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

-3.00 pp-120%-1.50 pp-60%+0.00 pp+0%+1.50 pp+60%+3.00 pp+120%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.32 pp weight change; -3.2% relative return; weight 1.98%Technology Hardware, Storage & Peripherals: -1.27 pp weight change; +1.0% relative return; weight 8.28%Technology Hardware, Storage & PeripheralsBiotechnology: +0.44 pp weight change; +38.1% relative return; weight 2.81%BiotechnologyHealth Care Equipment: -0.34 pp weight change; -0.8% relative return; weight 2.88%Health Care EquipmentIT Consulting & Other Services: -0.04 pp weight change; +11.6% relative return; weight 1.31%Application Software: -1.33 pp weight change; -22.7% relative return; weight 2.87%Application SoftwareSemiconductors: -0.89 pp weight change; -18.0% relative return; weight 3.14%SemiconductorsAgricultural Products & Services: +0.06 pp weight change; +79.7% relative return; weight 0.18%Human Resource & Employment Services: +0.05 pp weight change; +27.7% relative return; weight 0.52%Multi-Utilities: +0.21 pp weight change; +20.0% relative return; weight 1.56%Electric Utilities: +0.23 pp weight change; +29.0% relative return; weight 1.61%Independent Power Producers & Energy Traders: +0.02 pp weight change; +41.4% relative return; weight 0.10%Life & Health Insurance: +0.10 pp weight change; +45.3% relative return; weight 0.61%Multi-line Insurance: +0.01 pp weight change; +29.3% relative return; weight 0.23%Insurance Brokers: +0.12 pp weight change; +20.4% relative return; weight 0.80%Internet Services & Infrastructure: -0.03 pp weight change; -5.9% relative return; weight 0.12%Specialty Chemicals: -0.19 pp weight change; -7.1% relative return; weight 0.77%Health Care Supplies: -0.17 pp weight change; -51.6% relative return; weight 0.12%Property & Casualty Insurance: +0.28 pp weight change; +44.8% relative return; weight 1.11%Building Products: -0.09 pp weight change; +0.3% relative return; weight 0.51%Semiconductor Materials & Equipment: -0.18 pp weight change; -17.1% relative return; weight 0.41%Electrical Components & Equipment: -0.01 pp weight change; +13.6% relative return; weight 0.63%Asset Management & Custody Banks: -0.11 pp weight change; -2.0% relative return; weight 0.58%Telecom Tower REITs: -0.13 pp weight change; -4.8% relative return; weight 0.67%Broadline Retail: +2.98 pp weight change; -38.7% relative return; weight 3.43%Broadline RetailOil & Gas Exploration & Production: +0.59 pp weight change; +108.5% relative return; weight 1.36%Industrial Gases: +0.03 pp weight change; +21.9% relative return; weight 0.80%Electronic Components: -0.01 pp weight change; +8.7% relative return; weight 0.14%Automotive Parts & Equipment: -0.05 pp weight change; -25.2% relative return; weight 0.10%Office REITs: -0.04 pp weight change; -13.9% relative return; weight 0.12%Paper & Plastic Packaging Products & Materials: +0.00 pp weight change; +20.4% relative return; weight 0.45%Water Utilities: -0.01 pp weight change; +3.0% relative return; weight 0.09%Consumer Finance: -0.09 pp weight change; +5.5% relative return; weight 0.59%Automotive Retail: +0.04 pp weight change; +59.2% relative return; weight 0.18%Aerospace & Defense: +0.33 pp weight change; +35.2% relative return; weight 2.40%Diversified Banks: -0.70 pp weight change; +0.2% relative return; weight 4.01%Diversified BanksMetal, Glass & Plastic Containers: -0.04 pp weight change; -31.7% relative return; weight 0.06%Computer & Electronics Retail: -0.02 pp weight change; -6.5% relative return; weight 0.07%Hotels, Resorts & Cruise Lines: -0.01 pp weight change; +10.1% relative return; weight 0.43%Oil & Gas Equipment & Services: +0.16 pp weight change; +103.0% relative return; weight 0.36%Pharmaceuticals: +0.89 pp weight change; +38.0% relative return; weight 5.55%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +29.5% relative return; weight 0.00%Health Care Distributors: +0.14 pp weight change; +81.8% relative return; weight 0.41%Construction Machinery & Heavy Transportation Equipment: +0.11 pp weight change; +39.9% relative return; weight 0.68%Financial Exchanges & Data: +0.00 pp weight change; -7.8% relative return; weight 1.16%Real Estate Services: +0.09 pp weight change; -7.1% relative return; weight 0.20%Fertilizers & Agricultural Chemicals: +0.10 pp weight change; +77.9% relative return; weight 0.29%Regional Banks: +0.02 pp weight change; +11.8% relative return; weight 0.46%Household Products: +0.00 pp weight change; +15.7% relative return; weight 0.50%Air Freight & Logistics: -0.06 pp weight change; +6.9% relative return; weight 0.69%Cable & Satellite: -0.32 pp weight change; -26.0% relative return; weight 0.60%Health Care Services: +0.15 pp weight change; +42.4% relative return; weight 0.94%Restaurants: +0.01 pp weight change; +18.2% relative return; weight 1.31%Managed Health Care: +0.50 pp weight change; +42.4% relative return; weight 2.57%Managed Health CareConsumer Staples Merchandise Retail: -0.07 pp weight change; +10.9% relative return; weight 1.85%Transaction & Payment Processing Services: -0.45 pp weight change; -13.4% relative return; weight 1.36%Communications Equipment: -0.07 pp weight change; +7.1% relative return; weight 0.92%Rail Transportation: -0.10 pp weight change; +7.5% relative return; weight 0.89%Diversified Support Services: +0.04 pp weight change; +25.5% relative return; weight 0.14%Integrated Oil & Gas: +0.47 pp weight change; +89.3% relative return; weight 1.20%Passenger Airlines: -0.01 pp weight change; +7.9% relative return; weight 0.21%Agricultural & Farm Machinery: +0.09 pp weight change; +45.4% relative return; weight 0.45%Homebuilding: -0.04 pp weight change; +0.5% relative return; weight 0.19%Movies & Entertainment: -0.36 pp weight change; -26.0% relative return; weight 0.71%Data Center REITs: -0.08 pp weight change; -10.1% relative return; weight 0.33%Health Care REITs: -0.02 pp weight change; +4.2% relative return; weight 0.22%Industrial Machinery & Supplies & Components: -0.04 pp weight change; +7.1% relative return; weight 1.07%Research & Consulting Services: -0.06 pp weight change; -13.4% relative return; weight 0.18%Reinsurance: +0.01 pp weight change; +51.7% relative return; weight 0.04%Multi-Family Residential REITs: -0.04 pp weight change; -14.5% relative return; weight 0.29%Self-Storage REITs: -0.03 pp weight change; +4.0% relative return; weight 0.25%Automobile Manufacturers: +0.64 pp weight change; -38.2% relative return; weight 2.46%Trading Companies & Distributors: -0.01 pp weight change; +10.3% relative return; weight 0.13%Copper: +0.01 pp weight change; +22.9% relative return; weight 0.19%Broadcasting: +0.09 pp weight change; -29.7% relative return; weight 0.09%Retail REITs: +0.01 pp weight change; +3.9% relative return; weight 0.37%Systems Software: -1.85 pp weight change; -12.2% relative return; weight 6.70%Systems SoftwarePackaged Foods & Meats: +0.16 pp weight change; +42.1% relative return; weight 0.88%Distributors: +0.03 pp weight change; +65.7% relative return; weight 0.09%Consumer Electronics: -0.03 pp weight change; -19.5% relative return; weight 0.06%Investment Banking & Brokerage: +0.01 pp weight change; +18.2% relative return; weight 1.42%Leisure Products: -0.02 pp weight change; -24.5% relative return; weight 0.03%Health Care Facilities: -0.01 pp weight change; +21.0% relative return; weight 0.23%Home Improvement Retail: -0.41 pp weight change; -4.7% relative return; weight 1.56%Industrial Conglomerates: -0.06 pp weight change; +10.4% relative return; weight 0.84%Hotel & Resort REITs: +0.12 pp weight change; +33.0% relative return; weight 0.16%Other Specialized REITs: +0.01 pp weight change; +41.3% relative return; weight 0.05%Construction & Engineering: +0.01 pp weight change; +25.5% relative return; weight 0.12%Cargo Ground Transportation: -0.02 pp weight change; +2.6% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.13 pp weight change; +46.0% relative return; weight 0.45%Soft Drinks & Non-alcoholic Beverages: +0.48 pp weight change; +37.7% relative return; weight 2.03%Food Retail: +0.02 pp weight change; +35.9% relative return; weight 0.12%Casinos & Gaming: +0.02 pp weight change; +28.8% relative return; weight 0.20%Construction Materials: -0.01 pp weight change; +5.8% relative return; weight 0.16%Tobacco: +0.09 pp weight change; +35.9% relative return; weight 0.81%Oil & Gas Refining & Marketing: +0.22 pp weight change; +115.7% relative return; weight 0.54%Gold: -0.02 pp weight change; +1.0% relative return; weight 0.13%Apparel, Accessories & Luxury Goods: -0.18 pp weight change; -24.0% relative return; weight 0.35%Steel: +0.03 pp weight change; +61.5% relative return; weight 0.13%Advertising: +0.01 pp weight change; +38.6% relative return; weight 0.06%Personal Care Products: +0.02 pp weight change; +19.0% relative return; weight 1.20%Industrial REITs: -0.01 pp weight change; -10.1% relative return; weight 0.37%Electronic Equipment & Instruments: -0.08 pp weight change; -5.5% relative return; weight 0.38%Apparel Retail: +0.04 pp weight change; +29.2% relative return; weight 0.45%Environmental & Facilities Services: +0.03 pp weight change; +22.1% relative return; weight 0.45%Food Distributors: +0.03 pp weight change; +42.3% relative return; weight 0.15%Integrated Telecommunication Services: -0.10 pp weight change; +7.8% relative return; weight 1.02%Electronic Manufacturing Services: -0.03 pp weight change; -6.3% relative return; weight 0.14%Other Specialty Retail: +0.01 pp weight change; +31.9% relative return; weight 0.10%Timber REITs: -0.01 pp weight change; +3.3% relative return; weight 0.08%Interactive Home Entertainment: -0.00 pp weight change; -28.3% relative return; weight 0.06%Data Processing & Outsourced Services: -0.01 pp weight change; +1.2% relative return; weight 0.06%Gas Utilities: +0.02 pp weight change; +53.5% relative return; weight 0.06%Commodity Chemicals: -0.02 pp weight change; +9.7% relative return; weight 0.12%Wireless Telecommunication Services: +0.18 pp weight change; +56.6% relative return; weight 0.64%Technology Distributors: -0.00 pp weight change; +13.4% relative return; weight 0.09%Heavy Electrical Equipment: -0.07 pp weight change; -71.8% relative return; weight 0.02%Single-Family Residential REITs: +0.07 pp weight change; +9.5% relative return; weight 0.07%Passenger Ground Transportation: +0.00 pp weight change; +12.5% relative return; weight 0.00%Footwear: +0.00 pp weight change; +12.5% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +12.5% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +12.5% 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.