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

-27.50 pp-60%-13.75 pp-30%+0.00 pp+0%+13.75 pp+30%+27.50 pp+60%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.79 pp weight change; -11.8% relative return; weight 1.27%Technology Hardware, Storage & Peripherals: -1.98 pp weight change; +16.8% relative return; weight 7.09%Technology Hardware, Storage & PeripheralsBiotechnology: -0.80 pp weight change; +1.8% relative return; weight 1.77%Health Care Equipment: -0.81 pp weight change; -1.2% relative return; weight 2.30%Health Care EquipmentIT Consulting & Other Services: -0.44 pp weight change; +0.3% relative return; weight 0.92%Application Software: -0.43 pp weight change; +22.4% relative return; weight 2.61%Application SoftwareSemiconductors: -1.07 pp weight change; +1.1% relative return; weight 2.67%SemiconductorsAgricultural Products & Services: -0.09 pp weight change; -21.5% relative return; weight 0.10%Human Resource & Employment Services: -0.19 pp weight change; -8.2% relative return; weight 0.31%Multi-Utilities: -0.51 pp weight change; -10.9% relative return; weight 1.04%Electric Utilities: -0.73 pp weight change; -11.6% relative return; weight 1.08%Independent Power Producers & Energy Traders: -0.04 pp weight change; -15.8% relative return; weight 0.05%Life & Health Insurance: -0.26 pp weight change; -12.8% relative return; weight 0.32%Multi-line Insurance: -0.12 pp weight change; -13.3% relative return; weight 0.14%Insurance Brokers: -0.19 pp weight change; +11.0% relative return; weight 0.57%Internet Services & Infrastructure: -0.04 pp weight change; +9.8% relative return; weight 0.09%Specialty Chemicals: -0.38 pp weight change; -14.8% relative return; weight 0.51%Health Care Supplies: -0.05 pp weight change; +4.0% relative return; weight 0.13%Property & Casualty Insurance: -0.35 pp weight change; -6.0% relative return; weight 0.72%Building Products: -0.13 pp weight change; +7.5% relative return; weight 0.34%Semiconductor Materials & Equipment: -0.13 pp weight change; +11.2% relative return; weight 0.35%Electrical Components & Equipment: -0.13 pp weight change; +14.2% relative return; weight 0.44%Asset Management & Custody Banks: -0.26 pp weight change; -10.4% relative return; weight 0.35%Telecom Tower REITs: -0.45 pp weight change; -32.0% relative return; weight 0.39%Broadline Retail: +2.79 pp weight change; -4.2% relative return; weight 3.11%Broadline RetailOil & Gas Exploration & Production: -0.61 pp weight change; -15.7% relative return; weight 0.76%Industrial Gases: -0.21 pp weight change; +9.7% relative return; weight 0.58%Electronic Components: -0.05 pp weight change; -7.3% relative return; weight 0.09%Automotive Parts & Equipment: -0.04 pp weight change; -18.0% relative return; weight 0.06%Office REITs: -0.09 pp weight change; -39.4% relative return; weight 0.07%Paper & Plastic Packaging Products & Materials: +27.26 pp weight change; -23.4% relative return; weight 27.79%Paper & Plastic Packaging Products & MaterialsWater Utilities: -0.03 pp weight change; -3.9% relative return; weight 0.07%Consumer Finance: -0.28 pp weight change; -9.5% relative return; weight 0.42%Automotive Retail: -0.04 pp weight change; +16.2% relative return; weight 0.12%Aerospace & Defense: -0.56 pp weight change; +10.6% relative return; weight 1.75%Diversified Banks: -1.82 pp weight change; -14.3% relative return; weight 2.44%Diversified BanksMetal, Glass & Plastic Containers: -0.04 pp weight change; -27.6% relative return; weight 0.04%Computer & Electronics Retail: -0.03 pp weight change; -8.2% relative return; weight 0.04%Hotels, Resorts & Cruise Lines: -0.16 pp weight change; +0.2% relative return; weight 0.32%Oil & Gas Equipment & Services: -0.08 pp weight change; -12.5% relative return; weight 0.28%Pharmaceuticals: -1.83 pp weight change; -0.0% relative return; weight 3.77%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +0.5% relative return; weight 0.00%Health Care Distributors: -0.09 pp weight change; +16.4% relative return; weight 0.29%Construction Machinery & Heavy Transportation Equipment: -0.19 pp weight change; +0.4% relative return; weight 0.46%Financial Exchanges & Data: -0.29 pp weight change; +3.4% relative return; weight 0.83%Real Estate Services: +0.04 pp weight change; -9.2% relative return; weight 0.14%Fertilizers & Agricultural Chemicals: -0.17 pp weight change; -28.2% relative return; weight 0.15%Regional Banks: -0.28 pp weight change; -33.0% relative return; weight 0.22%Household Products: -0.17 pp weight change; +0.9% relative return; weight 0.37%Air Freight & Logistics: -0.28 pp weight change; -5.0% relative return; weight 0.47%Cable & Satellite: -0.40 pp weight change; -26.1% relative return; weight 0.41%Health Care Services: -0.43 pp weight change; -18.2% relative return; weight 0.49%Restaurants: -0.27 pp weight change; +16.0% relative return; weight 0.96%Managed Health Care: -0.88 pp weight change; -4.1% relative return; weight 1.62%Consumer Staples Merchandise Retail: -0.53 pp weight change; +2.6% relative return; weight 1.22%Transaction & Payment Processing Services: -0.67 pp weight change; -13.6% relative return; weight 0.92%Communications Equipment: -0.20 pp weight change; +15.8% relative return; weight 0.67%Rail Transportation: -0.39 pp weight change; -9.3% relative return; weight 0.56%Diversified Support Services: -0.00 pp weight change; +13.1% relative return; weight 0.11%Integrated Oil & Gas: -0.53 pp weight change; -11.7% relative return; weight 0.70%Passenger Airlines: -0.11 pp weight change; -19.3% relative return; weight 0.14%Agricultural & Farm Machinery: -0.14 pp weight change; -3.1% relative return; weight 0.25%Homebuilding: -0.02 pp weight change; +37.5% relative return; weight 0.17%Movies & Entertainment: -0.35 pp weight change; -16.3% relative return; weight 0.49%Data Center REITs: -0.12 pp weight change; -3.7% relative return; weight 0.25%Health Care REITs: -0.12 pp weight change; -19.5% relative return; weight 0.16%Industrial Machinery & Supplies & Components: -0.28 pp weight change; +8.7% relative return; weight 0.77%Research & Consulting Services: -0.05 pp weight change; +14.2% relative return; weight 0.14%Reinsurance: -0.01 pp weight change; +21.5% relative return; weight 0.03%Multi-Family Residential REITs: -0.16 pp weight change; -19.3% relative return; weight 0.19%Self-Storage REITs: -0.12 pp weight change; -11.5% relative return; weight 0.17%Automobile Manufacturers: +0.49 pp weight change; -17.5% relative return; weight 1.82%Automobile ManufacturersTrading Companies & Distributors: -0.04 pp weight change; +7.5% relative return; weight 0.09%Copper: -0.08 pp weight change; -11.5% relative return; weight 0.12%Broadcasting: -0.09 pp weight change; -39.5% relative return; weight 0.07%Retail REITs: -0.15 pp weight change; -10.7% relative return; weight 0.24%Systems Software: -1.23 pp weight change; +20.4% relative return; weight 6.25%Systems SoftwarePackaged Foods & Meats: -0.19 pp weight change; +16.6% relative return; weight 0.67%Distributors: -0.02 pp weight change; +10.2% relative return; weight 0.05%Consumer Electronics: -0.02 pp weight change; -0.4% relative return; weight 0.05%Investment Banking & Brokerage: -0.53 pp weight change; -7.4% relative return; weight 0.82%Leisure Products: -0.02 pp weight change; -31.7% relative return; weight 0.02%Health Care Facilities: -0.04 pp weight change; +25.5% relative return; weight 0.18%Home Improvement Retail: -0.57 pp weight change; -2.0% relative return; weight 1.00%Industrial Conglomerates: -0.37 pp weight change; -10.1% relative return; weight 0.51%Hotel & Resort REITs: +0.05 pp weight change; -15.8% relative return; weight 0.11%Other Specialized REITs: -0.02 pp weight change; +2.7% relative return; weight 0.04%Construction & Engineering: -0.02 pp weight change; +15.5% relative return; weight 0.09%Cargo Ground Transportation: -0.03 pp weight change; +6.6% relative return; weight 0.08%Oil & Gas Storage & Transportation: -0.15 pp weight change; -14.0% relative return; weight 0.28%Soft Drinks & Non-alcoholic Beverages: -0.43 pp weight change; +1.8% relative return; weight 1.44%Food Retail: -0.06 pp weight change; -13.5% relative return; weight 0.08%Casinos & Gaming: -0.01 pp weight change; +40.5% relative return; weight 0.17%Construction Materials: -0.03 pp weight change; +17.6% relative return; weight 0.13%Tobacco: -0.40 pp weight change; -11.8% relative return; weight 0.54%Oil & Gas Refining & Marketing: -0.25 pp weight change; -5.8% relative return; weight 0.31%Gold: -0.11 pp weight change; -37.7% relative return; weight 0.08%Apparel, Accessories & Luxury Goods: -0.15 pp weight change; -9.2% relative return; weight 0.25%Steel: -0.01 pp weight change; -1.8% relative return; weight 0.12%Advertising: -0.01 pp weight change; +21.3% relative return; weight 0.04%Personal Care Products: -0.45 pp weight change; -2.2% relative return; weight 0.83%Industrial REITs: -0.06 pp weight change; -0.7% relative return; weight 0.28%Electronic Equipment & Instruments: -0.13 pp weight change; -1.3% relative return; weight 0.27%Apparel Retail: -0.07 pp weight change; +21.6% relative return; weight 0.31%Environmental & Facilities Services: -0.13 pp weight change; +5.0% relative return; weight 0.32%Food Distributors: -0.07 pp weight change; -15.8% relative return; weight 0.09%Integrated Telecommunication Services: -0.68 pp weight change; -25.1% relative return; weight 0.65%Electronic Manufacturing Services: -0.05 pp weight change; -4.7% relative return; weight 0.10%Other Specialty Retail: -0.03 pp weight change; -1.5% relative return; weight 0.06%Timber REITs: -0.05 pp weight change; -24.8% relative return; weight 0.05%Interactive Home Entertainment: +0.01 pp weight change; +9.4% relative return; weight 0.06%Data Processing & Outsourced Services: -0.02 pp weight change; +1.2% relative return; weight 0.04%Gas Utilities: -0.02 pp weight change; +0.5% relative return; weight 0.04%Commodity Chemicals: -0.09 pp weight change; -25.2% relative return; weight 0.09%Wireless Telecommunication Services: -0.19 pp weight change; +1.8% relative return; weight 0.41%Technology Distributors: -0.03 pp weight change; +1.2% relative return; weight 0.06%Heavy Electrical Equipment: -0.04 pp weight change; -56.4% relative return; weight 0.02%Single-Family Residential REITs: +0.05 pp weight change; +1.5% relative return; weight 0.05%Passenger Ground Transportation: +0.00 pp weight change; -1.1% relative return; weight 0.00%Footwear: +0.00 pp weight change; -1.1% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -1.1% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -1.1% 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.