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-90%-1.75 pp-45%+0.00 pp+0%+1.75 pp+45%+3.50 pp+90%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.11 pp weight change; +1.9% relative return; weight 2.00%Technology Hardware, Storage & Peripherals: -1.83 pp weight change; -9.7% relative return; weight 8.16%Technology Hardware, Storage & PeripheralsBiotechnology: +0.35 pp weight change; +27.8% relative return; weight 2.68%BiotechnologyHealth Care Equipment: -0.23 pp weight change; -1.8% relative return; weight 2.94%Health Care EquipmentIT Consulting & Other Services: -0.16 pp weight change; -2.7% relative return; weight 1.23%Application Software: -0.49 pp weight change; -7.2% relative return; weight 3.04%Application SoftwareSemiconductors: -0.45 pp weight change; -11.4% relative return; weight 3.26%SemiconductorsAgricultural Products & Services: +0.01 pp weight change; +22.5% relative return; weight 0.16%Human Resource & Employment Services: +0.03 pp weight change; +17.4% relative return; weight 0.46%Multi-Utilities: +0.12 pp weight change; +8.1% relative return; weight 1.50%Electric Utilities: +0.11 pp weight change; +13.7% relative return; weight 1.61%Independent Power Producers & Energy Traders: +0.01 pp weight change; +22.3% relative return; weight 0.09%Life & Health Insurance: +0.03 pp weight change; +23.1% relative return; weight 0.60%Multi-line Insurance: -0.01 pp weight change; +16.6% relative return; weight 0.23%Insurance Brokers: +0.08 pp weight change; +24.1% relative return; weight 0.81%Internet Services & Infrastructure: -0.02 pp weight change; -1.6% relative return; weight 0.13%Specialty Chemicals: -0.08 pp weight change; -0.1% relative return; weight 0.78%Health Care Supplies: -0.09 pp weight change; -32.6% relative return; weight 0.15%Property & Casualty Insurance: +0.21 pp weight change; +27.3% relative return; weight 1.14%Building Products: -0.03 pp weight change; +6.9% relative return; weight 0.53%Semiconductor Materials & Equipment: -0.11 pp weight change; -9.6% relative return; weight 0.42%Electrical Components & Equipment: +0.01 pp weight change; +11.8% relative return; weight 0.63%Asset Management & Custody Banks: -0.06 pp weight change; +2.2% relative return; weight 0.62%Telecom Tower REITs: -0.08 pp weight change; -3.3% relative return; weight 0.69%Broadline Retail: +3.31 pp weight change; -26.8% relative return; weight 3.69%Broadline RetailOil & Gas Exploration & Production: +0.34 pp weight change; +52.3% relative return; weight 1.31%Industrial Gases: +0.04 pp weight change; +18.2% relative return; weight 0.80%Electronic Components: -0.02 pp weight change; -3.1% relative return; weight 0.14%Automotive Parts & Equipment: -0.02 pp weight change; -9.9% relative return; weight 0.10%Office REITs: -0.03 pp weight change; -13.3% relative return; weight 0.14%Paper & Plastic Packaging Products & Materials: -0.02 pp weight change; +9.6% relative return; weight 0.46%Water Utilities: -0.00 pp weight change; +7.7% relative return; weight 0.10%Consumer Finance: -0.10 pp weight change; +1.6% relative return; weight 0.66%Automotive Retail: +0.02 pp weight change; +33.5% relative return; weight 0.17%Aerospace & Defense: +0.26 pp weight change; +24.3% relative return; weight 2.45%Aerospace & DefenseDiversified Banks: -0.73 pp weight change; -4.7% relative return; weight 4.04%Diversified BanksMetal, Glass & Plastic Containers: -0.04 pp weight change; -34.0% relative return; weight 0.06%Computer & Electronics Retail: -0.01 pp weight change; +1.6% relative return; weight 0.07%Hotels, Resorts & Cruise Lines: -0.03 pp weight change; +1.6% relative return; weight 0.46%Oil & Gas Equipment & Services: +0.13 pp weight change; +56.6% relative return; weight 0.41%Pharmaceuticals: +0.34 pp weight change; +18.2% relative return; weight 5.20%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +8.3% relative return; weight 0.00%Health Care Distributors: +0.10 pp weight change; +50.5% relative return; weight 0.41%Construction Machinery & Heavy Transportation Equipment: +0.12 pp weight change; +35.2% relative return; weight 0.72%Financial Exchanges & Data: +0.09 pp weight change; -0.1% relative return; weight 1.19%Real Estate Services: +0.09 pp weight change; -14.4% relative return; weight 0.20%Fertilizers & Agricultural Chemicals: +0.05 pp weight change; +42.7% relative return; weight 0.27%Regional Banks: -0.01 pp weight change; -0.3% relative return; weight 0.46%Household Products: -0.05 pp weight change; -0.3% relative return; weight 0.49%Air Freight & Logistics: -0.09 pp weight change; -0.3% relative return; weight 0.69%Cable & Satellite: -0.25 pp weight change; -23.0% relative return; weight 0.62%Health Care Services: -0.02 pp weight change; +11.1% relative return; weight 0.88%Restaurants: +0.05 pp weight change; +16.4% relative return; weight 1.33%Managed Health Care: +0.19 pp weight change; +19.1% relative return; weight 2.37%Consumer Staples Merchandise Retail: -0.02 pp weight change; +8.7% relative return; weight 1.78%Transaction & Payment Processing Services: -0.50 pp weight change; -18.2% relative return; weight 1.43%Communications Equipment: -0.08 pp weight change; +1.0% relative return; weight 0.89%Rail Transportation: -0.16 pp weight change; -3.8% relative return; weight 0.85%Diversified Support Services: +0.04 pp weight change; +21.8% relative return; weight 0.14%Integrated Oil & Gas: +0.30 pp weight change; +49.3% relative return; weight 1.15%Passenger Airlines: -0.01 pp weight change; +2.8% relative return; weight 0.21%Agricultural & Farm Machinery: +0.04 pp weight change; +23.7% relative return; weight 0.43%Homebuilding: +0.00 pp weight change; +17.1% relative return; weight 0.22%Movies & Entertainment: -0.22 pp weight change; -17.2% relative return; weight 0.80%Data Center REITs: -0.02 pp weight change; +2.7% relative return; weight 0.35%Health Care REITs: -0.02 pp weight change; -1.6% relative return; weight 0.24%Industrial Machinery & Supplies & Components: +0.02 pp weight change; +8.0% relative return; weight 1.12%Research & Consulting Services: -0.01 pp weight change; +1.7% relative return; weight 0.19%Reinsurance: +0.01 pp weight change; +37.3% relative return; weight 0.05%Multi-Family Residential REITs: -0.03 pp weight change; -17.0% relative return; weight 0.29%Self-Storage REITs: -0.05 pp weight change; -4.2% relative return; weight 0.26%Automobile Manufacturers: +0.67 pp weight change; -37.7% relative return; weight 2.24%Trading Companies & Distributors: +0.02 pp weight change; +28.9% relative return; weight 0.15%Copper: +0.03 pp weight change; +32.7% relative return; weight 0.22%Broadcasting: +0.12 pp weight change; -20.1% relative return; weight 0.12%Retail REITs: +0.03 pp weight change; +4.8% relative return; weight 0.39%Systems Software: -1.44 pp weight change; -12.2% relative return; weight 6.57%Systems SoftwarePackaged Foods & Meats: +0.06 pp weight change; +19.7% relative return; weight 0.86%Distributors: +0.02 pp weight change; +40.4% relative return; weight 0.08%Consumer Electronics: -0.02 pp weight change; -11.0% relative return; weight 0.06%Investment Banking & Brokerage: -0.06 pp weight change; +7.1% relative return; weight 1.41%Leisure Products: -0.01 pp weight change; -27.6% relative return; weight 0.03%Health Care Facilities: -0.00 pp weight change; +16.8% relative return; weight 0.25%Home Improvement Retail: -0.27 pp weight change; -1.8% relative return; weight 1.56%Industrial Conglomerates: -0.09 pp weight change; +1.9% relative return; weight 0.81%Hotel & Resort REITs: +0.12 pp weight change; +17.9% relative return; weight 0.16%Other Specialized REITs: +0.01 pp weight change; +35.6% relative return; weight 0.05%Construction & Engineering: +0.02 pp weight change; +33.7% relative return; weight 0.12%Cargo Ground Transportation: +0.00 pp weight change; +13.6% relative return; weight 0.13%Oil & Gas Storage & Transportation: +0.09 pp weight change; +25.3% relative return; weight 0.44%Soft Drinks & Non-alcoholic Beverages: +0.20 pp weight change; +11.8% relative return; weight 1.93%Food Retail: +0.00 pp weight change; +13.6% relative return; weight 0.11%Casinos & Gaming: +0.04 pp weight change; +32.6% relative return; weight 0.25%Construction Materials: -0.01 pp weight change; +3.6% relative return; weight 0.16%Tobacco: -0.02 pp weight change; +11.9% relative return; weight 0.83%Oil & Gas Refining & Marketing: +0.17 pp weight change; +74.1% relative return; weight 0.55%Gold: -0.02 pp weight change; -2.0% relative return; weight 0.14%Apparel, Accessories & Luxury Goods: -0.05 pp weight change; -2.6% relative return; weight 0.41%Steel: +0.12 pp weight change; +82.1% relative return; weight 0.22%Advertising: +0.01 pp weight change; +29.0% relative return; weight 0.06%Personal Care Products: -0.14 pp weight change; -1.0% relative return; weight 1.15%Industrial REITs: +0.02 pp weight change; -8.0% relative return; weight 0.41%Electronic Equipment & Instruments: -0.03 pp weight change; +0.8% relative return; weight 0.39%Apparel Retail: +0.06 pp weight change; +28.1% relative return; weight 0.46%Environmental & Facilities Services: +0.01 pp weight change; +13.8% relative return; weight 0.41%Food Distributors: -0.00 pp weight change; +10.5% relative return; weight 0.13%Integrated Telecommunication Services: -0.11 pp weight change; +2.1% relative return; weight 1.09%Electronic Manufacturing Services: -0.02 pp weight change; -1.7% relative return; weight 0.14%Other Specialty Retail: +0.02 pp weight change; +45.9% relative return; weight 0.11%Timber REITs: -0.02 pp weight change; -2.1% relative return; weight 0.09%Interactive Home Entertainment: +0.00 pp weight change; -24.6% relative return; weight 0.07%Data Processing & Outsourced Services: -0.00 pp weight change; +4.7% relative return; weight 0.06%Gas Utilities: +0.01 pp weight change; +22.2% relative return; weight 0.06%Commodity Chemicals: -0.01 pp weight change; +13.6% relative return; weight 0.14%Wireless Telecommunication Services: +0.18 pp weight change; +50.2% relative return; weight 0.64%Technology Distributors: +0.00 pp weight change; +14.2% relative return; weight 0.09%Heavy Electrical Equipment: -0.03 pp weight change; -53.5% relative return; weight 0.03%Single-Family Residential REITs: +0.07 pp weight change; +5.4% relative return; weight 0.07%Passenger Ground Transportation: +0.00 pp weight change; +8.8% relative return; weight 0.00%Footwear: +0.00 pp weight change; +8.8% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +8.8% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +8.8% 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.