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

-2.00 pp-50%-1.00 pp-25%+0.00 pp+0%+1.00 pp+25%+2.00 pp+50%WEIGHT ↑ · RELATIVE RETURN ↑WEIGHT ↓ · RELATIVE RETURN ↑WEIGHT ↑ · RELATIVE RETURN ↓WEIGHT ↓ · RELATIVE RETURN ↓Life Sciences Tools & Services: -0.33 pp weight change; -19.3% relative return; weight 1.70%Technology Hardware, Storage & Peripherals: +0.22 pp weight change; +3.2% relative return; weight 9.23%Technology Hardware, Storage & PeripheralsBiotechnology: -0.12 pp weight change; -4.5% relative return; weight 2.53%BiotechnologyHealth Care Equipment: -0.03 pp weight change; -8.5% relative return; weight 2.91%Health Care EquipmentIT Consulting & Other Services: +0.02 pp weight change; +1.2% relative return; weight 1.28%Application Software: +0.88 pp weight change; +27.1% relative return; weight 3.70%Application SoftwareSemiconductors: +0.52 pp weight change; +14.2% relative return; weight 3.59%SemiconductorsAgricultural Products & Services: -0.04 pp weight change; -20.8% relative return; weight 0.14%Human Resource & Employment Services: -0.06 pp weight change; -10.8% relative return; weight 0.47%Multi-Utilities: -0.33 pp weight change; -28.8% relative return; weight 1.23%Electric Utilities: -0.31 pp weight change; -17.7% relative return; weight 1.40%Independent Power Producers & Energy Traders: -0.03 pp weight change; -32.1% relative return; weight 0.06%Life & Health Insurance: -0.05 pp weight change; -3.3% relative return; weight 0.52%Multi-line Insurance: -0.00 pp weight change; +4.3% relative return; weight 0.22%Insurance Brokers: +0.03 pp weight change; +3.2% relative return; weight 0.84%Internet Services & Infrastructure: +0.00 pp weight change; +1.9% relative return; weight 0.12%Specialty Chemicals: -0.07 pp weight change; -9.6% relative return; weight 0.71%Health Care Supplies: +0.04 pp weight change; +22.3% relative return; weight 0.18%Property & Casualty Insurance: +0.02 pp weight change; -4.2% relative return; weight 1.04%Building Products: +0.05 pp weight change; +10.3% relative return; weight 0.52%Semiconductor Materials & Equipment: +0.13 pp weight change; +36.7% relative return; weight 0.49%Electrical Components & Equipment: +0.11 pp weight change; +19.5% relative return; weight 0.69%Asset Management & Custody Banks: +0.19 pp weight change; -6.7% relative return; weight 0.74%Telecom Tower REITs: -0.30 pp weight change; -38.8% relative return; weight 0.46%Broadline Retail: -0.15 pp weight change; -6.7% relative return; weight 4.46%Broadline RetailOil & Gas Exploration & Production: -0.07 pp weight change; -4.6% relative return; weight 1.20%Industrial Gases: +0.09 pp weight change; +12.4% relative return; weight 0.82%Electronic Components: -0.01 pp weight change; -5.7% relative return; weight 0.13%Automotive Parts & Equipment: +0.01 pp weight change; +4.3% relative return; weight 0.09%Office REITs: -0.05 pp weight change; -35.7% relative return; weight 0.09%Paper & Plastic Packaging Products & Materials: -0.09 pp weight change; -6.5% relative return; weight 0.36%Water Utilities: -0.01 pp weight change; -19.8% relative return; weight 0.08%Consumer Finance: -0.06 pp weight change; -8.0% relative return; weight 0.53%Automotive Retail: -0.01 pp weight change; -1.3% relative return; weight 0.17%Aerospace & Defense: +0.04 pp weight change; -0.2% relative return; weight 2.28%Diversified Banks: -0.42 pp weight change; -9.4% relative return; weight 3.36%Diversified BanksMetal, Glass & Plastic Containers: -0.01 pp weight change; -13.5% relative return; weight 0.05%Computer & Electronics Retail: -0.01 pp weight change; -4.8% relative return; weight 0.05%Hotels, Resorts & Cruise Lines: +0.09 pp weight change; +25.2% relative return; weight 0.50%Oil & Gas Equipment & Services: +0.23 pp weight change; +38.8% relative return; weight 0.52%Pharmaceuticals: -0.36 pp weight change; -6.1% relative return; weight 5.26%PharmaceuticalsMulti-Sector Holdings: +0.00 pp weight change; +8.6% relative return; weight 0.00%Health Care Distributors: +0.01 pp weight change; +7.2% relative return; weight 0.42%Construction Machinery & Heavy Transportation Equipment: +0.20 pp weight change; +28.1% relative return; weight 0.79%Financial Exchanges & Data: +0.06 pp weight change; -0.9% relative return; weight 1.14%Real Estate Services: -0.01 pp weight change; -9.0% relative return; weight 0.18%Fertilizers & Agricultural Chemicals: -0.09 pp weight change; -27.8% relative return; weight 0.22%Regional Banks: -0.17 pp weight change; -33.5% relative return; weight 0.31%Household Products: -0.05 pp weight change; -9.1% relative return; weight 0.46%Air Freight & Logistics: -0.04 pp weight change; -3.4% relative return; weight 0.64%Cable & Satellite: +0.14 pp weight change; +23.7% relative return; weight 0.68%Health Care Services: -0.26 pp weight change; -24.9% relative return; weight 0.72%Restaurants: -0.06 pp weight change; -4.5% relative return; weight 1.21%Managed Health Care: -0.48 pp weight change; -17.4% relative return; weight 2.23%Consumer Staples Merchandise Retail: -0.24 pp weight change; -13.6% relative return; weight 1.64%Transaction & Payment Processing Services: -0.22 pp weight change; -13.9% relative return; weight 1.28%Communications Equipment: +0.10 pp weight change; +12.5% relative return; weight 0.96%Rail Transportation: -0.13 pp weight change; -11.2% relative return; weight 0.77%Diversified Support Services: +0.11 pp weight change; +9.3% relative return; weight 0.22%Integrated Oil & Gas: -0.05 pp weight change; +0.7% relative return; weight 1.05%Passenger Airlines: -0.00 pp weight change; -4.7% relative return; weight 0.18%Agricultural & Farm Machinery: -0.03 pp weight change; -5.3% relative return; weight 0.36%Homebuilding: +0.06 pp weight change; +36.6% relative return; weight 0.24%Movies & Entertainment: -0.17 pp weight change; -24.0% relative return; weight 0.61%Data Center REITs: +0.03 pp weight change; +6.8% relative return; weight 0.35%Health Care REITs: +0.00 pp weight change; -4.0% relative return; weight 0.23%Industrial Machinery & Supplies & Components: +0.11 pp weight change; +9.0% relative return; weight 1.13%Research & Consulting Services: +0.00 pp weight change; +3.4% relative return; weight 0.19%Reinsurance: +0.01 pp weight change; +19.5% relative return; weight 0.05%Multi-Family Residential REITs: -0.09 pp weight change; -26.8% relative return; weight 0.24%Self-Storage REITs: -0.05 pp weight change; -27.9% relative return; weight 0.24%Automobile Manufacturers: +1.52 pp weight change; -15.7% relative return; weight 2.96%Automobile ManufacturersTrading Companies & Distributors: +0.03 pp weight change; +22.4% relative return; weight 0.15%Copper: +0.03 pp weight change; +14.7% relative return; weight 0.18%Broadcasting: -0.02 pp weight change; -21.8% relative return; weight 0.09%Retail REITs: -0.04 pp weight change; -12.5% relative return; weight 0.32%Systems Software: +1.14 pp weight change; +12.8% relative return; weight 8.22%Systems SoftwarePackaged Foods & Meats: -0.12 pp weight change; -12.5% relative return; weight 0.77%Distributors: -0.02 pp weight change; -18.1% relative return; weight 0.07%Consumer Electronics: +0.01 pp weight change; +11.6% relative return; weight 0.07%Investment Banking & Brokerage: -0.26 pp weight change; -16.6% relative return; weight 1.11%Leisure Products: -0.01 pp weight change; -15.0% relative return; weight 0.03%Health Care Facilities: +0.02 pp weight change; +11.8% relative return; weight 0.22%Home Improvement Retail: -0.16 pp weight change; -6.8% relative return; weight 1.41%Industrial Conglomerates: -0.08 pp weight change; -6.6% relative return; weight 0.69%Hotel & Resort REITs: -0.02 pp weight change; -14.4% relative return; weight 0.14%Other Specialized REITs: +0.01 pp weight change; +17.0% relative return; weight 0.06%Construction & Engineering: +0.02 pp weight change; +15.2% relative return; weight 0.14%Cargo Ground Transportation: +0.02 pp weight change; +17.2% relative return; weight 0.14%Oil & Gas Storage & Transportation: +0.04 pp weight change; +1.2% relative return; weight 0.42%Soft Drinks & Non-alcoholic Beverages: -0.25 pp weight change; -14.3% relative return; weight 1.83%Food Retail: -0.02 pp weight change; -13.4% relative return; weight 0.11%Casinos & Gaming: +0.01 pp weight change; +4.7% relative return; weight 0.20%Construction Materials: +0.01 pp weight change; +6.6% relative return; weight 0.17%Tobacco: -0.06 pp weight change; -3.9% relative return; weight 0.73%Oil & Gas Refining & Marketing: +0.04 pp weight change; +23.5% relative return; weight 0.55%Gold: -0.03 pp weight change; -24.2% relative return; weight 0.10%Apparel, Accessories & Luxury Goods: -0.01 pp weight change; -4.4% relative return; weight 0.29%Steel: +0.08 pp weight change; +19.6% relative return; weight 0.19%Advertising: -0.00 pp weight change; +1.0% relative return; weight 0.05%Personal Care Products: +0.09 pp weight change; -2.7% relative return; weight 1.28%Industrial REITs: +0.05 pp weight change; -6.0% relative return; weight 0.35%Electronic Equipment & Instruments: -0.02 pp weight change; -7.6% relative return; weight 0.36%Apparel Retail: +0.07 pp weight change; +18.0% relative return; weight 0.47%Environmental & Facilities Services: -0.08 pp weight change; -15.8% relative return; weight 0.42%Food Distributors: -0.03 pp weight change; -20.7% relative return; weight 0.11%Integrated Telecommunication Services: -0.24 pp weight change; -20.1% relative return; weight 0.81%Electronic Manufacturing Services: -0.01 pp weight change; -5.7% relative return; weight 0.13%Other Specialty Retail: -0.02 pp weight change; -16.0% relative return; weight 0.08%Timber REITs: -0.01 pp weight change; -6.5% relative return; weight 0.07%Interactive Home Entertainment: +0.01 pp weight change; +6.6% relative return; weight 0.08%Data Processing & Outsourced Services: +0.00 pp weight change; +4.7% relative return; weight 0.07%Gas Utilities: -0.00 pp weight change; -11.7% relative return; weight 0.05%Commodity Chemicals: -0.00 pp weight change; +2.4% relative return; weight 0.12%Wireless Telecommunication Services: -0.11 pp weight change; -13.6% relative return; weight 0.55%Technology Distributors: +0.01 pp weight change; +8.3% relative return; weight 0.09%Heavy Electrical Equipment: -0.02 pp weight change; -49.4% relative return; weight 0.02%Single-Family Residential REITs: -0.02 pp weight change; -19.9% relative return; weight 0.06%Passenger Ground Transportation: +0.00 pp weight change; -17.2% relative return; weight 0.00%Footwear: +0.00 pp weight change; -17.2% relative return; weight 0.00%Health Care Technology: +0.00 pp weight change; -17.2% relative return; weight 0.00%Homefurnishing Retail: +0.00 pp weight change; -17.2% 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.