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: -0.25 pp weight change; -2.6% relative return; weight 2.05%Technology Hardware, Storage & Peripherals: -1.98 pp weight change; -10.0% relative return; weight 7.74%Technology Hardware, Storage & PeripheralsBiotechnology: +0.57 pp weight change; +40.6% relative return; weight 2.90%BiotechnologyHealth Care Equipment: -0.27 pp weight change; -1.1% relative return; weight 3.06%Health Care EquipmentIT Consulting & Other Services: -0.19 pp weight change; -3.0% relative return; weight 1.27%Application Software: -0.87 pp weight change; -16.0% relative return; weight 2.86%Application SoftwareSemiconductors: -0.87 pp weight change; -20.4% relative return; weight 3.02%SemiconductorsAgricultural Products & Services: +0.06 pp weight change; +71.5% relative return; weight 0.18%Human Resource & Employment Services: +0.02 pp weight change; +16.2% relative return; weight 0.51%Multi-Utilities: +0.25 pp weight change; +19.3% relative return; weight 1.65%Electric Utilities: +0.28 pp weight change; +28.9% relative return; weight 1.72%Independent Power Producers & Energy Traders: +0.01 pp weight change; +28.2% relative return; weight 0.10%Life & Health Insurance: +0.10 pp weight change; +41.8% relative return; weight 0.61%Multi-line Insurance: +0.02 pp weight change; +31.0% relative return; weight 0.24%Insurance Brokers: +0.15 pp weight change; +20.9% relative return; weight 0.82%Internet Services & Infrastructure: -0.02 pp weight change; -5.3% relative return; weight 0.13%Specialty Chemicals: -0.19 pp weight change; -9.6% relative return; weight 0.76%Health Care Supplies: -0.16 pp weight change; -49.0% relative return; weight 0.14%Property & Casualty Insurance: +0.32 pp weight change; +45.3% relative return; weight 1.17%Building Products: -0.09 pp weight change; -2.8% relative return; weight 0.51%Semiconductor Materials & Equipment: -0.20 pp weight change; -24.1% relative return; weight 0.39%Electrical Components & Equipment: +0.02 pp weight change; +14.3% relative return; weight 0.65%Asset Management & Custody Banks: -0.09 pp weight change; -1.6% relative return; weight 0.59%Telecom Tower REITs: -0.17 pp weight change; -12.1% relative return; weight 0.68%Broadline Retail: +2.77 pp weight change; -39.6% relative return; weight 3.17%Broadline RetailOil & Gas Exploration & Production: +0.60 pp weight change; +105.3% relative return; weight 1.34%Industrial Gases: +0.04 pp weight change; +20.1% relative return; weight 0.83%Electronic Components: -0.01 pp weight change; +8.3% relative return; weight 0.14%Automotive Parts & Equipment: -0.05 pp weight change; -30.8% relative return; weight 0.09%Office REITs: -0.04 pp weight change; -19.7% relative return; weight 0.12%Paper & Plastic Packaging Products & Materials: +0.01 pp weight change; +18.9% relative return; weight 0.46%Water Utilities: -0.01 pp weight change; +0.6% relative return; weight 0.10%Consumer Finance: -0.11 pp weight change; +0.3% relative return; weight 0.58%Automotive Retail: +0.03 pp weight change; +44.3% relative return; weight 0.18%Aerospace & Defense: +0.51 pp weight change; +40.7% relative return; weight 2.57%Diversified Banks: -0.52 pp weight change; +0.9% relative return; weight 3.93%Diversified BanksMetal, Glass & Plastic Containers: -0.04 pp weight change; -34.1% relative return; weight 0.06%Computer & Electronics Retail: -0.01 pp weight change; +1.1% relative return; weight 0.06%Hotels, Resorts & Cruise Lines: -0.07 pp weight change; -7.3% relative return; weight 0.40%Oil & Gas Equipment & Services: +0.20 pp weight change; +119.3% relative return; weight 0.40%Pharmaceuticals: +0.98 pp weight change; +35.3% relative return; weight 5.82%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +26.6% relative return; weight 0.00%Health Care Distributors: +0.14 pp weight change; +69.5% relative return; weight 0.43%Construction Machinery & Heavy Transportation Equipment: +0.14 pp weight change; +42.9% relative return; weight 0.72%Financial Exchanges & Data: -0.03 pp weight change; -7.8% relative return; weight 1.15%Real Estate Services: +0.08 pp weight change; -14.5% relative return; weight 0.20%Fertilizers & Agricultural Chemicals: +0.06 pp weight change; +49.8% relative return; weight 0.27%Regional Banks: +0.02 pp weight change; +8.2% relative return; weight 0.45%Household Products: +0.00 pp weight change; +12.6% relative return; weight 0.54%Air Freight & Logistics: -0.11 pp weight change; -2.0% relative return; weight 0.67%Cable & Satellite: -0.30 pp weight change; -27.9% relative return; weight 0.58%Health Care Services: +0.09 pp weight change; +28.0% relative return; weight 0.96%Restaurants: +0.00 pp weight change; +14.2% relative return; weight 1.35%Managed Health Care: +0.41 pp weight change; +31.8% relative return; weight 2.63%Managed Health CareConsumer Staples Merchandise Retail: -0.12 pp weight change; +5.0% relative return; weight 1.75%Transaction & Payment Processing Services: -0.47 pp weight change; -16.2% relative return; weight 1.37%Communications Equipment: -0.13 pp weight change; -2.6% relative return; weight 0.93%Rail Transportation: -0.12 pp weight change; +2.9% relative return; weight 0.90%Diversified Support Services: +0.04 pp weight change; +25.5% relative return; weight 0.15%Integrated Oil & Gas: +0.53 pp weight change; +94.2% relative return; weight 1.25%Passenger Airlines: -0.01 pp weight change; +0.9% relative return; weight 0.19%Agricultural & Farm Machinery: +0.12 pp weight change; +55.1% relative return; weight 0.46%Homebuilding: -0.03 pp weight change; -0.3% relative return; weight 0.20%Movies & Entertainment: -0.40 pp weight change; -31.8% relative return; weight 0.68%Data Center REITs: -0.08 pp weight change; -13.0% relative return; weight 0.32%Health Care REITs: -0.02 pp weight change; -1.4% relative return; weight 0.23%Industrial Machinery & Supplies & Components: -0.02 pp weight change; +6.4% relative return; weight 1.10%Research & Consulting Services: -0.05 pp weight change; -11.3% relative return; weight 0.19%Reinsurance: +0.01 pp weight change; +51.6% relative return; weight 0.05%Multi-Family Residential REITs: -0.04 pp weight change; -18.3% relative return; weight 0.28%Self-Storage REITs: -0.06 pp weight change; -7.2% relative return; weight 0.25%Automobile Manufacturers: +0.08 pp weight change; -53.5% relative return; weight 1.73%Trading Companies & Distributors: +0.00 pp weight change; +14.3% relative return; weight 0.14%Copper: -0.00 pp weight change; +13.5% relative return; weight 0.20%Broadcasting: +0.08 pp weight change; -37.5% relative return; weight 0.08%Retail REITs: +0.02 pp weight change; +3.6% relative return; weight 0.38%Systems Software: -1.56 pp weight change; -11.8% relative return; weight 6.70%Systems SoftwarePackaged Foods & Meats: +0.18 pp weight change; +40.5% relative return; weight 0.93%Distributors: +0.02 pp weight change; +55.4% relative return; weight 0.09%Consumer Electronics: -0.02 pp weight change; -14.5% relative return; weight 0.06%Investment Banking & Brokerage: +0.02 pp weight change; +15.2% relative return; weight 1.41%Leisure Products: -0.01 pp weight change; -23.9% relative return; weight 0.03%Health Care Facilities: -0.01 pp weight change; +15.6% relative return; weight 0.24%Home Improvement Retail: -0.35 pp weight change; -4.2% relative return; weight 1.60%Industrial Conglomerates: -0.03 pp weight change; +11.5% relative return; weight 0.87%Hotel & Resort REITs: +0.11 pp weight change; +21.8% relative return; weight 0.15%Other Specialized REITs: +0.00 pp weight change; +22.4% relative return; weight 0.05%Construction & Engineering: +0.02 pp weight change; +30.8% relative return; weight 0.12%Cargo Ground Transportation: -0.01 pp weight change; +1.5% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.16 pp weight change; +53.3% relative return; weight 0.46%Soft Drinks & Non-alcoholic Beverages: +0.49 pp weight change; +32.6% relative return; weight 2.12%Food Retail: +0.01 pp weight change; +23.1% relative return; weight 0.12%Casinos & Gaming: +0.02 pp weight change; +28.7% relative return; weight 0.21%Construction Materials: -0.02 pp weight change; -0.5% relative return; weight 0.16%Tobacco: +0.11 pp weight change; +34.1% relative return; weight 0.86%Oil & Gas Refining & Marketing: +0.22 pp weight change; +109.5% relative return; weight 0.55%Gold: -0.02 pp weight change; -2.9% relative return; weight 0.14%Apparel, Accessories & Luxury Goods: -0.10 pp weight change; -10.8% relative return; weight 0.39%Steel: +0.08 pp weight change; +43.8% relative return; weight 0.18%Advertising: +0.01 pp weight change; +41.8% relative return; weight 0.06%Personal Care Products: +0.03 pp weight change; +16.3% relative return; weight 1.30%Industrial REITs: -0.02 pp weight change; -15.9% relative return; weight 0.38%Electronic Equipment & Instruments: -0.06 pp weight change; -5.4% relative return; weight 0.39%Apparel Retail: +0.06 pp weight change; +29.3% relative return; weight 0.48%Environmental & Facilities Services: +0.03 pp weight change; +18.3% relative return; weight 0.44%Food Distributors: +0.01 pp weight change; +22.1% relative return; weight 0.14%Integrated Telecommunication Services: -0.04 pp weight change; +10.1% relative return; weight 1.07%Electronic Manufacturing Services: -0.04 pp weight change; -11.4% relative return; weight 0.13%Other Specialty Retail: +0.02 pp weight change; +35.0% relative return; weight 0.10%Timber REITs: -0.02 pp weight change; -2.5% relative return; weight 0.08%Interactive Home Entertainment: -0.00 pp weight change; -28.2% relative return; weight 0.06%Data Processing & Outsourced Services: -0.01 pp weight change; -8.4% relative return; weight 0.06%Gas Utilities: +0.01 pp weight change; +34.3% relative return; weight 0.06%Commodity Chemicals: -0.01 pp weight change; +14.4% relative return; weight 0.13%Wireless Telecommunication Services: +0.16 pp weight change; +47.9% relative return; weight 0.63%Technology Distributors: -0.00 pp weight change; +8.1% relative return; weight 0.09%Heavy Electrical Equipment: -0.05 pp weight change; -65.0% relative return; weight 0.02%Single-Family Residential REITs: +0.07 pp weight change; +8.3% relative return; weight 0.07%Passenger Ground Transportation: +0.00 pp weight change; +22.5% relative return; weight 0.00%Footwear: +0.00 pp weight change; +22.5% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +22.5% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +22.5% 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.