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-60%-1.75 pp-30%+0.00 pp+0%+1.75 pp+30%+3.50 pp+60%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.19 pp weight change; -5.9% relative return; weight 1.85%Technology Hardware, Storage & Peripherals: -0.26 pp weight change; +4.5% relative return; weight 9.34%Technology Hardware, Storage & PeripheralsBiotechnology: +0.11 pp weight change; +11.9% relative return; weight 2.61%BiotechnologyHealth Care Equipment: +0.18 pp weight change; +2.4% relative return; weight 3.34%Health Care EquipmentIT Consulting & Other Services: -0.19 pp weight change; -7.5% relative return; weight 1.17%Application Software: +0.20 pp weight change; +10.1% relative return; weight 3.27%Application SoftwareSemiconductors: -0.07 pp weight change; -3.8% relative return; weight 3.32%SemiconductorsAgricultural Products & Services: -0.04 pp weight change; -13.5% relative return; weight 0.14%Human Resource & Employment Services: -0.05 pp weight change; -4.3% relative return; weight 0.44%Multi-Utilities: +0.02 pp weight change; -2.7% relative return; weight 1.51%Electric Utilities: -0.18 pp weight change; -3.6% relative return; weight 1.59%Independent Power Producers & Energy Traders: -0.00 pp weight change; +8.5% relative return; weight 0.08%Life & Health Insurance: -0.07 pp weight change; -0.0% relative return; weight 0.51%Multi-line Insurance: -0.07 pp weight change; -13.0% relative return; weight 0.20%Insurance Brokers: +0.03 pp weight change; +11.2% relative return; weight 0.82%Internet Services & Infrastructure: -0.01 pp weight change; -3.0% relative return; weight 0.12%Specialty Chemicals: -0.12 pp weight change; -7.7% relative return; weight 0.74%Health Care Supplies: +0.01 pp weight change; +10.0% relative return; weight 0.19%Property & Casualty Insurance: +0.05 pp weight change; +5.1% relative return; weight 1.06%Building Products: +0.01 pp weight change; +9.9% relative return; weight 0.49%Semiconductor Materials & Equipment: -0.04 pp weight change; -0.2% relative return; weight 0.41%Electrical Components & Equipment: -0.01 pp weight change; +5.6% relative return; weight 0.60%Asset Management & Custody Banks: -0.05 pp weight change; +0.6% relative return; weight 0.52%Telecom Tower REITs: -0.23 pp weight change; -23.0% relative return; weight 0.60%Broadline Retail: +3.40 pp weight change; -20.5% relative return; weight 3.74%Broadline RetailOil & Gas Exploration & Production: -0.02 pp weight change; +7.7% relative return; weight 1.14%Industrial Gases: +0.07 pp weight change; +19.2% relative return; weight 0.83%Electronic Components: -0.01 pp weight change; -2.7% relative return; weight 0.13%Automotive Parts & Equipment: -0.01 pp weight change; -5.8% relative return; weight 0.09%Office REITs: -0.07 pp weight change; -39.6% relative return; weight 0.10%Paper & Plastic Packaging Products & Materials: -0.09 pp weight change; -9.6% relative return; weight 0.40%Water Utilities: -0.00 pp weight change; -4.6% relative return; weight 0.10%Consumer Finance: -0.16 pp weight change; -12.9% relative return; weight 0.57%Automotive Retail: +0.03 pp weight change; +33.6% relative return; weight 0.18%Aerospace & Defense: +0.11 pp weight change; +12.9% relative return; weight 2.44%Aerospace & DefenseDiversified Banks: -0.52 pp weight change; -5.8% relative return; weight 3.48%Diversified BanksMetal, Glass & Plastic Containers: -0.04 pp weight change; -35.3% relative return; weight 0.06%Computer & Electronics Retail: -0.02 pp weight change; -15.4% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: -0.11 pp weight change; -14.5% relative return; weight 0.43%Oil & Gas Equipment & Services: +0.12 pp weight change; +13.5% relative return; weight 0.44%Pharmaceuticals: -0.24 pp weight change; +2.9% relative return; weight 5.22%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; -0.9% relative return; weight 0.00%Health Care Distributors: +0.01 pp weight change; +15.3% relative return; weight 0.39%Construction Machinery & Heavy Transportation Equipment: +0.05 pp weight change; +11.4% relative return; weight 0.68%Financial Exchanges & Data: +0.07 pp weight change; -3.2% relative return; weight 1.14%Real Estate Services: +0.09 pp weight change; -11.5% relative return; weight 0.19%Fertilizers & Agricultural Chemicals: -0.06 pp weight change; -12.6% relative return; weight 0.24%Regional Banks: -0.10 pp weight change; -23.4% relative return; weight 0.33%Household Products: -0.01 pp weight change; +4.7% relative return; weight 0.54%Air Freight & Logistics: -0.04 pp weight change; +4.0% relative return; weight 0.69%Cable & Satellite: -0.09 pp weight change; -8.0% relative return; weight 0.61%Health Care Services: -0.20 pp weight change; -12.7% relative return; weight 0.71%Restaurants: +0.21 pp weight change; +26.3% relative return; weight 1.41%Managed Health Care: -0.26 pp weight change; -4.2% relative return; weight 2.28%Consumer Staples Merchandise Retail: -0.33 pp weight change; -10.7% relative return; weight 1.74%Transaction & Payment Processing Services: -0.22 pp weight change; -7.1% relative return; weight 1.38%Communications Equipment: -0.05 pp weight change; +3.0% relative return; weight 0.89%Rail Transportation: -0.25 pp weight change; -16.5% relative return; weight 0.77%Diversified Support Services: +0.03 pp weight change; +11.3% relative return; weight 0.15%Integrated Oil & Gas: -0.02 pp weight change; +8.4% relative return; weight 1.09%Passenger Airlines: -0.08 pp weight change; -26.1% relative return; weight 0.18%Agricultural & Farm Machinery: -0.04 pp weight change; -1.2% relative return; weight 0.38%Homebuilding: +0.06 pp weight change; +48.5% relative return; weight 0.24%Movies & Entertainment: -0.12 pp weight change; -10.4% relative return; weight 0.73%Data Center REITs: -0.06 pp weight change; -12.1% relative return; weight 0.32%Health Care REITs: -0.05 pp weight change; -16.4% relative return; weight 0.24%Industrial Machinery & Supplies & Components: +0.08 pp weight change; +16.1% relative return; weight 1.11%Research & Consulting Services: -0.02 pp weight change; -3.6% relative return; weight 0.19%Reinsurance: +0.01 pp weight change; +37.0% relative return; weight 0.05%Multi-Family Residential REITs: -0.12 pp weight change; -24.7% relative return; weight 0.27%Self-Storage REITs: -0.08 pp weight change; -17.8% relative return; weight 0.24%Automobile Manufacturers: +0.59 pp weight change; -39.1% relative return; weight 2.06%Trading Companies & Distributors: -0.00 pp weight change; +5.6% relative return; weight 0.14%Copper: -0.03 pp weight change; -7.3% relative return; weight 0.18%Broadcasting: -0.05 pp weight change; -27.0% relative return; weight 0.11%Retail REITs: -0.05 pp weight change; -8.4% relative return; weight 0.35%Systems Software: +0.32 pp weight change; +8.6% relative return; weight 7.98%Systems SoftwarePackaged Foods & Meats: +0.05 pp weight change; +14.5% relative return; weight 0.95%Distributors: +0.01 pp weight change; +29.0% relative return; weight 0.08%Consumer Electronics: -0.01 pp weight change; -10.1% relative return; weight 0.06%Investment Banking & Brokerage: -0.08 pp weight change; +2.6% relative return; weight 1.19%Leisure Products: -0.02 pp weight change; -31.6% relative return; weight 0.03%Health Care Facilities: +0.03 pp weight change; +31.8% relative return; weight 0.27%Home Improvement Retail: -0.15 pp weight change; +1.3% relative return; weight 1.45%Industrial Conglomerates: -0.13 pp weight change; -4.6% relative return; weight 0.75%Hotel & Resort REITs: +0.10 pp weight change; -13.4% relative return; weight 0.15%Other Specialized REITs: -0.00 pp weight change; +5.0% relative return; weight 0.05%Construction & Engineering: +0.01 pp weight change; +14.3% relative return; weight 0.12%Cargo Ground Transportation: -0.00 pp weight change; +6.0% relative return; weight 0.12%Oil & Gas Storage & Transportation: +0.01 pp weight change; -1.2% relative return; weight 0.41%Soft Drinks & Non-alcoholic Beverages: +0.12 pp weight change; +4.0% relative return; weight 2.03%Food Retail: -0.02 pp weight change; -10.4% relative return; weight 0.12%Casinos & Gaming: +0.07 pp weight change; +50.4% relative return; weight 0.27%Construction Materials: -0.01 pp weight change; +0.3% relative return; weight 0.15%Tobacco: -0.11 pp weight change; -2.2% relative return; weight 0.81%Oil & Gas Refining & Marketing: -0.02 pp weight change; +19.6% relative return; weight 0.48%Gold: -0.08 pp weight change; -33.9% relative return; weight 0.13%Apparel, Accessories & Luxury Goods: -0.02 pp weight change; +1.9% relative return; weight 0.40%Steel: +0.04 pp weight change; -6.9% relative return; weight 0.19%Advertising: +0.00 pp weight change; +20.3% relative return; weight 0.06%Personal Care Products: -0.15 pp weight change; -2.6% relative return; weight 1.24%Industrial REITs: -0.04 pp weight change; -21.8% relative return; weight 0.39%Electronic Equipment & Instruments: -0.05 pp weight change; -7.3% relative return; weight 0.37%Apparel Retail: +0.04 pp weight change; +20.3% relative return; weight 0.43%Environmental & Facilities Services: -0.01 pp weight change; +5.3% relative return; weight 0.45%Food Distributors: -0.03 pp weight change; -10.3% relative return; weight 0.13%Integrated Telecommunication Services: -0.21 pp weight change; -9.1% relative return; weight 0.98%Electronic Manufacturing Services: -0.02 pp weight change; -2.8% relative return; weight 0.13%Other Specialty Retail: +0.02 pp weight change; +32.2% relative return; weight 0.11%Timber REITs: -0.04 pp weight change; -25.8% relative return; weight 0.07%Interactive Home Entertainment: +0.02 pp weight change; +1.3% relative return; weight 0.07%Data Processing & Outsourced Services: -0.00 pp weight change; +0.2% relative return; weight 0.06%Gas Utilities: -0.00 pp weight change; +0.5% relative return; weight 0.06%Commodity Chemicals: -0.05 pp weight change; -16.3% relative return; weight 0.13%Wireless Telecommunication Services: +0.03 pp weight change; +13.8% relative return; weight 0.58%Technology Distributors: -0.00 pp weight change; +2.4% relative return; weight 0.08%Heavy Electrical Equipment: -0.03 pp weight change; -54.6% relative return; weight 0.02%Single-Family Residential REITs: +0.07 pp weight change; -2.3% relative return; weight 0.07%Passenger Ground Transportation: +0.00 pp weight change; -2.6% relative return; weight 0.00%Footwear: +0.00 pp weight change; -2.6% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -2.6% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -2.6% 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.