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: -0.87 pp weight change; -16.1% relative return; weight 1.23%Technology Hardware, Storage & Peripherals: -1.70 pp weight change; +21.3% relative return; weight 7.26%Technology Hardware, Storage & PeripheralsBiotechnology: -1.11 pp weight change; -11.3% relative return; weight 1.65%Health Care Equipment: -0.72 pp weight change; +2.2% relative return; weight 2.33%Health Care EquipmentIT Consulting & Other Services: -0.52 pp weight change; -6.8% relative return; weight 0.88%Application Software: -0.50 pp weight change; +20.3% relative return; weight 2.59%Application SoftwareSemiconductors: -0.81 pp weight change; +11.0% relative return; weight 2.62%SemiconductorsAgricultural Products & Services: -0.07 pp weight change; -14.7% relative return; weight 0.10%Human Resource & Employment Services: -0.20 pp weight change; -9.8% relative return; weight 0.30%Multi-Utilities: -0.65 pp weight change; -19.7% relative return; weight 0.98%Electric Utilities: -0.79 pp weight change; -15.8% relative return; weight 1.04%Independent Power Producers & Energy Traders: -0.04 pp weight change; -13.0% relative return; weight 0.05%Life & Health Insurance: -0.24 pp weight change; -8.3% relative return; weight 0.34%Multi-line Insurance: -0.11 pp weight change; -9.0% relative return; weight 0.14%Insurance Brokers: -0.22 pp weight change; +8.5% relative return; weight 0.59%Internet Services & Infrastructure: -0.04 pp weight change; +2.0% relative return; weight 0.09%Specialty Chemicals: -0.29 pp weight change; -3.6% relative return; weight 0.54%Health Care Supplies: -0.04 pp weight change; +16.7% relative return; weight 0.14%Property & Casualty Insurance: -0.39 pp weight change; -10.2% relative return; weight 0.70%Building Products: -0.09 pp weight change; +21.1% relative return; weight 0.37%Semiconductor Materials & Equipment: -0.05 pp weight change; +33.0% relative return; weight 0.36%Electrical Components & Equipment: -0.09 pp weight change; +25.6% relative return; weight 0.48%Asset Management & Custody Banks: -0.21 pp weight change; -2.8% relative return; weight 0.36%Telecom Tower REITs: -0.49 pp weight change; -35.5% relative return; weight 0.38%Broadline Retail: +2.85 pp weight change; +2.8% relative return; weight 3.15%Broadline RetailOil & Gas Exploration & Production: -0.44 pp weight change; -4.1% relative return; weight 0.75%Industrial Gases: -0.18 pp weight change; +13.9% relative return; weight 0.59%Electronic Components: -0.04 pp weight change; +2.9% relative return; weight 0.10%Automotive Parts & Equipment: -0.03 pp weight change; -1.6% relative return; weight 0.06%Office REITs: -0.08 pp weight change; -34.2% relative return; weight 0.07%Paper & Plastic Packaging Products & Materials: +27.19 pp weight change; -23.1% relative return; weight 27.71%Paper & Plastic Packaging Products & MaterialsWater Utilities: -0.04 pp weight change; -16.1% relative return; weight 0.06%Consumer Finance: -0.19 pp weight change; +4.9% relative return; weight 0.43%Automotive Retail: -0.06 pp weight change; +1.5% relative return; weight 0.11%Aerospace & Defense: -0.70 pp weight change; +4.3% relative return; weight 1.74%Diversified Banks: -1.54 pp weight change; -8.1% relative return; weight 2.42%Diversified BanksMetal, Glass & Plastic Containers: -0.04 pp weight change; -26.2% relative return; weight 0.04%Computer & Electronics Retail: -0.02 pp weight change; +13.2% relative return; weight 0.04%Hotels, Resorts & Cruise Lines: -0.03 pp weight change; +38.5% relative return; weight 0.36%Oil & Gas Equipment & Services: -0.00 pp weight change; +13.0% relative return; weight 0.30%Pharmaceuticals: -2.35 pp weight change; -9.1% relative return; weight 3.70%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +7.3% relative return; weight 0.00%Health Care Distributors: -0.09 pp weight change; +18.8% relative return; weight 0.30%Construction Machinery & Heavy Transportation Equipment: -0.09 pp weight change; +21.5% relative return; weight 0.52%Financial Exchanges & Data: -0.32 pp weight change; +0.1% relative return; weight 0.82%Real Estate Services: +0.05 pp weight change; -2.1% relative return; weight 0.14%Fertilizers & Agricultural Chemicals: -0.14 pp weight change; -19.1% relative return; weight 0.15%Regional Banks: -0.26 pp weight change; -30.0% relative return; weight 0.21%Household Products: -0.24 pp weight change; -10.3% relative return; weight 0.36%Air Freight & Logistics: -0.32 pp weight change; -9.5% relative return; weight 0.48%Cable & Satellite: -0.37 pp weight change; -22.9% relative return; weight 0.42%Health Care Services: -0.46 pp weight change; -20.4% relative return; weight 0.50%Restaurants: -0.35 pp weight change; +8.0% relative return; weight 0.93%Managed Health Care: -1.26 pp weight change; -19.5% relative return; weight 1.49%Consumer Staples Merchandise Retail: -0.69 pp weight change; -6.8% relative return; weight 1.18%Transaction & Payment Processing Services: -0.57 pp weight change; -7.8% relative return; weight 0.93%Communications Equipment: -0.24 pp weight change; +10.2% relative return; weight 0.65%Rail Transportation: -0.41 pp weight change; -10.4% relative return; weight 0.57%Diversified Support Services: -0.01 pp weight change; +10.1% relative return; weight 0.11%Integrated Oil & Gas: -0.42 pp weight change; -3.3% relative return; weight 0.69%Passenger Airlines: -0.04 pp weight change; +17.0% relative return; weight 0.16%Agricultural & Farm Machinery: -0.08 pp weight change; +17.7% relative return; weight 0.27%Homebuilding: +0.01 pp weight change; +54.9% relative return; weight 0.18%Movies & Entertainment: -0.30 pp weight change; -12.2% relative return; weight 0.47%Data Center REITs: -0.13 pp weight change; -5.4% relative return; weight 0.25%Health Care REITs: -0.12 pp weight change; -17.3% relative return; weight 0.16%Industrial Machinery & Supplies & Components: -0.19 pp weight change; +20.7% relative return; weight 0.83%Research & Consulting Services: -0.05 pp weight change; +12.4% relative return; weight 0.14%Reinsurance: -0.01 pp weight change; +6.9% relative return; weight 0.03%Multi-Family Residential REITs: -0.17 pp weight change; -20.7% relative return; weight 0.19%Self-Storage REITs: -0.14 pp weight change; -16.2% relative return; weight 0.17%Automobile Manufacturers: +0.93 pp weight change; +5.4% relative return; weight 2.17%Automobile ManufacturersTrading Companies & Distributors: -0.01 pp weight change; +33.9% relative return; weight 0.11%Copper: -0.03 pp weight change; +19.5% relative return; weight 0.13%Broadcasting: -0.06 pp weight change; -19.7% relative return; weight 0.07%Retail REITs: -0.14 pp weight change; -8.6% relative return; weight 0.24%Systems Software: -1.46 pp weight change; +14.9% relative return; weight 6.16%Systems SoftwarePackaged Foods & Meats: -0.33 pp weight change; -3.6% relative return; weight 0.60%Distributors: -0.02 pp weight change; +11.8% relative return; weight 0.05%Consumer Electronics: -0.03 pp weight change; -6.0% relative return; weight 0.05%Investment Banking & Brokerage: -0.51 pp weight change; -6.6% relative return; weight 0.80%Leisure Products: -0.02 pp weight change; -29.0% relative return; weight 0.02%Health Care Facilities: +0.00 pp weight change; +56.6% relative return; weight 0.19%Home Improvement Retail: -0.50 pp weight change; +3.6% relative return; weight 1.03%Industrial Conglomerates: -0.31 pp weight change; -3.9% relative return; weight 0.52%Hotel & Resort REITs: -0.05 pp weight change; -4.6% relative return; weight 0.10%Other Specialized REITs: -0.02 pp weight change; +4.9% relative return; weight 0.04%Construction & Engineering: -0.03 pp weight change; +12.0% relative return; weight 0.09%Cargo Ground Transportation: -0.03 pp weight change; +11.2% relative return; weight 0.09%Oil & Gas Storage & Transportation: -0.11 pp weight change; -2.7% relative return; weight 0.28%Soft Drinks & Non-alcoholic Beverages: -0.84 pp weight change; -10.1% relative return; weight 1.36%Food Retail: -0.05 pp weight change; -12.8% relative return; weight 0.08%Casinos & Gaming: -0.01 pp weight change; +45.3% relative return; weight 0.17%Construction Materials: -0.01 pp weight change; +35.5% relative return; weight 0.14%Tobacco: -0.35 pp weight change; -6.5% relative return; weight 0.54%Oil & Gas Refining & Marketing: -0.18 pp weight change; +9.0% relative return; weight 0.31%Gold: -0.11 pp weight change; -35.8% relative return; weight 0.08%Apparel, Accessories & Luxury Goods: -0.13 pp weight change; -3.8% relative return; weight 0.24%Steel: +0.03 pp weight change; +32.3% relative return; weight 0.14%Advertising: -0.01 pp weight change; +33.0% relative return; weight 0.04%Personal Care Products: -0.51 pp weight change; -7.0% relative return; weight 0.83%Industrial REITs: -0.08 pp weight change; -8.0% relative return; weight 0.26%Electronic Equipment & Instruments: -0.12 pp weight change; +0.2% relative return; weight 0.27%Apparel Retail: -0.04 pp weight change; +34.3% relative return; weight 0.31%Environmental & Facilities Services: -0.15 pp weight change; +1.1% relative return; weight 0.32%Food Distributors: -0.08 pp weight change; -23.3% relative return; weight 0.09%Integrated Telecommunication Services: -0.79 pp weight change; -32.1% relative return; weight 0.63%Electronic Manufacturing Services: -0.04 pp weight change; +8.3% relative return; weight 0.10%Other Specialty Retail: -0.03 pp weight change; +4.0% relative return; weight 0.07%Timber REITs: -0.04 pp weight change; -8.6% relative return; weight 0.06%Interactive Home Entertainment: +0.00 pp weight change; +3.2% relative return; weight 0.06%Data Processing & Outsourced Services: -0.02 pp weight change; +1.7% relative return; weight 0.05%Gas Utilities: -0.02 pp weight change; -8.6% relative return; weight 0.04%Commodity Chemicals: -0.06 pp weight change; -6.5% relative return; weight 0.09%Wireless Telecommunication Services: -0.27 pp weight change; -11.3% relative return; weight 0.39%Technology Distributors: -0.03 pp weight change; +1.3% relative return; weight 0.06%Heavy Electrical Equipment: -0.03 pp weight change; -39.2% relative return; weight 0.02%Single-Family Residential REITs: +0.05 pp weight change; -10.5% relative return; weight 0.05%Passenger Ground Transportation: +0.00 pp weight change; -14.1% relative return; weight 0.00%Footwear: +0.00 pp weight change; -14.1% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -14.1% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -14.1% 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.