return; weight 0.17%Movies & Entertainment: -0.41 pp weight change; -25.6% relative return; weight 0.84%Data Center REITs: -0.07 pp weight change; -6.2% relative return; weight 0.34%Health Care REITs: -0.01 pp weight change; +2.7% relative return; weight 0.25%Industrial Machinery & Supplies & Components: -0.12 pp weight change; -1.2% relative return; weight 1.01%Research & Consulting Services: -0.03 pp weight change; -3.1% relative return; weight 0.19%Reinsurance: +0.00 pp weight change; +23.9% relative return; weight 0.04%Multi-Family Residential REITs: +0.03 pp weight change; +2.7% relative return; weight 0.33%Self-Storage REITs: +0.03 pp weight change; +30.0% relative return; weight 0.30%Automobile Manufacturers: +0.22 pp weight change; +27.1% relative return; weight 1.43%Trading Companies & Distributors: -0.01 pp weight change; +2.9% relative return; weight 0.12%Copper: -0.03 pp weight change; -1.7% relative return; weight 0.15%Broadcasting: +0.12 pp weight change; -16.1% relative return; weight 0.12%Retail REITs: +0.05 pp weight change; +10.3% relative return; weight 0.37%Systems Software: -0.53 pp weight change; +3.7% relative return; weight 7.23%Systems SoftwarePackaged Foods & Meats: +0.13 pp weight change; +36.5% relative return; weight 0.86%Distributors: +0.02 pp weight change; +56.2% relative return; weight 0.08%Consumer Electronics: -0.05 pp weight change; -38.2% relative return; weight 0.06%Investment Banking & Brokerage: -0.12 pp weight change; +4.6% relative return; weight 1.34%Leisure Products: -0.01 pp weight change; -1.5% relative return; weight 0.04%Health Care Facilities: -0.07 pp weight change; -6.0% relative return; weight 0.20%Home Improvement Retail: -0.14 pp weight change; +10.3% relative return; weight 1.49%Industrial Conglomerates: -0.22 pp weight change; -8.4% relative return; weight 0.79%Hotel & Resort REITs: +0.12 pp weight change; +26.4% relative return; weight 0.16%Other Specialized REITs: +0.01 pp weight change; +38.1% relative return; weight 0.05%Construction & Engineering: +0.02 pp weight change; +38.2% relative return; weight 0.12%Cargo Ground Transportation: +0.00 pp weight change; +15.2% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.09 pp weight change; +54.1% relative return; weight 0.39%Soft Drinks & Non-alcoholic Beverages: +0.46 pp weight change; +34.8% relative return; weight 2.04%Food Retail: +0.01 pp weight change; +26.4% relative return; weight 0.12%Casinos & Gaming: -0.05 pp weight change; -7.3% relative return; weight 0.17%Construction Materials: -0.01 pp weight change; +8.5% relative return; weight 0.16%Tobacco: -0.03 pp weight change; +15.9% relative return; weight 0.82%Oil & Gas Refining & Marketing: +0.18 pp weight change; +93.8% relative return; weight 0.50%Gold: -0.04 pp weight change; -12.1% relative return; weight 0.12%Apparel, Accessories & Luxury Goods: -0.15 pp weight change; -20.6% relative return; weight 0.36%Steel: +0.01 pp weight change; +36.9% relative return; weight 0.12%Advertising: -0.00 pp weight change; +13.1% relative return; weight 0.05%Personal Care Products: +0.02 pp weight change; +18.1% relative return; weight 1.18%Industrial REITs: -0.00 pp weight change; +12.5% relative return; weight 0.33%Electronic Equipment & Instruments: -0.08 pp weight change; -7.7% relative return; weight 0.38%Apparel Retail: -0.07 pp weight change; -1.3% relative return; weight 0.37%Environmental & Facilities Services: +0.06 pp weight change; +29.9% relative return; weight 0.47%Food Distributors: +0.01 pp weight change; +25.8% relative return; weight 0.15%Integrated Telecommunication Services: -0.18 pp weight change; +0.4% relative return; weight 1.08%Electronic Manufacturing Services: -0.02 pp weight change; +1.6% relative return; weight 0.14%Other Specialty Retail: +0.01 pp weight change; +26.6% relative return; weight 0.09%Timber REITs: +0.00 pp weight change; +20.9% relative return; weight 0.09%Interactive Home Entertainment: +0.01 pp weight change; -9.5% relative return; weight 0.07%Data Processing & Outsourced Services: +0.00 pp weight change; +20.3% relative return; weight 0.07%Gas Utilities: +0.01 pp weight change; +42.1% relative return; weight 0.06%Commodity Chemicals: -0.03 pp weight change; +1.3% relative return; weight 0.13%Wireless Telecommunication Services: +0.07 pp weight change; +25.1% relative return; weight 0.65%Technology Distributors: -0.01 pp weight change; +2.5% relative return; weight 0.08%Heavy Electrical Equipment: -0.04 pp weight change; -39.9% relative return; weight 0.05%Single-Family Residential REITs: +0.00 pp weight change; +19.1% relative return; weight 0.00%Passenger Ground Transportation: +0.00 pp weight change; +19.1% relative return; weight 0.00%Footwear: +0.00 pp weight change; +19.1% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +19.1% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +19.1% 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.