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-110%-2.25 pp-55%+0.00 pp+0%+2.25 pp+55%+4.50 pp+110%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.24 pp weight change; +0.3% relative return; weight 2.03%Technology Hardware, Storage & Peripherals: +0.44 pp weight change; +22.6% relative return; weight 9.01%Technology Hardware, Storage & PeripheralsBiotechnology: +0.14 pp weight change; +23.3% relative return; weight 2.65%BiotechnologyHealth Care Equipment: -0.15 pp weight change; -7.2% relative return; weight 2.94%Health Care EquipmentIT Consulting & Other Services: -0.09 pp weight change; +7.7% relative return; weight 1.27%Application Software: -1.14 pp weight change; -19.6% relative return; weight 2.82%Application SoftwareSemiconductors: -0.44 pp weight change; -9.7% relative return; weight 3.07%SemiconductorsAgricultural Products & Services: +0.06 pp weight change; +72.2% relative return; weight 0.18%Human Resource & Employment Services: +0.09 pp weight change; +39.7% relative return; weight 0.53%Multi-Utilities: +0.21 pp weight change; +31.8% relative return; weight 1.56%Electric Utilities: +0.29 pp weight change; +35.4% relative return; weight 1.71%Independent Power Producers & Energy Traders: +0.01 pp weight change; +26.0% relative return; weight 0.09%Life & Health Insurance: +0.02 pp weight change; +27.8% relative return; weight 0.56%Multi-line Insurance: -0.03 pp weight change; +13.3% relative return; weight 0.22%Insurance Brokers: +0.15 pp weight change; +26.0% relative return; weight 0.81%Internet Services & Infrastructure: -0.02 pp weight change; +2.3% relative return; weight 0.12%Specialty Chemicals: -0.12 pp weight change; +0.2% relative return; weight 0.78%Health Care Supplies: -0.16 pp weight change; -46.5% relative return; weight 0.15%Property & Casualty Insurance: +0.13 pp weight change; +35.4% relative return; weight 1.02%Building Products: -0.11 pp weight change; -3.8% relative return; weight 0.47%Semiconductor Materials & Equipment: -0.16 pp weight change; -17.2% relative return; weight 0.36%Electrical Components & Equipment: -0.05 pp weight change; +6.3% relative return; weight 0.58%Asset Management & Custody Banks: -0.14 pp weight change; -6.9% relative return; weight 0.55%Telecom Tower REITs: -0.05 pp weight change; +6.0% relative return; weight 0.76%Broadline Retail: +4.15 pp weight change; -17.6% relative return; weight 4.60%Broadline RetailOil & Gas Exploration & Production: +0.52 pp weight change; +107.2% relative return; weight 1.27%Industrial Gases: -0.00 pp weight change; +17.4% relative return; weight 0.73%Electronic Components: -0.01 pp weight change; +6.6% relative return; weight 0.14%Automotive Parts & Equipment: -0.06 pp weight change; -33.9% relative return; weight 0.08%Office REITs: -0.03 pp weight change; -6.5% relative return; weight 0.14%Paper & Plastic Packaging Products & Materials: -0.04 pp weight change; +11.1% relative return; weight 0.45%Water Utilities: -0.01 pp weight change; -1.5% relative return; weight 0.09%Consumer Finance: -0.23 pp weight change; -9.7% relative return; weight 0.59%Automotive Retail: +0.04 pp weight change; +57.8% relative return; weight 0.18%Aerospace & Defense: -1.78 pp weight change; +15.4% relative return; weight 2.24%Diversified Banks: -1.24 pp weight change; -9.7% relative return; weight 3.78%Diversified BanksMetal, Glass & Plastic Containers: -0.04 pp weight change; -31.7% relative return; weight 0.06%Computer & Electronics Retail: -0.04 pp weight change; -21.5% relative return; weight 0.06%Hotels, Resorts & Cruise Lines: -0.11 pp weight change; -11.5% relative return; weight 0.41%Oil & Gas Equipment & Services: +0.07 pp weight change; +51.8% relative return; weight 0.29%Pharmaceuticals: +1.00 pp weight change; +41.2% relative return; weight 5.63%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +23.2% relative return; weight 0.00%Health Care Distributors: +0.13 pp weight change; +72.5% relative return; weight 0.41%Construction Machinery & Heavy Transportation Equipment: -0.02 pp weight change; +15.2% relative return; weight 0.59%Financial Exchanges & Data: -0.03 pp weight change; -4.4% relative return; weight 1.08%Real Estate Services: +0.08 pp weight change; -12.7% relative return; weight 0.19%Fertilizers & Agricultural Chemicals: +0.10 pp weight change; +83.0% relative return; weight 0.30%Regional Banks: +0.02 pp weight change; +12.2% relative return; weight 0.48%Household Products: -0.01 pp weight change; +13.1% relative return; weight 0.51%Air Freight & Logistics: -0.05 pp weight change; +8.0% relative return; weight 0.68%Cable & Satellite: -0.53 pp weight change; -42.2% relative return; weight 0.55%Health Care Services: +0.15 pp weight change; +43.0% relative return; weight 0.97%Restaurants: -0.08 pp weight change; +11.1% relative return; weight 1.27%Managed Health Care: +0.79 pp weight change; +62.1% relative return; weight 2.70%Managed Health CareConsumer Staples Merchandise Retail: +0.09 pp weight change; +21.7% relative return; weight 1.88%Transaction & Payment Processing Services: -0.89 pp weight change; -27.9% relative return; weight 1.49%Communications Equipment: -0.13 pp weight change; -0.1% relative return; weight 0.86%Rail Transportation: +0.00 pp weight change; +20.6% relative return; weight 0.90%Diversified Support Services: -0.00 pp weight change; +15.3% relative return; weight 0.11%Integrated Oil & Gas: +0.42 pp weight change; +85.4% relative return; weight 1.11%Passenger Airlines: -0.07 pp weight change; -19.5% relative return; weight 0.18%Agricultural & Farm Machinery: +0.03 pp weight change; +27.0% relative return; weight 0.40%Homebuilding: -0.03 pp weight change; +3.3% relative return; weight 0.18%Movies & Entertainment: -0.46 pp weight change; -29.5% relative return; weight 0.79%Data Center REITs: -0.08 pp weight change; -8.7% relative return; weight 0.32%Health Care REITs: -0.03 pp weight change; -3.3% relative return; weight 0.23%Industrial Machinery & Supplies & Components: -0.06 pp weight change; +5.0% relative return; weight 1.02%Research & Consulting Services: -0.03 pp weight change; -3.0% relative return; weight 0.19%Reinsurance: +0.01 pp weight change; +34.9% relative return; weight 0.04%Multi-Family Residential REITs: +0.03 pp weight change; +3.8% relative return; weight 0.33%Self-Storage REITs: +0.03 pp weight change; +32.6% relative return; weight 0.29%Automobile Manufacturers: +0.08 pp weight change; +15.4% relative return; weight 1.44%Trading Companies & Distributors: -0.01 pp weight change; +3.5% relative return; weight 0.13%Copper: -0.01 pp weight change; +7.3% relative return; weight 0.15%Broadcasting: +0.11 pp weight change; -28.1% relative return; weight 0.11%Retail REITs: +0.03 pp weight change; +7.1% relative return; weight 0.35%Systems Software: -0.53 pp weight change; +4.7% relative return; weight 7.08%Systems SoftwarePackaged Foods & Meats: +0.14 pp weight change; +38.2% relative return; weight 0.89%Distributors: +0.02 pp weight change; +59.1% relative return; weight 0.08%Consumer Electronics: -0.04 pp weight change; -33.2% relative return; weight 0.06%Investment Banking & Brokerage: -0.07 pp weight change; +9.8% relative return; weight 1.37%Leisure Products: -0.01 pp weight change; -1.9% relative return; weight 0.04%Health Care Facilities: -0.07 pp weight change; -3.7% relative return; weight 0.21%Home Improvement Retail: -0.14 pp weight change; +11.2% relative return; weight 1.57%Industrial Conglomerates: -0.20 pp weight change; -5.7% relative return; weight 0.77%Hotel & Resort REITs: +0.12 pp weight change; +23.4% relative return; weight 0.16%Other Specialized REITs: +0.01 pp weight change; +33.8% relative return; weight 0.05%Construction & Engineering: +0.01 pp weight change; +24.1% relative return; weight 0.12%Cargo Ground Transportation: -0.00 pp weight change; +14.4% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.04 pp weight change; +33.4% relative return; weight 0.37%Soft Drinks & Non-alcoholic Beverages: +0.52 pp weight change; +40.0% relative return; weight 2.08%Food Retail: +0.02 pp weight change; +38.8% relative return; weight 0.12%Casinos & Gaming: -0.02 pp weight change; +8.9% relative return; weight 0.19%Construction Materials: +0.01 pp weight change; +18.9% relative return; weight 0.16%Tobacco: -0.02 pp weight change; +17.9% relative return; weight 0.79%Oil & Gas Refining & Marketing: +0.17 pp weight change; +86.1% relative return; weight 0.51%Gold: -0.02 pp weight change; +1.3% relative return; weight 0.13%Apparel, Accessories & Luxury Goods: -0.17 pp weight change; -25.4% relative return; weight 0.31%Steel: +0.01 pp weight change; +39.1% relative return; weight 0.11%Advertising: -0.00 pp weight change; +14.0% relative return; weight 0.05%Personal Care Products: -0.01 pp weight change; +16.4% relative return; weight 1.19%Industrial REITs: -0.03 pp weight change; +4.3% relative return; weight 0.30%Electronic Equipment & Instruments: -0.06 pp weight change; -2.4% relative return; weight 0.38%Apparel Retail: -0.02 pp weight change; +13.4% relative return; weight 0.40%Environmental & Facilities Services: +0.08 pp weight change; +37.8% relative return; weight 0.50%Food Distributors: -0.00 pp weight change; +15.4% relative return; weight 0.14%Integrated Telecommunication Services: -0.24 pp weight change; -3.4% relative return; weight 1.06%Electronic Manufacturing Services: -0.02 pp weight change; +2.8% relative return; weight 0.14%Other Specialty Retail: +0.01 pp weight change; +35.5% relative return; weight 0.10%Timber REITs: -0.01 pp weight change; +8.2% relative return; weight 0.08%Interactive Home Entertainment: +0.01 pp weight change; -10.9% relative return; weight 0.07%Data Processing & Outsourced Services: -0.00 pp weight change; +10.9% relative return; weight 0.07%Gas Utilities: +0.02 pp weight change; +49.1% relative return; weight 0.06%Commodity Chemicals: -0.03 pp weight change; +0.8% relative return; weight 0.12%Wireless Telecommunication Services: +0.10 pp weight change; +32.2% relative return; weight 0.66%Technology Distributors: -0.00 pp weight change; +9.2% relative return; weight 0.08%Heavy Electrical Equipment: -0.05 pp weight change; -45.1% relative return; weight 0.04%Single-Family Residential REITs: +0.08 pp weight change; +25.9% relative return; weight 0.08%Passenger Ground Transportation: +0.00 pp weight change; +25.9% relative return; weight 0.00%Footwear: +0.00 pp weight change; +25.9% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +25.9% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +25.9% 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.