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

-1.50 pp-60%-0.75 pp-30%+0.00 pp+0%+0.75 pp+30%+1.50 pp+60%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.21 pp weight change; -13.1% relative return; weight 1.77%Technology Hardware, Storage & Peripherals: +0.30 pp weight change; +4.9% relative return; weight 9.66%Technology Hardware, Storage & PeripheralsBiotechnology: +0.02 pp weight change; +1.6% relative return; weight 2.41%BiotechnologyHealth Care Equipment: +0.09 pp weight change; -3.7% relative return; weight 2.95%Health Care EquipmentIT Consulting & Other Services: +0.02 pp weight change; +2.0% relative return; weight 1.29%Application Software: +0.83 pp weight change; +24.6% relative return; weight 3.83%Application SoftwareSemiconductors: +0.33 pp weight change; +8.4% relative return; weight 3.59%SemiconductorsAgricultural Products & Services: -0.04 pp weight change; -19.4% relative return; weight 0.14%Human Resource & Employment Services: -0.05 pp weight change; -8.2% relative return; weight 0.47%Multi-Utilities: -0.33 pp weight change; -27.8% relative return; weight 1.27%Electric Utilities: -0.38 pp weight change; -20.4% relative return; weight 1.39%Independent Power Producers & Energy Traders: -0.03 pp weight change; -29.8% relative return; weight 0.07%Life & Health Insurance: -0.05 pp weight change; -3.4% relative return; weight 0.50%Multi-line Insurance: -0.02 pp weight change; -2.4% relative return; weight 0.20%Insurance Brokers: +0.04 pp weight change; +5.5% relative return; weight 0.82%Internet Services & Infrastructure: -0.00 pp weight change; +0.6% relative return; weight 0.12%Specialty Chemicals: -0.07 pp weight change; -8.3% relative return; weight 0.73%Health Care Supplies: +0.04 pp weight change; +25.0% relative return; weight 0.20%Property & Casualty Insurance: +0.00 pp weight change; -5.0% relative return; weight 0.97%Building Products: +0.06 pp weight change; +13.5% relative return; weight 0.52%Semiconductor Materials & Equipment: +0.14 pp weight change; +38.6% relative return; weight 0.51%Electrical Components & Equipment: +0.14 pp weight change; +25.6% relative return; weight 0.70%Asset Management & Custody Banks: -0.07 pp weight change; -6.7% relative return; weight 0.49%Telecom Tower REITs: -0.33 pp weight change; -39.5% relative return; weight 0.49%Broadline Retail: -0.10 pp weight change; -4.9% relative return; weight 4.61%Broadline RetailOil & Gas Exploration & Production: -0.13 pp weight change; -7.7% relative return; weight 1.15%Industrial Gases: +0.11 pp weight change; +16.7% relative return; weight 0.81%Electronic Components: -0.01 pp weight change; -8.1% relative return; weight 0.13%Automotive Parts & Equipment: +0.00 pp weight change; -5.1% relative return; weight 0.09%Office REITs: -0.04 pp weight change; -28.3% relative return; weight 0.10%Paper & Plastic Packaging Products & Materials: -0.12 pp weight change; -10.8% relative return; weight 0.35%Water Utilities: -0.01 pp weight change; -16.7% relative return; weight 0.09%Consumer Finance: -0.07 pp weight change; -9.4% relative return; weight 0.54%Automotive Retail: +0.00 pp weight change; +5.4% relative return; weight 0.16%Aerospace & Defense: +0.08 pp weight change; +2.5% relative return; weight 2.37%Diversified Banks: -0.51 pp weight change; -11.0% relative return; weight 3.28%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -13.4% relative return; weight 0.05%Computer & Electronics Retail: -0.00 pp weight change; -0.9% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: +0.09 pp weight change; +24.7% relative return; weight 0.49%Oil & Gas Equipment & Services: +0.20 pp weight change; +32.2% relative return; weight 0.49%Pharmaceuticals: +0.22 pp weight change; +5.7% relative return; weight 5.26%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +12.2% relative return; weight 0.00%Health Care Distributors: -0.01 pp weight change; +2.1% relative return; weight 0.39%Construction Machinery & Heavy Transportation Equipment: +0.17 pp weight change; +25.4% relative return; weight 0.76%Financial Exchanges & Data: +0.05 pp weight change; -1.4% relative return; weight 1.15%Real Estate Services: +0.10 pp weight change; -9.4% relative return; weight 0.19%Fertilizers & Agricultural Chemicals: -0.10 pp weight change; -30.8% relative return; weight 0.20%Regional Banks: -0.16 pp weight change; -30.8% relative return; weight 0.31%Household Products: -0.05 pp weight change; -9.4% relative return; weight 0.47%Air Freight & Logistics: -0.12 pp weight change; -13.4% relative return; weight 0.64%Cable & Satellite: +0.02 pp weight change; +1.9% relative return; weight 0.67%Health Care Services: -0.25 pp weight change; -25.4% relative return; weight 0.66%Restaurants: +0.00 pp weight change; +1.4% relative return; weight 1.23%Managed Health Care: -0.53 pp weight change; -20.0% relative return; weight 2.03%Consumer Staples Merchandise Retail: -0.22 pp weight change; -11.7% relative return; weight 1.61%Transaction & Payment Processing Services: -0.23 pp weight change; -13.7% relative return; weight 1.29%Communications Equipment: +0.10 pp weight change; +13.7% relative return; weight 0.97%Rail Transportation: -0.18 pp weight change; -15.5% relative return; weight 0.77%Diversified Support Services: +0.04 pp weight change; +11.9% relative return; weight 0.15%Integrated Oil & Gas: -0.15 pp weight change; -7.6% relative return; weight 0.96%Passenger Airlines: +0.01 pp weight change; +3.5% relative return; weight 0.20%Agricultural & Farm Machinery: -0.02 pp weight change; -0.4% relative return; weight 0.38%Homebuilding: +0.08 pp weight change; +50.0% relative return; weight 0.25%Movies & Entertainment: -0.23 pp weight change; -28.8% relative return; weight 0.61%Data Center REITs: +0.02 pp weight change; +2.7% relative return; weight 0.36%Health Care REITs: -0.02 pp weight change; -11.3% relative return; weight 0.23%Industrial Machinery & Supplies & Components: +0.15 pp weight change; +13.6% relative return; weight 1.16%Research & Consulting Services: +0.00 pp weight change; +5.9% relative return; weight 0.19%Reinsurance: +0.01 pp weight change; +18.9% relative return; weight 0.05%Multi-Family Residential REITs: -0.07 pp weight change; -20.0% relative return; weight 0.26%Self-Storage REITs: -0.06 pp weight change; -29.6% relative return; weight 0.24%Automobile Manufacturers: +1.47 pp weight change; -16.4% relative return; weight 2.90%Automobile ManufacturersTrading Companies & Distributors: +0.03 pp weight change; +26.9% relative return; weight 0.16%Copper: +0.03 pp weight change; +19.8% relative return; weight 0.18%Broadcasting: -0.01 pp weight change; -13.2% relative return; weight 0.10%Retail REITs: -0.04 pp weight change; -13.1% relative return; weight 0.33%Systems Software: +0.92 pp weight change; +10.4% relative return; weight 8.15%Systems SoftwarePackaged Foods & Meats: -0.10 pp weight change; -10.0% relative return; weight 0.77%Distributors: -0.01 pp weight change; -11.9% relative return; weight 0.07%Consumer Electronics: +0.00 pp weight change; +8.0% relative return; weight 0.06%Investment Banking & Brokerage: -0.23 pp weight change; -14.2% relative return; weight 1.11%Leisure Products: -0.01 pp weight change; -16.4% relative return; weight 0.03%Health Care Facilities: +0.04 pp weight change; +23.7% relative return; weight 0.24%Home Improvement Retail: -0.01 pp weight change; +3.7% relative return; weight 1.48%Industrial Conglomerates: -0.10 pp weight change; -8.4% relative return; weight 0.69%Hotel & Resort REITs: -0.02 pp weight change; -15.5% relative return; weight 0.14%Other Specialized REITs: +0.00 pp weight change; +10.5% relative return; weight 0.06%Construction & Engineering: +0.02 pp weight change; +16.5% relative return; weight 0.14%Cargo Ground Transportation: +0.02 pp weight change; +14.8% relative return; weight 0.14%Oil & Gas Storage & Transportation: +0.02 pp weight change; -5.0% relative return; weight 0.41%Soft Drinks & Non-alcoholic Beverages: -0.19 pp weight change; -10.5% relative return; weight 1.85%Food Retail: -0.02 pp weight change; -13.5% relative return; weight 0.11%Casinos & Gaming: +0.05 pp weight change; +27.9% relative return; weight 0.22%Construction Materials: +0.02 pp weight change; +14.3% relative return; weight 0.18%Tobacco: -0.10 pp weight change; -7.0% relative return; weight 0.73%Oil & Gas Refining & Marketing: -0.01 pp weight change; +14.4% relative return; weight 0.49%Gold: -0.02 pp weight change; -12.9% relative return; weight 0.10%Apparel, Accessories & Luxury Goods: -0.05 pp weight change; -15.2% relative return; weight 0.30%Steel: +0.07 pp weight change; +8.7% relative return; weight 0.19%Advertising: +0.00 pp weight change; +9.6% relative return; weight 0.05%Personal Care Products: +0.12 pp weight change; +0.4% relative return; weight 1.30%Industrial REITs: +0.04 pp weight change; -10.4% relative return; weight 0.37%Electronic Equipment & Instruments: -0.02 pp weight change; -7.5% relative return; weight 0.35%Apparel Retail: +0.10 pp weight change; +29.8% relative return; weight 0.47%Environmental & Facilities Services: -0.06 pp weight change; -12.4% relative return; weight 0.41%Food Distributors: -0.04 pp weight change; -24.0% relative return; weight 0.11%Integrated Telecommunication Services: -0.27 pp weight change; -21.7% relative return; weight 0.81%Electronic Manufacturing Services: -0.01 pp weight change; -6.6% relative return; weight 0.13%Other Specialty Retail: -0.01 pp weight change; -10.6% relative return; weight 0.08%Timber REITs: -0.01 pp weight change; -11.4% relative return; weight 0.08%Interactive Home Entertainment: +0.00 pp weight change; +1.5% relative return; weight 0.08%Data Processing & Outsourced Services: -0.00 pp weight change; -3.0% relative return; weight 0.07%Gas Utilities: -0.00 pp weight change; -8.3% relative return; weight 0.05%Commodity Chemicals: -0.01 pp weight change; -1.4% relative return; weight 0.12%Wireless Telecommunication Services: -0.14 pp weight change; -17.2% relative return; weight 0.51%Technology Distributors: +0.01 pp weight change; +9.5% relative return; weight 0.09%Heavy Electrical Equipment: -0.03 pp weight change; -52.9% relative return; weight 0.02%Single-Family Residential REITs: +0.07 pp weight change; -9.0% relative return; weight 0.07%Passenger Ground Transportation: +0.00 pp weight change; -12.6% relative return; weight 0.00%Footwear: +0.00 pp weight change; -12.6% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -12.6% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -12.6% 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.