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

-30.00 pp-50%-15.00 pp-25%+0.00 pp+0%+15.00 pp+25%+30.00 pp+50%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.89 pp weight change; -20.0% relative return; weight 1.21%Technology Hardware, Storage & Peripherals: -2.37 pp weight change; +7.4% relative return; weight 6.94%Technology Hardware, Storage & PeripheralsBiotechnology: -0.79 pp weight change; -3.2% relative return; weight 1.62%Health Care Equipment: -0.76 pp weight change; -1.3% relative return; weight 2.16%Health Care EquipmentIT Consulting & Other Services: -0.41 pp weight change; -2.8% relative return; weight 0.86%Application Software: -0.58 pp weight change; +13.5% relative return; weight 2.56%Application SoftwareSemiconductors: -0.85 pp weight change; +6.1% relative return; weight 2.61%SemiconductorsAgricultural Products & Services: -0.06 pp weight change; -7.0% relative return; weight 0.10%Human Resource & Employment Services: -0.18 pp weight change; -8.2% relative return; weight 0.32%Multi-Utilities: -0.58 pp weight change; -20.4% relative return; weight 0.94%Electric Utilities: -0.69 pp weight change; -14.7% relative return; weight 1.01%Independent Power Producers & Energy Traders: -0.03 pp weight change; -9.8% relative return; weight 0.05%Life & Health Insurance: -0.18 pp weight change; -0.8% relative return; weight 0.34%Multi-line Insurance: -0.08 pp weight change; -1.7% relative return; weight 0.14%Insurance Brokers: -0.23 pp weight change; +1.0% relative return; weight 0.54%Internet Services & Infrastructure: -0.04 pp weight change; -6.1% relative return; weight 0.08%Specialty Chemicals: -0.27 pp weight change; -6.7% relative return; weight 0.51%Health Care Supplies: -0.04 pp weight change; +6.4% relative return; weight 0.13%Property & Casualty Insurance: -0.24 pp weight change; -0.6% relative return; weight 0.67%Building Products: -0.08 pp weight change; +19.2% relative return; weight 0.38%Semiconductor Materials & Equipment: -0.06 pp weight change; +24.1% relative return; weight 0.35%Electrical Components & Equipment: -0.13 pp weight change; +12.1% relative return; weight 0.46%Asset Management & Custody Banks: -0.20 pp weight change; -4.1% relative return; weight 0.35%Telecom Tower REITs: -0.48 pp weight change; -39.4% relative return; weight 0.35%Broadline Retail: -1.78 pp weight change; -12.1% relative return; weight 3.04%Broadline RetailOil & Gas Exploration & Production: -0.34 pp weight change; +3.4% relative return; weight 0.80%Industrial Gases: -0.14 pp weight change; +15.3% relative return; weight 0.56%Electronic Components: -0.05 pp weight change; -10.4% relative return; weight 0.09%Automotive Parts & Equipment: -0.03 pp weight change; -7.3% relative return; weight 0.06%Office REITs: -0.07 pp weight change; -30.5% relative return; weight 0.07%Paper & Plastic Packaging Products & Materials: +29.80 pp weight change; -12.3% relative return; weight 30.28%Paper & Plastic Packaging Products & MaterialsWater Utilities: -0.03 pp weight change; -14.3% relative return; weight 0.06%Consumer Finance: -0.20 pp weight change; -2.1% relative return; weight 0.40%Automotive Retail: -0.05 pp weight change; +4.0% relative return; weight 0.11%Aerospace & Defense: -0.57 pp weight change; +4.9% relative return; weight 1.65%Diversified Banks: -1.24 pp weight change; -2.8% relative return; weight 2.49%Diversified BanksMetal, Glass & Plastic Containers: -0.04 pp weight change; -28.0% relative return; weight 0.04%Computer & Electronics Retail: -0.02 pp weight change; +0.4% relative return; weight 0.04%Hotels, Resorts & Cruise Lines: -0.03 pp weight change; +33.5% relative return; weight 0.36%Oil & Gas Equipment & Services: +0.06 pp weight change; +37.2% relative return; weight 0.34%Pharmaceuticals: -1.86 pp weight change; -6.5% relative return; weight 3.42%PharmaceuticalsMulti-Sector Holdings: -0.00 pp weight change; +3.9% relative return; weight 0.00%Health Care Distributors: -0.09 pp weight change; +11.6% relative return; weight 0.27%Construction Machinery & Heavy Transportation Equipment: -0.08 pp weight change; +19.6% relative return; weight 0.52%Financial Exchanges & Data: -0.34 pp weight change; -4.9% relative return; weight 0.79%Real Estate Services: +0.03 pp weight change; -14.8% relative return; weight 0.13%Fertilizers & Agricultural Chemicals: -0.13 pp weight change; -18.7% relative return; weight 0.15%Regional Banks: -0.21 pp weight change; -22.1% relative return; weight 0.23%Household Products: -0.19 pp weight change; -8.8% relative return; weight 0.32%Air Freight & Logistics: -0.28 pp weight change; -6.9% relative return; weight 0.48%Cable & Satellite: -0.22 pp weight change; -6.4% relative return; weight 0.43%Health Care Services: -0.39 pp weight change; -16.9% relative return; weight 0.49%Restaurants: -0.35 pp weight change; +3.8% relative return; weight 0.88%Managed Health Care: -1.06 pp weight change; -16.5% relative return; weight 1.47%Consumer Staples Merchandise Retail: -0.67 pp weight change; -10.0% relative return; weight 1.15%Transaction & Payment Processing Services: -0.60 pp weight change; -13.0% relative return; weight 0.91%Communications Equipment: -0.23 pp weight change; +5.2% relative return; weight 0.61%Rail Transportation: -0.36 pp weight change; -9.0% relative return; weight 0.57%Diversified Support Services: -0.01 pp weight change; +2.6% relative return; weight 0.10%Integrated Oil & Gas: -0.43 pp weight change; -8.1% relative return; weight 0.68%Passenger Airlines: -0.04 pp weight change; +9.9% relative return; weight 0.15%Agricultural & Farm Machinery: -0.09 pp weight change; +12.5% relative return; weight 0.27%Homebuilding: +0.00 pp weight change; +46.1% relative return; weight 0.18%Movies & Entertainment: -0.33 pp weight change; -20.4% relative return; weight 0.44%Data Center REITs: -0.11 pp weight change; -2.2% relative return; weight 0.24%Health Care REITs: -0.10 pp weight change; -16.3% relative return; weight 0.16%Industrial Machinery & Supplies & Components: -0.23 pp weight change; +12.1% relative return; weight 0.80%Research & Consulting Services: -0.06 pp weight change; -1.9% relative return; weight 0.13%Reinsurance: -0.00 pp weight change; +25.0% relative return; weight 0.03%Multi-Family Residential REITs: -0.16 pp weight change; -23.8% relative return; weight 0.18%Self-Storage REITs: -0.14 pp weight change; -24.1% relative return; weight 0.15%Automobile Manufacturers: +0.64 pp weight change; -15.0% relative return; weight 2.07%Automobile ManufacturersTrading Companies & Distributors: -0.02 pp weight change; +18.9% relative return; weight 0.11%Copper: -0.02 pp weight change; +27.6% relative return; weight 0.14%Broadcasting: -0.06 pp weight change; -22.7% relative return; weight 0.07%Retail REITs: -0.14 pp weight change; -10.7% relative return; weight 0.24%Systems Software: -1.60 pp weight change; +7.5% relative return; weight 5.74%Systems SoftwarePackaged Foods & Meats: -0.28 pp weight change; -3.0% relative return; weight 0.56%Distributors: -0.03 pp weight change; -7.5% relative return; weight 0.05%Consumer Electronics: -0.02 pp weight change; -0.7% relative return; weight 0.04%Investment Banking & Brokerage: -0.45 pp weight change; -4.2% relative return; weight 0.83%Leisure Products: -0.02 pp weight change; -23.8% relative return; weight 0.02%Health Care Facilities: -0.05 pp weight change; +15.1% relative return; weight 0.16%Home Improvement Retail: -0.45 pp weight change; +3.8% relative return; weight 1.03%Industrial Conglomerates: -0.32 pp weight change; -10.2% relative return; weight 0.49%Hotel & Resort REITs: -0.06 pp weight change; -11.5% relative return; weight 0.10%Other Specialized REITs: -0.01 pp weight change; +17.6% relative return; weight 0.04%Construction & Engineering: -0.03 pp weight change; +9.3% relative return; weight 0.09%Cargo Ground Transportation: -0.03 pp weight change; +10.7% relative return; weight 0.10%Oil & Gas Storage & Transportation: -0.09 pp weight change; -1.7% relative return; weight 0.28%Soft Drinks & Non-alcoholic Beverages: -0.70 pp weight change; -8.5% relative return; weight 1.32%Food Retail: -0.04 pp weight change; -4.9% relative return; weight 0.08%Casinos & Gaming: -0.01 pp weight change; +41.5% relative return; weight 0.17%Construction Materials: -0.03 pp weight change; +16.4% relative return; weight 0.12%Tobacco: -0.27 pp weight change; -2.5% relative return; weight 0.51%Oil & Gas Refining & Marketing: -0.13 pp weight change; +18.4% relative return; weight 0.33%Gold: -0.05 pp weight change; -12.0% relative return; weight 0.07%Apparel, Accessories & Luxury Goods: -0.14 pp weight change; -11.3% relative return; weight 0.23%Steel: +0.01 pp weight change; +8.0% relative return; weight 0.13%Advertising: -0.01 pp weight change; +11.4% relative return; weight 0.04%Personal Care Products: -0.34 pp weight change; +2.5% relative return; weight 0.80%Industrial REITs: -0.09 pp weight change; -14.1% relative return; weight 0.25%Electronic Equipment & Instruments: -0.14 pp weight change; -8.8% relative return; weight 0.25%Apparel Retail: -0.04 pp weight change; +27.5% relative return; weight 0.30%Environmental & Facilities Services: -0.16 pp weight change; -6.6% relative return; weight 0.29%Food Distributors: -0.06 pp weight change; -18.1% relative return; weight 0.08%Integrated Telecommunication Services: -0.59 pp weight change; -28.7% relative return; weight 0.54%Electronic Manufacturing Services: -0.05 pp weight change; -3.1% relative return; weight 0.10%Other Specialty Retail: -0.02 pp weight change; +2.3% relative return; weight 0.06%Timber REITs: -0.04 pp weight change; -12.5% relative return; weight 0.05%Interactive Home Entertainment: +0.00 pp weight change; +2.3% relative return; weight 0.06%Data Processing & Outsourced Services: -0.02 pp weight change; -5.4% relative return; weight 0.04%Gas Utilities: -0.02 pp weight change; -8.8% relative return; weight 0.04%Commodity Chemicals: -0.04 pp weight change; -0.6% relative return; weight 0.09%Wireless Telecommunication Services: -0.26 pp weight change; -14.5% relative return; weight 0.35%Technology Distributors: -0.03 pp weight change; -7.4% relative return; weight 0.05%Heavy Electrical Equipment: -0.04 pp weight change; -49.1% relative return; weight 0.02%Single-Family Residential REITs: +0.05 pp weight change; -4.5% relative return; weight 0.05%Passenger Ground Transportation: +0.00 pp weight change; -11.2% relative return; weight 0.00%Footwear: +0.00 pp weight change; -11.2% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -11.2% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -11.2% 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.