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: -0.14 pp weight change; -1.8% relative return; weight 1.95%Technology Hardware, Storage & Peripherals: -0.77 pp weight change; +1.8% relative return; weight 9.19%Technology Hardware, Storage & PeripheralsBiotechnology: +0.18 pp weight change; +17.8% relative return; weight 2.69%BiotechnologyHealth Care Equipment: -0.12 pp weight change; -4.9% relative return; weight 3.14%Health Care EquipmentIT Consulting & Other Services: -0.14 pp weight change; -1.8% relative return; weight 1.22%Application Software: +0.04 pp weight change; +6.6% relative return; weight 3.32%Application SoftwareSemiconductors: -0.01 pp weight change; +0.1% relative return; weight 3.62%SemiconductorsAgricultural Products & Services: -0.02 pp weight change; -3.2% relative return; weight 0.15%Human Resource & Employment Services: -0.03 pp weight change; +2.4% relative return; weight 0.46%Multi-Utilities: -0.01 pp weight change; -2.3% relative return; weight 1.49%Electric Utilities: -0.08 pp weight change; +3.5% relative return; weight 1.58%Independent Power Producers & Energy Traders: -0.01 pp weight change; +2.5% relative return; weight 0.08%Life & Health Insurance: -0.09 pp weight change; -3.2% relative return; weight 0.49%Multi-line Insurance: -0.07 pp weight change; -11.9% relative return; weight 0.19%Insurance Brokers: -0.03 pp weight change; +6.4% relative return; weight 0.78%Internet Services & Infrastructure: -0.03 pp weight change; -11.8% relative return; weight 0.12%Specialty Chemicals: -0.07 pp weight change; +0.3% relative return; weight 0.74%Health Care Supplies: -0.04 pp weight change; -12.8% relative return; weight 0.19%Property & Casualty Insurance: +0.06 pp weight change; +8.3% relative return; weight 1.05%Building Products: +0.01 pp weight change; +12.3% relative return; weight 0.50%Semiconductor Materials & Equipment: -0.05 pp weight change; +1.9% relative return; weight 0.45%Electrical Components & Equipment: +0.02 pp weight change; +13.1% relative return; weight 0.63%Asset Management & Custody Banks: -0.09 pp weight change; -3.5% relative return; weight 0.54%Telecom Tower REITs: -0.16 pp weight change; -14.3% relative return; weight 0.62%Broadline Retail: +3.30 pp weight change; -30.8% relative return; weight 3.69%Broadline RetailOil & Gas Exploration & Production: -0.00 pp weight change; +11.1% relative return; weight 1.11%Industrial Gases: +0.08 pp weight change; +22.9% relative return; weight 0.81%Electronic Components: +0.00 pp weight change; +9.4% relative return; weight 0.14%Automotive Parts & Equipment: -0.01 pp weight change; +0.9% relative return; weight 0.10%Office REITs: -0.07 pp weight change; -38.6% relative return; weight 0.10%Paper & Plastic Packaging Products & Materials: -0.02 pp weight change; +7.9% relative return; weight 0.42%Water Utilities: -0.01 pp weight change; -3.1% relative return; weight 0.09%Consumer Finance: -0.13 pp weight change; -7.6% relative return; weight 0.59%Automotive Retail: +0.02 pp weight change; +29.7% relative return; weight 0.17%Aerospace & Defense: +0.11 pp weight change; +15.2% relative return; weight 2.47%Diversified Banks: -0.83 pp weight change; -11.4% relative return; weight 3.40%Diversified BanksMetal, Glass & Plastic Containers: -0.04 pp weight change; -33.2% relative return; weight 0.06%Computer & Electronics Retail: -0.01 pp weight change; -2.9% relative return; weight 0.06%Hotels, Resorts & Cruise Lines: -0.09 pp weight change; -8.6% relative return; weight 0.43%Oil & Gas Equipment & Services: +0.13 pp weight change; +16.7% relative return; weight 0.44%Pharmaceuticals: -0.05 pp weight change; +8.5% relative return; weight 4.99%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -5.8% relative return; weight 0.00%Health Care Distributors: +0.02 pp weight change; +22.1% relative return; weight 0.38%Construction Machinery & Heavy Transportation Equipment: +0.08 pp weight change; +18.9% relative return; weight 0.71%Financial Exchanges & Data: +0.04 pp weight change; -4.3% relative return; weight 1.14%Real Estate Services: +0.07 pp weight change; -18.5% relative return; weight 0.17%Fertilizers & Agricultural Chemicals: -0.05 pp weight change; -5.5% relative return; weight 0.25%Regional Banks: -0.11 pp weight change; -23.3% relative return; weight 0.33%Household Products: +0.01 pp weight change; +12.8% relative return; weight 0.51%Air Freight & Logistics: -0.05 pp weight change; +3.6% relative return; weight 0.73%Cable & Satellite: -0.22 pp weight change; -22.3% relative return; weight 0.58%Health Care Services: -0.15 pp weight change; -5.6% relative return; weight 0.72%Restaurants: +0.14 pp weight change; +23.5% relative return; weight 1.34%Managed Health Care: -0.16 pp weight change; +1.4% relative return; weight 2.20%Consumer Staples Merchandise Retail: -0.21 pp weight change; -3.3% relative return; weight 1.73%Transaction & Payment Processing Services: -0.28 pp weight change; -9.5% relative return; weight 1.34%Communications Equipment: -0.03 pp weight change; +7.4% relative return; weight 0.97%Rail Transportation: -0.30 pp weight change; -17.2% relative return; weight 0.80%Diversified Support Services: +0.03 pp weight change; +13.0% relative return; weight 0.14%Integrated Oil & Gas: -0.01 pp weight change; +11.5% relative return; weight 1.06%Passenger Airlines: -0.04 pp weight change; -10.4% relative return; weight 0.19%Agricultural & Farm Machinery: -0.01 pp weight change; +8.3% relative return; weight 0.42%Homebuilding: +0.05 pp weight change; +42.0% relative return; weight 0.22%Movies & Entertainment: -0.25 pp weight change; -21.6% relative return; weight 0.73%Data Center REITs: -0.04 pp weight change; -4.1% relative return; weight 0.33%Health Care REITs: -0.07 pp weight change; -20.5% relative return; weight 0.22%Industrial Machinery & Supplies & Components: +0.11 pp weight change; +21.4% relative return; weight 1.14%Research & Consulting Services: -0.03 pp weight change; -5.0% relative return; weight 0.19%Reinsurance: +0.01 pp weight change; +30.7% relative return; weight 0.05%Multi-Family Residential REITs: -0.06 pp weight change; -25.6% relative return; weight 0.27%Self-Storage REITs: -0.07 pp weight change; -11.0% relative return; weight 0.26%Automobile Manufacturers: +0.90 pp weight change; -31.8% relative return; weight 2.57%Automobile ManufacturersTrading Companies & Distributors: +0.00 pp weight change; +12.2% relative return; weight 0.15%Copper: -0.04 pp weight change; -9.9% relative return; weight 0.20%Broadcasting: +0.13 pp weight change; -18.0% relative return; weight 0.13%Retail REITs: -0.03 pp weight change; -2.5% relative return; weight 0.36%Systems Software: -0.34 pp weight change; +1.7% relative return; weight 7.60%Systems SoftwarePackaged Foods & Meats: +0.10 pp weight change; +24.5% relative return; weight 0.91%Distributors: +0.02 pp weight change; +46.2% relative return; weight 0.08%Consumer Electronics: -0.01 pp weight change; -5.6% relative return; weight 0.07%Investment Banking & Brokerage: -0.16 pp weight change; -2.2% relative return; weight 1.18%Leisure Products: -0.01 pp weight change; -26.6% relative return; weight 0.03%Health Care Facilities: -0.01 pp weight change; +14.4% relative return; weight 0.25%Home Improvement Retail: -0.06 pp weight change; +8.8% relative return; weight 1.43%Industrial Conglomerates: -0.11 pp weight change; -0.3% relative return; weight 0.74%Hotel & Resort REITs: +0.11 pp weight change; -2.2% relative return; weight 0.15%Other Specialized REITs: -0.00 pp weight change; +7.7% relative return; weight 0.05%Construction & Engineering: +0.01 pp weight change; +17.5% relative return; weight 0.12%Cargo Ground Transportation: -0.00 pp weight change; +7.5% relative return; weight 0.13%Oil & Gas Storage & Transportation: +0.02 pp weight change; +4.4% relative return; weight 0.41%Soft Drinks & Non-alcoholic Beverages: +0.27 pp weight change; +15.4% relative return; weight 1.99%Food Retail: -0.02 pp weight change; -5.5% relative return; weight 0.12%Casinos & Gaming: +0.06 pp weight change; +43.8% relative return; weight 0.25%Construction Materials: -0.01 pp weight change; +0.7% relative return; weight 0.15%Tobacco: -0.02 pp weight change; +10.5% relative return; weight 0.79%Oil & Gas Refining & Marketing: +0.11 pp weight change; +53.0% relative return; weight 0.54%Gold: -0.08 pp weight change; -30.7% relative return; weight 0.13%Apparel, Accessories & Luxury Goods: -0.03 pp weight change; +1.4% relative return; weight 0.39%Steel: +0.06 pp weight change; +13.2% relative return; weight 0.20%Advertising: +0.01 pp weight change; +24.1% relative return; weight 0.07%Personal Care Products: -0.04 pp weight change; +7.4% relative return; weight 1.20%Industrial REITs: -0.01 pp weight change; -14.5% relative return; weight 0.39%Electronic Equipment & Instruments: -0.03 pp weight change; +0.0% relative return; weight 0.39%Apparel Retail: +0.09 pp weight change; +37.4% relative return; weight 0.43%Environmental & Facilities Services: +0.02 pp weight change; +12.8% relative return; weight 0.44%Food Distributors: -0.01 pp weight change; +3.7% relative return; weight 0.13%Integrated Telecommunication Services: -0.12 pp weight change; +0.5% relative return; weight 1.03%Electronic Manufacturing Services: -0.00 pp weight change; +9.6% relative return; weight 0.14%Other Specialty Retail: +0.02 pp weight change; +40.0% relative return; weight 0.11%Timber REITs: -0.02 pp weight change; -10.2% relative return; weight 0.08%Interactive Home Entertainment: +0.01 pp weight change; -16.5% relative return; weight 0.07%Data Processing & Outsourced Services: -0.00 pp weight change; +3.3% relative return; weight 0.06%Gas Utilities: +0.00 pp weight change; +3.7% relative return; weight 0.05%Commodity Chemicals: -0.03 pp weight change; -2.7% relative return; weight 0.13%Wireless Telecommunication Services: +0.06 pp weight change; +21.4% relative return; weight 0.60%Technology Distributors: +0.01 pp weight change; +18.6% relative return; weight 0.09%Heavy Electrical Equipment: -0.04 pp weight change; -60.9% relative return; weight 0.02%Single-Family Residential REITs: +0.07 pp weight change; +1.0% relative return; weight 0.07%Passenger Ground Transportation: +0.00 pp weight change; +7.6% relative return; weight 0.00%Footwear: +0.00 pp weight change; +7.6% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; +7.6% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; +7.6% 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.