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

-3.50 pp-130%-1.75 pp-65%+0.00 pp+0%+1.75 pp+65%+3.50 pp+130%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.39 pp weight change; -2.4% relative return; weight 1.91%Technology Hardware, Storage & Peripherals: +0.38 pp weight change; +27.4% relative return; weight 8.94%Technology Hardware, Storage & PeripheralsBiotechnology: +0.38 pp weight change; +41.8% relative return; weight 2.73%Health Care Equipment: -0.54 pp weight change; -2.3% relative return; weight 2.90%Health Care EquipmentIT Consulting & Other Services: -0.07 pp weight change; +14.6% relative return; weight 1.28%Application Software: -1.33 pp weight change; -19.0% relative return; weight 2.90%Application SoftwareSemiconductors: -0.55 pp weight change; -9.4% relative return; weight 2.86%SemiconductorsAgricultural Products & Services: +0.07 pp weight change; +92.2% relative return; weight 0.19%Human Resource & Employment Services: +0.04 pp weight change; +32.0% relative return; weight 0.51%Multi-Utilities: +0.19 pp weight change; +24.6% relative return; weight 1.54%Electric Utilities: +0.17 pp weight change; +30.3% relative return; weight 1.57%Independent Power Producers & Energy Traders: +0.01 pp weight change; +38.0% relative return; weight 0.10%Life & Health Insurance: +0.08 pp weight change; +47.3% relative return; weight 0.61%Multi-line Insurance: -0.02 pp weight change; +21.8% relative return; weight 0.23%Insurance Brokers: +0.08 pp weight change; +19.4% relative return; weight 0.77%Internet Services & Infrastructure: -0.01 pp weight change; +9.0% relative return; weight 0.13%Specialty Chemicals: -0.19 pp weight change; -3.1% relative return; weight 0.75%Health Care Supplies: -0.16 pp weight change; -48.2% relative return; weight 0.13%Property & Casualty Insurance: +0.15 pp weight change; +43.7% relative return; weight 1.04%Building Products: -0.10 pp weight change; +1.4% relative return; weight 0.48%Semiconductor Materials & Equipment: -0.18 pp weight change; -18.4% relative return; weight 0.35%Electrical Components & Equipment: -0.04 pp weight change; +13.7% relative return; weight 0.60%Asset Management & Custody Banks: -0.20 pp weight change; -8.8% relative return; weight 0.55%Telecom Tower REITs: -0.17 pp weight change; -5.0% relative return; weight 0.65%Broadline Retail: +3.34 pp weight change; -29.4% relative return; weight 3.79%Broadline RetailOil & Gas Exploration & Production: +0.67 pp weight change; +124.9% relative return; weight 1.48%Industrial Gases: -0.05 pp weight change; +14.8% relative return; weight 0.72%Electronic Components: -0.00 pp weight change; +18.5% relative return; weight 0.14%Automotive Parts & Equipment: -0.07 pp weight change; -34.3% relative return; weight 0.09%Office REITs: -0.04 pp weight change; -11.5% relative return; weight 0.13%Paper & Plastic Packaging Products & Materials: -0.04 pp weight change; +15.3% relative return; weight 0.44%Water Utilities: -0.01 pp weight change; +5.8% relative return; weight 0.09%Consumer Finance: -0.16 pp weight change; +1.5% relative return; weight 0.59%Automotive Retail: +0.05 pp weight change; +76.4% relative return; weight 0.18%Aerospace & Defense: +0.23 pp weight change; +35.1% relative return; weight 2.40%Diversified Banks: -1.11 pp weight change; -3.0% relative return; weight 3.94%Diversified BanksMetal, Glass & Plastic Containers: -0.04 pp weight change; -31.9% relative return; weight 0.06%Computer & Electronics Retail: -0.05 pp weight change; -27.3% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: -0.06 pp weight change; +2.1% relative return; weight 0.43%Oil & Gas Equipment & Services: +0.15 pp weight change; +97.7% relative return; weight 0.38%Pharmaceuticals: +0.91 pp weight change; +45.4% relative return; weight 5.55%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +28.3% relative return; weight 0.00%Health Care Distributors: +0.15 pp weight change; +91.6% relative return; weight 0.42%Construction Machinery & Heavy Transportation Equipment: +0.05 pp weight change; +34.4% relative return; weight 0.67%Financial Exchanges & Data: -0.16 pp weight change; -10.9% relative return; weight 1.03%Real Estate Services: +0.08 pp weight change; -8.8% relative return; weight 0.20%Fertilizers & Agricultural Chemicals: +0.11 pp weight change; +93.3% relative return; weight 0.31%Regional Banks: +0.01 pp weight change; +16.6% relative return; weight 0.47%Household Products: -0.00 pp weight change; +20.4% relative return; weight 0.50%Air Freight & Logistics: -0.15 pp weight change; -0.9% relative return; weight 0.64%Cable & Satellite: -0.37 pp weight change; -28.1% relative return; weight 0.57%Health Care Services: +0.12 pp weight change; +44.9% relative return; weight 0.93%Restaurants: +0.01 pp weight change; +24.0% relative return; weight 1.29%Managed Health Care: +0.59 pp weight change; +53.0% relative return; weight 2.73%Managed Health CareConsumer Staples Merchandise Retail: -0.02 pp weight change; +19.6% relative return; weight 1.84%Transaction & Payment Processing Services: -0.63 pp weight change; -15.6% relative return; weight 1.45%Communications Equipment: -0.11 pp weight change; +7.5% relative return; weight 0.87%Rail Transportation: -0.19 pp weight change; +2.2% relative return; weight 0.83%Diversified Support Services: -0.00 pp weight change; +17.5% relative return; weight 0.11%Integrated Oil & Gas: +0.52 pp weight change; +105.0% relative return; weight 1.26%Passenger Airlines: -0.02 pp weight change; +5.0% relative return; weight 0.20%Agricultural & Farm Machinery: +0.07 pp weight change; +46.1% relative return; weight 0.42%Homebuilding: -0.03 pp weight change; +7.9% relative return; weight 0.18%Movies & Entertainment: -0.40 pp weight change; -22.4% relative return; weight 0.80%Data Center REITs: -0.11 pp weight change; -15.5% relative return; weight 0.29%Health Care REITs: -0.04 pp weight change; -6.1% relative return; weight 0.20%Industrial Machinery & Supplies & Components: -0.04 pp weight change; +12.1% relative return; weight 1.05%Research & Consulting Services: -0.05 pp weight change; -7.1% relative return; weight 0.18%Reinsurance: +0.01 pp weight change; +57.6% relative return; weight 0.05%Multi-Family Residential REITs: -0.03 pp weight change; -7.8% relative return; weight 0.29%Self-Storage REITs: -0.01 pp weight change; +21.4% relative return; weight 0.28%Automobile Manufacturers: +1.20 pp weight change; -18.6% relative return; weight 2.92%Automobile ManufacturersTrading Companies & Distributors: -0.02 pp weight change; +5.5% relative return; weight 0.13%Copper: -0.02 pp weight change; +6.7% relative return; weight 0.16%Broadcasting: +0.11 pp weight change; -19.1% relative return; weight 0.11%Retail REITs: +0.03 pp weight change; +9.7% relative return; weight 0.36%Systems Software: -2.09 pp weight change; -11.4% relative return; weight 6.41%Systems SoftwarePackaged Foods & Meats: +0.15 pp weight change; +47.8% relative return; weight 0.88%Distributors: +0.03 pp weight change; +73.7% relative return; weight 0.09%Consumer Electronics: -0.03 pp weight change; -21.4% relative return; weight 0.06%Investment Banking & Brokerage: -0.12 pp weight change; +11.1% relative return; weight 1.37%Leisure Products: -0.01 pp weight change; -12.0% relative return; weight 0.03%Health Care Facilities: -0.05 pp weight change; +9.4% relative return; weight 0.22%Home Improvement Retail: -0.35 pp weight change; +2.9% relative return; weight 1.51%Industrial Conglomerates: -0.12 pp weight change; +8.1% relative return; weight 0.82%Hotel & Resort REITs: +0.12 pp weight change; +31.2% relative return; weight 0.16%Other Specialized REITs: +0.01 pp weight change; +43.8% relative return; weight 0.05%Construction & Engineering: +0.01 pp weight change; +26.6% relative return; weight 0.12%Cargo Ground Transportation: -0.02 pp weight change; +5.0% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.10 pp weight change; +41.1% relative return; weight 0.44%Soft Drinks & Non-alcoholic Beverages: +0.45 pp weight change; +41.0% relative return; weight 2.05%Food Retail: +0.02 pp weight change; +50.2% relative return; weight 0.12%Casinos & Gaming: -0.03 pp weight change; +6.6% relative return; weight 0.18%Construction Materials: -0.01 pp weight change; +7.9% relative return; weight 0.15%Tobacco: +0.04 pp weight change; +32.6% relative return; weight 0.80%Oil & Gas Refining & Marketing: +0.20 pp weight change; +105.5% relative return; weight 0.55%Gold: -0.02 pp weight change; +1.6% relative return; weight 0.12%Apparel, Accessories & Luxury Goods: -0.21 pp weight change; -27.9% relative return; weight 0.31%Steel: +0.01 pp weight change; +49.3% relative return; weight 0.12%Advertising: +0.00 pp weight change; +38.7% relative return; weight 0.05%Personal Care Products: -0.02 pp weight change; +20.4% relative return; weight 1.13%Industrial REITs: +0.00 pp weight change; -2.5% relative return; weight 0.36%Electronic Equipment & Instruments: -0.06 pp weight change; +2.1% relative return; weight 0.38%Apparel Retail: +0.02 pp weight change; +28.6% relative return; weight 0.41%Environmental & Facilities Services: +0.03 pp weight change; +28.6% relative return; weight 0.45%Food Distributors: +0.02 pp weight change; +43.8% relative return; weight 0.16%Integrated Telecommunication Services: -0.17 pp weight change; +6.1% relative return; weight 1.02%Electronic Manufacturing Services: -0.02 pp weight change; +6.0% relative return; weight 0.14%Other Specialty Retail: +0.01 pp weight change; +39.5% relative return; weight 0.09%Timber REITs: -0.01 pp weight change; +14.1% relative return; weight 0.08%Interactive Home Entertainment: -0.00 pp weight change; -18.3% relative return; weight 0.07%Data Processing & Outsourced Services: -0.01 pp weight change; +6.7% relative return; weight 0.06%Gas Utilities: +0.01 pp weight change; +48.0% relative return; weight 0.05%Commodity Chemicals: -0.02 pp weight change; +9.3% relative return; weight 0.12%Wireless Telecommunication Services: +0.19 pp weight change; +64.4% relative return; weight 0.67%Technology Distributors: -0.00 pp weight change; +16.8% relative return; weight 0.08%Heavy Electrical Equipment: -0.08 pp weight change; -71.0% relative return; weight 0.03%Single-Family Residential REITs: +0.07 pp weight change; +17.1% relative return; weight 0.07%Passenger Ground Transportation: +0.00 pp weight change; +24.8% relative return; weight 0.00%Footwear: +0.00 pp weight change; +24.8% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +24.8% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +24.8% 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.