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-70%-1.75 pp-35%+0.00 pp+0%+1.75 pp+35%+3.50 pp+70%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.10 pp weight change; +1.4% relative return; weight 1.94%Technology Hardware, Storage & Peripherals: -1.23 pp weight change; -2.3% relative return; weight 8.50%Technology Hardware, Storage & PeripheralsBiotechnology: +0.26 pp weight change; +23.6% relative return; weight 2.64%BiotechnologyHealth Care Equipment: -0.28 pp weight change; -6.1% relative return; weight 3.04%Health Care EquipmentIT Consulting & Other Services: -0.11 pp weight change; +1.7% relative return; weight 1.21%Application Software: -0.30 pp weight change; -1.2% relative return; weight 3.00%Application SoftwareSemiconductors: -0.48 pp weight change; -11.2% relative return; weight 3.32%SemiconductorsAgricultural Products & Services: +0.00 pp weight change; +12.8% relative return; weight 0.15%Human Resource & Employment Services: +0.01 pp weight change; +14.3% relative return; weight 0.46%Multi-Utilities: +0.04 pp weight change; +2.6% relative return; weight 1.46%Electric Utilities: +0.01 pp weight change; +10.8% relative return; weight 1.55%Independent Power Producers & Energy Traders: +0.00 pp weight change; +18.1% relative return; weight 0.08%Life & Health Insurance: +0.01 pp weight change; +19.7% relative return; weight 0.59%Multi-line Insurance: -0.03 pp weight change; +7.2% relative return; weight 0.23%Insurance Brokers: +0.03 pp weight change; +15.4% relative return; weight 0.78%Internet Services & Infrastructure: -0.03 pp weight change; -11.3% relative return; weight 0.11%Specialty Chemicals: -0.06 pp weight change; +2.6% relative return; weight 0.77%Health Care Supplies: -0.08 pp weight change; -23.4% relative return; weight 0.18%Property & Casualty Insurance: +0.21 pp weight change; +25.6% relative return; weight 1.16%Building Products: +0.01 pp weight change; +14.8% relative return; weight 0.53%Semiconductor Materials & Equipment: -0.08 pp weight change; -3.9% relative return; weight 0.44%Electrical Components & Equipment: +0.03 pp weight change; +16.3% relative return; weight 0.64%Asset Management & Custody Banks: -0.04 pp weight change; +7.4% relative return; weight 0.62%Telecom Tower REITs: -0.10 pp weight change; -5.9% relative return; weight 0.62%Broadline Retail: +3.10 pp weight change; -32.1% relative return; weight 3.48%Broadline RetailOil & Gas Exploration & Production: +0.09 pp weight change; +22.5% relative return; weight 1.16%Industrial Gases: +0.13 pp weight change; +32.6% relative return; weight 0.83%Electronic Components: -0.02 pp weight change; -0.9% relative return; weight 0.14%Automotive Parts & Equipment: -0.01 pp weight change; -2.0% relative return; weight 0.11%Office REITs: -0.04 pp weight change; -21.6% relative return; weight 0.13%Paper & Plastic Packaging Products & Materials: -0.03 pp weight change; +7.5% relative return; weight 0.43%Water Utilities: -0.01 pp weight change; +3.1% relative return; weight 0.09%Consumer Finance: -0.15 pp weight change; -6.7% relative return; weight 0.66%Automotive Retail: +0.03 pp weight change; +45.1% relative return; weight 0.18%Aerospace & Defense: +0.03 pp weight change; +12.8% relative return; weight 2.51%Diversified Banks: -0.55 pp weight change; -1.5% relative return; weight 4.12%Diversified BanksMetal, Glass & Plastic Containers: -0.04 pp weight change; -30.7% relative return; weight 0.06%Computer & Electronics Retail: -0.02 pp weight change; -2.0% relative return; weight 0.06%Hotels, Resorts & Cruise Lines: -0.06 pp weight change; -1.3% relative return; weight 0.46%Oil & Gas Equipment & Services: +0.19 pp weight change; +39.7% relative return; weight 0.49%Pharmaceuticals: +0.22 pp weight change; +16.4% relative return; weight 5.02%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +3.6% relative return; weight 0.00%Health Care Distributors: +0.04 pp weight change; +31.5% relative return; weight 0.38%Construction Machinery & Heavy Transportation Equipment: +0.17 pp weight change; +37.9% relative return; weight 0.75%Financial Exchanges & Data: +0.06 pp weight change; -1.3% relative return; weight 1.14%Real Estate Services: +0.08 pp weight change; -14.9% relative return; weight 0.19%Fertilizers & Agricultural Chemicals: +0.02 pp weight change; +23.5% relative return; weight 0.28%Regional Banks: -0.05 pp weight change; -5.5% relative return; weight 0.46%Household Products: -0.02 pp weight change; +6.9% relative return; weight 0.50%Air Freight & Logistics: -0.09 pp weight change; +0.7% relative return; weight 0.70%Cable & Satellite: -0.28 pp weight change; -25.3% relative return; weight 0.60%Health Care Services: -0.08 pp weight change; +5.1% relative return; weight 0.83%Restaurants: +0.07 pp weight change; +18.5% relative return; weight 1.32%Managed Health Care: +0.01 pp weight change; +10.9% relative return; weight 2.30%Consumer Staples Merchandise Retail: -0.07 pp weight change; +6.3% relative return; weight 1.76%Transaction & Payment Processing Services: -0.22 pp weight change; -4.4% relative return; weight 1.40%Communications Equipment: -0.09 pp weight change; +2.2% relative return; weight 0.92%Rail Transportation: -0.17 pp weight change; -3.8% relative return; weight 0.85%Diversified Support Services: +0.04 pp weight change; +20.0% relative return; weight 0.14%Integrated Oil & Gas: +0.10 pp weight change; +26.0% relative return; weight 1.08%Passenger Airlines: -0.01 pp weight change; +1.7% relative return; weight 0.22%Agricultural & Farm Machinery: +0.05 pp weight change; +28.6% relative return; weight 0.44%Homebuilding: +0.01 pp weight change; +18.3% relative return; weight 0.21%Movies & Entertainment: -0.34 pp weight change; -26.6% relative return; weight 0.75%Data Center REITs: -0.03 pp weight change; +0.3% relative return; weight 0.33%Health Care REITs: -0.02 pp weight change; -1.9% relative return; weight 0.24%Industrial Machinery & Supplies & Components: +0.07 pp weight change; +18.6% relative return; weight 1.16%Research & Consulting Services: -0.01 pp weight change; +4.1% relative return; weight 0.18%Reinsurance: +0.01 pp weight change; +43.7% relative return; weight 0.05%Multi-Family Residential REITs: -0.03 pp weight change; -15.9% relative return; weight 0.29%Self-Storage REITs: -0.04 pp weight change; -1.8% relative return; weight 0.26%Automobile Manufacturers: +1.13 pp weight change; -21.1% relative return; weight 2.64%Automobile ManufacturersTrading Companies & Distributors: +0.03 pp weight change; +40.8% relative return; weight 0.17%Copper: -0.03 pp weight change; -3.1% relative return; weight 0.21%Broadcasting: +0.13 pp weight change; -17.9% relative return; weight 0.13%Retail REITs: -0.01 pp weight change; +5.4% relative return; weight 0.38%Systems Software: -1.15 pp weight change; -7.9% relative return; weight 6.80%Systems SoftwarePackaged Foods & Meats: +0.06 pp weight change; +19.6% relative return; weight 0.89%Distributors: +0.03 pp weight change; +61.8% relative return; weight 0.09%Consumer Electronics: -0.01 pp weight change; -0.2% relative return; weight 0.07%Investment Banking & Brokerage: +0.00 pp weight change; +13.2% relative return; weight 1.42%Leisure Products: -0.02 pp weight change; -35.7% relative return; weight 0.03%Health Care Facilities: -0.03 pp weight change; +7.2% relative return; weight 0.24%Home Improvement Retail: -0.16 pp weight change; +4.5% relative return; weight 1.50%Industrial Conglomerates: -0.10 pp weight change; +2.5% relative return; weight 0.77%Hotel & Resort REITs: +0.12 pp weight change; +7.1% relative return; weight 0.16%Other Specialized REITs: +0.00 pp weight change; +22.7% relative return; weight 0.05%Construction & Engineering: +0.03 pp weight change; +37.0% relative return; weight 0.13%Cargo Ground Transportation: -0.00 pp weight change; +7.3% relative return; weight 0.13%Oil & Gas Storage & Transportation: +0.06 pp weight change; +14.6% relative return; weight 0.43%Soft Drinks & Non-alcoholic Beverages: +0.20 pp weight change; +12.8% relative return; weight 1.96%Food Retail: -0.01 pp weight change; +2.7% relative return; weight 0.11%Casinos & Gaming: +0.04 pp weight change; +32.7% relative return; weight 0.25%Construction Materials: -0.00 pp weight change; +6.8% relative return; weight 0.16%Tobacco: -0.04 pp weight change; +9.3% relative return; weight 0.82%Oil & Gas Refining & Marketing: +0.13 pp weight change; +64.1% relative return; weight 0.53%Gold: -0.06 pp weight change; -25.2% relative return; weight 0.12%Apparel, Accessories & Luxury Goods: -0.05 pp weight change; -2.2% relative return; weight 0.39%Steel: +0.10 pp weight change; +41.8% relative return; weight 0.23%Advertising: +0.00 pp weight change; +22.4% relative return; weight 0.06%Personal Care Products: -0.16 pp weight change; -1.3% relative return; weight 1.14%Industrial REITs: +0.03 pp weight change; -5.3% relative return; weight 0.40%Electronic Equipment & Instruments: -0.02 pp weight change; +2.5% relative return; weight 0.39%Apparel Retail: +0.06 pp weight change; +30.1% relative return; weight 0.44%Environmental & Facilities Services: +0.02 pp weight change; +16.8% relative return; weight 0.42%Food Distributors: -0.02 pp weight change; -4.3% relative return; weight 0.13%Integrated Telecommunication Services: -0.18 pp weight change; -2.5% relative return; weight 1.05%Electronic Manufacturing Services: -0.02 pp weight change; -0.8% relative return; weight 0.14%Other Specialty Retail: +0.02 pp weight change; +46.5% relative return; weight 0.11%Timber REITs: -0.02 pp weight change; -8.1% relative return; weight 0.08%Interactive Home Entertainment: +0.00 pp weight change; -26.2% relative return; weight 0.06%Data Processing & Outsourced Services: -0.00 pp weight change; +7.0% relative return; weight 0.06%Gas Utilities: +0.01 pp weight change; +14.8% relative return; weight 0.06%Commodity Chemicals: -0.01 pp weight change; +11.2% relative return; weight 0.14%Wireless Telecommunication Services: +0.08 pp weight change; +25.9% relative return; weight 0.61%Technology Distributors: +0.02 pp weight change; +29.6% relative return; weight 0.10%Heavy Electrical Equipment: -0.04 pp weight change; -58.5% relative return; weight 0.03%Single-Family Residential REITs: +0.07 pp weight change; +2.5% relative return; weight 0.07%Passenger Ground Transportation: +0.00 pp weight change; +9.1% relative return; weight 0.00%Footwear: +0.00 pp weight change; +9.1% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +9.1% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +9.1% 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.